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I had a patient recently who lost a bayfront home that was probably worth $1,000,000.00 now, mortgage paid off and opted not to have flood insurance. She lost her home in Sandy and now lives in a one-bedroom apartment. I really would not advise anyone go without insurance.
While I am sorry for her and wouldn't wish ill to anyone, at the same time I cannot fathom owning a home on the shore without flood insurance. Yes, given the area it's going to be astronomical...but there's an obvious reason for that. Might give a clue what the probability of a loss is. Someone who buys or builds a million dollar building on what is basically a glorified sand bar needs their head examined. I spent some years down on the NJ shore driving by multimillion dollar hulks right on the sand. When they are damaged or lost due to coastal erosion or storms they seem so surprised.
The insurance industry does not reward loyalty despite the marketing gimmicks of some firms that appear to give you incentives to stay. They really all have price creep and should be shopped using an independent broker, perhaps even two. We've moved about every 2-3 years and have saved each time.
The insurance industry does not reward loyalty despite the marketing gimmicks of some firms that appear to give you incentives to stay. They really all have price creep and should be shopped using an independent broker, perhaps even two. We've moved about every 2-3 years and have saved each time.
They sure don't. Back in the day, I hit my grandmother's garage door with my car. Her insurance company, which she'd had for decades and never made a claim with, repaired the door than dropped her coverage.
The insurance industry does not reward loyalty despite the marketing gimmicks of some firms that appear to give you incentives to stay. They really all have price creep and should be shopped using an independent broker, perhaps even two. We've moved about every 2-3 years and have saved each time.
This is true along with car insurance.
Btw, you guys are paying a lot for ho insurance. I paid 750 a year for a house in northern california. I think it may pay juat to shop around.
Yes, by all means keep and maintain homeowners OR RENTERS insurance.
I was talked into renters insurance, and thought I didn't need it. $100/yr.
By year 3 ($300) later, the old house I was renting caught fire and burned down in the middle of the night in February with me in it. I had to escape a window wear ing only undies and socks, all I wore to bed. I lost a house full of stuff. Stuff not fire damaged in the other end of the house was smoke and water damaged beyond salvage.
My policy was,$10k though I calculated loss of about $22k. That 10k gave me a new start though. ( that was when a simple clone computer was,$2500.) Was sure glad I had it!!!
Renters,ARE NOT COVERED under the landlord's insurance for any thing! So get your own and definitely keep up homeowners insurance!!!
If it gets too high, shop around and ck for ho policy discounts when combined with new auto insurance.
Also take pictures of every room. Open drawers and doors and such. It'll help you to remember what was in there in case of loss!!! Keep copies off site.
The insurance industry does not reward loyalty despite the marketing gimmicks of some firms that appear to give you incentives to stay. They really all have price creep and should be shopped using an independent broker, perhaps even two. We've moved about every 2-3 years and have saved each time.
^^^This is correct.
The insurance companies are betting that you won't want to go through the hassle of changing policies so they do the slow boil thing; raise rates each year.
As for dropping insurance entirely, it had never occurred to me that anybody would do that until we had a huge forest fire here in 2013. Many of the homeowners who were elderly had a paid off house and had dropped insurance because they could no longer afford it. They could not rebuild.
I think a better alternative would have been a super high deductible policy for such a catastrophic event.
my dad is someone that gets killed by the regular increases of services that he pays for. he sticks with company's forever and never shops around. i think he was paying about $5k/year for lesser insurance than me and i gave him the number of my broker. i bet he never called her.
Rebuild 322, plus 32 other structure. Where does 161 cover that?
I don't understand this math either. Maybe the OP is only carrying coverage for the amount of the mortgage? Which leaves him with nothing if he has a total loss.
Rebuild 322, plus 32 other structure. Where does 161 cover that?
I expect that $161K is personal property, which is usually 50% of structure value.
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