And what is the square footage of your home? I think my agent is taking me to the cleaners. Last year, I paid $118 a year to insure 660 sq. ft. in CA with a $500 deductible. This year, the renewal is going to cost me $413.39 a year with a $1000 deductible. The difference is that my HOA is no longer covering damages to the inside of the unit. If a water pipe above my head breaks, I would be screwed but do I need a 81,000 limit? 60,750 limit for personal property? I wish I had that much stuff. 32,400 for loss of use?? I know it's better to be safe than sorry so am I overreacting?
Corganiacs
Tired Member
posted: Feb. 1, 2007 @ 9:27p
are you talking about rental insurance or home insurance? thats a small home
qcumber98
Wacky Member
posted: Feb. 1, 2007 @ 9:34p
Corganiacs said:are you talking about rental insurance or home insurance? thats a small home
/increases the font size on your computer/ See thread title. Yeah, but I have to start somewhere.
LostConsumer
Senior Member
posted: Feb. 1, 2007 @ 10:02p
qcumber98 said:Corganiacs said:are you talking about rental insurance or home insurance? thats a small home
/increases the font size on your computer/ See thread title. Yeah, but I have to start somewhere.
Um...you're talking $118 a month or six months or year or what? I can understand corgs question, because a decent CONDO here (900-1200 SF) costs around $3-4K a year to insure. S.Fla, btw.
qcumber98
Wacky Member
posted: Feb. 1, 2007 @ 10:07p
LostConsumer said:qcumber98 said:Corganiacs said:are you talking about rental insurance or home insurance? thats a small home
/increases the font size on your computer/ See thread title. Yeah, but I have to start somewhere.
Um...you're talking $118 a month or six months or year or what? I can understand corgs question, because a decent CONDO here (900-1200 SF) costs around $3-4K a year to insure. S.Fla, btw.A year. I guess I prefer an indecent condo.
rhondamellons
Happy Member
posted: Feb. 1, 2007 @ 11:33p
I think I would check with other ins. companies.
Pellegri
Member
posted: Feb. 1, 2007 @ 11:41p
The cost of home insurance has risen to completely obscene levels in Florida. A special session of the Legislature was more for show then helping lower rates. Only time will tell, but it's bad.
overama
Senior Member - 2K
posted: Feb. 2, 2007 @ 4:24a
As stated several times recently, homeowners insurance rates have been dramatically underpriced for years - recent catastrophic weather events (i.e. Katrina for one) have proven this.
Before people come back with "But some insurance companies are still making a killing and huge profits", you're right, but it is not based on h/o insurance - companies like State Farm are boing well because of profits in other areas (i.e. auto insurance). Companies that are h/o insurance only are getting killed and going bankrupt.
Q - think how underpriced $118/year is to replace your home? H/O insurance should be thought of as insurance for catastrophies.
The rest of the coverage you have are all standard percentages (i.e. personal property is generally 75%/80% of what they are insuring the home for).
This is a house, not a condo? I have a family room that is a 3rd the size of your house, and my ouse isn't that big.
discusbabe
Senior Member - 1K
posted: Feb. 2, 2007 @ 5:00a
I would shop around for other insurance companies and see what they will cover your condo for. The jump in price does not sound crazy considering the HOA is no longer covering damages like the upstairs neighbors pipe breaking scenario you described. I talked to 4 insurance companies b4 choosing a company to insure my townhouse.
Take it from someone who had a house fire that was a total loss- you do not, under and circumstances, want to find yourself under-insured if the sheet hits the fan.
zzyzzx
Senior Member - 3K
posted: Feb. 2, 2007 @ 8:21a
It sounds to me like you were paying the equivalent of renters insurance and are now having to pay the equivalent of homeowners insurance. And the price sounds fair to cheap to me. I live in Baltimore City, and pay about $400/year for homeowners insurance for a 812 sq ft rowhouse worth somewhere in the range of $80,000 - $120,000 and I have a $1000 deductable. I have my doubts as to if it's even possible to get homeowners insurance for less than $400/year.
We pay around $900 per year in Louisiana for a $500 deductible on a 1,800 sq ft home valued at $200k. I wish ours was as inexpensive as yours, but we have hurricanes to keep ours high. That said, we are able to go through Armed Forces insurance because my wife's father retired from the Army. We're paying about 1/2 of what most of the people in the state are paying.
PooDonkey
Cranky Member
posted: Feb. 2, 2007 @ 9:13a
I pay $950 for a 1700 square foot home in Omaha, NE with a $1000 deductible. The only natural catastrophe we have around here are tornadoes (VERY rare) and hail.
MajorDarkside
Booger
posted: Feb. 2, 2007 @ 9:15a
I'm glad this was posted...I thought maybe mine which just went up to $1000 for a 2400sf house with $500 deductible in NY was high...I don't think it is now seeing these numbers.
Jstkiddn
Senior Member - 2K
posted: Feb. 2, 2007 @ 9:38a
I just paid ours last week. $1,475/year for a 3,600 sq. ft home in Arkansas. (insurance valued it $360ish) $1000 deductable.
Every year they go up a little more. They keep stating that building costs have risen, blah, blah, blah. This year it went up 6.9%
MadAnthony
Cool Kid
posted: Feb. 2, 2007 @ 9:48a
I'm paying around $800/year (including multi-policy discount) with State Farm to insure an 1100 square foot townhouse in Baltimore County.
So $400 seems hella cheap. Heck, when I had renters insurance before I bought a house, I was paying around $120/year (which was still less than the multi-policy discount I got on my car insurance, so it was a no-brainer), so the fact that you wre getting homeowners insurance for less than that is mind-boggling to me.
trksh22
Serene Member
posted: Feb. 2, 2007 @ 10:15a
We pay $105 a year for renters insurance here in PA. Large two bedroom home. With homeowners, do you get discounts for being near fire departments, having fire extinguishers and smoke detectors??
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