U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Maine > Bangor area
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-01-2012, 10:50 AM
 
Location: Maine
15 posts, read 20,908 times
Reputation: 45

Advertisements

I'm looking for recommendations for home owners insurance companies. I am in the Dover - Foxcroft, Dexter area. Any suggestions about bringing the cost down ? New to all of this. Thanks for any and all information, suggestions and ideas
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-01-2012, 11:04 AM
 
Location: Northern Maine
10,243 posts, read 16,201,521 times
Reputation: 10801
If you are a veteran there is no comparison. Go with USAA.

https://www.usaa.com/inet/ent_logon/...directjsp=true

I have a USAA sticker on my truck window. It says "Half Century Member". I'm satisfied.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-14-2012, 09:27 AM
 
Location: Northern Maine
10,243 posts, read 16,201,521 times
Reputation: 10801
If you are not a veteran try Dawson Insurance in Bangor. 207-947-8802. They use Travelers, a good company with good coverage at good prices.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-16-2012, 07:49 AM
 
Location: Waldo County
1,220 posts, read 3,635,208 times
Reputation: 1396
It's interesting for me to see this thread again. It seems to me when I was a regular on this site this thread popped up often. I've been away for a while and here it is again. Since I was an insurance agency owner for longer than I care to admit, I think I will offer a couple of comments to use when you shop for homeowners insurance, and shop you should.

1. First of all, don't count on getting any service from your local insurance agent. The concept of service before the sale is largely a thing of the past in the insurance industry, so you will need to do your own homework. Talk with several different insurance agents. When you walk in the door, you will probably be met by Suzie Creamcheese or some other pretty woman sitting at a desk. If it is a large office, she will send you to see someone who will "handle" your need. When you get to whomever can "help" you, ask one question first: IS he or she a licensed insurance agent? Many agencies use non-licensed personnel to fill out forms and make initial contact with new customers. You need to speak with a person who is licensed and presumably knows something about insurance contracts or else you are wasting your time.

2. Ask the person you speak with how many insurance companies they represent for homeowners insurance. This is an important number. One or two companies, walk away because the insurance agency is simply too small to be able to offer you service when and if the going in the insurance business gets tough.

3. Ask the person with whom you speak if any of their insurance companies pay dividends for homeowners policies. There still are insurance companies that pay dividends...perhaps ten or even fifteen percent...of annual premiums on homeowners insurance. These companies will be small, primarily fire insurance companies domiciled in the local region. You will want to check these insurance company's rates for your home because they are often very competitive premium wise and if your home qualifies for insurance with them, the cost of insurance will be consistently less over time. IF your home qualified with them, their loss paying service is as good or better than any of the big names that spend millions to advertise on television.

4. Combining auto and homeowners insurance sometimes can save you premium cost...sometimes. It also can work in reverse depending on the attitude of the insuror towards losses or other underwriting difficulties, such as traffic violations and to some extent on vehicle type and age.

5. Finally, ask the agency to give you an insurance company replacement cost estimator. This is a form that the agency should have and with it you can complete a real insurable valuation for your home. Use this completed form to get quotes of homeowners insurance from several different agencies/companies. By providing the insurance company with a completed replacement cost estimator you control the playing field for valuation and price comparison for insuring your home.

6. Ask the insurance agent what the requirement for insurance is from any company that you get a quote from. It varies from company to company. Some insurance companies require you to be insured to within 80% of the "value" of your home. What that means is probably that they require you to insure to within 80% of the DEPRECIATED value of your home, which simply put is replacement cost less depreciation for age. A few companies (Such as USAA) require insurance to equal the replacement cost of the home regardless of age, and is arrived at using a formula for wall, floor, roof and construction materials on a square foot basis. Insuring for depreciated value is a lazy way to do it and does not protect you from catastrophic loss. Depreciated value will not replace nor make your loss whole in case of a serious loss and leaves the valuation of a loss in the hands of an insurance adjuster or perhaps a company insurance adjuster in some office somewhere. You will need to be very careful about making sure your insured value represents what you have to lose in case of loss of your home. And never, never think the insurance you have on your home is what the insurance agent says it is nor what the policy says you have: valuation of a loss ALWAYS is determined after the loss by the insurance company claims department.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2012, 09:53 PM
 
Location: Newport, ME
276 posts, read 782,112 times
Reputation: 125
Quote:
Originally Posted by Acadianlion View Post
It's interesting for me to see this thread again. It seems to me when I was a regular on this site this thread popped up often. I've been away for a while and here it is again. Since I was an insurance agency owner for longer than I care to admit, I think I will offer a couple of comments to use when you shop for homeowners insurance, and shop you should.

1. First of all, don't count on getting any service from your local insurance agent. The concept of service before the sale is largely a thing of the past in the insurance industry, so you will need to do your own homework. Talk with several different insurance agents. When you walk in the door, you will probably be met by Suzie Creamcheese or some other pretty woman sitting at a desk. If it is a large office, she will send you to see someone who will "handle" your need. When you get to whomever can "help" you, ask one question first: IS he or she a licensed insurance agent? Many agencies use non-licensed personnel to fill out forms and make initial contact with new customers. You need to speak with a person who is licensed and presumably knows something about insurance contracts or else you are wasting your time.

2. Ask the person you speak with how many insurance companies they represent for homeowners insurance. This is an important number. One or two companies, walk away because the insurance agency is simply too small to be able to offer you service when and if the going in the insurance business gets tough.

3. Ask the person with whom you speak if any of their insurance companies pay dividends for homeowners policies. There still are insurance companies that pay dividends...perhaps ten or even fifteen percent...of annual premiums on homeowners insurance. These companies will be small, primarily fire insurance companies domiciled in the local region. You will want to check these insurance company's rates for your home because they are often very competitive premium wise and if your home qualifies for insurance with them, the cost of insurance will be consistently less over time. IF your home qualified with them, their loss paying service is as good or better than any of the big names that spend millions to advertise on television.

4. Combining auto and homeowners insurance sometimes can save you premium cost...sometimes. It also can work in reverse depending on the attitude of the insuror towards losses or other underwriting difficulties, such as traffic violations and to some extent on vehicle type and age.

5. Finally, ask the agency to give you an insurance company replacement cost estimator. This is a form that the agency should have and with it you can complete a real insurable valuation for your home. Use this completed form to get quotes of homeowners insurance from several different agencies/companies. By providing the insurance company with a completed replacement cost estimator you control the playing field for valuation and price comparison for insuring your home.

6. Ask the insurance agent what the requirement for insurance is from any company that you get a quote from. It varies from company to company. Some insurance companies require you to be insured to within 80% of the "value" of your home. What that means is probably that they require you to insure to within 80% of the DEPRECIATED value of your home, which simply put is replacement cost less depreciation for age. A few companies (Such as USAA) require insurance to equal the replacement cost of the home regardless of age, and is arrived at using a formula for wall, floor, roof and construction materials on a square foot basis. Insuring for depreciated value is a lazy way to do it and does not protect you from catastrophic loss. Depreciated value will not replace nor make your loss whole in case of a serious loss and leaves the valuation of a loss in the hands of an insurance adjuster or perhaps a company insurance adjuster in some office somewhere. You will need to be very careful about making sure your insured value represents what you have to lose in case of loss of your home. And never, never think the insurance you have on your home is what the insurance agent says it is nor what the policy says you have: valuation of a loss ALWAYS is determined after the loss by the insurance company claims department.

Good points. I am an insurance agent, although not working in that field right now and I can tell you the places that I have worked in central maine I ALWAYS, even if you told me what you wanted to insure it for, calculated a RCE before entering into the quoting system. Very few companies want to insure for 80% of the value unless you have a dwelling fire policy and then it is actual cash value (ACV). Second, the last place I worked calls for quotes came direct to the agents, we know companies underwriting guidelines and can save time and energy asking the right questions and will know if we have a company that will insure you, especially if you have some of the 'no no' items like certain breeds of dogs, trampolines, and fuses.

Another way to feel secure knowing that you are getting the best price is to ask to see the cost comparison page from the companies rating system such as Setwrite/PL Rating. Most companies are linked into the rating system so there should be maybe 1 or 2 that are not.

Also don't assume you know who you want for a company when you walk through the door, many a person walked through only wanting a certain company only to find out it really wasn't a good deal and a better one was found.

If you are someone who wants to buy and fix up, ask before you buy because often those type of properties are hard to insure and if you can get insurance it will be for ACV, for a limited amount of time until you get it fixed, 6 mos to a year, and most VERY expensive, thousands even.

Finally, don't go into an agency and expect to be in and out in 15 minutes. A thorough agent will have lots of questions so be sure to know everything about the home you possibly can, even how recently the plumbing was updated. Most companies want updates within the last 10 years for plumbing, roof, electricity etc.

If you would like to know where I have worked , you can PM me.

Acadianlion - was the agency here in Maine? If so which one?
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Maine > Bangor area
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top