Home Owners Insurance (broker, vacation home, living in)

[krnfitz]

I'm looking at a quote from Tower Hill and it is nearly double the quote from Amberg Ins. I really can't find the difference to justify it. I've been sure to compare the options offered. What am I missing?

[SoFLGal]

Here's her answer:
Yes you are correct on it being FEMA backed. We are trying to determine why they are different as they shouldn’t be. We will determine if there is an error somewhere and let you know. If it’s on my end (I don’t think so) then nothing lost, if it was another agency error, you may be eligible for a refund. I have gone over it several times and have asked a co-worker to look at it this morning too. We both feel we have everything reported correctly from our agency, but I’ll let you know what we find when we get that DECLARATIONS page for the flood.

[SJNE17]

SoFLGal--you might want to confirm with your current carrier/agent that absolutely everything about the coverage and the property specs are correct. They may be overcharging you, in which case push for a refund.

I've experienced insanity when it comes to coverage. Same carrier (Chubb), same coverage, same property specs, different agencies and very different premiums. Turns out one had house within 1,000 ft. of fire hydrant, one didn't, one had included basement as finished, the other didn't, etc.... Like I said, all those little things add up.

[MartyGras]

Originally Posted by SoFLGal

Here's her answer:
Yes you are correct on it being FEMA backed. We are trying to determine why they are different as they shouldn’t be. We will determine if there is an error somewhere and let you know. If it’s on my end (I don’t think so) then nothing lost, if it was another agency error, you may be eligible for a refund. I have gone over it several times and have asked a co-worker to look at it this morning too. We both feel we have everything reported correctly from our agency, but I’ll let you know what we find when we get that DECLARATIONS page for the flood.

If you are like me and only have flood insurance because of a mortgage, I would just pay the lower rate.

Gary

[Travelassie]

Originally Posted by MartyGras

If you are like me and only have flood insurance because of a mortgage, I would just pay the lower rate.

Gary

Your lender requires flood insurance but not homeowners insurance? Usually they require both, at least that has been my experience.

[MartyGras]

Originally Posted by Travelassie

Your lender requires flood insurance but not homeowners insurance? Usually they require both, at least that has been my experience.

No my lender requires homeowners also.

My post was addressing the difference between the two quotes for the flood insurance.

Gary

[SoFLGal]

Originally Posted by SJNE17

SoFLGal--you might want to confirm with your current carrier/agent that absolutely everything about the coverage and the property specs are correct. They may be overcharging you, in which case push for a refund.

I've experienced insanity when it comes to coverage. Same carrier (Chubb), same coverage, same property specs, different agencies and very different premiums. Turns out one had house within 1,000 ft. of fire hydrant, one didn't, one had included basement as finished, the other didn't, etc.... Like I said, all those little things add up.

Well, now they have FEMA reviewing the policy. The new company thinks that they put that the home is under 14' instead of above 14'. They said when they changed it that it made a significant difference. I'm hoping to know in the next few days. If that's the case then I will be due a refund. And if that's the case all the other companies that originally quoted me made a mistake as well, which I find strange.

Another update is that she tried to run my new homeowners quote and she said that it won't let her quote it at a $250K replacement value. It would only let her quote it at a $280K replacement value, which will increase my homeowners by $200 per year for a total of $1400 and some change. It's still much better than the old quote of over $3K per year

Originally Posted by MartyGras

If you are like me and only have flood insurance because of a mortgage, I would just pay the lower rate.

Gary

That's what I plan to do. Play the lower rate, providing I do get a lower rate. The jury is still out

[SJNE17]

Are you above or below 14'?

I presume you're over. If so, do you mean the new company thinks your current carrier (agency, really) has you underwritten as being under 14'?

Time to read them the riot act if that's the case. And get a nice refund.

Originally Posted by SoFLGal

Well, now they have FEMA reviewing the policy. The new company thinks that they put that the home is under 14' instead of above 14'. They said when they changed it that it made a significant difference. I'm hoping to know in the next few days. If that's the case then I will be due a refund. And if that's the case all the other companies that originally quoted me made a mistake as well, which I find strange.

Another update is that she tried to run my new homeowners quote and she said that it won't let her quote it at a $250K replacement value. It would only let her quote it at a $280K replacement value, which will increase my homeowners by $200 per year for a total of $1400 and some change. It's still much better than the old quote of over $3K per year



That's what I plan to do. Play the lower rate, providing I do get a lower rate. The jury is still out

[SoFLGal]

Originally Posted by SJNE17

Are you above or below 14'?

I presume you're over. If so, do you mean the new company thinks your current carrier (agency, really) has you underwritten as being under 14'?

Time to read them the riot act if that's the case. And get a nice refund.

Yes, we are above 14'. And yes, the new company thinks that the old company possibly wrote the policy as being under 14'.

It's now in FEMA's hands to determine what the issue is.

Regardless, the new company is about $2k cheaper for the same homeowners policy. The jury is still out on the flood.

[MartyGras]

Originally Posted by SoFLGal

Yes, we are above 14'. And yes, the new company thinks that the old company possibly wrote the policy as being under 14'.

It's now in FEMA's hands to determine what the issue is.

Regardless, the new company is about $2k cheaper for the same homeowners policy. The jury is still out on the flood.

I have seen advertisements for engineering companies that will review the FEMA data BFE etc, file their study with FEMA and get you a reduced insurance rate if their data shows FEMA is wrong.

Now I think I know why.

Gary