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May 14, 2008
Getting Dropped By Allstate
I've gone through the archives and have seen many varying comments on insurers,etc. I've finally fallen victim to Allstate's policy of dropping Brooklyn Brownstone owners because our properties are " too close to water ".
I see state farm getting raked over the coals, but their premiums are incredibly tempting. Brownstone Insurance inc as well. But can someone give some concrete advice(i.e. real, consistent, negative or positive experiences with these insurers that warrants the commentary? )
I'm not interested in hearing " with premiums so low, how can they afford to cover you etc.?"
And likewise, if you have a wonderful story of an insurance carrier that is perfect for you, please share.
Thanks.
Comments
I use Chubb and have had to file a couple of claims recently. After looking at the site and listening to our story, they confirmed the facts and send us checks. They were really easy to deal with, and covered not only for the actual losses in the property but also for alternative accomodation and some other things that we were not sure would fly.
I hear dealing with other insurance companies is a pain and often you don't get them to pay for your losses.
Posted by: Ray at May 14, 2008 10:50 AM
State Farm is dropping people too. And they are the worst rated insurance company in the world. Why would you ever sign up with them?
Amica is great but it's not much cheaper than the Chubb we pay for which is pricey. Those are really expensive policies. It stinks how much we have to pay for decent coverage. I agree. But I have found no other company yet that I would feel secure enough having.
We DO live in the 3rd most likely and dangerous hurricane zone after New Orleans and Miami. Really think about that and do some reading on the horrible experiences homeowners have had in New Orleans getting paid by State Farm. It's bad enough to lose your home but to spend years fighting to get a dime from your insurance company? Forget it. I'll go back to renting before I do that. In a flood zone we simply have to calculate in the crazy costs of insurance right along with the cost to buy a place.
Posted by: guest at May 14, 2008 10:52 AM
Ray...How much do you pay to Chubb??? 2/3/4 storey brownstone?? how many sq. ft.
Thanks
Posted by: daveinbedstuy at May 14, 2008 11:08 AM
We have Liberty Mutual, who a while ago was claiming "flood plain" nonsense with some renewers, but has subsequently straighted up their act.
Despite that hiccup, I'd recommend them.
Posted by: Action Jackson at May 14, 2008 11:25 AM
We have a 2-story limestone with a nicely finished English basement, and because of all the detail intact on the parlor floor and our fancy kitchen (Chubb estimates your replacement value at what it would cost to replace everything in the same materials, not cheaper materials) we pay around $5,000 a year for Chubb plus the outside flood insurance.
Believe me, I will always keep and ear out for word of good companies that are cheaper, but like I said so far Chubb or Amica are the only ones all around that we'd feel secure about getting in a hurricane zone.
Posted by: guest at May 14, 2008 11:46 AM
Daveinbedstuy, Ray here.
I don't have the numbers with me, but there are many variables. The way it works with Chubb is they come to your place and go through it all. The quote depends not only on what you have in the house (floors, mantels, doors, lighting...), but also on the type of coverage you choose, your deductible and finally, what you have to protect your home (distance to fire hydrant, alarms through the house, security system linked to the police/fire dept) etc.
They do quotes for free, best call them.
Posted by: Ray at May 14, 2008 11:53 AM
Brownstone agency, 4 story, 2 family, 875k coverage, 2 million umbrella, about 1500 per year. Have not made a claim in 14 years of ownership.
Posted by: guest at May 14, 2008 12:16 PM
Thanks. I actually am with Chubb now but the rate seemed high...$3000. I'll have to go back and look at what my coverages were. If I remeber correctly, the replacement was far more than what the building less the land actual sales price was.
I've heard other people mention Brownstone Agency on here as well.
Thanks
Posted by: daveinbedstuy at May 14, 2008 12:32 PM
USAA
Posted by: guest at May 14, 2008 12:43 PM
Chubb has the best policies but they do cost a bit more. I was shocked to learn that a lot of brownstone Brooklyn is very high risk for flooding. I did some research and learned that the insurance companies have a right to worry.
Posted by: guest at May 14, 2008 12:48 PM
As far as I can tell, it's all about how much risk you can tolerate.
Like 12:16pm, we have Brownstone Agency (for 8 years) and pay about $2,000 pa. No doubt Chubb is far better -- also far more expensive.
I'm sure claiming for something less than catastrophic would be a huge hassle but, then again, I figure it's only for the worst case scenario that I'll really need it.
Posted by: guest at May 14, 2008 1:08 PM
Agree 1:08...its just there for the unthinkable like a fire.
Posted by: daveinbedstuy at May 14, 2008 1:13 PM
Although I have no direct experience, I've always heard that Chubb is the only insurance company that understands what it means to insure a historic property. Seems worth the extra $$.
Posted by: guest at May 14, 2008 1:54 PM
.....well, the unthinkable is exactly what insurance is mainly for isn't it?
Reading assignment: The Black Swan - The Impact of the Highly Improbable
Posted by: moreteasir at May 14, 2008 1:55 PM
I've had insurance through the Brownstone Agency for over 33 years. The one claim I had (25 years ago) was paid promptly.
Posted by: Bob Marvin at May 14, 2008 2:01 PM
OP - may I ask where in BK do you live?
I live in Park Slope - 6th & 7th ave and have Allstate.... -I don't think I am "close to the water", so am curious what their policy is.....
am paying almost $300 a month in home insurance And I have my car under their policy(supposed to get some sort of policy discount) - wondering if I am paying too much
Posted by: gemini10 at May 14, 2008 2:07 PM
I have Chubb and sure they're expensive....ever hear of the phrase penny wise, pound foolish?
If your house burns down or is eaten by termites you'll wish you had $5,000 a month insurance. If you want to skimp, put in an Ikea kitchen next month. Don't be stupid.
Posted by: moreteasir at May 14, 2008 2:08 PM
While I understand some of the anger towards State Farm in the continuing wake of Katrina, they have been our carrier on our 2 family in Ditmas Park for the past 6 years. During that time, they've been nothing but professional, handling our single claim very well and keeping our premiums very reasonable with only nominal annual increases. currently paying ~$2600 for theft/damage/liability.
Posted by: fauxvic at May 14, 2008 2:08 PM
Thanks for the comments. I'm quite aware of the necessity to protect yourself against the unthinkable. But I've lived in and around NY for most of my 36 years and have been through some pretty bad hurricanes. I don't remember Brooklyn ever flooding and find it hard to imagine a Katrina-esque catastophe occuring here. I know.. I know... Ya never know.
For those with Brownstone Agency, is that the group that makes you pay 3 years up front?
I'm not interested in the "cheapest" or the Chubb like " best " We have 1 1/2 floors of authentic period detail, so I can't justify paying for Chubbs ability to get it back to where it was. I'm just looking for someone to pick up the ball where Allstate dropped it!
Thanks again.
Posted by: PutnamStoner at May 14, 2008 2:44 PM
It's not only for the unthinkable you are getting protected, but for the consecuences of vandalism, a pipe breaking, a furnace malfunctioning, a tree damaging your facade in a bad storm... not just a terribly, unusual scenario as the Katrina.
Posted by: Ray at May 14, 2008 2:51 PM
"For those with Brownstone Agency, is that the group that makes you pay 3 years up front?"
Yes, although you can finance the second two years and pay annually (for a hefty additional charge).
Three year coverage for my three story aprox 2,800 sq. ft house was $5,785 last December.
Posted by: Bob Marvin at May 14, 2008 3:26 PM
When I got insurance the first time I got Brownstone because that seemed the consensus of the the people I talked to. When it came time to re-up after three years I got a quote from Chubb and it was a lot more, and I couldn't pull the trigger. What scares me about Brownstone is that the people you talk to over there strike you as very stupid, slow, and unmotivated. Unlike any other other insurance people I've dealt with, and this includes the local Allstate office where they barely try. I know the right thing to do is get someone else.
Posted by: guest at May 14, 2008 3:59 PM
3:59 I was nervous to say it but the folks I spoke to at Brownstone didn't sound like the brightest stars in the galaxy and it definintely gave me pause.
2:07 sorry I neglected your question. I'm on Putnam Between Marcus Garvey & Throop. Not close to water in the least bit.
I just got quote from State Farm $875K coverage $500K liability, etc. $1,580 per year.
Not sure what to make of it.
2:51, a pipe breaking or vandelism isn't "Unthinkable" to me. And anything less than $5,000 in damage, I doubt I'd even bother getting the insurance company to pay for it. Been there done that, and IT AINT WORTH IT. The insurance company more than makes up for it with the increase in premium after the claim.
Posted by: PutnamStoner at May 14, 2008 4:29 PM
While you pay brownstone upfront, you also get to lock in an insurance rate for 3 years, which is a good thing right now. As for the idiots who answer the phone, the trick is to hang up and redial until you find a winner. Then ask for their name and extension so you can get back to them. This is true for all call centers, but particularly with them.
Posted by: guest at May 14, 2008 8:18 PM
...one of the most important purchases in your lives and you're dealing with companies that require you to redial until you find a winner? ...and you trust them to pay out a claim?
You guys are stupid.
Posted by: moreteasir at May 15, 2008 8:53 AM
I have a policy with Chubb for a 4 story 2 family brick townhouse. I pay around $5000/year. I thought this was too much until I experienced a leaky toilet and massive flood which ruined 3 ceilings and 3 wood floors. Note: I was in the midst of a bathroom renovation, when the old toilet exploded (5 hours of running water). Chubb has a clause that notes "any accidents happening from construction will not be covered" - I was very nervous becuase I thought they would deny my claim, even though it was an accident caused by an old toilet (regardless of construction). The inspector came over (super nice guy), reviewed all the damage, saw that I was undergoing a major bathroom renovation, examined the toilet, asked questions and wrote my a check the next day for repair work for everything. He also said they claim would remain open, in case I had additional expenses. Chubb referred a contractor (which I used) for the repairs - when the contractors estimates were more $$ than the payout, Chubb paid additional $$ to cover the higher costs. AND unbeknownst to me, I had loss of renters insurance for my tenants. Chubb paid for 2 months of rent to cover the suspension of rent. I agree with 8:53 - You need to protect your most important purchase.
Posted by: guest at May 15, 2008 10:36 AM
Anybody used TriState ? I just got a quote that was reasonable for a 2 family, 3 story in NCrown Heights.
Posted by: guest at May 15, 2008 4:02 PM
What a terrible accident and damage, 10:36.
There's not one person who can say State Farm would have paid that claim, if it had been State Farm not Chubb. Even those who are fans of State Farm fully know they wouldn't have paid it.
Posted by: guest at May 15, 2008 5:57 PM
State farm isnt the best, but it isnt the worst either.
Posted by: slick at May 16, 2008 10:14 PM
So we were just dropped by Allstate too...apparently the reasons are going to be sent out shortly in the mail. We live near the Brooklyn Children's Museum Brooklyn/Bergen...so I don't know how it can be for flood damage...
Posted by: guest at May 27, 2008 10:24 PM
I got dropped as well this week and am on Bergen in Park Slope. They insist it's re: hurricane issues.
Posted by: guest at June 15, 2008 8:14 PM
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