| Name: |
alabound
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| Subject: |
insurance
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Date:
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10/12/2012 1:11:56 PM
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Anybody's property insurance go way up? mine went up 27% and they said it was due to new rate in Alabama because of natural disaster claims.
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| Name: |
GoneFishin
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| Subject: |
insurance
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Date:
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10/12/2012 1:47:36 PM
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Items to check to which may lower your premium: Raise your deductible to $1,000 as filing small claims will increase premium in the future and may make it difficult to find a replacemet carrier.. Make certain you are not over insured on the value of the dwelling. Sometimes the replacement value continues to increase each year with the inflation factor they use that exceeds the true replacement. Verify that value used does not include any of the land value.
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| Name: |
Osms
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| Subject: |
insurance
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Date:
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10/12/2012 2:55:27 PM
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If you have Alfa Ins you should look elsewhere. Alfa got hammered in the tornados and seem determined to make it all up in one year. I have USAA and mine went down. Shop around every year at renewal time. Also, watch out for "wind deductibles". Not all companies charge the extra wind deductible which can cost you thousands in a loss. You are NOT in good hands and they are not you friends!
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| Name: |
btexpress
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| Subject: |
insurance
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Date:
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10/12/2012 5:35:20 PM
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They sure enough tried at this time last year. ALFA tried to jack our rates way up and we've never had a claim. Had to jump ship. Make matters worse FEMA says you need "flood insurnce" at the same time. Imagine this....a lake Federally Mandated to release water and then require flood insurance.
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| Name: |
Mack
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| Subject: |
insurance
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Date:
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10/12/2012 7:07:28 PM
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My Homeowners with State Farm went up @ 13% in 2010, another 10% in 2011, another 4% in 2012. Same story. Rates up due to widespread storm damage. Quotes from another company came in about 6% less, not enough to make a change, from the same agent for @ 19 years and 1 claim 15 years ago.
Not much you can do besides shop every year or stop coverage altogether, like a lot of Gulf Coasters have done.
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| Name: |
itisd
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| Subject: |
insurance
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Date:
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10/12/2012 8:32:54 PM
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Mine increased 28% and I have never had a claim. What is unusual is that I have automatic adjusted limits. If contents were $200,000 in the past year, then in the new year they might be $210,000.
This year the replacement cost, the contents, outbuildings - nothing increased but the premium, whopping 28%. I already have and always have had a $1000 deductible.
Now paying $3150 year for insurance , that's more than my first house payment.
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| Name: |
MartiniMan
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| Subject: |
insurance
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Date:
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10/13/2012 10:31:54 AM
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GF, I recenlty went through this with my primary residence and the result was pretty startling. My home replacement cost after an audit was $400k above what I could buy a comparable home in my neighborhood for. I had a friend who build new custom homes in Atlanta to give me a quote to rebuild my house and it was close to what the insurer said. If my house burned down, I would not rebuild it. I would buy another house in my neighborhood or elsewhere, sell the lot and probably pocket $600k.
Hmmmmm.....if Oblamer gets elected that might have to be my strategy to recoup lost wealth through higher taxes. But I digress.....my point is that the actual replacement cost for your home might be a lot higher than you think.
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| Name: |
alabound
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| Subject: |
insurance
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Date:
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10/13/2012 2:53:10 PM
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I think if you haven't gotten your new bill you will have a big increase regardless of what you do or who you use. I have a 2500 deduct and no claims except a roof after the hail storm 4 years ago. Have used the same company for 35 years. one way or another, we pay for the damages.
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| Name: |
Osms
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| Subject: |
Itisd
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Date:
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10/13/2012 3:25:29 PM
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Just to give an idea of rates, at your $3150/yr you should have about $1.65 mil in coverage to equal my rate.. It would be interesting to see what rate per $100k others pay just to compare rates. I pay just over $190.20 per $100k.
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| Name: |
Mack
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| Subject: |
Itisd
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Date:
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10/13/2012 5:32:29 PM
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Well, now I'm really bummed out. I have a 1% deductible policy and I am paying @$400 per 100K! It is a wood frame house, served by a VFD, but still?? Who is your carrier??
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| Name: |
GoneFishin
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| Subject: |
Insurance Company Obligation
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Date:
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10/13/2012 5:45:02 PM
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When you buy homeowners or auto, the contract is for one year. They have an obligation during that year to fufill their obligations under the polcy and everything ends at the renewal and starts over. They owe us nothing on renewal as it is simply a new one year contract. As Romney likes to say about health insurance, your renewal is the free marketplace at work. He says competiton will keep the rates down for health insurance so shop around. Just make certain you are looking at comprable coverage and a well rated company. Insurance companies are no different from the company you work for, they are entitled to a profit.
If you served in the military with an honorable discharge, you are eligible for USAA insurance.
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| Name: |
Osms
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| Subject: |
Mack
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Date:
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10/13/2012 5:47:27 PM
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I am served by Paces Point VFD, and they do have a very good rating of 4, I believe. We have insurance with USAA. If you served in the military, enlisted or officer, guard or active you can join. USAA also usually gives a 4 - 8% rebate once a year. My point of all this is to encourage everyone to shop around. Your insurer has NO loyalty to you, so why not get the best deal. I went through Katrina on the MS Coast and had many friends totally screwed by the major companies, so don't think your loyalty to your insurer will be returned. Shop your rate. I've heard that Progressive was going to start writing homeowners in AL, don't know for sure. We found Auto Owners to be competitive; they are highly rated by Consumer Reports.
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Cost is a little under $400 per 100K for guaranteed replacement of structure and contents with $1000 deductible. When I've shopped, I haven't been able to find similar coverage for less money.
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| Name: |
Osms
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| Subject: |
I also have USAA
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Date:
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10/14/2012 12:48:56 AM
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We have same coverage as you. The VFD rating cut my premium by a good bit last year. USAA came out and appraised our house about 18 months ago. Aren't you in Elmore County? If so, that could also make a difference. Another thing, USAA issued new policies this year in Alabama....little change in coverage, but my premium went down a couple of hundred dollars, because they put the multi-policy discount (autos) on the house.
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Yeah, it's Elmore Co. Not sure of our VFD rating, but as you said that can make a big difference. I'm not complaining because anytime I do a price check with someone else it's always higher. I've been with them for 35 years and never had a problem on a claim involving the house or cars.
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| Name: |
Osms
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| Subject: |
I also have USAA
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Date:
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10/14/2012 7:12:15 AM
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I've been with them since '66, but not always had homeowners with them. They were high when we first built at the lake so I went with Auto Owners for about 5 years, then A-O went crazy with their rates and I went back to USAA because they had come to their senses and gotten competitive. I've always shopped rates and advise everyone to do the same. Service is great, but I do know a family on the coast that won a large lawsuit against USAA after Katrina because USAA refused to pay an obvious wind claim.
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