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Old 05-13-2016, 02:35 PM   #21
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Originally Posted by pb4uski View Post
Perhaps we can arrange a southern chapter get-together sometime along.
That would be so fun!
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Old 05-14-2016, 07:30 AM   #22
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simple girl, congratulations on your purchase in Sarasota. We are in Sun City Center, just north of you about 30 miles. We have been with Tower Hill for years and find them to be very competitive. I went through an independent agent who writes for a number of insurers. Couple years ago she found a better quote from ARK Royal, in St. Petersburg which is a branch of Tower Hill. Cannot understand how a branch of one insurer can be lower that the parent company but it was. Good luck on finding the right insurer for you and welcome to the Gulf Coast.
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Old 05-14-2016, 08:41 AM   #23
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simple girl, congratulations on your purchase in Sarasota. We are in Sun City Center, just north of you about 30 miles. We have been with Tower Hill for years and find them to be very competitive. I went through an independent agent who writes for a number of insurers. Couple years ago she found a better quote from ARK Royal, in St. Petersburg which is a branch of Tower Hill. Cannot understand how a branch of one insurer can be lower that the parent company but it was. Good luck on finding the right insurer for you and welcome to the Gulf Coast.
Thank you!!!
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simple girl
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(48, married; DH 52. I am fully retired as of 2015 (well ok, I still work part-time but only because I love the job and have complete freedom to call off if I want to travel with hubby for work), DH will fully retire 2018 when he turns 55 to access 401K penalty-free)
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Old 05-14-2016, 08:51 AM   #24
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Try personalumbrella.com for another umbrella quote.
I know, that name seems sketchy, but my broker says they are good, as does my nerdy cousin who is a P&C guy for BB&T up in Charlotte.
They didn't mind coverage being all over the place, as you can imagine mine is, lol!
Hey! Just now having time to check this out. Looks like you have to be a broker to get a quote - is that right? Their office is closed now (tried calling to confirm that).
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Old 05-14-2016, 09:00 AM   #25
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My broker got us the quote, so I don't know exactly how it works, but probably can call them.
And hey, thanks, btw, for sharing your insurance stuff, too, because it really helps to know about options on homeowners. I love this forum!!
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Old 05-14-2016, 11:00 AM   #26
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My broker got us the quote, so I don't know exactly how it works, but probably can call them.
And hey, thanks, btw, for sharing your insurance stuff, too, because it really helps to know about options on homeowners. I love this forum!!
Thank you!!! I love this forum, too!

I will give them a call on Monday.


The hardest part of this whole thing is figuring out what replacement value to insure for. I've gotten quotes ranging from $200K to $260K. Don't want to under nor overinsure. I'm going to go back to that Building-Cost.net -- free residential building cost calculator website and run the calculator again. Need to be able to settle on a number we feel comfortable with, and then I can truly compare quotes. Some of the insurers are willing to adjust their quote based upon the number I select, others won't budge their number. I think some are overinflating the number to get a higher premium.
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Old 05-26-2016, 08:26 AM   #27
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I posted this on another thread, but wanted to re-post it here and share what we learned/decided. Finally chose an insurance company (Edison) that had the best rate for the coverages we wanted.

-------------------
My summary:

1) Dwelling coverage.

Many homeowners are underinsured but don't realize it until a major loss occurs. Make sure you get replacement coverage (NOT ACV - which is the depreciated value...hadn't realized our policy on our rental property was ACV - they snuck it in in the small print!). Replacement coverage means cost to rebuild, not market value. Don't trust what your agent's calculator tells you, estimate it yourself via a tool like building-cost.net. Agents may underestimate upgrades in your home, and, in an effort to show a lower premium and get your business, you end up underinsured.

2) Other structures

Yes, you can reduce this - we actually took ours to $0 since we purchased a townhome and have no outside structures. I verified that our attached garage, paver patio, and lanai (which is under the roof) are covered under Part A dwelling coverage. However, no policy covers the rescreening of a lanai, according to our agent (strange!).

3) Personal Property

Again, check to see if it is replacement cost or ACV. If ACV, it is the depreciated value...so even though you have to pay full price for a new couch, if you have an ACV policy, they will only pay the depreciated value based upon how many years you owned it (if I am understanding this correctly).

Check the fine print. Sometimes they will sneak this in as ACV and you need an endorsement added that states you will be covered at replacement cost.

We did a whole house inventory and came up with a number that was half of what some policies offered - so we would have been overinsuring in this case. We chose a policy that covered the amount we feel we'd need. Saved us some $ esp since we had increased the dwelling the coverage. It also kept us from underinsuring, as we had underestimated how much it would cost to replace everything we own (we don't have tons of fancy furniture, etc., but it still really all adds up!)

We plan to use this app to do a more formal inventory and recording when we have a bit more time: https://knowyourstuff.org/

4) Loss of Use

Sources said this should cover rent for at least 2 years' time after a total loss, to allow for rebuild time. Many companies require you to use the whole $ in the first 12 to 24 months, even if you haven't exhausted the limits. The policy we chose requires us to use it up in 1 year's time - not ideal, but we settled for it b/c we liked the other features of this company compared to the competitors.

5) deductible

Already discussed above - go with highest you can afford to self-insure for and only make a claim for large losses.

One last great resource I found - researching the # of complaints and type of complaints athttps://eapps.naic.org/cis/. I saw a huge difference between companies, and I could see certain ones had a lot of complaints for canceling policies and claim denials. This sealed the deal for us on which company we chose.
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simple girl
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(48, married; DH 52. I am fully retired as of 2015 (well ok, I still work part-time but only because I love the job and have complete freedom to call off if I want to travel with hubby for work), DH will fully retire 2018 when he turns 55 to access 401K penalty-free)
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Old 05-26-2016, 11:40 AM   #28
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This list is super helpful, as is the site you cited before (i'll be sure to check out the other articles) and even though I think I know a lot about insurance compared to the GP, there are a couple of things, like loss of use for example, that I don't know about my own HO3.
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Old 05-26-2016, 12:44 PM   #29
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This list is super helpful, as is the site you cited before (i'll be sure to check out the other articles) and even though I think I know a lot about insurance compared to the GP, there are a couple of things, like loss of use for example, that I don't know about my own HO3.
So HTH! I knew nothing before this, just always went with whatever the agent told me was best. I decided to really investigate this time, as I feel our risk for a major loss is much higher in FL. I wanted to make sure I did it right - or at least tried my best to do it right, lol. It definitely took a lot of time to learn these details. Ugh! Glad it is over!
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simple girl
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(48, married; DH 52. I am fully retired as of 2015 (well ok, I still work part-time but only because I love the job and have complete freedom to call off if I want to travel with hubby for work), DH will fully retire 2018 when he turns 55 to access 401K penalty-free)
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Old 05-26-2016, 01:54 PM   #30
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We found that if we tried to lower the quote from the insurer in any of the areas when changing our homeowner's policy last year - they would still insure but they wouldn't offer replacement value. You might want to check that out.
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Old 05-26-2016, 02:30 PM   #31
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We found that if we tried to lower the quote from the insurer in any of the areas when changing our homeowner's policy last year - they would still insure but they wouldn't offer replacement value. You might want to check that out.
Yes, you definitely have to watch that. I made sure to confirm replacement value for both the dwelling and property contents. Some insurers will try to sneak ACV (actual cash value) in in order to lower the premium (and coverage!).
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simple girl
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Old 05-27-2016, 08:56 AM   #32
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Our Mobile/manufactured home in Florida has a very low replacement value. The agents refused to offer insurance unless we they could value it at three times it's resale value. Would mean annual cost going from $800 to $2400/year. Thanks anyway.
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