Homeowners Insurance - help deciding (Kathleen: broker, new home, buy)

[Leesa1213]

Help me decide please - new at this: House is appraised at 180K - paying 178K

2 options I will put what differences I see on both:

Statefarm:
- 180K replacement cost - says it is good enough as land will be excluded
does not include mold (will but add on $160 for 15K)
- 135K prop inside (I dont have nearly that much to insure)

Tower Hill - through broker
- 190K - says could do 180K for $20 cheaper but strongly advises 190K replacement cost
- includes mold 10K occur/20K life
- 95K property inside (still more than I need)

Tower hill is approx $80 more/yr (would be $60 more but I would go with his recommendation on the 190K). If I add the mold then Statefarm would be $80 more.
I guess Tower Hill seems better but since I know the state farm name I am cofused at what to do. The broker (tower hill) seems much more knowledgeable

Everything else seems similar although I did not see jewelry, ect listed on Tower Hill (again I dont have much needed)

I dont want to be over or underinsured.

Just trying to make the right decision.

Thanks

[riveree]

Tower Hill hands down.

They don't have the name recognition, but they are more likely to pay out of you ever needed to make a claim. They are based out of Florida, so they 'know what they are getting into' as far as our weather, etc.

State Farm has name recognition, but a swiftly declining reputation, and from the research I have done, they were only middle of the road to start with.

Tower Hill is solid - I would not touch State Farm (or Allstate, for that matter).

[kadeez410]

Originally Posted by riveree

Tower Hill hands down.

They don't have the name recognition, but they are more likely to pay out of you ever needed to make a claim. They are based out of Florida, so they 'know what they are getting into' as far as our weather, etc.

State Farm has name recognition, but a swiftly declining reputation, and from the research I have done, they were only middle of the road to start with.

Tower Hill is solid - I would not touch State Farm (or Allstate, for that matter).

Please send me your contacting information. Thanks. Kathleen Walker

[HIF]

I've never had a claim denied with State Farm. Have had them for many years here in Florida- in three different areas of the state- and my agent didn't forget my name once the policies were written.

[nj2fla]

Originally Posted by HIF

I've never had a claim denied with State Farm. Have had them for many years here in Florida- in three different areas of the state- and my agent didn't forget my name once the policies were written.

SF is cancelling polices here, I am ready to go with some people from ormond beach, being placed with fidelity fire and casualty, they are about 60% less expensive than my prior policy, I was paying a ridiculous premium, now it's only insanely high

[riveree]

Originally Posted by HIF

I've never had a claim denied with State Farm. Have had them for many years here in Florida- in three different areas of the state- and my agent didn't forget my name once the policies were written.

I truly believe you are the exception and not the rule, HIF. If you've had no issue with them, no need for you to change, but there has been an uproar over State Farm and Allstate since the hurricanes a few years back.

It's never a problem until it's a problem for each of us personally, but I went through it when I was dropped. No reason for the drop - they received all payments on time, I never made a claim, had been with them for years, not in a flood zone, etc., but they were "minimizing their Florida exposure" and I was one of many, many policies dropped. Since then, the state of Florida has required SF and A to stop this behavior, so many people have been saved the trouble I went through. I had a steep learning curve in Homeowner's insurance and thought I would never get coverage (at that time, practically no one was writing in FL, and many still aren't).

My family in Louisiana, who lost multiple properties as did their entire community, went through it as well with SF and A and I heard plenty of firsthand experience there. I'm sure you remember the news stories about SF and A? People were so angry they were writing graffiti against the 2 companies on their now worthless homes. I have some very strong feelings about those 2 companies and they will never see a dime of my money again...not that they could anyway, I don't think they're writing new policies in FL, they kept just a small amount of homeowner policies so they would be allowed to continue their current focus - car insurance.

I like my current agent too, he's an independent and he sells policies from the A-rated companies he can stand behind, he's not married to any one insurance provider and I like that.

[Karla with a K]

hey all
I had an interesting conversation Monday with the folks that were taking pictures of the house next door that just sold
Being the friendly person I am I asked are you our new neighbors they said no they were taking pictures for the insurance company

Now knowing how many times I have seen threads asking about the different insurance companies and who's "writing" I though it would be a good chance to get some info

SO I asked what insurance company and so on
the company is
Bankers Insurance
The said they have never seen anyone have a problem getting a policy and they also said that the rates are very good
They said they have seen the same coverage as the names you all have listed at a good savings

So there is another you can add to the list
I did get the contact information if anyone wants it just send me a DM

[cricketfan]

I think that when you are shopping for home insurance you need to be as diligent as shopping for a builder to construct your new home. Personally, I would not buy a policy from a company that I never heard about simply because of their low rates. Neither would I buy from a company that I heard about for having stiffed some homeowners in the past. I opted to go with Liberty Mutual because of their reputation and not because their rates were the lowest (and they are far from the lowest).

[riveree]

Originally Posted by cricketfan

I think that when you are shopping for home insurance you need to be as diligent as shopping for a builder to construct your new home. Personally, I would not buy a policy from a company that I never heard about simply because of their low rates. Neither would I buy from a company that I heard about for having stiffed some homeowners in the past. I opted to go with Liberty Mutual because of their reputation and not because their rates were the lowest (and they are far from the lowest).

I tried to get Liberty Mutual when I was shopping for insurance, but they weren't writing in Florida at the time. They're a really good insurer though and if they're writing again, I think that's a good one to consider for someone who is shopping now.