Comments on: Information Needed for a Homeowner’s Insurance Quote

By: janet

janet — Tue, 28 Jul 2009 02:17:43 +0000

Thank God, you do not live in South Florida, where its required in most low line areas to have not just homeowners, but windstorm and flood unless of course your home is paid for. Then its up to you to carry insurance.

Unfortunately between the insurance and taxes a home can be your greatest nightmare down here.

Good Luck!

By: Chuck

Chuck — Sat, 05 Jan 2008 03:42:48 +0000

I think your all nuts…..If you are trusting an $8-12 hr CSR or a direct company such as Geico or Liberty Mutual with possibly the biggest purchase of your life…..then you my friend, I hope, never has to submit a claim. Why I say….because brother you are on your own. That 20 – 25% that you saved well kiss it goodbye and then some……I learned my lesson the hard way….get an agent now!!!

By: jim

jim — Tue, 27 Dec 2005 05:13:45 +0000

Mike, you are very very correct, flood is not included in most, if not all, standard home insurance policies.

By: Mike

Mike — Tue, 27 Dec 2005 02:42:14 +0000

“so the homeowner’s insurance is to cover those bad and “rare” situations (fire, flood).”

Be careful Jim, because most, if not all, homeowners policies exclude damage from flood. You will need a separate policy for flood insurance.

By: jim

jim — Tue, 24 May 2005 20:56:54 +0000

I finally settled with Geico, jacked up the deductible to $2,500, and the final price is around $50 a month. I requested quotes from Liberty Mutual and All State but they didn’t get back in time. Apparently there’s something where you are insured past the actual amount you insure for. So if I insure for $212k, the coverage is actually 150% with Geico (Travelers) up to $318k. My friend uses Encompass and he said it’s 200% for him. After everything is settled and every question above is answered (Geico sends an inspector to double check things) I’ll get more quotes. I’m under the gun a bit to close by Friday so a few bucks here or there right now aren’t going to matter… but it will later.

By: risk

risk — Tue, 24 May 2005 20:22:32 +0000

when it comes to insurance shopping, quote as many as possible. you might be amazed how much you can save on the same policy from different insurers.
get a high deductible, the premium hike from a claim just does not worth doing any small claims. the same for car insurance. I learned it the hard way though

By: jim

jim — Mon, 23 May 2005 16:30:47 +0000

Thanks a lot Jason, those are some great ideas. I was talking to my father today and he told me that he’s had a $5,000 deductible on his homeowner’s insurance since he started and it hasn’t failed him yet. He said that anything of significant value in your home should be insured on its own anyway (he was speaking specifically about jewelry – high value, small, easy to steal) so the homeowner’s insurance is to cover those bad and “rare” situations (fire~~, flood~~).

I’ll be sure to ask about all the things you mentioned and I do appreciate the suggestions.

By: Jason

Jason — Mon, 23 May 2005 15:14:54 +0000

Just a couple of ideas/suggestions for homeowner’s insurance:

Be sure to get coverage for at least 80% of replacement value. (And replacement value can have little to do with market value or purchase price as it is almost always higher for all homes other than new construction.) Anything less than 80% and you are considered not fully insured and any partial loss will not be fully covered, but rather adjusted for depreciation. Also be sure to get replacement coverage on contents, not just cash value. (And make and update, as needed, a home inventory.)

Ask about the difference in premium for a $1000 (or even $2000) deductible, if you would be able to cover that amount from savings if you had a claim. This can really save quite a bit. You could always put the difference in the premium into a savings account until you have built up an amount equal to your deductible