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Old 10-24-2013, 08:03 PM
 
11 posts, read 22,346 times
Reputation: 11

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I am shopping for home owner's insurance so far received a wide range of quotes. The company with the little green lizard quoted almost $3,000/year while an independent agency quoted me less than a $950/year. The difference? The first is covering my $520K house at $580K while the other is covering just $400K. The agent from the latter company said that the likelihood that the entire house will be destroyed due to fire or natural catastrophe is very rare, and thus $400K in dwelling coverage is sufficient.

Its a 2011 house. Has smoke detectors of course. No foundation problems. He may be right but...

how often a hurricanes, tornado, and other natural catastrophes occur throughout the DFW area and destroys homes? Do people in Texas really go all out and insure their home above $100% of its value?
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Old 10-24-2013, 09:32 PM
 
Location: Grapevine, Texas
10,537 posts, read 22,419,543 times
Reputation: 8363
Unless you own your home outright, I seriously doubt a mortgage company will let you under-insure like that. And if something catastrophic, such as a fire, did happen, you would be in a financial mess. I've owned two houses in Texas, and both were insured for full value, plus contents.

We do not get hurricanes in DFW. People from Houston evacuate to DFW!

We do get a lot of hail. Insurers know they will end up replacing a roof about every 10 years due to hail.
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Old 10-24-2013, 09:51 PM
 
11 posts, read 22,346 times
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It was actually the mortgage company that referred this insurance company!
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Old 10-25-2013, 05:43 AM
 
Location: Grapevine, Texas
10,537 posts, read 22,419,543 times
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I seriously doubt they know this insurer is advocating under insuring...
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Old 10-25-2013, 07:17 AM
 
440 posts, read 757,004 times
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I would insure for full replacement value rather than a specific amount....if you want to lower the premium take a % deductible per event -I think you can take 1-5% -I would never under insure and most mortgage companies wont allow that anyway. As for the whole house being destroyed as being a rare event it's only rare unless it happens to you...last two years 4 houses -3 from lightening strikes have burned to the ground-completely destroyed in our little town alone..they all had to rebuild from scratch-one that was hit Xmas Eve is still being built as we speak..they must be carrying alot of expenses given this place was uninhabitable and probably wont be ready for another couple of months.
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Old 10-25-2013, 08:49 AM
 
16,931 posts, read 2,159,865 times
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No crystal ball can tell you how often tornados come through:>) Even if a lender lets you underinsure - can you carry the difference should it be necessary?
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Old 10-30-2013, 05:35 PM
 
Location: Texas
628 posts, read 578,420 times
Reputation: 1968
how much of the $520K is land value vs property structure? Also, were they quoting the same type of HO insurance? Were they both HOA? HOA+? HOB? HOC? It matters. $950 sounds too low and $3000 sounds high.
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Old 10-30-2013, 09:47 PM
 
Location: Bedford
641 posts, read 901,310 times
Reputation: 845
I've mentioned this on the forum in the past about the frequency of tornadoes in this area: I've lived in the Fort Worth area for nearly 38 years and, until the Forney/Lancaster/Arlington tornado outbreak in 2012, I never knew anyone that had damage to their home from a tornado.
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Old 10-31-2013, 05:22 AM
 
Location: Grapevine, Texas
10,537 posts, read 22,419,543 times
Reputation: 8363
The was a house in Sanger that burned to the ground from a lightning strike in the last round of storms we had. That's something you could never predict!
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Old 10-31-2013, 08:27 AM
 
16,931 posts, read 2,159,865 times
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Tarrant County subsidized tornado shelters up to 3k in 2011/2012.
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