Home Insurance?
MAUIBABE asked:
I live in Texas and we are building a home which is almost complete..our lender told us it’s time to start looking for insurance since we are not combining it with our mortgage. Just wondering if anyone has any recommendations? What insurance company do you have? Is your payment decent? What do they offer? Whatever information you could give me would be appreciated. Thanks in advance!
home insurance
I live in Texas and we are building a home which is almost complete..our lender told us it’s time to start looking for insurance since we are not combining it with our mortgage. Just wondering if anyone has any recommendations? What insurance company do you have? Is your payment decent? What do they offer? Whatever information you could give me would be appreciated. Thanks in advance!
home insurance
michelle b
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Insurances sometimes give discounts if you have multiple insurance policy’s. So go to where you have car, life and or health insurance policy’s.
Queen B
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Make sure that the company you go with has an “A” rating. ask friends who they use and how they like them. try who you have your auto with to get multi line discount. since this is a brand new home, i would suggest going onto an HE7 policy instead of an HO3. this affords you a little better coverage and usually the price is not much higher. in fact, i have a company i can get it cheaper with on brand new homes. also be sure to carry enough liability on the policy. i suggest at least $500,000. liability is very cheap on a home policy and its as important in todays world as the coverage on the home. make sure you have replacement on your contents. schedule anything you have of value such as jewelry, guns, collectibles, etc so they are insured to full value. call an independent agent in your area to get quotes. they write for many different companies and can find you the best policy and best premium. DON’T be afraid of a company you may never have heard of. some of the BEST companies are ones people don’t recognize because they are not all over the TV.
mbrcatz17
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Ah, Texas. **Queen B doesn’t know that you can’t get those homeowners forms in TX. Otherwise, her advice is good.**
I have State Farm, because they are the only company that has an “all risk” policy for homeowners in Texas. All the other ones, are “named perils” – not as broad. If there’s a dispute about what caused the loss, on a named perils policy, it’s up to the homeowner to prove that the insurance company has to pay. On an all risk policy, it’s up to the insurance company to prove that they DON’T have to pay. HUGE, expensive difference, potentially.
Of course, it’s about 30% more than the next best pricing I found (with Travelers).
For me, it’s all about COVERAGE first, pricing second. After all, it would really stink to pay what you’re paying to build a new house, and to save a couple hundred bucks on the insurance and have an uncovered claim.
Windstar
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ask your lender for insurance quotes and have them combine it with your mortgage payment make sure your land taxes are included in your mortgage payment
Nita
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I have a really cheap insurance took me a long find to find something this affordable is called Texar Fair Plan Assn. I pay $600 a year for $100,000. Most of the companies I had before charged $800 or $900 a year for the same amount…Good Luck
Insuranceman
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There is no ONE insurance company that is right for everyone – everyone is rated individually – and all companies have different “likes and dis-likes”, different credit tiers, different business models, and many other factors that can vary your rate – and a QUOTE is ONLY a quote until the policy is issued.
Typically, insurance rates will vary from State to State, company to compnay and can even vary by ZIPCODE! It also will depend on the type of construction, coverages, limits of liability, contents coverage and loss history. Some companies run credit scores and CLUE (Comprehensive Loss Underwriting Exchange) report to see about any previous claims.
The best thing to do is call a LOCAL independent agent or broker. Don’t go across town, or to some other city – look for someone CLOSE. Just look in the phone book for the PIA or Big I (Trusted Choice) logos and you will find a professional licensed agent that will be able to help you solve your insurance problems, and give you rate comparisons of several different companies.
An independent insurance agent will normally have a dozen different companies and if he cannot help you, he should be networked with other local agents that can.
You need to know if your house is in a FLOOD ZONE as FLOOD is NOT covered under the homeowner insurance.
Don’t forget to ask your auto insurance carrier to see if they offer “package policies” or package discounts.
Queen B was giving some pretty good advice, but, those forms she mentioned are NOT available in Texas (for the most part) and MBRCATZ17 was stating that State Farm was the ONLY company with an “all risk” policy (not so, MB!) – any HO-C has it along with some other “company specific” forms.
In my agency, we have companies that do NOT even run a credit score.
Most of the replies on this site say “go to this on-line carrier or that on-line carrier or that 1-800 number” but I’m sure that when you do, you will find some impersonal computer user with a script to work from and you won’t be able to talk with the same person every time you have a problem!
Good luck and I hope this helps!
Charlie D
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Just stay away from Allstate!