Homeowners Insurance? (company, flood, garbage)

[jcs2000]

Amica wanted $4800!! If I switched my cars to them and bought an umbrella policy, would drop to $4100. Very high and insured for less value than Chubb. Chubb also wants to be "sticky" by demanding that you insure all personal property such as cars with them. My colleague suggested PURE insurance--this company was started from a group that left Chubb and is AM moody rated A. It is similar to USAA in that the members own the company and "profits" are reinvested and result in lower premiums over the years. Been around for 7 years. I decided to go with them with the hope that one day USAA will re-enter the Florida market.

[Robyn55]

Pure has only been in business for about 3 years. Apparently lost $6 million in 2008 (last year for which I could find financials):

http://www.purehnw.com/financial_str...ine_Report.pdf

And we haven't had a big storm in years. Last rating was A- (not A) and it is a very small company. IMO - one decent storm - and "poof - there it goes".

I do not at all blame companies for being "sticky" and requiring that you place the policies you want that are likely to make a profit with them as well as those that are more likely to result in a loss. People used to "dick around" with State Farm - keeping its homeowners' coverage - and trying to save $100/year going with another company for auto policies. They were the first people State Farm dropped when it started shedding policies in Florida.

Anyway - I would have gone with Chubb and looked at increased deductibles (on all policies) to lower overall premium costs. Robyn

P.S. I assume you have an umbrella policy with some company (Florida is kind of lawsuit crazy).

[jcs2000]

Robyn55 - thanks for the info. This was not represented to me by the agent. I think I may indeed reconsider Chubb. The whole insurance game here in Florida is simply ridiculous.

[Robyn55]

Originally Posted by jcs2000

Robyn55 - thanks for the info. This was not represented to me by the agent. I think I may indeed reconsider Chubb. The whole insurance game here in Florida is simply ridiculous.

Also - reading a little more - I found out that PURE is an insurance reciprocal - not an insurance company:

Reciprocals

This concept may work well with a very large diversified risk group. But with a small group of homeowners - a lot in Florida - with big houses - big mortgages - and a lot who are underwater? Think I'd rather self-insure. Robyn

[jcs2000]

After everything was said and done, I went with Amica. Had to move cars to them but rates were good. Wind mitigation form from the inspection was key--windows were hurricane impact. Final quote: $3400 per year, high but not outrageous.

[Robyn55]

Originally Posted by jcs2000

After everything was said and done, I went with Amica. Had to move cars to them but rates were good. Wind mitigation form from the inspection was key--windows were hurricane impact. Final quote: $3400 per year, high but not outrageous.

Let us know how you fare with Amica. FWIW - our premium for coverage with State Farm for about a $500k replacement house - and about $150k in contents coverage - is $1700 (which includes about $1400 in storm mitigation credits that may disappear next year). We also have auto and umbrella with State Farm (State Farm services our flood coverage as well - but only makes a small servicing fee on that). Although we built our house in 1995-96 - we have CBS construction - first generation hurricane impact windows - impact garage doors - total hip roof - etc. We built our house to Dade County windstorm codes in effect then - not St. Johns County codes. Incorporating the design/construction features that seem to matter most to insurance companies (and to us - since we went through Hurricane Andrew). Robyn

[tmccoy]

I just signed a policy on a new home in Durbin Crossing. The coverage was for more, for ~400, and the price was $930, covering everything, with $1000 deductable and 2% hurricane deductable. I bought flood additionally for $360. I went through Jade Albrecht with Allstate, and he was great. The lender screwed things up at closure and didn't have the insurance worked out, and he secured me a policy while I sat at the title company in under 30 minutes.

[hlauburn]

Originally Posted by tmccoy

I just signed a policy on a new home in Durbin Crossing. The coverage was for more, for ~400, and the price was $930, covering everything, with $1000 deductable and 2% hurricane deductable. I bought flood additionally for $360. I went through Jade Albrecht with Allstate, and he was great. The lender screwed things up at closure and didn't have the insurance worked out, and he secured me a policy while I sat at the title company in under 30 minutes.

Thanks! Good to know! That's less than we pay here, so I'd be thrilled with under $1000. I assume Allstate is writing new policies? We use them now, so maybe it would be less of a hassle to stick with them.

[Robyn55]

Originally Posted by tmccoy

I just signed a policy on a new home in Durbin Crossing. The coverage was for more, for ~400, and the price was $930, covering everything, with $1000 deductable and 2% hurricane deductable. I bought flood additionally for $360. I went through Jade Albrecht with Allstate, and he was great. The lender screwed things up at closure and didn't have the insurance worked out, and he secured me a policy while I sat at the title company in under 30 minutes.

Your insurance isn't with Allstate - it's with Allstate Floridian. So if Allstate gets hits with a big storm in Florida - only Allstate Floridian is on the hook. FWIW - State Farm has also worked with a Florida subsidiary for years.

BTW - how did you get flood insurance? Congress didn't renew the federal flood program a few weeks ago - and it has yet to be reinstated (think Congress will take up the issue next week)? Robyn

[tmccoy]

It's not with Allstate at all. The agent is an allstate agent, but the insurance is secured through a separate company. I don't know about the flood issue you mention, but know that I have a policy in effect.