Author Topic: Homeowners/renters/personal property insurance  (Read 6063 times)

Offline dealfinder85

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Re: Homeowners/renters/personal property insurance
« Reply #40 on: February 22, 2016, 08:36:29 PM »
The lender will usually go off the replacement cost stated on the appraisal. You don't really need more than that.
Lender doesn't decide how much you insure for
They decide the minimum you must insure for
And what you said is only true if there isn't a big catastrophe that drives up replacement costs

Offline username

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Re: Homeowners/renters/personal property insurance
« Reply #41 on: February 22, 2016, 10:56:12 PM »
Not sure if they look at credit score, but they definitely look at your credit report.
^^^

Offline dealfinder85

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Re: Homeowners/renters/personal property insurance
« Reply #42 on: February 23, 2016, 05:28:14 AM »
Not sure if they look at credit score, but they definitely look at your credit report.
I think guy mentioned a soft pull

Offline dealfinder85

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Re: Homeowners/renters/personal property insurance
« Reply #43 on: February 25, 2016, 10:55:32 AM »
does anyone have homesite insurance? I signed up through geico and they offered me a policy through homesite.  but now i am reading reviews online and they seem pretty bad. may not be worth paying a little less if i will have issues if i ever need them

Offline YSP

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Re: Homeowners/renters/personal property insurance
« Reply #44 on: February 25, 2016, 12:39:12 PM »
does anyone have homesite insurance? I signed up through geico and they offered me a policy through homesite.  but now i am reading reviews online and they seem pretty bad. may not be worth paying a little less if i will have issues if i ever need them

I've heard similar. Also A lot of times they give you bare bones coverage on the endorsements like Limited Water sewer backup among other things. Also, the discount on the auto is usually pretty small so it makes sense to go with another carrier. Their rates become less and less competitive as you bump up the coverages to compare to other quotes.

Offline dealfinder85

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Re: Homeowners/renters/personal property insurance
« Reply #45 on: February 25, 2016, 12:40:03 PM »
I've heard similar. Also A lot of times they give you bare bones coverage on the endorsements like Limited Water sewer backup among other things. Also, the discount on the auto is usually pretty small so it makes sense to go with another carrier. Their rates become less and less competitive as you bump up the coverages to compare to other quotes.
well i called up and said i want out from that policy, they looked and found a travelers policy with another 100k of coverage for only $50 more annually

Offline YSP

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Re: Homeowners/renters/personal property insurance
« Reply #46 on: February 26, 2016, 09:38:11 AM »
well i called up and said i want out from that policy, they looked and found a travelers policy with another 100k of coverage for only $50 more annually

Good for you. However, Keep in mind that another $100k in coverage doesn't mean that if the house burns down you get another $100k. They only rebuild the house "up to" the limits of liability. So yes, you have more coverage but if the lower amount would have rebuilt the house then by adding more coverage you are just over insuring the house and paying for coverage that you don't need and won't get.

Offline dealfinder85

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Re: Homeowners/renters/personal property insurance
« Reply #47 on: February 26, 2016, 09:39:54 AM »
Good for you. However, Keep in mind that another $100k in coverage doesn't mean that if the house burns down you get another $100k. They only rebuild the house "up to" the limits of liability. So yes, you have more coverage but if the lower amount would have rebuilt the house then by adding more coverage you are just over insuring the house and paying for coverage that you don't need and won't get.
but in the event that it costs more than estimated, there is an extra cushion
if something damages many houses, sometimes the cost to fix could increase due to demand
but i would also much rather travelers to homesite

Offline YSP

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Re: Homeowners/renters/personal property insurance
« Reply #48 on: February 26, 2016, 09:42:01 AM »
but in the event that it costs more than estimated, there is an extra cushion
if something damages many houses, sometimes the cost to fix could increase due to demand
but i would also much rather travelers to homesite

+1 That extra cushion is called extended replacement cost and with most companies includes a bubble of  20-25%

Offline Hjay

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Re: Homeowners/renters/personal property insurance
« Reply #49 on: July 02, 2021, 12:42:31 PM »
Any references for a homeowners insurance agent?

Offline peacenlove613

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Re: Homeowners/renters/personal property insurance
« Reply #50 on: July 04, 2021, 02:55:29 PM »
Just went to renew my home owners insurance and every quote I get is 20% more then last year. Is this a covid inflation thing? Anyone have similar experience?

Offline Lurker

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Re: Homeowners/renters/personal property insurance
« Reply #51 on: July 04, 2021, 02:58:44 PM »
Just went to renew my home owners insurance and every quote I get is 20% more then last year. Is this a covid inflation thing? Anyone have similar experience?

Depends on the area. One factor is rising costs on supplies, so claims are more expensive. Another os rising home values, so premiums are more expensive in line with higher coverage amounts.
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Offline YSP

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Re: Homeowners/renters/personal property insurance
« Reply #52 on: July 07, 2021, 04:33:45 PM »
Depends on the area. One factor is rising costs on supplies, so claims are more expensive. Another os rising home values, so premiums are more expensive in line with higher coverage amounts.

Yes, Replacement cost is higher now with the rising costs of supplies but it has nothing to do with market value. Insurance doesn't care how much your house would sell for on the market

Offline Lurker

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Re: Homeowners/renters/personal property insurance
« Reply #53 on: July 07, 2021, 04:56:16 PM »
Yes, Replacement cost is higher now with the rising costs of supplies but it has nothing to do with market value. Insurance doesn't care how much your house would sell for on the market

When I was buying a fixer-upper, I had companies refuse to insure me for under a certain amount based on the square footage and the values of the comps in the area. I don't know their exact calculations, but the area $$/sqft seemed to play a part.
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Offline YSP

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Re: Homeowners/renters/personal property insurance
« Reply #54 on: July 13, 2021, 10:41:22 AM »
When I was buying a fixer-upper, I had companies refuse to insure me for under a certain amount based on the square footage and the values of the comps in the area. I don't know their exact calculations, but the area $$/sqft seemed to play a part.
That's because sq footage plays a part in how much it will cost to rebuild the house. market value never plays a role. You can't underinsure a house because of a co insurance requirement in the policy that says that you need to insure the house to a minimum percentage of the rebuild value (usually 80%). If you insure for less than that there is usually a penalty involved should there be a claim which depends on the carrier but is generally a 50% reduction in claim payout.

Offline SOS

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Re: Homeowners/renters/personal property insurance
« Reply #55 on: July 13, 2021, 10:56:45 AM »
That's because sq footage plays a part in how much it will cost to rebuild the house. market value never plays a role. You can't underinsure a house because of a co insurance requirement in the policy that says that you need to insure the house to a minimum percentage of the rebuild value (usually 80%). If you insure for less than that there is usually a penalty involved should there be a claim which depends on the carrier but is generally a 50% reduction in claim payout.

The penalty is only if you have a coinsurance clause on the policy which is something i tell people to avoid....

That being said it's never a good idea to be underinsured and it's always better to have more Insurance then less

If you insure for less than that there is usually a penalty involved should there be a claim which depends on the carrier but is generally a 50% reduction in claim payout.
The penalty will be proportionate to how much you are underinsured
« Last Edit: July 13, 2021, 10:59:56 AM by SOS »

Offline elazarmn

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Re: Homeowners/renters/personal property insurance
« Reply #56 on: July 13, 2021, 02:17:09 PM »
Just renewed with kemper, they were 1k less than what i was paying

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Re: Homeowners/renters/personal property insurance
« Reply #57 on: July 13, 2021, 02:23:19 PM »
That's because sq footage plays a part in how much it will cost to rebuild the house. market value never plays a role. You can't underinsure a house because of a co insurance requirement in the policy that says that you need to insure the house to a minimum percentage of the rebuild value (usually 80%). If you insure for less than that there is usually a penalty involved should there be a claim which depends on the carrier but is generally a 50% reduction in claim payout.

I wasn't underinsuring. I was getting insurance based on what it was worth at the time, before the house was brought up to market value. Some insurance companies I requested quotes from wouldn't allow me to insure it at that value. I'm assuming it was because they thought it was being underinsured, based on the market value in the area.
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