Homeowners Insurance

[AgronAlum]

Land value is not covered under insurance policies that I know of. A total loss does not make the lot/land any less valuable than it was before the loss. What I meant was you can buy a house for 150k (loan amount) but to rebuild that exact same house with new material will more times than not cost more than the 150k.

Ok, I think were on the same page. State farm was quoting me 15k+ above the purchase price of the house, including the land value. So were talking a quote that's 75k+ over the improvements on a brand new house. Seems a little excessive to me.

 

[Jnecker4cy]

Insured value and Market value are often not the same. The insurance value is a replacement cost basis, the assessors value is commonly less than what your home insurance value is. That insured value will also be all over the board as many insurance companies all have different programs to come up with replacement cost and some will be quite different in value.

 

[BCClone]

Ok, I think were on the same page. State farm was quoting me 15k+ above the purchase price of the house, including the land value. So were talking a quote that's 75k+ over the improvements on a brand new house. Seems a little excessive to me.

Sounds like you could pay for your house after two "accidental" fires. Be careful

 

[1100011CS]

esurance

 

[Cystheman]

We have always been very happy with Nationwide. Their claims team has always been very fast and their prices are fair. Good bundling options too.

 

[tejasclone]

I just bought a new home and I got quotes from State Farm, Nationwide, eSurance, AllState, and Farmers. I had been a Nationwide customer, never had to use them, but their quote for our new house was 2x the quote that State Farm gave me for comparable coverage. I ended up choosing State Farm as they gave me the best home + auto quote for the same coverages as all the others. I badly wanted to go to a smaller local company but I was changing states and didn't have any contacts.

 

[CloneGuy8]

We use an agent through Country Financial; he was recommended to us through our mortgage guy. No issues with them. I can give you his name if you want.

 

[JamesKinnear]

Hi there! I don't have personally insured for coverage, but you may search online for different insurance companies and check out there. You will get the result by searching online. Likewise, few days back my cousin wants to hire a public adjuster so by searching online she got to know about this site for hiring a public adjuster for filing a claim and for the insurance settlement.

 

[JP4CY]

The floods of 93 absolutely destroyed my parents basement. They had to rebuild it all and State Farm took care of them. They haven't even sniffed switching since then.
We have State Farm as well for all policies but mostly because we used State Farm bank to refi mortgage a few years back to a 15 and local banks and big lenders couldn't beat their rates.

 

[nfrine]

Had Nationwide for years until I figured out how much they over-charged. West Bend, State Farm and Farmers were all 30-40% less expensive (for better coverage). Went with West Bend and have had very good service.

 

[AgronAlum]

Ended up going with Travelers through an agent in Clive. They have identical coverage to the amfam and State Farm's of the world for almost half the cost.

 

[IceCyIce]

Most companies are similar in claims service. Some are quicker to the event than others. I know Nationwide has been pretty quick to react in the past. One thing to look at is the endorsements and deductibles. If the deductible on your roof is 1% of home value that doesn't sound too bad. if you have a 250K house your looking t a $2500 deductible on singles. Thats not cool!! Make sure you know what your buying