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Started By
Message
re: Homeowner's insurance quotes - grossly overestimating value of a rebuild
Posted on 7/3/24 at 2:42 pm to HoustonGumbeauxGuy
Posted on 7/3/24 at 2:42 pm to HoustonGumbeauxGuy
Was told that it's $300 sq ft
0
Posted on 7/3/24 at 3:02 pm to HoustonGumbeauxGuy
The higher replacement cost also raises the 3%-5% named storm deductible which is also a huge driver for them to overbudget for your home price (I just saw this myself)
Posted on 7/3/24 at 3:05 pm to LNCHBOX
quote:
What you paid for it is completely irrelevant to what it costs to build today. It may be overvalued, but we have no way to know that
Yes, and that’s what all the agents say, but it simply would not cost that much to rebuild. I experienced the same thing.
Posted on 7/3/24 at 3:08 pm to Sev09
The insurance commissioners office informed me that the home insurance companies have to be approved for rate increases. I’m assuming they are sending documentation showing their losses if they are all getting approved. Or the office is bribed.
Posted on 7/3/24 at 3:16 pm to HoustonGumbeauxGuy
My non-LA home insurance went from approximately $4,000 to $7,000 to $11,000 this year.
I just shopped it back down to just under $8k.
Finally stopped being lazy, because that was insane.
I just shopped it back down to just under $8k.
Finally stopped being lazy, because that was insane.
This post was edited on 7/3/24 at 3:17 pm
Posted on 7/3/24 at 3:28 pm to HoustonGumbeauxGuy
Ask your current insurer what estimating softwarte their adjuster's use for estimating claim-related repairs. Odds are, it is Xactimate. Find yourself an adjuster and pay him a few hundred bucks to use the "Valuation" feature of Xactimate to determine the cost of a total rebuild for the exact materials and systems in your house - right down to the size (AMPS) of the electric service panel, A/C system (TON-wise), appliances, etc. Then use that valuation to shop for the correct amount of coverage. Another huge savings on your policy is to avoid replacement cost coverage on personal property.
Posted on 7/3/24 at 4:04 pm to HoustonGumbeauxGuy
The year Biden took my policy was $2800 with a $1700 deductible... I just renewed last month... $5000 with a $4000 deductible... Same company... Hopefully Trump gets elected but I don't know if he can do anything about this stuff or any of the other price hikes...
Posted on 7/3/24 at 4:28 pm to Slickback
False. HO policies include debris removal over and above the policy limit.
Posted on 7/3/24 at 4:34 pm to HoustonGumbeauxGuy
Theres only a handful of admitted companies left. American National just dipped out of the state. Safeco, Hanover, Shelter, State Farm will charge $200 a sq foot replacement cost and we'll just have to eat it. 
Posted on 7/3/24 at 4:51 pm to StonewallJack
quote:
The insurance commissioners office informed me that the home insurance companies have to be approved for rate increases. I’m assuming they are sending documentation showing their losses if they are all getting approved. Or the office is bribed.
Not anymore. That got signed away this session. File and use.
Posted on 7/3/24 at 6:51 pm to LSU82BILL
Why would you willingly avoid replacement cost on contents? Some of y’all try to save a few bucks to cost yourself tens of thousands.
Posted on 7/3/24 at 8:42 pm to DCtiger1
I said this a few days ago. If you don't like the full replacement cost figure, drop it down to 80% and keep your replacement cost benefits on all the other types of claims. You just won't have full replacement cost in the event of a total loss, just 80% of it. In all other claims you'll still have replacement cost.
Posted on 7/3/24 at 10:04 pm to LSU82BILL
quote:oh lord
and pay him a few hundred bucks
quote:
Another huge savings on your policy is to avoid replacement cost coverage on personal property.
Until there’s a claim. Where do these people come from
Posted on 7/3/24 at 10:21 pm to Chad504boy
quote:
Where do these people come from
Rent a center, check cashing store, and the dollar general probably.
Posted on 7/3/24 at 10:26 pm to Chad504boy
There was a time years ago insurance companies would insure a house on stated amount...such as 70-80 percent of replacement cost. People would have a total loss and to rebuild their house it would as an example cost $120,000 to rebuild....The insured got say $80,000. The insured would be pissed and lawsuits ensued..
Then companies started insuring based on replacement coast with a builtin evaluation that would up the coverage each year to take care of inflation on building cost. Can you rebuild a house today on 2013 costs....Good fooking luck!! If you feel your coverage is way out of whack then get your insurance carrier to do another evaluation. Your coverage could be too high and needs adjusting....and don't be surprised if it is too low and needs to be increased...
Then companies started insuring based on replacement coast with a builtin evaluation that would up the coverage each year to take care of inflation on building cost. Can you rebuild a house today on 2013 costs....Good fooking luck!! If you feel your coverage is way out of whack then get your insurance carrier to do another evaluation. Your coverage could be too high and needs adjusting....and don't be surprised if it is too low and needs to be increased...
This post was edited on 7/3/24 at 10:29 pm
Posted on 7/3/24 at 11:24 pm to HoustonGumbeauxGuy
Just tell them you want coverage for $300K.
Posted on 7/3/24 at 11:55 pm to gladchiefisgone
Better yet go get a contractor to give you a cost to build the same house in the event that one is destroyed. You can turn in that contractors estimate as well if you'd like. Up you you as the consumer
Posted on 7/4/24 at 12:57 am to Tiger Prawn
My house is 3200 sqft. If anyone here wants to give me $855,000 I will sell now and leave the furniture dishes pictures on the wall and my guns.
Posted on 7/4/24 at 1:17 am to HoustonGumbeauxGuy
Insurance agents will be near the top of the list when the day of the rope comes
Posted on 7/4/24 at 6:11 am to HoustonGumbeauxGuy
That is so they can bake in the legal fees that add up with a claim.
If they low ball you, you eventually will get an attorney at their expense, and they have to pay their legal fees.
Depending on the claim size and other factors, those legal fees can add up pretty quick and begin to eat at the insured value.
So let’s say you insured your house for 175k. It is a total loss. They give you 150k to rebuild, but it will cost 200k to rebuild. So the 25k is spent on lawyers and anything else you can get up to 175k. And you are still short 50k.
If they low ball you, you eventually will get an attorney at their expense, and they have to pay their legal fees.
Depending on the claim size and other factors, those legal fees can add up pretty quick and begin to eat at the insured value.
So let’s say you insured your house for 175k. It is a total loss. They give you 150k to rebuild, but it will cost 200k to rebuild. So the 25k is spent on lawyers and anything else you can get up to 175k. And you are still short 50k.
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