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Old 10-09-2008, 08:26 AM
 
32,494 posts, read 50,965,633 times
Reputation: 18379

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with so many people on this board who are buying homes, you have to get home owners' insurance for the house you buy--
have you run into any situations where you thought the insurance agency you called was a little wacked...
my husband called the agent we use for our current house/car (the one we are moving out of) and asked for a quote for the house we are buying...

he was asked very few questions about the house...the girl he was talking to said she had to get a quote and would call him back--when she did, she said their info was that the house was valued at about 100K less than we are paying and the real estate appraisal that we had done (where there was an actual on-site and investigation of a year's worth of comps for the area)...

my husband said that was stupid...where did she get that info..she said from a "service" they used...
now we have used this same agent ever since we moved into this house 20+ years ago--we don't shop for cheap rates--but that is just stupid...
the girl said so do you want to use the higher amount or take our estimate...

my husband said you need to rethink what you gave me...

what is up with that????

I am going to call a couple of our friends and see who they use and get some bids from different agents...
I want reputable company (ha! it is insurance--they can't always be trusted)...and I am not looking to bargain-basement the price--but I do want someone who understands what they are doing...
am I over-reacting?
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Old 10-09-2008, 03:04 PM
 
Location: Fort Worth
140 posts, read 367,126 times
Reputation: 27
Yeah that is crazy. I would shop the rate around.
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Old 10-10-2008, 12:52 AM
 
Location: Dallas/Fort Worth, Texas
4,185 posts, read 14,034,039 times
Reputation: 2644
May be she was taking 100K off the price of the lot the house sits on... I mean if you are buying a house for 500K and the lot of that house is valued at 100K, why do you want to take insurance for 500K. Even if the house burns down, the lot will always be there. You just want to make sure that you have coverage for rebuilding the exact house in the same spot and include all belongings and whatever liability you wish to add.

If it's in Colleyville or Southlake, the city lots could be that high.

Naima
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Old 10-16-2008, 08:30 AM
 
Location: Texas
73 posts, read 236,093 times
Reputation: 16
What are the homeowner insurance rates for a house in Keller say 4/3 about 2700-3300 squ feet? Price is say 250-275. I know the taxes are high but I don't know how much homestead exemption is either.
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Old 10-16-2008, 08:38 AM
 
32,494 posts, read 50,965,633 times
Reputation: 18379
depends on the zip code, the style (1 vs 2 floor), garage type, and construction info like type of roof, if it is all brick vs siding, and age of house--newer homes are less expensive to ensure...
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Old 10-16-2008, 10:58 AM
 
Location: TX
3,029 posts, read 11,016,604 times
Reputation: 1369
we have USAA and they used to be great... well we are changing.
We just got our new "apprasial" and they have our house insured for 150k MORE than what we paid for the house and the lot! (and about 125k more that what the county taxes are for both house and lot) Also they just informed us that our deductable rate for hail and wind damage is going up, it's doubling from last year.
I guess they have to make up the money they paid out for IKE damage. We have been with them for over 15 years for homeowners and over 20 for car and life etc...

so we too are in the market for a new insurer.
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Old 10-22-2008, 05:31 PM
 
Location: Texas
73 posts, read 236,093 times
Reputation: 16
Quote:
Originally Posted by 5stones View Post
we have USAA and they used to be great... well we are changing.
We just got our new "apprasial" and they have our house insured for 150k MORE than what we paid for the house and the lot! (and about 125k more that what the county taxes are for both house and lot) Also they just informed us that our deductable rate for hail and wind damage is going up, it's doubling from last year.
I guess they have to make up the money they paid out for IKE damage. We have been with them for over 15 years for homeowners and over 20 for car and life etc...

so we too are in the market for a new insurer.
That happended to us and we challenged it and they had to change it, they did not by a whole lot but you can challenge it, you do not have to have your house insurance for more than it cost to build new, and you can get cost estimates from around your area. Our appr where we own our home in ALA is 2.25 sq feet but our appraisal doesn't indicate that nor our taxes so we challenged.
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Old 10-22-2008, 06:03 PM
 
32,494 posts, read 50,965,633 times
Reputation: 18379
do you mean that your appraisal said you could rebuilt your house sans lot/land cost for 2.25 a ft?

I can't believe any house can be replaced for that...
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Old 12-19-2008, 12:45 AM
 
Location: Central Texas
28 posts, read 124,655 times
Reputation: 30
That is just silly. I hope that they are an all risk replacment cost company. This is want you should have in Texas as there are many different options. You should definetly check with some other comanies that our on here that are reputable. Underinsuring you home could cost you 10s of thousands if not hundreds or thousanceds.
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