Homeowners Insurance

[txteach]

I went to state farm insurance today to see about getting a better deal on homeowners insurance since I have great car insurance through them. Well I left baffled. I now pay $1,225 per year for my homeowners insurance through a company called Texas select. I got a quote from state farms for $1,950 a year. The woman at State farms tried telling me it was because my house would cost $210,000 to replace (I paid $140,000 7 years ago) and they only insure replacement cost. Anyone else pay high homeowners insurance? I paid a super cheap price for car insurance ($158 a month fully covered on two cars) and will still stay with them for that but will NOT be using them for homeowners insurance. Anyone else know of a good company?

[toys2cool]

Hey John

I'm actually in the process of buying a home now,which I should be closing on Friday,we have State farm as well,and when we checked for the home they told us $3300 a year

We ended up choosing another for $2400

[txteach]

Geez Damian, now I feel better.

[theantiquetiger]

All three of us live in hurricane alley, thats why the high rates. TxTeach, insuring it or the replacement value is very smart, if something was to happen and you have the Texas company, you would not be able to rebuild it.

[batmanmc]

i pay aBOUT 1300 YEAR FOR HOMEOWNERS . MINE IS REPLACEMWENT COST. NO HURRICAINES HERE LUCKILY. MIKE

[Megospidey]

You guys all need to move to Arkansas...I pay $900 a year for $150,000 coverage.

We're with Shelter - both home and auto. Pay $119 a month for full coverage on two cars.

[sauce]

I like my insurance company. Good prices, good coverage and easy to talk to and deal with. AMICA is the name.
I'm in earthquake country and pay $606 per year. I'm covered 130% of replacement cost.

[thunderbolt]

Yeah, come to Florida where we have to pay a fee to subsidize the state run Citizen's insurance for the people that live on the coasts that State Farm or Allstate won't touch.

[Adam West]

I use Liberty Mutual for all of my insurance. It is best to stick with one carrier for everything since they will give you a discount for covering multiple items like house, car, etc.

Also don't switch from carrier to carrier....I learned the hard way. I switched from Liberty Mutual to Allstate because of lower prices was involved in a minor fender bender not too long after switching and Allstate promptly dumped me even though it was the only accident I have ever had that was my fault and I ended up having to bite the bullet, switch back and pay higher rates for 3 years. I would just make sure your Texas insurance company has a good rating (meaning they are liquid enough to pay out should a disaster strike).

[Shanester]

Try getting a good deal in New Orleans! I dare you!

[megocrazy]

I live in a no threat area. I was paying $1000 a year until my little flood a couple years back. When my policy expired, I get a letter telling me, not that my rates are going up but they don't even want to cover me any more, at any price. It was the only claim I have ever had on any of the properties I have owned. The only company we could find that would cover me was at $1900. Almost double what I was paying. I did that for a year and then renegotiated with a company to put everything I had with them and got the home owners down to $1050/year. It was a nightmare getting there though. I can only imagine the difficulties you're going through being in a high risk area. Best of Luck! Hope you find an affordable solution.

[Adam West]

As I posted in another thread, homeowner's insurance should only be used for a major catastrophe for this very reason.

A few years ago, my basement flooded due to a sump pump that went bad during a severe storm. Probaby at least $5,000 worth of damage but we decided to eat it and not report it because we were afraid our insurance company would refuse to cover us after the payout.