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April 16, 2008
Insurance Recs
I would just like to see who people have used to insure their Brooklyn brownstones / townhomes. I have contacted AIG, Chubb, Fireman and State Farm. State Farm, a reputable company as far as I can tell, has by far the lowest premium.
Is there really significant added value with the other more premium insurers?
Comments
Ask the residents of the post-Katrina Gulf Coast what they think of State Farm. I wouldn't buy insurance from them even if they are the cheapest, not just as a show of solidarity with the people of New Orleans, but because if SF denied coverage to them, they could certainly deny it to me. (I also write this as someone who's currently fighting with my auto insurance company--not State Farm, btw...but that's another story.)
Back in the '90s, a lawyer I worked for had good things to say about AIG being good in settling claims quickly, but I don't know if that still applies.
Posted by: guest at April 16, 2008 1:40 PM
I went with Chubb simply because of the recommendations from others and their general reputation. There known for not being jerk-offs if something happens to your home. If my house built in 1901 burned down, I'd like to know it's gonna be rebuilt with moldings, parquet, pocket doors and plaster. Chubb (theoretically) will rebuild your home to period even if it costs them more than they quoted you at policy inception. For this peace of mind, you pay a piece of mind.
State Farm quoted me a fraction of what I'm paying Chubb but who can trust them?
If you don't mind your house being rebuilt with sheetrock then the mainstream companies should work out fine, seriously. If you are a period home nut like most folks on this site, me included, ask very specific questions of your insurer, choose carefully, then pay and pray...
Posted by: moreteasir at April 16, 2008 2:29 PM
I have all my insurance with SF including a second home and did way before Katrina, so... but they won't write a policy if you're within 1000 feet of the water. That also pre-dates Katrina. I've never had a problem with them but I've only had a coupla claims in many years. Which of course is the secret to having insurance... never using it.
Chubb was supposed to be the most lenient and service-oriented but I've seen an example in my former coop where they were not and in fact hired an expensive engineering firm rather than pay the flood claim.
Posted by: denton at April 16, 2008 2:30 PM
I was told that Brownstone Insurance Agency was the best. I just signed up with them for a single-family 4-story brownstone; we got the top coverage (i.e., not the basic plan). Premium is around $6K for three years. Not sure how State Farm compares to that.
Posted by: jurist at April 16, 2008 2:32 PM
If you live below sea level and elect a mayor who wants to build "chocolate cities" don't blame the insurance company when you get wet.
Posted by: guest at April 16, 2008 2:47 PM
Has anyone stopped to ask themselves how Brownstone Agency is the "best" but charges $2K per year to insure a $1-3MM property which is a tiny fraction of what others charge. $2K per year is less than car insurance
Posted by: guest at April 17, 2008 2:38 AM
Our 2 family, 2400 sf+basement, approx just sub-$1mm brownstone in Williamsburg is insured by State Farm for $1200/yr. Brownstone is probably comparable, or even better, given the relative sizes of our houses.
I didn't know anything about SF's terrible reputation when I signed with them, but I also couldn't find another insurer that would touch us. I had companies asking if my property was within a mile of water! How the hell do NY properties get insurance?
Posted by: guest at April 17, 2008 7:48 AM
I had a policy where Brownstone was the agent for AIG. When I had a flood they were a nightmare. It took over a year to collect. I had a dozen "the check is in the mail" conversations. While I heard that Brownstone blames AIG and no longer write policies for AIG, I am still very bitter about Brownstone's bad customer service. Only after threatening Brownstone to go to AIG's investor relations dept and the NYC Dept of Insurance did I get the money. Avoid Brownstone. Avoid AIG.
Posted by: guest at April 17, 2008 7:58 AM
We have insured our townhouse with Chubb. About 4 years ago we had a pipe leak which did damage to 3 floors. Chubb was easy to deal with and gave us a fair settlement in a reasonable time period. I continue to happily insure with them.
Posted by: dstarer at April 17, 2008 5:28 PM
AIG is badly rated and that's what Brownstone Agency uses. State Farm is considered the worst insurance company in the entire country and not just because of Katrina. Nobody in their right mind should sign with them.
Sure it's nice to save money, but if you are spending less than $3,000 a year to insure an entire house you don't have NEARLY enough coverage. Going for the lowest quote is so not the way to choose an insurance company if you own anything of value. Paying $1200 a year to insure a house is laughable. What does that even cover?
It's far more wasteful to pay $2,000 a year for insurance that will never replace even close to the value of your house and its contents, than to pay $4,000 to $5,000 for insurance that will replace everything including the high-end kitchens most people are installing in these houses.
Posted by: guest at April 18, 2008 1:00 PM
Also don't forget umbrella insurance. These cheaper policies don't include that. Everybody needs an umbrella policy on their house to protect you from going bankrupt paying a lawsuit if you ever get sued after an accident in your home or a car accident, or your dog attacks somebody, etc.
Posted by: guest at April 18, 2008 1:02 PM
We have just been told that our policy with Allstate will not be renewed because of high hurricane risk? (prospect heights Bkln). My agent was evasive and what she said made little sense: Allstate is no longer offering homeowner's...it has to dump a certain number of policies a year...
Time to find another company. Chub? Liberty Mutual? Any updates to the april 2008 comments?
Posted by: camendolara at July 9, 2008 6:03 PM
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