 Insurance (by Woody Painter [OK]) Apr 26, 2017 10:45 AM
 Insurance (by RichE [IL]) Apr 26, 2017 11:43 AM
Insurance (by Steve [MA]) Apr 26, 2017 3:29 PM
Insurance (by Barb [MO]) Apr 26, 2017 7:17 PM
Insurance (by Pattyk [MO]) Apr 27, 2017 4:52 PM
Insurance (by Ray-N-Pa [PA]) Apr 28, 2017 2:58 PM
Insurance (by Woody Painter [OK]) Posted on: Apr 26, 2017 10:45 AM
Message:
Having trouble finding a reasonable premium for some rental homes. They want you to insure for 80% of replacement value.
I have heard of something they called agreed upon value. Where insurance company and landlord agree on an amount an insure for that . If house worth $100,000.00 and both parties agree to insuring for $50,000.00 that is what is insured for . If total loss only get $50,000.00. Would anyone have ideas how I can cut premiums
and still get some insurance. Thanks --184.155.xx.xx |
Insurance (by RichE [IL]) Posted on: Apr 26, 2017 11:43 AM
Message:
Increase your deductible --98.213.xxx.xxx |
Insurance (by Steve [MA]) Posted on: Apr 26, 2017 3:29 PM
Message:
If you can find a company that will do it. Make sure you find out what happens with a partial loss. For instance a kitchen fire costs 15K to repair & you only have the house insured to 50K & the insurance company says it should be 100K. The best you would get from them is 15K x.5 or 7.5 K less your deductible because you were only insured to 50% of the value. --72.93.xxx.x |
Insurance (by Barb [MO]) Posted on: Apr 26, 2017 7:17 PM
Message:
I believe you are looking for an actual cash value policy. I use them on a number of places.
If you have a claim, they will depreciate anything involved before they pay out. I would not do that on a better property, but do on my older properties. For the duplex I built in 2011, I insure replacement cost. For the house we did a total rehab on in 2010, we do replacement cost.
For the old house that I wouldn't mind if it burned to the ground, actual cash value.
Had a discussion with my agent about this yesterday. Why would I want to insure a 1946 built home for $15K more than I can purchase a comperable one for in the neighborhood? The insurance company takes into account replacement costs like building supplies. If the home has a major loss, we bulldoze it and sell the lot to the neighbor, then buy a similar home. There is always one available. He got my reduction through the underwriter, saving me $35 per year. --64.251.xxx.xxx |
Insurance (by Pattyk [MO]) Posted on: Apr 27, 2017 4:52 PM
Message:
sounds like you are looking to cut expenses! Ya! nothing to add, but i noticed I have only two stars,,, where did my third star go? --184.206.xxx.xxx |
Insurance (by Ray-N-Pa [PA]) Posted on: Apr 28, 2017 2:58 PM
Message:
I agree with Barb........seek out a cash policy with the highest deductible that they have. Then you have to follow the policy of self insuring the smaller claims yourself. --24.239.xx.xxx |
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