In reply to mr2s2000elise :
In reply to mr2s2000elise :
In reply to 1988RedT2 :
Never heard of the jeffersons
interesting
I am in a very high fire hazard area now
$5k down here in Florida. 
We purchased 8 years ago and our insurance and property tax have went up every year. The first year I could understand it because we moved in the same day a huge storm destroyed alot in this area. The last few years I dont know why. We paid 48k for the house and its insured for 160k because of appraisal and item replacement apparently.
We pay 730 a year now
In reply to volvoclearinghouse :
My homeowners insurance is way more than my property taxes. In fact it would be even higher if I didn’t take advantage of every loop hole and discount. For example cars, boats, and by buying the million dollar binder I save enough on the discount to pay for it and still get cheaper insurance.
The big savings for me is the land is worth so much. Insurance only covers the building. But I sure didn’t help myself. Cedar shake roof? Oops! most wont insure you. Those few that do know they are gutting a fat hog.
105 windows? Additional premium, marble floors walls in all the bathrooms. etc, Additional premium for the wide black walnut flooring, for this that and oh you have a lake?
z31maniac said:Yep, it's already been explained.
If you're using one of the "bigs," call a broker and see what they can do. I'd love to have HO as cheap as yours, but OK and wind/hail/tornados prevent that.
I closed on my house Sept 1st, 2017. State Farm quoted me $2900/yr for an 1800 sq ft house, in an avg neighborhood on an average corner lot. My broker got it through an independent (forget who for $2500/yr), August was time to reup and they were getting close to the State Farm price.
He found a company to do it for $1996/yr for the same coverage. And I suspect he will to do the same again this coming august.
Be very careful, some of the smaller cheaper insurance companies have horrible records when a claim is made. Finding language in the policy that denies you coverage.
A friend had his garage catch fire and burn to the ground. There was a line in the policy about storage of flammables and they used that to deny coverage because he had a can of gas for the lawnmower mower.
My neighbor’s pet damaged a car chasing a squirrel and not only was the claim denied but caused his policy to be canceled. Guess what’s a big question when you apply for new insurance, “ ever had a policy canceled?”
Every time I come upon a thread like this there is no shortage of people with similar stories. They get a reasonable rate at first, which is then increased over the next 3-4 years. It doesn't seem to matter where the insured is located, what is being insured, or which company they deal with, the trend stands. You can only see so many similar stories before you begin to suspect that it's just the business model in the industry these days. Hook people with good initial rates and then raise them. Some customers will leave, but many won't, and will continue to pay for tv commercials. Prevailing wisdom is that you just have to shop around every 3-4 years to get the better deal and start the process over again.
In other news, my Comcast bill seems to go up every year....
I've had auto and homeowner's insurance with State Farm for... 27 years now? My house is about 2900 sq ft on a 1/5-acre suburban lot in a college town of about 30,000 on the east coast. It's valued at somewhere around $275k-$300k.
When I bought the house my HO was about $550 a year. Now it is around $660 a year.
Glad to be renting. Now I need to look at renters insurance, E36 M3.
STM317 said:Every time I come upon a thread like this there is no shortage of people with similar stories. They get a reasonable rate at first, which is then increased over the next 3-4 years. It doesn't seem to matter where the insured is located, what is being insured, or which company they deal with, the trend stands. You can only see so many similar stories before you begin to suspect that it's just the business model in the industry these days. Hook people with good initial rates and then raise them. Some customers will leave, but many won't, and will continue to pay for tv commercials. Prevailing wisdom is that you just have to shop around every 3-4 years to get the better deal and start the process over again.
Loyalty gets you nothing with insurance companies except higher and higher premiums. I’ve never had a homeowners claim but I’ve had policies canceled. Start shopping around after three years.
Loyalty with independent agencies make Might get you a months extension if an emergency happens and you can’t make the payment.
There the agent pays your policy out of his pocket on the hope you’ll recover and continue with the agent.
Not every agent can or will but at least you’re talking to a real human
Brian said:Glad to be renting. Now I need to look at renters insurance, E36 M3.
By renting you accept the rent will go up over time and you have no control over when or how much. Ownership fixes those payments for the term of the loan. Effectively making payments cheaper with inflation.
frenchyd said:z31maniac said:Yep, it's already been explained.
If you're using one of the "bigs," call a broker and see what they can do. I'd love to have HO as cheap as yours, but OK and wind/hail/tornados prevent that.
I closed on my house Sept 1st, 2017. State Farm quoted me $2900/yr for an 1800 sq ft house, in an avg neighborhood on an average corner lot. My broker got it through an independent (forget who for $2500/yr), August was time to reup and they were getting close to the State Farm price.
He found a company to do it for $1996/yr for the same coverage. And I suspect he will to do the same again this coming august.
Be very careful, some of the smaller cheaper insurance companies have horrible records when a claim is made. Finding language in the policy that denies you coverage.
A friend had his garage catch fire and burn to the ground. There was a line in the policy about storage of flammables and they used that to deny coverage because he had a can of gas for the lawnmower mower.
My neighbor’s pet damaged a car chasing a squirrel and not only was the claim denied but caused his policy to be canceled. Guess what’s a big question when you apply for new insurance, “ ever had a policy canceled?”
Your constant tries to "educate" people are tiresome. My first job out of college, I was a state licensed Claim Rep for State Farm.
I'm sorry your friend failed to read the contract that he agreed to. That is not the insurance companies fault.
This is the biggest problem with insurance. People are too lazy to read the contract they agreed to, then they get mad because insurance doesn't cover the smoke damage from trying to use a charcoal grill in the living room.
Insurance is a contract. You implicitly agree to the contract when you give them money. If you don't like their terms, ask what modifications you can make (there are many) or shop other options. The State Insurance Commissioner really only dictates the minimums.
Basically you heard it. The policy is based on the cost to rebuild. Not the value of the property.
Another thing that is happening is unscrupulous contractors, public adjusters and attorneys driving up the cost. Florida is bad about this.
There is a contract called an assignment of benefits where home owners sign over all their right under the claim away to the contractor who then demands a great deal more than the original estimate. The carrier either have to settle or if it goes to court we owe all the attorney fees if there is any judgement (even $1 dollar more) against the carrier.
Also FYI most of the big companies left or drastically reduced their policy count after the 03-04 hurricanes.
z31maniac said:frenchyd said:z31maniac said:Yep, it's already been explained.
If you're using one of the "bigs," call a broker and see what they can do. I'd love to have HO as cheap as yours, but OK and wind/hail/tornados prevent that.
I closed on my house Sept 1st, 2017. State Farm quoted me $2900/yr for an 1800 sq ft house, in an avg neighborhood on an average corner lot. My broker got it through an independent (forget who for $2500/yr), August was time to reup and they were getting close to the State Farm price.
He found a company to do it for $1996/yr for the same coverage. And I suspect he will to do the same again this coming august.
Be very careful, some of the smaller cheaper insurance companies have horrible records when a claim is made. Finding language in the policy that denies you coverage.
A friend had his garage catch fire and burn to the ground. There was a line in the policy about storage of flammables and they used that to deny coverage because he had a can of gas for the lawnmower mower.
My neighbor’s pet damaged a car chasing a squirrel and not only was the claim denied but caused his policy to be canceled. Guess what’s a big question when you apply for new insurance, “ ever had a policy canceled?”
Your constant tries to "educate" people are tiresome. My first job out of college, I was a state licensed Claim Rep for State Farm.
I'm sorry your friend failed to read the contract that he agreed to. That is not the insurance companies fault.This is the biggest problem with insurance. People are too lazy to read the contract they agreed to, then they get mad because insurance doesn't cover the smoke damage from trying to use a charcoal grill in the living room.
Insurance is a contract. You implicitly agree to the contract when you give them money. If you don't like their terms, ask what modifications you can make (there are many) or shop other options. The State Insurance Commissioner really only dictates the minimums.
You are right, of course. But few buyers are lawyers capable of understanding a “contract” written by the companies lawyers.
So are you suggesting buyers either spend the time and money to get the legal training required to understand the contract? Or hire someone to do that for them?
I wonder what a lawyer approved contract would cost the average homeowner? One that benefits the homeowner over the insurance company?
Are insurance policies even amendable by an attorney for the policy buyer?
Finally who doesn’t have a gas can for their lawn mower in their garage?
SWMBO owns an independent insurance agency, and she participates in a insurance owner geek group like this forum. She can help anyone with homeowners quotes in FL or to explain things like "replacement cost estimator" and how different companies rate differently. For other states, PM me and I can find a local agent in your city/state that will be able to shop multiple companies.
Sometimes you have the best rate, sometimes not. She tries to sell the value. Cheapest isn't always best. No one plans to have a fire or other major disaster. The premium may sound high until you are standing in the yard watching your life smoldering and you just want to pick up the phone and say "fix it." That's not the time to find that the $100 you saved means not enough insurance to make you whole. Or, another way, we carry insurance to buffer the huge outlays. I can't afford to buy another house tomorrow should mine become unlivable today. That's what insurance is for. Broken window, small repairs, etc. are best handled outside of a claim to keep your rates more reasonable. Or if you want to submit everything your rates will be higher but you are getting a different kind of value out of the policy. That's why you need a local agent to figure out what's right for you and not an 800 number from a commercial where you'll never talk to that person again and they'll get you a low rate without explaining the shortcuts to get there.
Dr. Hess said:volvoclearinghouse said:Dr. Hess said:Oh, and for E36 M3s and grins, read the fine print on what they cover for contents. Things like "we'll cover $10,000 for lost firearms. At a maximum of $20 each."
Note to self: Buy 500 Saturday Night Specials.
If such a thing existed, it would run you $200 today. Anything that goes BANG is two bills.
Hi Points are less, according to Sportsmans Guide you can get a SCCY, a Ruger LCP and a couple of ATIs for under $200. I bought a 40sw hi point for giggles and its only about 90 percent reliable, although it is accurate and for a gun that looks like a Martian power tool its very comfortable to hold and shoot
Agreed on the value, I don't necessarily want the cheapest insurance if it's going to be a bear to deal with come claim time. But I also take my father's approach to insurance, in that its really only there if you have a big claim. As such, I typically carry the highest deductible (IIRC $5,000) and don't file piddly claims for a leaking roof or some E36 M3.
Interestingly, the insurance policy on our rental house, which has a similar value to our primary residence, is less than $800 per year. Same company. Reason being homeowner's insurance on a rental does NOT cover personal property- that's up to the renters to cover, if they so chose.
Still planning on shopping around, but definitely not going to go with some little no-name outfit to save $40 a year.
In reply to z31maniac :
I see nothing wrong with what he said. I read it as know what your are agreeing to. If you cannot understand the fine print, seek assistance. I think the story of the garage burning down illustrates what happens when you don't understand your policy. Maybe you read it differently?
frenchyd said:z31maniac said:frenchyd said:z31maniac said:Yep, it's already been explained.
If you're using one of the "bigs," call a broker and see what they can do. I'd love to have HO as cheap as yours, but OK and wind/hail/tornados prevent that.
I closed on my house Sept 1st, 2017. State Farm quoted me $2900/yr for an 1800 sq ft house, in an avg neighborhood on an average corner lot. My broker got it through an independent (forget who for $2500/yr), August was time to reup and they were getting close to the State Farm price.
He found a company to do it for $1996/yr for the same coverage. And I suspect he will to do the same again this coming august.
Be very careful, some of the smaller cheaper insurance companies have horrible records when a claim is made. Finding language in the policy that denies you coverage.
A friend had his garage catch fire and burn to the ground. There was a line in the policy about storage of flammables and they used that to deny coverage because he had a can of gas for the lawnmower mower.
My neighbor’s pet damaged a car chasing a squirrel and not only was the claim denied but caused his policy to be canceled. Guess what’s a big question when you apply for new insurance, “ ever had a policy canceled?”
Your constant tries to "educate" people are tiresome. My first job out of college, I was a state licensed Claim Rep for State Farm.
I'm sorry your friend failed to read the contract that he agreed to. That is not the insurance companies fault.This is the biggest problem with insurance. People are too lazy to read the contract they agreed to, then they get mad because insurance doesn't cover the smoke damage from trying to use a charcoal grill in the living room.
Insurance is a contract. You implicitly agree to the contract when you give them money. If you don't like their terms, ask what modifications you can make (there are many) or shop other options. The State Insurance Commissioner really only dictates the minimums.
You are right, of course. But few buyers are lawyers capable of understanding a “contract” written by the companies lawyers.
So are you suggesting buyers either spend the time and money to get the legal training required to understand the contract? Or hire someone to do that for them?
I wonder what a lawyer approved contract would cost the average homeowner? One that benefits the homeowner over the insurance company?
Are insurance policies even amendable by an attorney for the policy buyer?
Finally who doesn’t have a gas can for their lawn mower in their garage?
HO policies aren't difficult to understand if you actually read them. They aren't filled with "legalese."
No, you can't "amend" the contract, but you can add additional coverage for liability, personal property, etc. And if you don't like what company X has to offer, shop one of the other hundreds of companies in your area.
Finally, I don't have a gas can for my mower, I don't even own a gas can. My mower and weed eater are both battery powered.
I keep gas for the mower in a shed. With the mower. Granted, I probably have 5 gallons of motor oil along with dozens of spray cans with various flammable contents, so I don't know if not have gas in the garage makes any difference.
Rates have gone up recently because claims have gone up recently. It's not a terribly lucrative business and the insurance companies are picking up pennies in front of a steamroller; ten $250,000 claims from a storm can wipe out an awful lot of $1000 annual premiums.
z31maniac said:This is the biggest problem with insurance. People are too lazy to read the contract they agreed to, then they get mad because insurance doesn't cover the smoke damage from trying to use a charcoal grill in the living room.
Insurance is a contract. You implicitly agree to the contract when you give them money. If you don't like their terms, ask what modifications you can make (there are many) or shop other options. The State Insurance Commissioner really only dictates the minimums.
Or, they somehow think a for-profit entity has their best interests in mind. Having friendly commercials and local agents is all part of the greater plan to separate people from their money. As a consumer, it's our job to keep as much money as we can.
chaparral said:Rates have gone up recently because claims have gone up recently. It's not a terribly lucrative business and the insurance companies are picking up pennies in front of a steamroller; ten $250,000 claims from a storm can wipe out an awful lot of $1000 annual premiums.
Yep. If you look up the annual financial statements for the big companies, in an average year, they pay out more in claims than they take in with premiums.
They make money by taking your premiums and investing them in the stock market.
You'll need to log in to post.
