 Insurance Costs (by Bob [MO]) Oct 8, 2010 6:01 PM
 Insurance Costs (by Reid [KS]) Oct 8, 2010 6:23 PM
Insurance Costs (by Carolyn [MO]) Oct 8, 2010 6:25 PM
Insurance Costs (by Gen [NM]) Oct 8, 2010 8:25 PM
Insurance Costs (by Bob [MO]) Oct 9, 2010 4:57 AM
Insurance Costs (by Brian [MO]) Oct 9, 2010 5:57 AM
Insurance Costs (by mike [MO]) Oct 9, 2010 7:18 AM
Insurance Costs (by in [IN]) Oct 9, 2010 7:23 AM
Insurance Costs (by Robert J [CA]) Oct 9, 2010 10:13 AM
Insurance Costs (by Hoodster [MO]) Oct 10, 2010 1:22 AM
Insurance Costs (by Bob [MO]) Oct 11, 2010 10:06 AM
Insurance Costs (by Bob [MO]) Posted on: Oct 8, 2010 6:01 PM
Message:
State Specific Question About: MISSOURI (MO)
Anyone else having dramatic insurance cost increases?
My insurance went from $4000 last year to $6250 this year.
Rates didn't change but the estimator used to calculate replacement cost of the 3 buildings was changed. Went to 3 other agents but no luck. Looks like everyone changed the estimator. For example, 8 unit had a replacement cost of $ 326,000 last year now it's $510,400. --75.221.xxx.xx |
Insurance Costs (by Reid [KS]) Posted on: Oct 8, 2010 6:23 PM
Message:
do you have to insure for $510K ? If $326K was good enough last year couldn't you just leave it at That ? --99.103.xxx.xxx |
Insurance Costs (by Carolyn [MO]) Posted on: Oct 8, 2010 6:25 PM
Message:
I have single family homes. Most of my policies had been with State Farm. There were some where the new rates on some of my homes in lower income areas were about 20% of the value of the property.
I am gradually shifting to other companies. I have a person from Shelter "courting" me. They will insure for market value on ones like this rather than replacement costs. You might try calling them. --64.12.xxx.xx |
Insurance Costs (by Gen [NM]) Posted on: Oct 8, 2010 8:25 PM
Message:
I saw a big increase about 1.5 years ago on my triplex. Moved to another product when I refinanced, saved about 40%.
Sometimes I think the insurance companies just raise rates periodically on people, because so many people don't notice, complain, or switch! Probably a big moneymaker for them. --97.119.xxx.xxx |
Insurance Costs (by Bob [MO]) Posted on: Oct 9, 2010 4:57 AM
Message:
Reid,
That was an option to insure for actual value - but rates weren't that much different as they imposed a fee for insuring at less than replacement cost. Also when doing that any damage to the roof for example would only be covered for the current estimated value of the roof,would not cover the costs of a new roof.
--75.221.xxx.xxx |
Insurance Costs (by Brian [MO]) Posted on: Oct 9, 2010 5:57 AM
Message:
Yes, mine did also, I have been with American Family for 28 years and they came out and measured all my buildings. It was a large increase. --205.188.xxx.xx |
Insurance Costs (by mike [MO]) Posted on: Oct 9, 2010 7:18 AM
Message:
increase your deductibles. dont insure for replacement - insure for market value. I use Shelter for the smaller buildings and Travelers for the larger ones --71.149.xxx.xxx |
Insurance Costs (by in [IN]) Posted on: Oct 9, 2010 7:23 AM
Message:
You should insure for Market Value, not replacement cost, at 70, and having them all paid for I am not going to rebuild...
Replacement Value is good if you are young, sometimes...
At the present time Values are still declining...insurance companies need to make more money, so they insure land against a fire... --69.245.xxx.xx |
Insurance Costs (by Robert J [CA]) Posted on: Oct 9, 2010 10:13 AM
Message:
About three years ago my rates went sky high. Every insurance company adjust their rates depending on if they can get away with it. With one company I had a dozen policy's and never made a claim. They still tried to raise me 30% across the board. I adjusted my deductable and was able to keep things within reason. --173.60.xx.xx |
Insurance Costs (by Hoodster [MO]) Posted on: Oct 10, 2010 1:22 AM
Message:
Bob:
Who are you insured with? I switched from State Farm, as my rates jumped about 35% w/ no claims. They'll give you some BS line... bump your deductibles to 2k or more if you haven't as well to save some $. --70.134.xx.xx |
Insurance Costs (by Bob [MO]) Posted on: Oct 11, 2010 10:06 AM
Message:
Thanks for all the responses - I'm also with American Family ins.
Have only had the bldgs since 2006 and 2008.
We have increased the deductibles to $2500 to control the cost increases. Still will have an $1800 increase from last year. --75.221.x.xxx |
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