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….
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.
…..well, the unthinkable is exactly what insurance is mainly for isn’t it?
Reading assignment: The Black Swan – The Impact of the Highly Improbable
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 $$.
Agree 1:08…its just there for the unthinkable like a fire.
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.
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.
USAA
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
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.
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.