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Old 01-31-2017, 02:34 PM
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76S&S 76S&S is offline
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Home owners insurance

I did a quick search but most insurance questions were regarding boat insurance, hmm go figure.

I feel like my home owners premiums have gotten out of hand and would like to hear what some of you are paying. If you don't want to list all facts, I get it but, home value, size, resident state, premiums and underwriter/carrier would help.

Home estimated value is 350 - 400k including 17 acres.
2,700 sq. ft and a full basement.
AL
$3,900 annual premium, Travelers.

Thanks
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Old 01-31-2017, 02:59 PM
TN Skier TN Skier is offline
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WOW! That sounds high. Ourso took about a $1400 jump this year, we shopped it and got it within about $600. We had a $2600 claimed from storm damage I guess they were bound and determined not to take the hit for doing their job.

Has your I SO rating changed with your fire service? The higher the number there more insurance costs.

Since east TN had horrible fires this year and lot of loss I am figuring that itll.find it's way in to our pocket at some point.
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Old 01-31-2017, 03:12 PM
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cbryan70 cbryan70 is offline
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you can NOT compare home prices from state to state. The amount you insure your home for does not include the land(that cant get ruined) and generally you do not insure it for what it is worth. You insure your home for how much it cost to be replaced in the event of a total loss.

For example in IL a 300k home would run around 1k...that same home in OK would be 5k....regions matter alot on the price of homeowners insurance.
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Old 01-31-2017, 03:42 PM
jsx30 jsx30 is offline
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AL homeowners insurance premiums seemed to have gone up a lot in the last few years. Your premium does seem high. It may be that every tornado that hits Alabama seems to hit Tuscaloosa first...maybe look around at some of the other companies. I've got USAA and they have been great...
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Old 01-31-2017, 05:05 PM
slalomjunkie slalomjunkie is offline
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Trying to recall how I determined replacement value... I think I included the inside contents... I valued it all at 475 which included the house, contents, dock and not the land. Bill was around 1700/yr
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Old 01-31-2017, 06:47 PM
maxpower220 maxpower220 is offline
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I recommend finding a large insurance broker. Let them shop prices for you. Once you have that, call a few local agents from companies you know. After that, you will have a very good idea of what insurance should cost YOU, your home, in your part of AL. Everyone elses information doesn't really help.
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Old 01-31-2017, 06:57 PM
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ttu ttu is offline
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bryan, is correct but a little high in Oklahoma! but not to far.

rates are generally based of a 5 year loss ratio in your state. one of the biggest things that has caused large increases is the cost of roofing material. 15 years ago a 3 tab shingle installed was around $75 per sq. today depending on location is around $200 plus per sq.

also note earthquake is not included in your homeowners policy and must be endorsed. also the deductible is different that your standard deductible on the house policy.
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Old 01-31-2017, 08:49 PM
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Bouyhead Bouyhead is offline
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Like others have said I found USAA very competitive. I have homeowners,life ins,and all my vehicles insured with them.
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Old 01-31-2017, 08:55 PM
atihanyi atihanyi is offline
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As a body shop manager , I wont bash anybody but , USAA , really ?????????
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Old 01-31-2017, 09:21 PM
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Moosecrackers Moosecrackers is offline
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Minor thread-jack, but a question for you insurance folks. Is there a rule of thumb for purchasing earthquake insurance based on location? In my case, my agent recommended earthquake insurance for our house in central IN just north of Indy, but not for our lake cottage in northern IN. Said the risk of earthquakes that far north is minimal. Wondered if there was an imaginary line for recommending that coverage.
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