Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-17-2015, 06:48 AM   #21
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 2,092
Quote:
Originally Posted by Gearhead Jim View Post
There's no sense in being seriously over-insured, but...
What your house is "worth" (market value) and "cost to rebuild" can be wildly different.
In this day and time, there are many situations where you can buy a comparable foreclosure for 50% or less of what the industry's computer estimate of what it costs to rebuild. In that case, it'd be more time and cost efficient to total out the house and purchase another.

Do you think if your full replacement value is $300K that Allstate will pay you $300K to total out your house? No way. You'd be doing good to get $150K out of them--even though you've been paying the big premiums.

If you go through a house that costs $200K in their computer, they'd come up with maybe $300K to charge you on. After building a couple of houses and living in a low cost of living place, it's obvious that their computer estimates are not close to accurate.

And in our state, rates are high because of our Gulf Coast--400 miles from me. Rates are set state by state by claims ratios and losses. And a hurricane every 10 years wreaks havoc on the pocketbooks of policyholders.
__________________

__________________
Bamaman is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-17-2015, 07:06 AM   #22
Dryer sheet wannabe
 
Join Date: May 2010
Location: Houston
Posts: 11
We switched from State Farm to Amica about 10 years ago and are still amazed how much lower their insurance is. Our rental home rate went down $1200 per year and our main home and autos went down a generous amount. No, I don't sell insurance, but can't resist letting you know about Amica. Insurance has an incredible impact on everyone with fixed incomes.


Sent from my iPhone using Early Retirement Forum
__________________

__________________
jhbstp is offline   Reply With Quote
Old 12-17-2015, 07:06 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Quote:
Originally Posted by bizlady View Post
We are considering a switch for Allstate insurance because a relative recently became an agent.
Seems like an inappropriate reason to change companies. Is it really likely that, of all the insurance agencies, Allstate is really the best one for you? Take a look at what Consumer Reports has to say, last time I looked it was not good.
If you want to help your relative, send him a big ham for Christmas. Or a couple hundred bucks. It will be cheaper and less emotionally complicated (now and especially down the road) to keep business and family relationships separate.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is online now   Reply With Quote
Old 12-17-2015, 10:28 AM   #24
Dryer sheet wannabe
 
Join Date: Apr 2009
Posts: 14
We bought our farm 17 years ago and Allstate, State Farm and another would not insure it. We found a local company, Brethren Mutual, that does farms. We had Allstate but switched to Geico for auto. Just recently we bought a Sprinter van we plan on converting to an RV and Geico would not insure it. We were able to put it under the farm. I called Allstate for a quote and it was more than what got from Brethren Mutual.
__________________
timekeepr is offline   Reply With Quote
Old 12-17-2015, 12:20 PM   #25
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,456
timekeepr, you might also check out a quote from National General on that van conversion. They were the ONLY company I could find to insure my old school bus.

Oh and for fellow coastal dwellers, St. Johns is the latest/greatest. We've had ASI for a few years, and really wanted to switch to save some $, but didn't leave enough time for the (requisite) inspection by St. Johns.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 12-17-2015, 03:56 PM   #26
Thinks s/he gets paid by the post
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 2,524
Quote:
Originally Posted by jhbstp View Post
We switched from State Farm to Amica about 10 years ago and are still amazed how much lower their insurance is. Our rental home rate went down $1200 per year and our main home and autos went down a generous amount. No, I don't sell insurance, but can't resist letting you know about Amica. Insurance has an incredible impact on everyone with fixed incomes.
Switched from SF to Amica too. At first, it was about the same, when including the year end dividend.

But get this. Amica actually DROPPED the premium price on my home owner insurance this year. I couldn't believe it. I have never seen that happen with any carrier.
__________________
JoeWras is offline   Reply With Quote
Old 12-17-2015, 04:14 PM   #27
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 2,718
Quote:
Originally Posted by JoeWras View Post
Switched from SF to Amica too. At first, it was about the same, when including the year end dividend.

But get this. Amica actually DROPPED the premium price on my home owner insurance this year. I couldn't believe it. I have never seen that happen with any carrier.
State Farm dropped my homeowners by about 1 % even with a 2.5% increase in the coverage factored in. This is in the Tx hill country. Of course it works out that the combination of homeowners and auto mean that compared to the cost without the bundle the auto is essentially free. (Live in a more rural area)
__________________

__________________
meierlde is offline   Reply With Quote
Reply

Tags
allstate


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any State Farm employees/retirees here? supersharpie FIRE and Money 4 11-30-2014 07:43 AM
Any State Farm Pension owners out there? bizlady FIRE and Money 7 03-01-2014 04:18 PM
Allstate to axe 3300 agents mickeyd Other topics 16 02-04-2010 04:22 PM
ALL- Allstate Insurance Hamlet Stock Picking and Market Strategy 1 10-09-2008 09:43 AM
Allstate/Suntrust nellieb Life after FIRE 35 03-16-2007 10:51 AM

 

 
All times are GMT -6. The time now is 04:42 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.