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Camp insurance costs
Posted on 3/17/20 at 8:18 pm
Posted on 3/17/20 at 8:18 pm
Trying to add a camp to my bundle of other insurance (State farm) however the camp is IMO expensive since its considered empty part time. Farm bureau requires other products with the camp in order to quote it. I this standard?
6
Posted on 3/17/20 at 8:23 pm to failuretocommunicate
Secondary dwelling with Foremost
Posted on 3/17/20 at 8:25 pm to failuretocommunicate
I took out a 1 mill umbrella to cover my hunting property for liability. My barn burns down or blows away I am sol I was just worried about someone getting hurt out there. Costs $400 a year but also had to max auto insurance to $250-500 for an extra $20-30 a month
Posted on 3/17/20 at 8:29 pm to failuretocommunicate
Yep, both companies are captives and have their own issues. Find an independent agent and move ALL your business to him. Looking to save money over getting a fair deal is short sited.
I can write damn near down to the water with multiple A rated companies, SF and FB have to use citizens. FB is also a B rated company with Zero service after the sale.
I can write damn near down to the water with multiple A rated companies, SF and FB have to use citizens. FB is also a B rated company with Zero service after the sale.
Posted on 3/17/20 at 8:50 pm to KemoSabe65
quote:
Looking to save money over getting a fair deal is short sited.
Why isn't this possible... Saving a little money and getting a fair deal?
Also it's not really a camp but rather a second home/cottage in the country that I'm trying to insure. Trying to add it to the state farm policy that has high limits and an umbrella is causing part of the problem. Was hoping to find a separate policy not connected to the others.
Posted on 3/17/20 at 9:16 pm to failuretocommunicate
For your umbrella to work all autos, boats, sxs, dwellings have to have min limits of liability. Captives don’t have the ability to write over separate policies of other insurance carriers. You can wish you’re buying a commodity all you want but when the shtf everyone wants their claim handled first and best. Pick two; cheap, good, fast.
Posted on 3/17/20 at 9:31 pm to KemoSabe65
I guess I'm trying to customize my coverage based on the perceived risk of each element (home, cars, kids/cars driving and cottage). The cottage is a weekend getaway for the Mrs and I. I'm not necessarily needing/wanting the umbrella to cover the cottage from a liability standpoint.... Really just wanted a basic homeowners policy with basic coverage.
Posted on 3/17/20 at 9:41 pm to failuretocommunicate
Your umbrella will have to respond and that’s the predicament you’re in. Insurance coverage isn’t as simple as you want it to be. But there’s always an out if we don’t do it right, you sue our errors and omissions policy and we pay the deductible. Typically those deductibles start at $10,000 and go up. Your account doesn’t pay that in earned commissions annually.
I tell most of my larger clients that it’s not my job to save them money.
I tell most of my larger clients that it’s not my job to save them money.
Posted on 3/17/20 at 9:45 pm to KemoSabe65
What about setting it up as a farm? ( are you farming trees?), seems that what they did with ours if I remember correctly, some type of farm pack? I will look tomorrow and see what company we are covered with
Posted on 3/17/20 at 9:53 pm to failuretocommunicate
Go uninsured if you perceive low risk.
Posted on 3/17/20 at 9:57 pm to Tigerpaw123
Can be done but will need a separate LLC or LLP which usually happens with profit driven endeavors. For a camp it ain’t going to be worth the paperwork just to save insurance money. Usually it’s easier to make more money that trying to save pennies on insurance coverage but every swinging dik advertises saving money.
Posted on 3/17/20 at 9:59 pm to KemoSabe65
But the tax advantages are pretty inviting as well
Posted on 3/18/20 at 6:58 am to ChandlerB03
This, I have a camp in Ms. and have foremost through FB, my service through my agent is great
Posted on 3/18/20 at 8:03 am to KemoSabe65
quote:
Pick two; cheap, good, fast.
Cheap and good. I'm patient.
Posted on 3/18/20 at 1:16 pm to failuretocommunicate
Is it an older house? That’s probably why it’s more expensive.
Posted on 3/18/20 at 1:53 pm to failuretocommunicate
quote:
State farm
98% of their "agents" don't know that in the flying frick they are doing.
Do what kemosabe said and call an independent agent. You make one call and they are can shop multiple carriers.
ETA: Did not realize farm bureau was B rated. I just took an account from them. I was able to put it with safeco, with literally double the coverage on the home, and add an umbrella, for cheaper than he was paying at Farm Bureau. Hell even AIG private client group was cheaper.
Also, Farm Bureau had a 5800 square foot house insured for 510,000. L O fricking L.
This post was edited on 3/18/20 at 1:59 pm
Posted on 3/18/20 at 2:04 pm to anewguy
When I was there (La)our max was around $500k and we had no secondary markets. In six months as an indi I realized how little I knew about p&c but I was a life pimp.
OP sounds like a private client but he’s not going to front for the coverage.
OP sounds like a private client but he’s not going to front for the coverage.
Posted on 3/18/20 at 3:28 pm to KemoSabe65
quote:
OP sounds like a private client but he’s not going to front for the coverage.
you're right....what it boils down to is i'm not wanting to carry coverage that SF says i must have. They are telling me that i have to insure it for 135K when i can rebuild the damn thing for 85K. It's about 750 sq ft. Therefore their 135K coverage is also bundled with all sorts of other crap (higher liability, coverage for furs/contents etc) that i don't necessarily need.
I'm quite sure that I grossly overpay for my home, umbrella and 5 cars that i have insured with SF and seldom question it (or shop it for that matter).
The idea behind floating this on the OB was to find out if there were any viable insurance options for a camp without getting it all tied into other existing coverages.
Apparently there isn't.
Posted on 3/18/20 at 3:36 pm to failuretocommunicate
quote:
what it boils down to is i'm not wanting to carry coverage that SF says i must have. They are telling me that i have to insure it for 135K when i can rebuild the damn thing for 85K. It's about 750 sq ft. Therefore their 135K coverage is also bundled with all sorts of other crap (higher liability, coverage for furs/contents etc) that i don't necessarily need.
oh god... don't be that guy.
Posted on 3/18/20 at 3:37 pm to failuretocommunicate
quote:
The idea behind floating this on the OB was to find out if there were any viable insurance options for a camp without getting it all tied into other existing coverages.
Apparently there isn't.
You didn't elaborate on location of camp, construction of camp, age of camp, replacement cost insured of camp and condition of camp, premiums that you think are high etc. You gave us no intelligent information to help you out with.
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