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Started By
Message
Pro / Con dropping wind and hail coverage
Posted on 9/25/23 at 1:38 pm
Posted on 9/25/23 at 1:38 pm
$300 home / no mortgage
2023 premium $5400
2024 quote $873&
Retired. Enough money to do a down payment and monthly note if current home totaled from storm.
Would impact long term plans some but don’t see it decreasing anytime soon.
Suggestions or other suggestions
2023 premium $5400
2024 quote $873&
Retired. Enough money to do a down payment and monthly note if current home totaled from storm.
Would impact long term plans some but don’t see it decreasing anytime soon.
Suggestions or other suggestions
7
Posted on 9/25/23 at 1:45 pm to zuluboudreaux
Might try raising deductible first to get premiums down. But the way things are going, more people will be faced with the choice you have outlined.
Posted on 9/25/23 at 2:42 pm to zuluboudreaux
Pro: your premium will be lower
Con: you will be liable for wind and hail damage
That'll be $1,000 please.
Con: you will be liable for wind and hail damage
That'll be $1,000 please.
Posted on 9/25/23 at 3:04 pm to zuluboudreaux
If you can afford to lose 300k then drop your coverage. 8k is still cheaper than rent
Posted on 9/25/23 at 3:40 pm to zuluboudreaux
I'm in Arkansas. We get hail and tornadoes all the time. Will never get rid of it.
Posted on 9/25/23 at 3:42 pm to tygerfan1
quote:
f you can afford to lose 300k
What’s the probability that he suffers a total loss? Very very low.
If you can write a check for a new roof without breaking a sweat, it makes sense to me.
Posted on 9/25/23 at 4:43 pm to Athanatos
quote:
If you can write a check for a new roof without breaking a sweat, it makes sense to me.
I would have to write a check for a new roof with wind/hail insurance. My 3% wind/hail deductible is $18,000
Posted on 9/25/23 at 4:55 pm to zuluboudreaux
Where do you live?
Posted on 9/25/23 at 5:04 pm to Athanatos
So if he looses a roof do you think that will be the only damage? Agree probably not total but could be a lot more than a roof replacement
Posted on 9/25/23 at 5:29 pm to zuluboudreaux
quote:
zuluboudreaux
Depends on where you live.
How new is the roof?
Have you suffered any hurricane damage in past?
Posted on 9/25/23 at 5:44 pm to LSUFanHouston
Houma
Posted on 9/25/23 at 5:47 pm to BamaCoaster
Depends on where you live. Houma
How new is the roof? 2021
Have you suffered any hurricane damage in past? Ida 2021, roof & patio cover $30k
Both neighbors had to gut their homes.
How new is the roof? 2021
Have you suffered any hurricane damage in past? Ida 2021, roof & patio cover $30k
Both neighbors had to gut their homes.
Posted on 9/25/23 at 5:48 pm to BamaCoaster
Double post
This post was edited on 9/25/23 at 5:49 pm
Posted on 9/25/23 at 6:37 pm to zuluboudreaux
Risky.
How much is your ins? (I know you said $18k deductible)
So, if you have $30k in damage, you’d be out $12k in theory with insurance, $30k without.
Your home is valued at $600k.
It would be a risk, but with a new roof, you should be okay if ida hit you again.
Patio cover would still be blown away in all likelihood.
How much is your ins? (I know you said $18k deductible)
So, if you have $30k in damage, you’d be out $12k in theory with insurance, $30k without.
Your home is valued at $600k.
It would be a risk, but with a new roof, you should be okay if ida hit you again.
Patio cover would still be blown away in all likelihood.
This post was edited on 9/25/23 at 7:21 pm
Posted on 9/25/23 at 9:04 pm to zuluboudreaux
Interesting topic.
How well was your roof installed? Legit FORTIFIED audited process, I’d feel comfortable dropping it living in Houma.
How did your home make it through Ida? I would assume that was a “once in a lifetime” storm for that area.
It’s the ensuing damages of wind that would scare me. A roof is a roof, easy to estimate costs of replacement. What about the ensuing water intrusion to Sheetrock/flooring etc.
How well was your roof installed? Legit FORTIFIED audited process, I’d feel comfortable dropping it living in Houma.
How did your home make it through Ida? I would assume that was a “once in a lifetime” storm for that area.
It’s the ensuing damages of wind that would scare me. A roof is a roof, easy to estimate costs of replacement. What about the ensuing water intrusion to Sheetrock/flooring etc.
Posted on 9/25/23 at 9:31 pm to good_2_geaux
With premiums below Highway 90 reaching the $10,000 a year threshold the appeal of dropping is definitely real. Hell you could replace your roof every 3 years. I have been a home owner for 20 yrs and made one claim. If I were still in Houma I would be dropping mine. However in south MS it’s still reasonable enough to keep for the time being. Several of my family members are thinking of dropping theirs granted none of them had to gut their house for Ida.
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