Who's your homeowners insurance with?

[OutbackBowl2017]

Why are some of you paying escrow? You should be taking care of the insurance monthly, quarterly, once or twice a year. Same with personal property tax in that you pay it every six months yourself and don’t escrow. Keep your money in your accounts, not theirs.

We use Westfield for auto, home, and umbrellas for extended coverage on home and auto limits, as well as extended coverage for personal property that isn’t covered under standard home owners. It’s always better to be over insured instead of under insured.

 

[Kelsers]

Why are some of you paying escrow? You should be taking care of the insurance monthly, quarterly, once or twice a year. Same with personal property tax in that you pay it every six months yourself and don’t escrow. Keep your money in your accounts, not theirs.

We use Westfield for auto, home, and umbrellas for extended coverage on home and auto limits, as well as extended coverage for personal property that isn’t covered under standard home owners. It’s always better to be over insured instead of under insured.

How much do you lose in interest with escrow? Also, insurance costs money so why would you over insure? Unless you don't have money for repairs.

 

[IowaMeatMan]

State Farm. Had American Family for years till they doubled my rate for no reason. Now they send me letters wanting me back. FU American Family.

 

[OutbackBowl2017]

How much do you lose in interest with escrow? Also, insurance costs money so why would you over insure? Unless you don't have money for repairs.

Umbrella coverage is what I’m referring to for home and auto should something happen due to limits of coverage should some sort of accident occur.

Regarding escrow, your money isn’t in your account, it’s in the mortgage company you are using account to pay the insurance provider and county when property tax is due. You should want that money in your account as long as you are at more than 20% loan to value of your home.

 

[Kelsers]

Umbrella coverage is what I’m referring to for home and auto should something happen due to limits of coverage should some sort of accident occur.

Regarding escrow, your money isn’t in your account, it’s in the mortgage company you are using account to pay the insurance provider and county when property tax is due. You should want that money in your account as long as you are at more than 20% loan to value of your home.

I get that, but you're losing pennies not having that money in your checking account. You have an umbrella policy over home and autos?

 

[tarheelbybirth]

Unless I missed it, I'm surprised to not see Amica at all. Been with them 26 years and they have been great. I price other companies every few years and I haven't seen anything that would make me switch.

 

[TNHAWK79]

I have had SF for about forty years - home and auto.

I switched to State Farm last year and have been happy with the switch.

 

[Hawk_4shur]

I have Auto Owners now after my former company exited Iowa. Reasonable rate less than I paid before with better coverage.

My brother has auto owners and it seems good. Body shop guy told him they like to work with AO when he had a minor dent…

I like AO a lot.

Our HOA insurance is with them. In 2020 we had a major hailstorm and a derecho. Five 2-unit buildings - $300,000 in damage. They were very easy to work with.

 

[Hawkholt]

I get that, but you're losing pennies not having that money in your checking account. You have an umbrella policy over home and autos?

Umbrella policy goes over the liability coverages of the underlying auto and homeowners liability. It doesn’t add extra coverage for physical damage on the auto and doesn’t add extra coverage for your dwelling, contents, loss of use, etc.

 

[Kelsers]

Umbrella policy goes over the liability coverages of the underlying auto and homeowners liability. It doesn’t add extra coverage for physical damage on the auto and doesn’t add extra coverage for your dwelling, contents, loss of use, etc.

Do you mind me asking how much that costs?

 

[ottumwan in tx]

Homeowners insurance is sketchy in Texas a little bit. Not like California or Florida, but we are starting to see some of them pulling out of Texas. They are saying wildfires and hail and wind storms, hurricanes. So on. But I do have Allstate. Used to have State farm for 35 years but they went through the roof.

 

[ottumwan in tx]

Do you mind me asking how much that costs?

Usually they are fairly cheap because they are just an umbrella over and above your coverage limits. In other words you use your normal coverage is like a deductible, kind of like a deductible, it covers everything under the umbrella minimum limits. And then after you reach the max limits of your normal policy , then the umbrella kicks in.

 

[TennNole17]

Educated myself a little bit based on this thread and my own escrow shortage

Coverage A - still a mystery to me

ACV vs RCV coverage. With RCV being the better

My policy has RCV for structure- and I think personal?

My roof- based on age (2013) has ACV with deductible based on Coverage A- 1%.

I feel wholly unprepared to shop this around, as I’ll look at the output (annual cost) and not realize where I’m getting screwed

Independent “shops”- off the cuff feel like they have to make money, so I’ll get screwed a different way

 

[ottumwan in tx]

Educated myself a little bit based on this thread and my own escrow shortage

Coverage A - still a mystery to me

ACV vs RCV coverage. With RCV being the better

My policy has RCV for structure- and I think personal?

My roof- based on age (2013) has ACV with deductible based on Coverage A- 1%.

I feel wholly unprepared to shop this around, as I’ll look at the output (annual cost) and not realize where I’m getting screwed

Independent “shops”- off the cuff feel like they have to make money, so I’ll get screwed a different way

Independent brokers usually shop around.. find you the best deal

 

[TennNole17]

Independent brokers usually shop around.. find you the best deal

But how do they get “theirs”? Salespeople, I don’t trust and probably need to talk to someone about that

 

[3boysmom]

We don't currently have homeowner's insurance since we don't have an actual house yet. I spoke with an agent a year ago and I don't know if we will even be able to get it. We are just a hair over the distance from a paved road for some carriers. And many carriers are straight up not writing new policies or limiting the number of new policies they will write in Colorado. Especially in the mountains. The state has a new program I believe for people who cannot get coverage. Hoping there is a little more regulation so that we can get credit for things like fire mitigation, metal roof, metal siding once the house is done. We also aren't putting in a fireplace to reduce risks.

 

[Hawkholt]

Do you mind me asking how much that costs?

Too many variables to say exactly. But likely anywhere from $150-$200 for a $1,000,000 umbrella policy.