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Old 10-15-2013, 11:47 PM
 
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We are trying to buy a house in Peyton but are finding high insurance quotes due to the "protection class code" for the area which is related to the fire departments somehow. Is that normal for this area?
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Old 10-16-2013, 08:05 AM
 
Location: Black Forest, CO
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I live in the far north end of Black Forest, up on the Palmer Divide. Just before the Waldo Canyon fire, my insurance rates were increased quite a bit as they changed us to the 'town class 10' rating. We are more than 5 miles to a fire station, which has an impact on the ratings, and heavily treed, no hydrants. etc. I have been insured with the same company for 20 years at this address and I don't know what triggered them (BEFORE the fire) to change the rating for my residence. But, at this point, I am just glad to HAVE insurance, and they have always treated me well with any claims.

So, yes, I think what you are seeing is to be expected in rural areas, especially if you have gotten similar quotes from different carriers.
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Old 10-16-2013, 12:00 PM
 
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A company called ISO assigns a fire protection class code to a community based on its "Fire Suppression Rating Schedule". They evaluate the community's fire department's comm capabilities (number of telephone lines, operators, dispatch circuits, etc) as 10% of the score, the actual firefighting capabilities (staffing - volunteer vs full time firefighters, equipment maintenance and testing, types and participation in training, response time, etc) for 50% and the community's water supply makes up 40% of the score. The better the community's score, the lower the fire insurance premiums will be.
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Old 10-17-2013, 12:54 AM
 
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OK thanks!
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Old 10-17-2013, 05:47 AM
 
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While I'm asking questions, is there USPS package delivery to rural Peyton? Is phone service available? Any forecast on natural gas ever being available?
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Old 11-05-2013, 11:45 AM
 
Location: Rocky Mountains
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Are you talking about rural Peyton, or the mailing area of Peyton? I ask because i live in Meridian Ranch, which has a Peyton mailing address. Our insurance is renewing in about a month and we pay about 1200 a year on our 10 year old 3000 sq. ft. house.
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Old 11-08-2013, 02:57 AM
 
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It's rural Peyton. Do I have to get a separate PO Box to receive packages?
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Old 11-08-2013, 07:29 AM
 
Location: Black Forest, CO
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Bideshi - you should be able to get some info about Postal Service, UPS, phone service, etc, from the sellers. Have your agent ask their agent to find out what you need to know.
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Old 11-10-2013, 10:00 PM
 
Location: Denver, CO
8,591 posts, read 5,118,701 times
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Quote:
Originally Posted by MrsMac View Post
A company called ISO assigns a fire protection class code to a community based on its "Fire Suppression Rating Schedule". They evaluate the community's fire department's comm capabilities (number of telephone lines, operators, dispatch circuits, etc) as 10% of the score, the actual firefighting capabilities (staffing - volunteer vs full time firefighters, equipment maintenance and testing, types and participation in training, response time, etc) for 50% and the community's water supply makes up 40% of the score. The better the community's score, the lower the fire insurance premiums will be.
ISO is the Insurance Services Office, Inc
ISO is a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, they provide:
  • statistical, actuarial, underwriting, and claims information
  • policy language
  • information about specific locations
  • fraud-identification tools
  • technical services
ISO protection classifications range from Protection Class 1 (the best) through Protection Class 10 (no quantifiable protection). These classes are arrived at through a complex survey of fire fighting capability of the community, distance to fire hydrants, how much and how quickly water can be delivered through the hoses from fire water trucks, and all the items mentioned by MrsMac.

Normally towns and cities have protection classes "grouped" such as PC 1-4, 5-6, 7-8, 9, and 10. Of course the groupings vary widely depending on the surveys run by ISO technicians. Sometimes an entire town can be rated protection class 7, depending on the available firefighting capability.

Other items that affect the major pricing of homes is construction (frame, brick veneer--BV is cheaper except for "earthquake" insurance if you are wanting to purchase that), and many insurance companies provide various discounts for smoke alarms, combining auto and homeowners with the same issuing company (a big one that usually applies only to the homeowner policy), sometimes theft alarms, and I once even saw a company that had a discount for non-smokers.

In addition, home purchasers are almost always looking to insure for purchase price, and mortgage companies are interested in the same thing to protect their interest. But the homeowner policy itself has policy language designed around insuring a home to a certain percentage of its REPLACEMENT cost. That is what it would cost to rebuild the home from the ground up if it were to burn or blow away. In some cases there are huge differences between replacement cost and market value (what the house will sell for). Make sure your agent is keenly aware of market value and ask him to provide you with what the insurance company considers the replacement cost of the home. Agents have schedules based on square footage and amenities in the home such as a fireplace, that impact the replacement cost calculation. At the time of loss the value of the policy must be at least 80% of the replacement cost of the home to recover a loss in full (subject to deductible). I used to recommend people insure to at least 90% of value so that if inflation ran amuk during the year and a loss occurred at the end of the policy period, the policy would not have dropped below the required 80% level.

Other things that can affect the acceptance or rejection of a homeowners risk are (not necessarily any one in particular, but in combination): age of the home, whether there is aluminum wiring in the house, how close the home is to adjacent structures, DOGS--particularly some breeds, and sometimes even the type of roof on the home.

The most difficult thing you can do is to ask an agent to give you an "estimate" on a hypothetical house. Most of the good agents won't even attempt to do that unless you give them specific information. From the above, you can see that providing a rate is more than a "rough" estimate because of all the variables.

I've been retired from the underwriting/ratemaking/compliance area of the insurance field for over ten years now, so there may be some new wrinkles of which I'm unaware.

Good luck, OP, my guess from your post about "rural" Peyton is that you are in protection class 9 or perhaps even 10, the highest rate categories.
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Old 03-14-2014, 10:23 PM
 
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Falcon fire department recently had their ISO number decrease in town, but increase in the rural areas. This increased rates in the rural areas. I live north of Hodgen.
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