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And clark howard does not accept advertisement? When I go to the website my ad blocker, within seconds registers up to eight block ads. A lot of this could be due to the area of the country a person lives. Around here, Allstate is very popular and never heard anything bag about them, other than people who complain about a claim but they were not insured for the damage in the first place.
As for Allstate....
I've had them for years and no problems. No large claims. Friend had them and his house was hit by a falling pine tree that took out the roof. Two days after calling Allstate a rep arrived, looked at the damage and claim was officially filed. (Two-days was not bad, considering he lived more than 100 miles from any city of any sizable population, and he was not the only claim in the area.)
The tree was removed the next day, roof covered and within a week a crew was out doing the massive repairs. Biggest delay was material, again partly due to location, partly due to number of claims from the storm.
It cost him his deductible; Allstate covered the rest.
Could another insurance company be faster? Possibly!
A home gets older every year, so I would thing they take that into account, If it's a newer home like 10 years old with a roof that will last 30 years it may not make as big a difference.
WHAT? Why on earth shouldit be ilkegal for a mortgage company to require a borrower to fully insure the house? That 'evil' mortgage company loaned me money so I could own a home. They based that LARGE loan on my goid credit and ability to pay the money back, and used the house as collateral. That they require me to fully insure the house that covers their risk is totally acceptable and logical.
c
You may have misunderstood. If you borrow money that is secured by an asset, the lender is SMART to require you to adhere to certain conditions. They protect the value of the asset.
What I'm AFRAID of is that someone will have the bright idea to try to REQUIRE home insurance for EVERYONE, even people WITHOUT mortgages. Just like you are REQUIRED to have liability insurance for you car, and can apparently even be jailed or given hefty fines. Having some liability coverage seems reasonable, but insurance companies may try to push the envelope to secure more profits for themselves.
What I am saying is with a mortgage, the bank always requires full replacement cost. If one owns the property free and clear, than one may insure it to cover market value costs.[/QUOTE ]
I can't think of one logical financial reason for insuring for market value unless maybe I owned a house in the ghetto.
I'd like to see a link to some evidence of this. I'm insured with USAA, regularly rated as one of the top two companies. My premium is unaffected by the existence of a mortgage.
Some may choose it because they think getting the price they paid for the home is good enough. I have full market value.
Check out State Farm see if they offer you the same rate. I have State Farm and it is the lowest with auto combined for me. This was not true 40 years ago when State Farm was one of the highest.
There's something called a C.L.U.E Report or Comprehensive Loss Underwriting Exchange. The C.L.U.E. Personal Property report provides a seven year history of losses associated with an individual and his/her personal property. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name. The insurance companies also run the address and neighboring properties to see what kind of claims have been filed in the neighborhood. Age of the home matters, as does the nearest water supply. Credit is pulled, as those in trouble financially are more likely to file claims.
If you filed a claim in the past 7 years, there is likely a CLUE file on you (car or home). In some states, sellers routinely (as part of the selling process) pull a CLUE on their home as part of the seller's disclosure on a home for sale. Once 7 year pass, the claim drops off the report (either on the individual, or the property). For this reason, it makes sense to shop around after an insurer has gotten comfy with collecting higher premiums, because they are not going to voluntarily lower your rate as the years go by. Also, your credit score is tied to the rate, and those that have turned around their credit should definitely shop.
In Virginia, the amount of coverage must equal the replacement cost, minus value of land, or be for at least the loan amount whichever is lower.
Insurance is a necessary racket and my experience has been it's best to shop around every 5 years or so, for both, auto and home. The last time I switched auto, I saved close to $1000 and with better coverage. My renter's coverage just kept renewing. I wasn't really paying attention, but when I purchased my home, the insurance for ownership was less than my renter's, also replaced with higher coverage.
Moral of the story, start looking around after a few years. You get too cozy and your only reward will be increased premiums.
There's something called a C.L.U.E Report or Comprehensive Loss Underwriting Exchange. The C.L.U.E. Personal Property report provides a seven year history of losses associated with an individual and his/her personal property. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name. The insurance companies also run the address and neighboring properties to see what kind of claims have been filed in the neighborhood. Age of the home matters, as does the nearest water supply. Credit is pulled, as those in trouble financially are more likely to file claims.
If you filed a claim in the past 7 years, there is likely a CLUE file on you (car or home). In some states, sellers routinely (as part of the selling process) pull a CLUE on their home as part of the seller's disclosure on a home for sale. Once 7 year pass, the claim drops off the report (either on the individual, or the property). For this reason, it makes sense to shop around after an insurer has gotten comfy with collecting higher premiums, because they are not going to voluntarily lower your rate as the years go by. Also, your credit score is tied to the rate, and those that have turned around their credit should definitely shop.
In Virginia, the amount of coverage must equal the replacement cost, minus value of land, or be for at least the loan amount whichever is lower.
Insurance is a necessary racket and my experience has been it's best to shop around every 5 years or so, for both, auto and home. The last time I switched auto, I saved close to $1000 and with better coverage. My renter's coverage just kept renewing. I wasn't really paying attention, but when I purchased my home, the insurance for ownership was less than my renter's, also replaced with higher coverage.
Moral of the story, start looking around after a few years. You get too cozy and your only reward will be increased premiums.
But what if someone doesn't have a CLUE?
I know it happens, as evidenced by many posters on C-D.
(Sorry. Good post, by the way.)
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Good post, by the way.)
