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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Homeowner Insurance questions...
We are getting quotes for our new home.
A policy with $2500 deductible is $400 cheaper than a policy with a $1000 deductible. My thinking is I would rather pay $400 LESS per year and pay the higher $2500 deductible in the unlikely event we need to, thoughts?
Also do you have off premise theft coverage? do you think it is necessary?
thanks 
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Posted 5/2/13 10:16 AM  |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Homeowner Insurance questions...
if you want to save the $, sure its a good option to take.
Of course in any event of a claim, you have to meet that amt so its less likely you will place a claim or it would have to be a bad claim to place one. Company wll be happy with that.
Off premise theft coverage is an endorsement that Most ppl do remove it for savings.
Less likely you will use that endorsement. make sure you do have backup sewers/drains.
HTH
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| Posted 5/2/13 10:49 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Homeowner Insurance questions...
Posted by Smileyd17
if you want to save the $, sure its a good option to take.
Of course in any event of a claim, you have to meet that amt so its less likely you will place a claim or it would have to be a bad claim to place one. Company wll be happy with that.
Off premise theft coverage is an endorsement that Most ppl do remove it for savings.
Less likely you will use that endorsement. make sure you do have backup sewers/drains.
HTH
Okay so in other words, off premise is better to take off but keep deductible low? what is a reason I would make a claim? I was thinking BIG things, fire, burglary...we live in a coop now and have never made a claim...thanks
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| Posted 5/2/13 10:55 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Homeowner Insurance questions...
Posted by DiamondGirl
Okay so in other words, off premise is better to take off but keep deductible low? what is a reason I would make a claim? I was thinking BIG things, fire, burglary...we live in a coop now and have never made a claim...thanks
Off Premises is an endorsement. nothing to do with deductible.
Ask broker to add it on to see how it affects premium. might not be a big difference therefore, keep endorsement.
Better to be extra covered.
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| Posted 5/2/13 11:00 AM |
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Homeowner Insurance questions...
I would exclude off premises theft if you have a 1k ded or higher. The chances of you using that coverage is slim with a higher ded.
I would keep the 1k ded for a couple years, then switch to the $2500 when you make up the difference (4 yrs) If you have a claim within the next 4 years you lose money. After 4 years increase it.
If you would like me to quote the policy for you, I would be happy to help. Let me know if you have any other questions.
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| Posted 5/2/13 1:35 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Homeowner Insurance questions...
Posted by Bradley & Parker, Inc
I would exclude off premises theft if you have a 1k ded or higher. The chances of you using that coverage is slim with a higher ded.
I would keep the 1k ded for a couple years, then switch to the $2500 when you make up the difference (4 yrs) If you have a claim within the next 4 years you lose money. After 4 years increase it.
If you would like me to quote the policy for you, I would be happy to help. Let me know if you have any other questions.
can I ask why you would keep it? does it 'look good' to insurance company to have it for a while?
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| Posted 5/2/13 5:48 PM |
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Re: Homeowner Insurance questions...
Posted by DiamondGirl
Posted by Bradley & Parker, Inc
I would exclude off premises theft if you have a 1k ded or higher. The chances of you using that coverage is slim with a higher ded.
I would keep the 1k ded for a couple years, then switch to the $2500 when you make up the difference (4 yrs) If you have a claim within the next 4 years you lose money. After 4 years increase it.
If you would like me to quote the policy for you, I would be happy to help. Let me know if you have any other questions.
can I ask why you would keep it? does it 'look good' to insurance company to have it for a while?
No, it's not that it would look good. It comes down to your situation I guess. I would rather pay the extra $400 a year just in case, and then when it evens out money wise in 4 years (the $1600 difference) I would increase it, because I wouldn't feel like I lost anything if I had to put in a claim in those 4 years.
But the only thing is, if you didn't put a claim in for the next 4 years, now you paid out $1600 more than you would have.
I have a $1k ded on my policy, but the difference between the $2500 & 1k isn't $400, but I think I would still keep it at $1k for the 4 years just in case.
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| Posted 5/2/13 8:59 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Homeowner Insurance questions...
Posted by Bradley & Parker, Inc
Posted by DiamondGirl
Posted by Bradley & Parker, Inc
I would exclude off premises theft if you have a 1k ded or higher. The chances of you using that coverage is slim with a higher ded.
I would keep the 1k ded for a couple years, then switch to the $2500 when you make up the difference (4 yrs) If you have a claim within the next 4 years you lose money. After 4 years increase it.
If you would like me to quote the policy for you, I would be happy to help. Let me know if you have any other questions.
can I ask why you would keep it? does it 'look good' to insurance company to have it for a while?
No, it's not that it would look good. It comes down to your situation I guess. I would rather pay the extra $400 a year just in case, and then when it evens out money wise in 4 years (the $1600 difference) I would increase it, because I wouldn't feel like I lost anything if I had to put in a claim in those 4 years.
But the only thing is, if you didn't put a claim in for the next 4 years, now you paid out $1600 more than you would have.
I have a $1k ded on my policy, but the difference between the $2500 & 1k isn't $400, but I think I would still keep it at $1k for the 4 years just in case.
gotcha, thanks so much
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| Posted 5/2/13 10:11 PM |
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