Insurance Providers and Rules of Thumb

Thankfully, I have never had to file a claim (kine ayn hora). I probably would not file a claim until the loss was at least 2-3x the deductible but i figure i will get advice if/when the time comes as to where that cutoff really ought to be. One way to reduce the premium would be to raise the deductible, which some insurers will do. We have a high deductible so we would never claim a loss of just a few thousand. I have a hard time imagining State Farm is at the pricey end, but go ahead and shop around. Make sure any comparables are really apples to apples — same basis of coverage, etc.

slopefarm

in General Discussion 9 years and 9 months ago

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asimplenoise | 9 years and 9 months ago

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I’m in the midst of evaluating my current insurance coverage on a 3 unit rowhouse with 2 rentals and my primary residence. I currently have state farm for all insurance (auto, homeowners, umbrella and personal articles) and the quote came in competitive vs most other providers when I purchased my building several years back.

That said, I think it might be time to make a change to reduce costs. I’m investigating stu cohen’s city building owners insurance program which seems enticing as it is competitively priced vs state farm for similar coverages and also includes lost income coverage against the rental units which is not part of the state farm offering. Once I unbundle my coverage at state farm I can work my way into a much lower cost auto coverage with geico.

From my various readings, It seems that I should only ever be looking to file claim against my policy in true doomsday scenarios with massive losses……is that true? Has anyone used their insurance for small ticket items (several thousand…..) without repercussions?

Any other general wisdom on insurance coverage, claims, providers, etc is much appreciated.