Insurance Parameters
We insure our house through Fireman’s Fund. Rates have gone up steadily over the past 3-4 years. We are up 50% over late 2006. I plan to shop around. My question is for house owners: what are your insurance parameters? For the house, are you at full replacement cost or some other measure. How much…
We insure our house through Fireman’s Fund. Rates have gone up steadily over the past 3-4 years. We are up 50% over late 2006. I plan to shop around. My question is for house owners: what are your insurance parameters? For the house, are you at full replacement cost or some other measure. How much liability are you carrying? What else is on your policy? Are there insurers that you have had particularly good or bad experiences with in terms of dealing with a significant claim? Bonus question — if you are in a frame house and insured for full replacement, how much is your insurer estimating that will cost? I am looking both to shop around and decide if we are overinsured. Thanks.
In regard to the Fireman’s Fund policy, has your dwelling coverage also gone up at the same percentage? If yhou have replacement cost on the policy, they may do an automatic increase on dwelling peridically. Many companies do this. I am an insurance broker and use Fireman’s Fund on occasion (usually as one of my carriers for high value homes). If you’d like an opinion in regard to price and if you’re over-insured, feel free to call my office:
William Smoltino
Narrows Insurance Agency, Inc.
9201 4th Ave., 7th Floor
Brooklyn, NY 11209
(718) 745 – 1500
The insurance risk for homeowners within five miles of open sea (most of NYC) were recalculated a couple years ago with some flood related FEMA re-districting. This is info from an actuary relative. So, for what it’s worht, I think it’s very normal for rates to have shot up over the last few years. Mine has gone from appx $400/yr to $1400/yr since 2002. The estimated replacement cost for a 1260 sqft 2 story frame is $385k. I think this is high, but have been told there is no other company that will insure me in my location (close to East River)
I have Fireman’s Fund as well and agree their premiums have been steadily increasing. If you have a mortgage, they may require full replacement cost coverage – you may want to confirm if this is the case. I have included coverage for art work as I have a decent collection. I also have a bit of unique historical detailing on my parlor floor, which would be very costly to replace. So I stay with FF, given their good reputation.
great question. i’m wondering about how much coverage to get as well. arkady – what is lepelstat?
Check Met Life. We pay a little more for them. Without going into details here, i am going to say that I found them most straight forward and willing to address my needs. I have never had a claim, so I cannot say how they are there. Also, before we bought the house, I had them for auto, and again, thought they were worth the added cost.
Steve
I carry an extra million of liability because of the pool. It doesn’t cost very much. I don’t have full replacement – it does cost a lot. But I’m brick not frame. Long ago I had full replacement from Aetna but prices soared & for 20 years I’ve been going w/ whatever Lepelstat recommends. I’m about to be at the end of current 3-yr contract so my prices are useless to you. I’m considering State Farm because so many ‘Stoners have recommended them. Made one claim for theft a long time ago w/ no impact on subsequent contracts.