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November 3, 2007
Insurance Costs
I just received my insurance renewal notice from Allstate. Price is up about 40% from last year. What are people paying for insurance on a townhouse these days? Looking for about $900K-$1.0 million coverage.
Comments
I had the same problem with allstate. I just went through brownstone agency and paid 5700 for 3 years for 875k coverage. I also took a high deductible, 5k.
Posted by: guest at November 3, 2007 11:35 AM
OP here. Thanks. What do you mean when you say $5700 for three years? Is that $5,700 a year, fixed for the next three years? Iwas qouted $6,900 for this year for $1.1 mm of coverage. They've escalated the coverage each year, to an amount now that is likely more than I need.
Posted by: Boerum Hill at November 3, 2007 12:11 PM
We went with Chubb last year, which was also about what 11:35 paid, and we also had a high deductible. I gulped at paying so much more than others pay for State Farm or Allstate but after all the monkey business those companies are up to in the Gulf States, there was no way I'd go with them. Now hearing of Boerum Hill's huge price hike, yikes, am feeling very good about going with Chubb. Our policy did not see a huge price hike for 2008. Just a small one. However Chubb won't let you set what your replacement cost is worth. They decide that, and it'll be more than what you paid for the place.
Posted by: guest at November 3, 2007 12:16 PM
Oh I didn't see 11:35 paid $5,700 for 3 years, until OP pointed it out. 3 years, really?? That doesn't seem like much coverage. We're paying that for 1 year with Chubb.
Posted by: guest at November 3, 2007 12:19 PM
Allstate $3619 for 750k "dwelling protection" and 500k "family liability". probably should up the limits.
Posted by: cmu at November 3, 2007 12:31 PM
Guest 11:35 here. I bought a policy through brownstone agency. It is an AIG policy. I just checked the policy and it is actually 850k, 5k deductible. It also includes 1,000,000 liability coverage. The premium was 5750 for 3 years if you paid it all at once, 1916 per year. You can pay yearly but they add it is much more expensive. I know that people on this site have gone on about Chubb and some have said that brownstone has problems. I don't know how you can tell if an insurance company is good unless you actually file a claim. I had Allstate for 14 years and never filed a claim so I cannot say if it was a good company.
Posted by: guest at November 3, 2007 2:55 PM
Op Here, I don't know how AIG can offer coverage for $5750 for 3 years when Allstate is $6,900 for 1. Our original Allstate policy, taken out in late 2003 for year 2004, was $3,600 for $850K coverage. They've increased the premium + the amount of coverage every year since. Sounds like I should investigate AIG + Chubb.
Posted by: Boerum Hill at November 3, 2007 5:57 PM
This September my previous insurer (can't remember off-hand the company)upped my rate, yet again, despite no claims in 10 years, to around $3,500. Based on on recommendations on this forum I contacted Ryan Fortier (212 391-7500), an agent for Liberty Mutual, and upped my coverage from somewhere in the $500k's to $875k, with full replacement coverage on the contents for a premium of $1.9k or so per year. Of course, one never knows the true nature of an insurer until you actually have to make a claim, but I have no reason to doubt that Liberty Mutual would be any more or less weaselly that any other firm under those circumstances.
Posted by: johnife at November 3, 2007 7:34 PM
Allstate is horrible and I would avoid then at all costs. I had a policy with them for over 10 years and then they decided to drop me and gave me some ridiculous excuse about not insuring houses that the owner does not live in. I now realize it was because one of my tenants filed a claim which is an entirely different story. I eventually ended up with Liberty Mutual through my employer and am paying much less for more coverage.
Posted by: guest at November 4, 2007 1:34 AM
Try Firreman's Fund.
Posted by: guest at November 4, 2007 5:13 PM
We have Fireman's fund, too. So far, so good.
Allstate will not insure if insurer has brought any kind of claim against any insurer within last 3 years.
Posted by: slopefarm at November 5, 2007 2:15 PM
We also have insurance through the brownstown agency (AIG). We renewed about 4 months ago -- $6,200 for 3 years (covers $975,000 + 1 mill personal liability + flood insurance).
Posted by: guest at November 6, 2007 4:10 PM
I happen to be in this site and ran across the Comments on rising Insurance Costs. I would love to give anyone that may be interested a comparison price quote through Chubb, Fireman's Fund, AIG, Travelers or Tower. My husband and I own an independent agency and we write quite a number of brownstones. Please feel free to either email me at Patti@ccpinsurance.com or call me at 516-484-5200. My husband is in the area at least once a week to do inspections and is available for appointments.
Posted by: ccpinsurance at November 6, 2007 4:43 PM
Hi - to those who mentioned using Brownstone Agency (AIG) - were these quotes related to quotes for owner-occupied 3 family homes? I was quoted $11,091.90 for 3 years from an insurance broker.
Posted by: Brownstone Lover at November 6, 2007 5:02 PM
I'm 4:10 pm -- our price is for a two family owner occupied.
Posted by: guest at November 7, 2007 1:05 PM
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