Looking for good home insurance

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ugaDAWGS09
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Joined: Wed May 15, 2013 4:34 pm

Looking for good home insurance

Post by ugaDAWGS09 » Fri Jun 03, 2016 3:44 pm

We have been using Progressive for home insurance for the past five years, but they have raised our rate from $575 to over $1,000 over that time. I was wondering if anyone recommended any good insurance companies or if this is about the going rate for our home and area? I live in South Ga, and currently have about 300,000 in coverage in a traditional brick home.

I just don't understand the reason for the big jump in price since we haven't filed any claims.

goldenbb
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Joined: Mon May 23, 2016 12:03 pm

Re: Looking for good home insurance

Post by goldenbb » Fri Jun 03, 2016 3:50 pm

Your neighbors are all getting "free" roofs put on after hail storms by degenerate roofing and siding contractors who playing the system.

The markets are a mess because of ZIRP and NIRP making it impossible for insurance companies to apply their models.

I'm sure there are other reasons as well. :annoyed

arizonaslim
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Joined: Tue Feb 09, 2016 10:29 am
Location: Tucson, Arizona

Re: Looking for good home insurance

Post by arizonaslim » Fri Jun 03, 2016 4:06 pm

Thanks, goldenbb, for clearing something up.

That "something" is referenced in this part of your post: Your neighbors are all getting "free" roofs put on after hail storms by degenerate roofing and siding contractors who playing the system.

Here's the backgrounder:

Last summer, my nabe was hit, smacked, and bashed by a hailstorm. During the weeks after the storm, I noticed that three sets of, shall we say, less than reputable neighbors were sporting roofing contractor signs. I didn't think that the hail had been *that* bad.

When the roofers came, I was not impressed. I've seen top-rate roofing crews in action, and these guys didn't come close to that level.

So, as I suspected, it was a case of my sleazeball neighbors doing business with sleazeball contractors.

August
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Re: Looking for good home insurance

Post by August » Fri Jun 03, 2016 4:14 pm

I would recommend finding a good independent agent to give you several quotes. Sometimes you can get better coverage and/or better rates from smaller regional carriers than from the big national carriers that cater to the online crowd. Having a good agent can also help you through the claim process and shop different carriers for you every few years to make sure your rates are competitive.

Hope this helps,

August

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jharkin
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Re: Looking for good home insurance

Post by jharkin » Fri Jun 03, 2016 4:22 pm

I can't speak to rates in your area but in customer satisfaction surveys Amica and USAA ( if you qualify) always come out on top.

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plannerman
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Re: Looking for good home insurance

Post by plannerman » Sat Jun 04, 2016 7:52 am

Beware of the "replacement cost" scam. I have been insured with Amica for 16 years and never had a homeowners insurance claim. My rates have more than doubled recently. Amica, and I presume most other insurance companies, have some secret algorithm to calculate replacement cost. The replacement cost they have for my house is about 1 1/2 times the market value of my house--and as you know the lot and the foundation rarely burn down.

When I questioned this, Amica essentially told me to take it or go some place else for my homeowners insurance. Talking to neighbors who have changed insurers, it seems to be a common practice for the new insurance company to quote your first year's coverage based on a more realistic home value. Then when you make the switch, their secret algorithm kicks in and your rates sky rocket. YMMV

plannerman
Last edited by plannerman on Sat Jun 04, 2016 6:59 pm, edited 1 time in total.

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dwickenh
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Re: Looking for good home insurance

Post by dwickenh » Sat Jun 04, 2016 8:05 am

plannerman wrote:Beware of the "replacement cost" scam. I have been insured with Amica for 16 years and never had a homeowners insurance claim. My rates have more than doubled recently. Amica, and I presume most other insurance companies, have some secret algorithm to calculate replacement cost. The replacement cost they have for my house is about 1 1/2 times the market value of my house--and as you know the lot and the foundation rarely burn down.

When I questioned this, Amica essentially told me to take it or go some place else for my homeowners insurance. Talking to neighbors who have changed insurers, it seems to be a common practice for the new insurance company to quote your first year's coverage based on a more home realistic value. Then when you make the switch, their secret algorithm kicks in and your rates sky rocket. YMMV

plannerman



I agree with plannerman concerning the replacement cost scam for increasing the premiums. This week, I sat with my agent and requested the reduction of my house coverage which has increased 4% per year since the policy inception. In addition to making the house seem like a mansion(replacement cost would not include the lot) the contents coverage is 75% of the house coverage. I had 160,000 coverage on contents and I could replace it all today for less than half of that figure.

I advised the agent I was getting ready to get my yearly quotes from competition and he gladly reduced the replacement cost to a realistic amount and my premium was reduced by about 100.00 per year.

Work with your agent to get your coverage to a realistic replacement cost and quit over paying for coverage you will never use.

Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

mickroark
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Re: Looking for good home insurance

Post by mickroark » Sat Jun 04, 2016 8:08 am

I got quotes recently because Allstate was doing the same thing to me. I quoted every property insurance company on the planet and went with Nationwide. I have a good clue rating so I thing that helps some, but what I noticed is that most companies had a vastly different figure of my homes real value. The house is 61 years old and I have been here 32 years. Nationwide came up with what I thought was the correct value.
Last edited by mickroark on Sat Jun 04, 2016 8:35 am, edited 1 time in total.

psystal
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Re: Looking for good home insurance

Post by psystal » Sat Jun 04, 2016 8:16 am

We're moving, but I've been considering change ours, too. We have Erie Insurance, and our annual rate increased about 60% between December 2011 and January 2016. Our agent insists that the entire housing insurance market has gone up, and since we've been planning our move I haven't bothered to look into it yet. I can understand his explanation, but unless we were at historic insurance lows a 60% increase seems out-sized for an suburban area that hasn't had any large-scale disaster events strikes me as unusual.

They've always treated us great, and I love our car insurance with Erie (which has gone down in cost during the same period), but it's hard not to feel a little ripped off with that kind of increase.

daveydoo
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Re: Looking for good home insurance

Post by daveydoo » Sat Jun 04, 2016 12:43 pm

jharkin wrote:I can't speak to rates in your area but in customer satisfaction surveys Amica and USAA ( if you qualify) always come out on top.


I second this. We've had Amica for decades and they've been great. Only one big claim many years ago (and I guess that's the only thing that counts) that was trouble-free, and they had remediation folks out to the house almost immediately. There are cheaper options but not by a ton. We'll stick with them. We're USAA-eligible and I got an all-in quote from them a couple years back (since we also get an umbrella) and it wasn't sufficiently different so I kept Amica. But both companies have struck me as very un-sleazy in their approach and in their customer service.

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jharkin
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Re: Looking for good home insurance

Post by jharkin » Sat Jun 04, 2016 7:57 pm

plannerman wrote:Beware of the "replacement cost" scam. I have been insured with Amica for 16 years and never had a homeowners insurance claim. My rates have more than doubled recently. Amica, and I presume most other insurance companies, have some secret algorithm to calculate replacement cost. The replacement cost they have for my house is about 1 1/2 times the market value of my house--and as you know the lot and the foundation rarely burn down.

When I questioned this, Amica essentially told me to take it or go some place else for my homeowners insurance. Talking to neighbors who have changed insurers, it seems to be a common practice for the new insurance company to quote your first year's coverage based on a more realistic home value. Then when you make the switch, their secret algorithm kicks in and your rates sky rocket. YMMV

plannerman


That's very odd. I've used Amica for years, their replacement cost goes up a few % each year but still below the market value of my house. Might be something specific to your area?

boglerdude
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Re: Looking for good home insurance

Post by boglerdude » Sat Jun 04, 2016 8:18 pm

State Farm has a good online tool for quotes and estimating rebuild costs

I'll be using them or Amica. Chubb has a good reputation also. But they're expensive.

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Toons
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Re: Looking for good home insurance

Post by Toons » Sat Jun 04, 2016 8:29 pm

I use Travelers
Through Geico.
840 per year.
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

Cheyenne
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Re: Looking for good home insurance

Post by Cheyenne » Sun Jun 05, 2016 6:30 am

I use Travelers
Through Geico.
840 per year.


We received a mailer from our credit union advertising a special deal with Travelers. I called the number and gave them the specs, and they offered a 66% reduction on home and 60% on auto over Allstate who we had for years. I researched Travelers and even though they are not the most highly rated we went with them.

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plannerman
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Re: Looking for good home insurance

Post by plannerman » Sun Jun 05, 2016 7:01 am

jharkin wrote:
plannerman wrote:Beware of the "replacement cost" scam. I have been insured with Amica for 16 years and never had a homeowners insurance claim. My rates have more than doubled recently. Amica, and I presume most other insurance companies, have some secret algorithm to calculate replacement cost. The replacement cost they have for my house is about 1 1/2 times the market value of my house--and as you know the lot and the foundation rarely burn down.

When I questioned this, Amica essentially told me to take it or go some place else for my homeowners insurance. Talking to neighbors who have changed insurers, it seems to be a common practice for the new insurance company to quote your first year's coverage based on a more realistic home value. Then when you make the switch, their secret algorithm kicks in and your rates sky rocket. YMMV

plannerman


That's very odd. I've used Amica for years, their replacement cost goes up a few % each year but still below the market value of my house. Might be something specific to your area?


As you know, insurance regulation and rates are state specific. Moreover, replacement costs are also location specific. So I'm sure it has something to do with my location. Just what that is a mystery.

plannerman

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jharkin
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Location: Boston suburbs

Re: Looking for good home insurance

Post by jharkin » Sun Jun 05, 2016 7:25 am

plannerman wrote:As you know, insurance regulation and rates are state specific. Moreover, replacement costs are also location specific. So I'm sure it has something to do with my location. Just what that is a mystery.

plannerman


So then we have no concrete evidence to assume its a "scam"... it just varies from place to place....

boglerdude
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Re: Looking for good home insurance

Post by boglerdude » Sun Jun 05, 2016 4:46 pm

After disasters, demand for contractors goes up. . .along with what they can charge

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