have concerns about my homeowners insurance

I’m renewing my policy with Brownstoners.  I have a brownstone, one half of which I occupy and one half  is rented.  I have some concerns about the renewal:  (1) the premium is $7500\. for 3 years, and if I pay a year at a time, the interest rate (finance charge) is 10.9% per year.  This seems high.  (2) my building is insured for 1 million.  My deductible has been set at $2,500.  Again, this seems high.  I will have to pay several hundred extra per annum to bring the deductible down.  My questions are:  Is the finance charge legal, and, is the deductible out of the norm?  Thanks for any comments.

poise

in Insurance 11 years and 11 months ago

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sgdale | 11 years and 10 months ago

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It will be very hard to beat Brownstone rates.  This is their niche and they do it very well.   Rates differ depending on landmark buildings, rentals vs owner occupied, square footage etc. but $7,500 does sound like it could be high.  But again its a 3 year policy, compared to the Allstate rate of $4,800/yr which is definately high. Call 212.699.8773  and see what they can do for you.  They are usually quite helpful.

no-permits | 11 years and 10 months ago

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no one will beat brownstone. i’d even go for the $5k deductive.. this isn’t a car.

brokelin | 11 years and 10 months ago

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I’m guessing rates are likely higher on a multi-family house with rentals than on a single-family occupied house.

needmtg | 11 years and 10 months ago

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Is that the going rate? I’m paying 4,800/yr for my brownstone with Allstate! Should I switch?

xchx | 11 years and 11 months ago

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if you insure a building for $1 million, does that mean they will pay $1 million if it’s destroyed? won’t they just pay whatever they deem to be the replacement value?

boredatwork | 11 years and 11 months ago

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My house is insured for about $800K with brownstone with the same deductible and we are paying a premium of less than $4500 on a three year renewal.  Of course it all depends on exactly is included in your policy if your quote is “high.” Given that this is a homeowners policy covering loss of use or significant damage, why would you need a deductible less than $2500?  If your concerns are that your premium is too high, you  can reduce the coverage or increase the deductible.   The rate for financing is cheaper than a credit card but more than a home equity line of credit.  I am sure the finance charge is legal.  Dont want to pay it?  Dont finance or go to a one year policy with someone else.