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msrsfeb
LIF Adult
Member since 2/06 1277 total posts
Name:
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home insurance ?..changing companies..nervous
I currently have state farm and they raised my rate $300. my coverage on my house was $340,000. Now, I am moving to Liberty mutual and my coverage is going to be $200,000. they say it will cost 188,000 to rebuild. is this enough coverage?
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Posted 5/21/08 10:42 AM  |
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Prudential Douglas Elliman Real Estate
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: home insurance ?..changing companies..nervous
Who is "they?" 340k coverage to 180k coverage is a big difference. what is your mortgage on the house, if any?
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| Posted 5/21/08 10:44 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: home insurance ?..changing companies..nervous
Posted by msrsfeb
I currently have state farm and they raised my rate $300. my coverage on my house was $340,000. Now, I am moving to Liberty mutual and my coverage is going to be $200,000. they say it will cost 188,000 to rebuild. is this enough coverage?
I have Liberty Mutual and am really happy with them.
They insure you for the "dwelling". If your house is 340k, the physical portion is probably a little more than half because you don't insure the land.
I get a great rate with Liberty Mutual and if my house burned down to the ground tomorrow, I am confident they would hold up their end of the bargain and build me a new house.
Remember the average cost to build a house is about $100-125 a square foot. How many square feet is your house?
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| Posted 5/21/08 10:45 AM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: home insurance ?..changing companies..nervous
Well, some insurance companies take into account the value of the land as well.
So, if you have a mortgage or an apprasied value of $340,000 for the entire property it might be $188,000 for the structure(s) and another 152,000 for the land.
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| Posted 5/21/08 10:46 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: home insurance ?..changing companies..nervous
Suggestion: talk to SF, have them look at your pol and see WHY its at $340k Dwelling.
Most likely its due to your mtg amt, a requirement from bank but the realistic part is that, that amount isnt needed. you are being overinsured.
So instead of switching, discuss with SF and it will definitely help your premium.
Also, If you do move to another company and the bank finds out, they may make you up the amt again and you are back to a high premium again.
HTH
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| Posted 5/21/08 11:02 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: home insurance ?..changing companies..nervous
Posted by Smileyd17
Suggestion: talk to SF, have them look at your pol and see WHY its at $340k Dwelling.
I have to say that when I was shopping for insurance, State Farm was VERY expensive compared to Liberty Mutual. I couldn't figure out why they wanted so much more.
I will be very upset if LM decides to not renew us because I know State Farm will be one of the only alternatives.
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| Posted 5/21/08 11:08 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: home insurance ?..changing companies..nervous
Posted by ave1024
Posted by Smileyd17
Suggestion: talk to SF, have them look at your pol and see WHY its at $340k Dwelling.
I have to say that when I was shopping for insurance, State Farm was VERY expensive compared to Liberty Mutual. I couldn't figure out why they wanted so much more.
I will be very upset if LM decides to not renew us because I know State Farm will be one of the only alternatives.
Yes, you are prob right.....unfortunately.
Most companies are not renewing or writing any new policies.
because SF is, their rates were affected.
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| Posted 5/21/08 11:11 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: home insurance ?..changing companies..nervous
Posted by Smileyd17
Yes, you are prob right.....unfortunately.
Most companies are not renewing or writing any new policies.
because SF is, their rates were affected.
I actually received my quote from them a good three years ago (before companies started dropping off Long Island). SF was expensive back then.
That's why I am concerned because they are probably even more expensive now. 
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| Posted 5/21/08 11:13 AM |
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msrsfeb
LIF Adult
Member since 2/06 1277 total posts
Name:
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Re: home insurance ?..changing companies..nervous
when i called sf to find out why the premium went up they told me "oh they all went up." I guess I will make the switch to LM and hope for the best!
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| Posted 5/21/08 12:39 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: home insurance ?..changing companies..nervous
NY Central mutual is my homeowner & car insurance. All my family and friends use them. I pay ~ ~$1100.00 py.
my house is 1975 square feet.
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| Posted 5/21/08 1:03 PM |
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Babe49
M...
Member since 4/08 1880 total posts
Name:
Maria
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Re: home insurance ?..changing companies..nervous
Posted by ave1024
Posted by msrsfeb
I currently have state farm and they raised my rate $300. my coverage on my house was $340,000. Now, I am moving to Liberty mutual and my coverage is going to be $200,000. they say it will cost 188,000 to rebuild. is this enough coverage?
I have Liberty Mutual and am really happy with them.
They insure you for the "dwelling". If your house is 340k, the physical portion is probably a little more than half because you don't insure the land.
I get a great rate with Liberty Mutual and if my house burned down to the ground tomorrow, I am confident they would hold up their end of the bargain and build me a new house.
Remember the average cost to build a house is about $100-125 a square foot. How many square feet is your house?
I am a licensed agent, and you are right. Insurance is based on what the home will be rebuilt for, so depends on construction materials and square footage. Has nothing do do with worth of the home, or maket value.
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| Posted 5/21/08 1:40 PM |
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