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Discussion Boards > Active Subjects > Messages as Posted > Personal Finance Investments Forum

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12-16-2012, 11:02

Post: 185729

DennisCTB

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Best Homeowner Policy

I just got my bill from Preferred Mutual and they have my house appraised at twice what I can sell the house and land for. They say the market value is irrelevant, and I get that but the number seems way over the top.

How I wound up with them is I have Allstate for my cars and the agent found this outfit which sells for Preferred Mutual since Allstate was not underwriting in NJ for homes. The agent is useless never returns calls etc.

Anyone have recommendations for a good insurance carrier? My constraints are that we don't have fire hydrants where I live, only a water tank a pumper truck would have access to. Very limited value if the place went on fire

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12-16-2012, 12:58

Post: 185730

greg_g

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Best Homeowner Policy

Agent probably wasn't clear. You want to pay taxes on the appraised value, but you want to be insured for replacement value. Do you really think - after a total loss - that you could actually rebuild for the appraised value?

//Greg//

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12-16-2012, 17:01

Post: 185732

DennisCTB

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Best Homeowner Policy

As I said in my post I understand the difference between today's low house values and replacement cost. The number they have is just too big.

Went online (Sunday no less ) and got a policy with Liberty Mutual for $350 less per year at lower insured valuation which I think is a reasonable rebuild value, which is also a hefty amount over market.

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12-17-2012, 07:32

Post: 185737

greg_g

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Best Homeowner Policy

Good choice. I went with Liberty this year as well. But my situation was different; excessive premium for insufficient coverage. I was with Shelter for years, but finally got tired of the CPS (creeping premium syndrome). They were charging what I considered to be an excess premium for coverage what was nearly half market value. Their car insurance was similarly out of line.

Switched to Liberty for house, Geico for car. Liberty and Geico are affiliated, so each policy benefited from a multi-policy discount. Liberty tripled the Shelter coverage, lowered my deductible, and reduced the premium by nearly half. Geico beat the crap outa Shelter with car coverage too.

//greg//

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Discussion Boards > Active Subjects > Messages as Posted > Personal Finance Investments Forum

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Agent probably wasn't clear. You want to pay taxes on the appraised value, but you want to be insured for replacement value. Do you really think - after a total loss - that you could actually rebuild for the appraised value? //Greg//

Agent probably wasn't clear. You want to pay taxes on the appraised value, but you want to be insured for replacement value. Do you really think - after a total loss - that you could actually rebuild for the appraised value?

//Greg//