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Does anyone have recommendations for/against particular insurance companies for home ownership? If so, why? We are currently leaning towards Farmer's because they are one of the last companies that will cover a house with any knob & tube wiring (ours was built in 1921), but we would have preferred to try American Family instead since they are cheaper. Any other agencies that you might recommend who cover K & T?
Our house isn't that old. We have State Farm for our home and vehicles so we do get a discount. Our impact resistant roof cut our Homeowners insurance down by 22%.
We are against ALL homeowners insurance companies. If it is a good deal for you - it is a BETTER deal for them.
Unless you are required by your mortgage to carry homeowner's insurance, I would suggest NONE.
Over a period of 40+ years of home ownership, we only carried it for the first 6 years because we had a mortgage and it was required. During that time, there were several ligitimate claims that were not covered (in fine print) and we ended up paying for repairs anyway.
We paid off our home and have not carried insurance ever since. The deductibles for ordinary claims are absurd. Keep up your home and bank that insurance money for 10 to 20 years and you will be ahead.
We have to have insurance, unfortunately. But I don't plan on making any claims unless something catastrophic happens--so we figure, higher deductibles, fix things ourselves, and things costing craploads of money we will think about claiming.
We are against ALL homeowners insurance companies. If it is a good deal for you - it is a BETTER deal for them.
Unless you are required by your mortgage to carry homeowner's insurance, I would suggest NONE.
Over a period of 40+ years of home ownership, we only carried it for the first 6 years because we had a mortgage and it was required. During that time, there were several ligitimate claims that were not covered (in fine print) and we ended up paying for repairs anyway.
We paid off our home and have not carried insurance ever since. The deductibles for ordinary claims are absurd. Keep up your home and bank that insurance money for 10 to 20 years and you will be ahead.
Wow, sorry, but this is the most irresponsible, ridiculous "advice" I have ever read. What happens if the house burns down to the ground? Who is going to pay to have it rebuilt? What happens if someone is hurt in your house and sues you? What happens if your house goes on fire and damages your neighbor's house? Who pays for that? Just because you didn't read your fine print and had to pay for repairs out of your pocket, doesn't mean everyone else in the world is that naive.
Wow, sorry, but this is the most irresponsible, ridiculous "advice" I have ever read. What happens if the house burns down to the ground? Who is going to pay to have it rebuilt? What happens if someone is hurt in your house and sues you? What happens if your house goes on fire and damages your neighbor's house? Who pays for that? Just because you didn't read your fine print and had to pay for repairs out of your pocket, doesn't mean everyone else in the world is that naive.
Exactly. That would be my point about only claiming things that cost craploads of money... because otherwise, it's not worth it. It IS worth it, though, for the catastrophic stuff, and for the fact that Americans love to sue each other for every little thing. Unfortunately, there is just no way to predict when either event is going to happen--hence a need for at least the very bare minimum of insurance. Doesn't mean I like the industry--I do feel like they are all crooks, in the end, and don't care a whit about people--but with hundreds of thousands of dollars on the line, why would you go without that kind of backup?
Wow, sorry, but this is the most irresponsible, ridiculous "advice" I have ever read. What happens if the house burns down to the ground? Who is going to pay to have it rebuilt? What happens if someone is hurt in your house and sues you? What happens if your house goes on fire and damages your neighbor's house? Who pays for that? Just because you didn't read your fine print and had to pay for repairs out of your pocket, doesn't mean everyone else in the world is that naive.
I was thinking the exact same thing as I read that post and was prepared to respond as you did until I scrolled down and saw your post. Well said.
When you are comparing costs, make sure you are comparing exact coverage as well. For example:
- How will the cost to replace be calculated?
- Clarify exactly what water damage is covered
- If you have to rebuild, will they pay for upgrades required to meet the current building code?
When you are comparing costs, make sure you are comparing exact coverage as well. For example:
- How will the cost to replace be calculated?
- Clarify exactly what water damage is covered
- If you have to rebuild, will they pay for upgrades required to meet the current building code?
Thank you, this is very helpful advice. We were turned down by a couple of agencies yesterday because there is active knob & tube in our soon-to-be-home, so I think we are going to be stuck with Farmer's (since they still insure K&T) until we update the electrical. Which would be a couple of months after buying.
It's possible to change insurance companies whenever you want, is that correct? Even if you have paid them ahead of time, they will refund your money for the remainder of the coverage period, right?... at least, I hope so. We would like to fix our wiring, then drop back to a lower level of coverage from another company so that we can afford earthquake insurance (we live in Seattle), and then once we retrofit the house we'll jump back up to the other coverage.
Insurance is such a hassle, in some ways--really, we are trying to find the highest deductible possible, because it seems you get penalized (or become uninsurable in some cases!) for making small claims (under $10K). Any experience out there on that?
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