HomeOwners Insurance - Please analyze Quote (Tampa: appraise, broker, hotel)

[DMX]

I will be moving to Tampa next month. I have received a HomeOwners quote... Since I am not sure about the costs in Tampa (I am in Columbus, OH), please analyze...

This is for a brand new house (2008) in South Tampa

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St Johns Insurance Company (A rated)
$450,000 Dwelling - Replacement Cost
$9,000 Other Structures
$225,000 Personal Property - Replacement Cost
$45,000 Loss of Use
$300,000 Personal Liability
$5,000 Medical Payments
2% Hurricane Deductible - $9,000
$1,000 Property Deductible (All Other Perils)

ANNUAL PREMIUM: $2,525.00

If the All Other Perils Deductible is increased to $2,500, the annual premium would be reduced to $2,306.00
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How is St. Johns Insurance? Lots of other companies are not giving me insurance

[spainbrit]

As Citizens have lowered their rates and many private companies have not, just take a look at them. I have an insurance broker I quite like, if you want to PM me for the details
(I don't get any kickback from them either wish they would lower my rates for doing this service for them!)

[SoFLGal]

Well I have a few questions...

For other structures, you are covered for $9000-do you have any other structures? a shed, pool, etc, I don't and lowered it to the minimum. $45,000 seems like a lot for loss of use. This is basically payment for a hotel and expenses if you can't be in your home, for $45,000 you could probably stay in the Ritz Carlton for a year or more. Seems like it is too high.

I would also see if you can get a quote through a company called Olympus. I cut my insurance costs in half by switching to them.

[wbowley]

For anybody looking for cheaper rates on homes, you should call your insurance agent and ask about a Hurricane Mitigation Inspection. Depending on the year your home was built you can receive discounts for certain construction methods such as tie straps, hurricane shutters, etc. Most companies will not take this into account when you call for a quote which is why you can qualify for discounts if you have an inspection performed. You will need to have a certified contractor do the inspection, but for about $150 you may be able to get that back in discounts *every* year rather than having to reduce coverage or increase deductibles.

[DMX]

Originally Posted by SoFLGal

Well I have a few questions...

For other structures, you are covered for $9000-do you have any other structures? a shed, pool, etc, I don't and lowered it to the minimum. $45,000 seems like a lot for loss of use. This is basically payment for a hotel and expenses if you can't be in your home, for $45,000 you could probably stay in the Ritz Carlton for a year or more. Seems like it is too high.

I would also see if you can get a quote through a company called Olympus. I cut my insurance costs in half by switching to them.

SFG, I dont have a pool/shed. The agent asked me if I have a lanai or patio.. I have both. But both are not covered (open lanai and patio).

I will probably reduce the loss of use... service at Ritz after a hurricane will probably be similar to service at 'Bob's $20 Inn'

I got a quote from Olympus, but it was higher @2755.

I also could not get a rating for Olympus at AmBest ( Best's Rating Center - Company Information for Olympus Insurance Company )

[DMX]

Originally Posted by wbowley

For anybody looking for cheaper rates on homes, you should call your insurance agent and ask about a Hurricane Mitigation Inspection. Depending on the year your home was built you can receive discounts for certain construction methods such as tie straps, hurricane shutters, etc. Most companies will not take this into account when you call for a quote which is why you can qualify for discounts if you have an inspection performed. You will need to have a certified contractor do the inspection, but for about $150 you may be able to get that back in discounts *every* year rather than having to reduce coverage or increase deductibles.

Yup, I was going to get this done after I move in. I read in these forums that people can get this done after they move in and then send the certificate to the Insurance Agency.
Thanks for the info.

[AONE]

I have come across a site that can save homeowners insurance. Go Direct Insurance, Inc . They will offer 25% off your current policy amount. If you register as a charter member it will entitle you to addition 5% discounts for the next 4 years. The Charter membership is $10 and is refunded on the first premium. They also will do rental properties, and commercial. They need people to register, be it the free way or charter member. Tell your friends and spread the word.
ken

[DMX]

Originally Posted by AONE

I have come across a site that can save homeowners insurance. Go Direct Insurance, Inc . They will offer 25% off your current policy amount. If you register as a charter member it will entitle you to addition 5% discounts for the next 4 years. The Charter membership is $10 and is refunded on the first premium. They also will do rental properties, and commercial. They need people to register, be it the free way or charter member. Tell your friends and spread the word.
ken

Hmmm.. I couldnt find them either at A.M.Best or Demotech. They dont list their rating in their site either. AONE, do you have any info or links to their rating?

[LewLew]

Originally Posted by DMX

I will be moving to Tampa next month. I have received a HomeOwners quote... Since I am not sure about the costs in Tampa (I am in Columbus, OH), please analyze...

This is for a brand new house (2008) in South Tampa

------
St Johns Insurance Company (A rated)
$450,000 Dwelling - Replacement Cost
$9,000 Other Structures
$225,000 Personal Property - Replacement Cost
$45,000 Loss of Use
$300,000 Personal Liability
$5,000 Medical Payments
2% Hurricane Deductible - $9,000
$1,000 Property Deductible (All Other Perils)

ANNUAL PREMIUM: $2,525.00

If the All Other Perils Deductible is increased to $2,500, the annual premium would be reduced to $2,306.00
------------------------

How is St. Johns Insurance? Lots of other companies are not giving me insurance

I currently have St John's. eh. They just raised their premiums. Try Tower Hill, Omega and AAA.

Unless I knew how much your home was....for example...if you are paying 450K for the house....they are trying to get you to insure your land, which you can not. This is about $500 lower than Citizens will quote you. They are the gov insurer who will take your pants down b/c they can....and have to insure you.

1. 225K for contents is high, but depending on what you own...it's your choice to pay the premium for it. Remember this is furniture clothing etc. Any jewelry of value is most likely on a different quote...b/c you can't claim it on your contents. Just be aware of what you are covering. Your auto would cover your auto being destroyed.
2. I'm not sure what the 9000 other structure is...unless it's a pool, or shed or something...but normally a pool is in the structure.
3. 2% hurricane is standard across the state of FL and with all insurers.
4. 1K deductible is good. You are only saving $200 per year to raise it. Remember, you have to pay the deductible regardless...so I would say leave it at 1K. That way, if something small happens you need to put a claim in...you aren't spending more money than you need to.

Tampa was hard hit with the insurance woes. It's unfortunate b/c you can get cheaper insurance in a home destroyed by Charlie.

Try the above companies. Some insurers are really trying to overinsure people these days, which is just as bad as underinsuring folks.

[DMX]

Originally Posted by LewLew

I currently have St John's. eh. They just raised their premiums. Try Tower Hill, Omega and AAA.

Unless I knew how much your home was....for example...if you are paying 450K for the house....they are trying to get you to insure your land, which you can not. This is about $500 lower than Citizens will quote you. They are the gov insurer who will take your pants down b/c they can....and have to insure you.

1. 225K for contents is high, but depending on what you own...it's your choice to pay the premium for it. Remember this is furniture clothing etc. Any jewelry of value is most likely on a different quote...b/c you can't claim it on your contents. Just be aware of what you are covering. Your auto would cover your auto being destroyed.
2. I'm not sure what the 9000 other structure is...unless it's a pool, or shed or something...but normally a pool is in the structure.
3. 2% hurricane is standard across the state of FL and with all insurers.
4. 1K deductible is good. You are only saving $200 per year to raise it. Remember, you have to pay the deductible regardless...so I would say leave it at 1K. That way, if something small happens you need to put a claim in...you aren't spending more money than you need to.

Tampa was hard hit with the insurance woes. It's unfortunate b/c you can get cheaper insurance in a home destroyed by Charlie.

Try the above companies. Some insurers are really trying to overinsure people these days, which is just as bad as underinsuring folks.

Thanks for the details, Lew...
Actually, the house costs more (600K), the value above is the appraised value (without land).

I had assumed that Personal Property included everything in the house (jewelery, art, computer equipment, electronics, furniture)... I guess I was wrong. I need to verify this with the Agent and get an endorsement to that effect. If that is not the case, I will probably go for a lower value.

The Agent said that the "Other Structures" were for the open patio and open lanai (not covered). There is no pool in the house.

Thanks for the insight into the deductible. I guess i will leave it at 1K.

I will also reduce "loss of use"

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TowerHill has a "B" rating at AM Best and they say that the outlook is negative( Best's Rating Center - Company Information for Tower Hill Prime Insurance Company ). I might avoid them.

Same with Omega ( Best's Rating Center - Company Information for Omega Insurance Company )

AAA is quoting me MUCH higher at around $ 3420 a year!