 Insurance quandry/decisio (by Jim [ME]) Dec 9, 2018 11:34 AM
 Insurance quandry/decisio (by plenty [MO]) Dec 9, 2018 12:04 PM
Insurance quandry/decisio (by JB [OR]) Dec 9, 2018 12:23 PM
Insurance quandry/decisio (by Smokowna [MD]) Dec 9, 2018 12:23 PM
Insurance quandry/decisio (by 6x6 [TN]) Dec 9, 2018 3:55 PM
Insurance quandry/decisio (by 6x6 [TN]) Dec 9, 2018 3:56 PM
Insurance quandry/decisio (by JR [ME]) Dec 9, 2018 4:13 PM
Insurance quandry/decisio (by Kurtis [ME]) Dec 9, 2018 4:51 PM
Insurance quandry/decisio (by fred [CA]) Dec 9, 2018 6:20 PM
Insurance quandry/decisio (by LindaJ [NY]) Dec 10, 2018 5:13 AM
Insurance quandry/decisio (by nhsailmaker [NH]) Dec 10, 2018 5:13 AM
Insurance quandry/decisio (by Ray-N-Pa [PA]) Dec 10, 2018 5:58 AM
Insurance quandry/decisio (by J [FL]) Dec 10, 2018 6:04 AM
Insurance quandry/decisio (by Jim [ME]) Posted on: Dec 9, 2018 11:34 AM
Message:
I recently got a phone call from a major (un-named) advertiser of property insurance "guaranteeing" at least a 20% saving on the $48,000 I spend each year for this service. Upon checking with my existing agent, she said she could meet the same cost by essentially increasing the zero deductible I now have on each property to $3000 and by reducing the estimated value of each property by the estimated value of the land each property sits on - "which is basically all that the competitor was really suggesting....."
When I asked this existing agent why she hadn't suggested this in the first place - since I am on a tight budget - she really didn't give me a very clear answer'
If there is anyone out there who has been faced with a similar decision, I would greatly appreciate hearing from them. Many thanks! --173.48.xxx.xxx |
Insurance quandry/decisio (by plenty [MO]) Posted on: Dec 9, 2018 12:04 PM
Message:
Your current agent didnt offer cause they didn't have too. I would stick with current agent and take the reduced price! That's enough savings for a vacation! --99.203.xx.xxx |
Insurance quandry/decisio (by JB [OR]) Posted on: Dec 9, 2018 12:23 PM
Message:
Wow Jim, you spend $48000/yr on property insurance? That's amazing (and ridiculous) unless you own half of downtown Portland in a flood zone.
I would max out the deductible at its highest limits. Much of insurance today is designed as you use and lose it anyway so you should save plenty. --24.20.xxx.xxx |
Insurance quandry/decisio (by Smokowna [MD]) Posted on: Dec 9, 2018 12:23 PM
Message:
20%...that is a large number you have been wasting.
I raised my deductibles to super high levels. I won't be claiming anything. A house could burn down and I'm not going to put in a claim.
If you don't foresee yourself putting in any claims then I would feel very comfortable raising the deductibles.
--96.241.xx.xx |
Insurance quandry/decisio (by 6x6 [TN]) Posted on: Dec 9, 2018 3:55 PM
Message:
Smokowna,why would you not put in a claim if your house burned down? why even bother with insurance at all? I have my rental sfh insured way to low,deductible at 1000 and I pay about $380/year. --73.120.xx.xxx |
Insurance quandry/decisio (by 6x6 [TN]) Posted on: Dec 9, 2018 3:56 PM
Message:
Jim(ME),how many houses do you insure? --73.120.xx.xxx |
Insurance quandry/decisio (by JR [ME]) Posted on: Dec 9, 2018 4:13 PM
Message:
Aroostook County greetings, Jim. If you are paying $48,000 in insurance costs each year, you must own 5 million or so in properties? Why in green earth do you have a zero deductible policy? I would think $10,000, $25,000, or $50,000 deductible would be more appropriate for a man in your financial position. Are you claiming $1,000 losses? Up that deductible to something more reasonable. --98.13.xx.xxx |
Insurance quandry/decisio (by Kurtis [ME]) Posted on: Dec 9, 2018 4:51 PM
Message:
Do Not move to new agent. They may save you money up front but their property inspections will turn up many issues they deem non insurable if you don't fix. If your current agent can meet or come close take the savings and run. --184.61.xxx.xx |
Insurance quandry/decisio (by fred [CA]) Posted on: Dec 9, 2018 6:20 PM
Message:
Stay with your current insurer.
I have limited experience with claims...knock on wood...and the one claim I've had in these many years, they were very efficient and responsive.
My mother used to say: buy insurance and hope to never use it. --99.59.x.xxx |
Insurance quandry/decisio (by LindaJ [NY]) Posted on: Dec 10, 2018 5:13 AM
Message:
High deductible. Mine are $5k and over. I am not going to make a claim unless it is a real disaster - half the house burns type thing. I need the liability and have an umbrella to help with that.
Sit down with your current agent, which hopefully represents a number of companies. Take some time to go over what you have that can give you discounts, what you are looking to cover and what is available. If the house burned to the ground, do you want to rebuild EXACTLY the way it was? I want to rebuild something sound and decent to rent or sell. NOT all the fancy woodwork I currently have in the old house. I don't need to insure that.
Here, it is likely the foundation will still be intact after and I would be able to just build the house over that, so I don't insure based on the value I paid or could sell, that includes the land, but the value to rebuild. Insurance companies also up that value yearly which may or may not keep up with what it costs to rebuild. I don't care about loss of rents coverage.
There are also discounts for backup generators, water shutoff, credit score, all sorts of stuff you never think about. Changing companies usually will require an inspection and pictures. That opens another can of worms that you may not want. Sometimes it is worth it. --108.4.xxx.xx |
Insurance quandry/decisio (by nhsailmaker [NH]) Posted on: Dec 10, 2018 5:13 AM
Message:
are any of your properties financed? - If so you have insurance requirements from the lender --73.182.xxx.xxx |
Insurance quandry/decisio (by Ray-N-Pa [PA]) Posted on: Dec 10, 2018 5:58 AM
Message:
Having zero deductible property insurance is a crazy concept. You paying the insurance company betting that something bad will happen to your properties.
The answer is "of course something bad will happen"
The real question is how much can you afford to pay when something bad happens so you not filing claims against the insurance. A little self insuring goes a long way.
I am not aware of any zero deductible companies but your agent found you one probably at your request. I am not sure if you have filed claims yet or not, but I would recommend sticking with the first agent. I am inclined to believe that they are seeking you out because you don't file frivolous claims - but you are insuring yourself so you can --72.23.xxx.xx |
Insurance quandry/decisio (by J [FL]) Posted on: Dec 10, 2018 6:04 AM
Message:
Ray that's what I did. Raised the deductible from $1000 up to $2500. Insurance claim is for a last resort only. --72.188.xxx.xxx |
Reply:
|
|