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Started By
Message
re: Homeowners insurance increase
Posted on 8/4/14 at 3:16 pm to HebertFest08
Posted on 8/4/14 at 3:16 pm to HebertFest08
In my experience most companies inflate the coverage however their coverage for inflation normally around 4% is highly generous and typically well above actually inflation numbers and unnecessary
Best thing to do if you think it's too high but want to stay with your company is call your agent, get them to get a new RCE and to contact the company for you
Best thing to do if you think it's too high but want to stay with your company is call your agent, get them to get a new RCE and to contact the company for you
1
Posted on 8/4/14 at 3:18 pm to ThePoo
quote:
Best thing to do if you think it's too high but want to stay with your company is call your agent, get them to get a new RCE and to contact the company for you
I get my agent to shop around every time the policies come up for renewal
Posted on 8/4/14 at 3:18 pm to TeddyPadillac
Start shopping
Posted on 8/4/14 at 3:18 pm to TeddyPadillac
The slab is part of the home.
The coverage on your home doesn't include the cost of your lot either.
The coverage on your home doesn't include the cost of your lot either.
Posted on 8/4/14 at 3:21 pm to TeddyPadillac
quote:
I was looking back at when we bought our house and the insurance was $605 that first year. 7 years later and it's $1,339
If its a new construction you only pay insurance on the land the first year and not the land and the structure. That was the case with me. The first year in my new construction (2007), I was paying $450 for the first year. I quickly learned that was only for the land. The next year it was $1200 for the year.
This post was edited on 8/4/14 at 3:24 pm
Posted on 8/4/14 at 3:24 pm to 777Tiger
Well my suggestion was if you wanted to stay with your company
But shopping around you will likely find cheaper. There are several new companies to the area with really low rates but they will increase when areas saturate as well. The advantage of the independent route is you can always shop it when it does again
There are some good companies though with higher rates, likely a better claims department, customer service, and probably more re-insurance. But the market is getting to where people are only looking at bottom line price. It's all a trade off in the end
But shopping around you will likely find cheaper. There are several new companies to the area with really low rates but they will increase when areas saturate as well. The advantage of the independent route is you can always shop it when it does again
There are some good companies though with higher rates, likely a better claims department, customer service, and probably more re-insurance. But the market is getting to where people are only looking at bottom line price. It's all a trade off in the end
Posted on 8/4/14 at 3:25 pm to Commandeaux
What in the hell
I think you received some bad intel
I think you received some bad intel
This post was edited on 8/4/14 at 3:26 pm
Posted on 8/4/14 at 3:27 pm to ThePoo
Probably had a builders risk rather than a homeowners policy for the construction periods.
Posted on 8/4/14 at 3:27 pm to ThePoo
quote:
Well my suggestion was if you wanted to stay with your company
I understand, it's just that I never file claims, so I'd prefer not to just go along with arbitrary premium increases
Posted on 8/4/14 at 3:28 pm to CaptainsWafer
Even still builders risk doesn't insure land
Posted on 8/4/14 at 3:29 pm to ThePoo
Right, thought about editing to say no company will insure the land. However, I referenced that in my first post saying the price of the lot isn't factored in the dwelling coverage.
Posted on 8/4/14 at 3:30 pm to TeddyPadillac
quote:
I was looking back at when we bought our house and the insurance was $605 that first year.
7 years later and it's $1,339
Short answer: It's the cost of reinsurance that your company is paying for that they are passing on.
Posted on 8/4/14 at 3:30 pm to ThePoo
My bad, i had it wrong. I was paying taxes on the land and not the land and the structure the first year.
I confused my homeowners insurance and the property taxes. My mistake.
I confused my homeowners insurance and the property taxes. My mistake.
Posted on 8/4/14 at 3:31 pm to ThePoo
quote:
Even still builders risk doesn't insure land
unless you live on the shore of Lake Michigan or on a nuclear test facility, what great risk is the land at?
Posted on 8/4/14 at 3:32 pm to Commandeaux
Hey they are all going up.....Amirite!?
Posted on 8/4/14 at 3:36 pm to 777Tiger
I'm not even sure what you're asking.
Posted on 8/4/14 at 3:36 pm to 777Tiger
None really, unless you are really unfricking lucky and get a sinkhole....in which case your coverage is excluded anyway :D
Posted on 8/4/14 at 3:38 pm to CaptainsWafer
quote:
I'm not even sure what you're asking.
not being a smart arse, but for ex. your house burns to the ground, the land isn't harmed or diminished, just rebuild
Posted on 8/4/14 at 3:38 pm to TeddyPadillac
quote:
even if my house shot up in value b/c of some outside reason like schools or taxes or whatever, that doesn't change how much it cost to buy wood and other supplies to build the same house on the existing slab.
True but lets say a hurricane or tornado comes through and levels just about ALL of the houses in your neighborhood.
I promise you the cost of wood and other supplies would go up and it would take double what your house is "valued" at.
Posted on 8/4/14 at 3:40 pm to 777Tiger
Thus your land isn't insured
This post was edited on 8/4/14 at 3:40 pm
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