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Re: Home owners insurance

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Message 1 of 18

The cost of homeowners insurance varies depending on such things as level of cover, size of house, type of house, value of personal possessions and the area in which you live. Always get several quotes as shopping around could reduce your annual cost of homeowners insurance quite dramatically and, as with most insurance nowadays.

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Valued Social Butterfly

Re: Home owners insurance

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Message 2 of 18

cw94203376 wrote:

HELLO MS. GAIL, I AM LOOKING FOR THE BETTER INSURANCE PLAN, CAN I PLEASE ASK YOU WHO IS  YOUR CARRIER


For the like of me, cw94203376, I do not know how this HomeOwners Insurance thread got put under the heading of Social Security -

But anyway .. . . .

 

Homeowners Insurance is really state specific in what insurers are available and what coverage is essential to your area.

 

I am under a Safeco policy - home, auto and umbrella - however, there are many different ones on the market.

Best thing to do is get quotes from several independent insurance agents representing many different firms.  Tell them that you only want to be quoted from those that are rated highly by AMBest - which measures the reliability of such companies.

 

I will tell you that there are many out there that are NOT just the bigger names and their rating and rates are very good.

 

Make sure you tell the independent agents what you want in coverage - so they can give you a very complete quote. Discuss the coverage with them.

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Info Seeker

Re: Home owners insurance

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Message 3 of 18

HELLO MS. GAIL, I AM LOOKING FOR THE BETTER INSURANCE PLAN, CAN I PLEASE ASK YOU WHO IS  YOUR CARRIER

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Info Seeker

Re: Home owners insurance

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Message 4 of 18

they are a big rip off

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Valued Social Butterfly

Re: Home owners insurance

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Message 5 of 18

drawpoker wrote:

"......have a $ 1,000,000 Liability Umbrella too that has excess Uninsured and Underinsured motorist......"

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I had umbrella when I lived in N.C.   But after moving here my circumstances were so radically different I figured really didn't need it anymore.  But,  you're right,  anyone with a business to protect needs it,  or something similar.   

 

Oh,  that reminds me,  a post above here again contains inaccuracies. 

 Three states (California,  Massachusetts and Maryland) prohibit insurance companies from using credit scores when writing H.O. policies. 


You are right. There are three states that prohibit the practice. That leaves 47 states where it is perfectly legal to use credit scores in the calculation of homeowner rates.

 

The only other exception is Hawaii, where you can't use credit scores in determining auto rates. But that is off the subject.

 

Of course, that means 47/48 states have found it to be a legal practice. If you have a high credit score, you can certainly save a lot of money over those that have a low credit score.

 

I disagree with you regarding an umbrella policy. You need not have a business to protect or something similar to have a need for an umbrella policy. Million dollar lawsuits are quite common, and as another poster noted, other things, such as uninsured motorist coverage is increased with these policies. And, by the way, they are cheap.

 

There is another way to save money on a policy. Some companies give a discount if you pay your yearly premium all at once rather than by the quarter, semi-annually, or by the month.

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Valued Social Butterfly

Re: Home owners insurance

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Message 6 of 18

"......have a $ 1,000,000 Liability Umbrella too that has excess Uninsured and Underinsured motorist......"

_______________________________________________________________________________

 

I had umbrella when I lived in N.C.   But after moving here my circumstances were so radically different I figured really didn't need it anymore.  But,  you're right,  anyone with a business to protect needs it,  or something similar.   

 

Oh,  that reminds me,  a post above here again contains inaccuracies. 

 Three states (California,  Massachusetts and Maryland) prohibit insurance companies from using credit scores when writing H.O. policies. 

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Valued Social Butterfly

Re: Home owners insurance

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Message 7 of 18

I have a $ 1,000,000 Liability Umbrella too that has excess Uninsured and Underinsured motorist; I pay a bit more for that extra coverage.

 

The umbrella has specific specified minimums for liability limits for homeowners, auto and in my case uninsured and underinsured motorist.  The only limit that I had to increase was on the uninsured/underinsured motors - The umbrella picks up where the others leave off in liability claims.

 

I have found it to be pretty inexpensive and I like the extra coverage.

 

 It does still freeze here, drawpoker - so in my area we do have to drip and my policy says the same thing about due diligence on homes where the heat has been turned off,

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Valued Social Butterfly

Re: Home owners insurance

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Message 8 of 18

drawpoker wrote:

"......just did a total review of all my coverages since the renewal all came in June......."

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Well,   mine came up this month too  -  only I didn't make out as well.

 

The only discounts I am getting are :  $141 for being claim-free,  and $144 for multi-line (the car insurance)


Only red flag I did detect from my conversation with agent:  She said oh,  I noticed you are still at only $300K liability,  we recommend now $500K to be on the safe side.   

 

Hmmmm.  I said,  yeah,  you are probably right about that.  For families with children,  and the childrens' playmates are around all the time,  esp. out in the yard.     Or people who entertain a lot and have a lot of traffic in and out.    But I don't fit any of that at all, so I think I will keep it as is.  

 

Wonder how much higher the premium would have gone if I had fell for that bait......Yikes.


Do you have a real high credit score? There are special programs for that which have lower premiums. Do you have locks on the windows or a security system as there are discounts for those?

 

My agent recommended a $1,000,000 umbrella policy. They are very cheap. We pay $165 a year for the umbrella policy. It kicks in if someone sues you for more than you regular policy's liability. Today, 1 million is not uncommon in lawsuits.

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Valued Social Butterfly

Re: Home owners insurance

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Message 9 of 18

"......just did a total review of all my coverages since the renewal all came in June......."

______________________________________________________________________________

 

Well,   mine came up this month too  -  only I didn't make out as well.

 

H.O. premium went up 10% from last year.  (StateFarm)  The increase from '13 to '14 was only like four dollars so this one really ticked me off. 

 

Asked agent to raise the general deductible from $1,000 to $2,000 and also up the hurricane deductible from 2 % to 5%.  Big deal,  agent emailed back my premium would go down by only $29.   Bleep ?   So,  I said forget it,  not worth taking on the additional risks for chump change.

 

I am getting no discounts for being non-smoker,  or for religiously banning any smokers from the premises.  Nor any discount for being all-electric.  (She said only new homes get the all-electric discount) Am also less than 250 feet from hydrant but I don't think StateFarm figures that anymore,  not sure,  forgot to ask her 

The only discounts I am getting are :  $141 for being claim-free,  and $144 for multi-line (the car insurance) 

 

The only bright note:  She said that Maryland approved an across-the-board increase this year due to so much storm damage,  so,  likely,  next year there will be no increase,  or,  very tiny if at all. 

 

Interesting thing about the storm damages -  not summer but winter weather.    All the bleeping snow and cold temps we had last 2 winters.  I said,  oh,  lots of roofs collapsing,  was it?   No,  she said,  not that so much as Frozen Pipes busting. 

 

Great.  Gail,  you won't get this where you are in the Peachy state,  but evidently our state has many Certifiable Idiots with kitchens or bathrooms on outside walls,  who didn't have sense enough to let the faucets drip overnight.  StateFarm will not pay out for frozen pipes if the heat has been shut off,  so I presume the Idiots were not away at the time. 

 

Only red flag I did detect from my conversation with agent:  She said oh,  I noticed you are still at only $300K liability,  we recommend now $500K to be on the safe side.   

 

Hmmmm.  I said,  yeah,  you are probably right about that.  For families with children,  and the childrens' playmates are around all the time,  esp. out in the yard.     Or people who entertain a lot and have a lot of traffic in and out.    But I don't fit any of that at all, so I think I will keep it as is.   Any workers who come in to perform services are professionals carrying their own business liability and workers comp. 

 

Wonder how much higher the premium would have gone if I had fell for that bait......Yikes.

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Valued Social Butterfly

Re: Home owners insurance

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Message 10 of 18

ASTRAEA

I believe the security discount on a homeowners policy is for a monitored alarm system.

 

I also have a whole house surge protector but they don't give a discount for this either since lightening can enter the house via another pathway.  The surge protector is mostly for power surges that come thru the line occassionally.  It has saved me mega buck since they cover any damage to appliances and electronics.

 

 

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