OP
OP
73ss454
Thinks s/he gets paid by the post
Good idea but the insurance company won't allow me to lower the value, they actually made it higher this year by 5K.
Home Owners Ins.
- Thread starter 73ss454
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Good idea but the insurance company won't allow me to lower the value, they actually made it higher this year by 5K.
I think most policies cover removal of the destroyed or damaged property. In my case it covers 5% of the dwelling coverage or $12700.
I agree that just when you wantto rebuild, so does everyone else. And, if you can build new for $100/sq ft, I don't think you can rebuild for that price. Also, it's important to have "ordinance of law" coverage. This would cover additional cost to rebuild and include new construction standards
that were not in your original residence like hurricane roofing specs, wiring,
windows, etc. My policy would cover up to 25% increase in cost due to new standards.
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Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Are you using an agent or direct? I was using an agent.
I got mine lowered by insisting they write it at the value I stated... they did... that is where I learned about the 'self insure' aspect... IOW, if there were only $100,000 of damage and I self insured for 20% I had to pay $20K in addition to the deductible....
OP
OP
73ss454
Thinks s/he gets paid by the post
Currently using an agent, but I've tried going direct. The Ins companies seem to be using the property appraisers site. Now we all know that the property appraisers site from the county is not likely to lower values as this is what the property taxes are based on. It's a no win here in old Fla., but it is Sunny out!
justplainbll
Recycles dryer sheets
While we do not self insure the entire value of our structures, we are more concerned about liability coverage. The exposure with respect to the dwelling is finite, but liability is a wild card.
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Moemg
Gone but not forgotten
I would suggest getting an insurance broker . They are more creative . My SO's son has been able to keep my insurance rates reasonable . The only thing they did have me do was ditch my sliding board as it was a big liability . I sold it on Craigslist .
consider getting windstorm mitigation eval
I, too, crapped myself when I saw this year's home owners' (FLORIDA)insurance go up $1000! When I called my insurance co. they suggested I do a windstorm mitigation inspection. For $99 the dude came when he said he would, poked around in the attic, peeked at the roof, took some pics, reviewed my documents on my new metal roof, and submitted all the info to my insurance co. Within a week, my premium was reduced by $800+. Might want to check into it! Was definitely worth it for me.
I, too, crapped myself when I saw this year's home owners' (FLORIDA)insurance go up $1000! When I called my insurance co. they suggested I do a windstorm mitigation inspection. For $99 the dude came when he said he would, poked around in the attic, peeked at the roof, took some pics, reviewed my documents on my new metal roof, and submitted all the info to my insurance co. Within a week, my premium was reduced by $800+. Might want to check into it! Was definitely worth it for me.
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Wow, I was feeling like my premium was getting high, but I see now that I am getting a deal. Guess not living in a hurricane prone area, or one with flooding potential, has its benfits.
I pay $936/year at that is for a max loss of $900K (house plus contents), $300K in personal liability, plus an additional/seperate $1M umbrella policy.
I was planning on increasing my deductible to $10K, from $2,500, to save another $200 per year, but all of a sudden I feel like I have a pretty good deal so maybe I will hold off.
It is one (of several) of the things that has always prevented me from buying a retirement house in a tropical location - escalating and expensive HO insurance.
Been paying HO insurance for 27 years and haven't made even a nickel of a claim yet in all that time.
FWIW: I also get better pricing for having top-tier credit, and insuring my cars thru the same company.
I pay $936/year at that is for a max loss of $900K (house plus contents), $300K in personal liability, plus an additional/seperate $1M umbrella policy.
I was planning on increasing my deductible to $10K, from $2,500, to save another $200 per year, but all of a sudden I feel like I have a pretty good deal so maybe I will hold off.
It is one (of several) of the things that has always prevented me from buying a retirement house in a tropical location - escalating and expensive HO insurance.
Been paying HO insurance for 27 years and haven't made even a nickel of a claim yet in all that time.
FWIW: I also get better pricing for having top-tier credit, and insuring my cars thru the same company.
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OP
OP
73ss454
Thinks s/he gets paid by the post
I had the mitigation done a few years ago, more BS IMHO.
When we bought our house only Citizens would insure it and a wind mitigation inspection was mandatory. The premium quote assumed a "worst case" type of construction and it was designed to identify aspect, mostly roof, that reduced risk. The inspection reduced the premium cost by 20%.
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OP
OP
73ss454
Thinks s/he gets paid by the post
Michael, are you currently using Citizens ins? If so what are your thoughts?
I have heard that the mitigation must be done every 5 years but I'm not sure about this. It's been over 4 years since we had ours done. We also received a large discount because of it but I have no idea why it must be done again. I still have the same roof so what's the deal with that?
Yes, we still use Citizens. The only insurance companies that want to do business with us are new and unknown, and I do not trust them. We pay a lot as well, a similar % of the value of the house as you, but this is a hurricane and high risk area. The premium is painful but not unexpected. Damage is very expensive. For example, our premium x 7 is the cost of a new roof. We won't go without insurance because the risk is real and the financial loss of our house would be unacceptable.
The windstorm mitigation program originally was subsidized by the state (Fl), so it cost nothing when we used it. It makes sense to do it once, but not again, because they are not checking the condition of your house but how the roof (and a few other areas) were constructed. That doesn't change with time.
I can't help much otherwise. Parts of the country where insurance costs are low other costs are high. It would help if the state were to take a more proactive role, but that's not going to happen anytime soon.
