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Started By
Message
re: Home Insurance
Posted on 5/17/23 at 1:16 pm to jralspanky
Posted on 5/17/23 at 1:16 pm to jralspanky
Call agent and ask about replacing with their new Home Choice policy.
1
Posted on 5/17/23 at 2:26 pm to dwr353
quote:
Call agent and ask about replacing with their new Home Choice policy.
Please elaborate on how this works and which insurance companies carry this policy.
Posted on 5/17/23 at 2:49 pm to Elusiveporpi
Farm Bureau is offering as an option over current HO policies. Has different coverages most notably on roof claims. My sisters home ($1,040000) went down from $15000 to around $7000. If you have good credit and can take a roof claim at Actual Cash Value rather than Replacement Value. Deprecation on materials(roof) not labor. Replacement cost on other claims. Agent can go more into differences.
This post was edited on 5/17/23 at 2:51 pm
Posted on 5/17/23 at 5:41 pm to dwr353
quote:
can take a roof claim at Actual Cash Value rather than Replacement Value.
What's the wind/hail deductible on a roof claim with the ACV policy?
Posted on 5/18/23 at 7:06 am to weadjust
quote:
What's the wind/hail deductible on a roof claim with the ACV policy?
That should be up to you to determine when you set up a policy. The downside is that if you have an older roof, you aren't getting much for the replacement materials. I personally avoid these policies but with the way things are going, I may have to think about them again. We used to have one with Allstate (that's all they offer, I think). I've changed my thoughts on this over the years and came to the conclusion I would never replace a roof with a claim unless there was truly a reason to (these roofers that claim they can get you a new roof for free fail to elaborate on the effects of making that claim to your insurance rates.....it's not a good long term tradeoff).
Posted on 5/18/23 at 7:09 am to Elusiveporpi
quote:
I got the same letter and reached out to them because of the same reasons you are stating. Ill let you know when I hear back if its worth a hoot or not. I'm in assumption parish though.
These are typically junk. Corporate sends these out and they base the rates on values that are far too low for replacement. They likely can't establish a policy with the values they are quoting you on those junk flyers because they'll be too low and will need to be increased to account for your appreciation/actual property value. It's a bit of a bait-and-switch.
This post was edited on 5/18/23 at 7:10 am
Posted on 5/18/23 at 11:09 am to weadjust
Was 2% as I recall. ACV only on roof materials only. Replacement on home and contents otherwise.
This post was edited on 5/18/23 at 11:11 am
Posted on 5/18/23 at 11:11 pm to BearCrocs
I’m so glad I’ve been spared these enormous increases so far.
*knocks on wood*
*knocks on wood*
Posted on 5/25/23 at 7:42 am to Elusiveporpi
quote:
quote:
I got a junk-mail letter in the mail from an Allstate agent promising some unrealistic things, but it did have my address and home stats.
I got the same letter and reached out to them because of the same reasons you are stating. Ill let you know when I hear back if its worth a hoot or not. I'm in assumption parish though.
Received my Quote back, It wasn't as low as the advertised price, but it will save me $1000 a year. I was paying 3300 and dropped to 2200. I requested a auto insurance quote for the bundle discount but it was outrageously high- $182 a month.
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