Im very discouraged about switching companys ....Im not happy with my current company and Im finding out I will be paying a severe increase in my ho. Talking to friends and family and asking alot of questions....No one i know with equal to greater homes...are paying what ive been quoted...my iso is clean, according to most....state farm told me i had a claim for 800 in 2010 which is false. I have excellent credit, good driving record..ect....I live in a modest home, which will be paid off in 4 years or sooner. Is this normal to just outright switch...and be expected to pay 3 times what im paying as of now?.....it just doesnt make sense.
Any Suggestion on a Upgrading a HO
- Thread starter mpman
- Start date
jmr30183
Expert
What state do you live in? How old is your home (approximately)? And do you know the replacement cost value (what it would cost to rebuild it if it was destroyed)?
When I know a little more, I'll do my best to help you find a better solution!
- 1,473
Call a broker there is what u need they can shop for many companies for u. Stay away from state farm farmers all state. They just use one company. U need a good broker who can shop for u.
- 11,513
Sorry, but I just keep seeing the title of the thread...
... and all I can think of is have more money and pick a prettier one!
... and all I can think of is have more money and pick a prettier one!
moneymaker1
Expert
- 84
You might be getting a longevity discount with your current carrier. Or, more probably, you purchased your policy at a time when most other companies were all enjoying decent rates...maybe the rate of premium increases just simply has not out weighed the cost of a brand new policy. In other words, if you were a BRAND NEW client to the same company you're with now, you would probaby see the same high rates as the quotes you're getting from the other carriers.
- 11,280
The title keeps catching my eye too. I was thinking removable teeth and breast augmentation.
Are you quoting apples to apples? I never quote at ACV policies or with 100k liability only. RCV can be on the dwelling and the contents, not just one or the other I also tend to inlcude water backup and possibly earthquake if not super expensive, though many agents I know do not. Are you scheduling any items like gold equipment, jewelry, computers, or anything like that? Do you know if you have an HO3 or HO5? Which are they quoting you at? I always do HO5 or HE7 (depending on the state) if applicable but places like Allstate do HO3 only from what I have seen (working in their call center only.) Any extra endorsements integrated as part of the "special coverages" like refrigerated goods, extended coverage on money or things like that?
This is where having a good agent comes in. It's difficult to compare price-only with different companies, you have to look at what else is involved. More information is definitely needed.
Compare the replacement cost as well like mentioned before; it's entirely possible that you have 300k now but the RCV of the home with another company could be 400k or something similar.
Do you have the home and auto with the same company? Are you quoting both with the other companies as well? Package discounts are a huge thing and not only that but what if you are making significant savings on the auto? A 300 raise per year on HO but saving 450 on the auto (arbitrary values) then it could be worth switching over.
A lot of the questions are meant for an agent to answer, I wouldn't expect many clients to know if they have an HO5 or HO3 off the top of their head. But maybe this can help you get on the right track. If you find something that is 2x the price there is typically a reason why, appetite or not, I would look further and see what you would be getting. Perhaps the price might be far more worth it.
This is where having a good agent comes in. It's difficult to compare price-only with different companies, you have to look at what else is involved. More information is definitely needed.
Compare the replacement cost as well like mentioned before; it's entirely possible that you have 300k now but the RCV of the home with another company could be 400k or something similar.
Do you have the home and auto with the same company? Are you quoting both with the other companies as well? Package discounts are a huge thing and not only that but what if you are making significant savings on the auto? A 300 raise per year on HO but saving 450 on the auto (arbitrary values) then it could be worth switching over.
A lot of the questions are meant for an agent to answer, I wouldn't expect many clients to know if they have an HO5 or HO3 off the top of their head. But maybe this can help you get on the right track. If you find something that is 2x the price there is typically a reason why, appetite or not, I would look further and see what you would be getting. Perhaps the price might be far more worth it.
- 11,280
Might as well go all out and get the top of her head flattened!
Lol........
- 117
