Any Suggestion on a Upgrading a HO

[NCAgent]

CLUE report on the home. Could be an occupant of the home who had it or a claim on the home itself, regardless of who owned the policy.

A guy buying a house showed a 27k claim on the home 2 years ago. He said that it's probably why they were advertising a new deck out back...

 

[TeePee]

CLUE report on the home. Could be an occupant of the home who had it or a claim on the home itself, regardless of who owned the policy.

A guy buying a house showed a 27k claim on the home 2 years ago. He said that it's probably why they were advertising a new deck out back...

Duh I know how a CLUE report works. OP said his house would be paid for in 4 yrs so I supect he has owned this home prior to 2010.

It is unbelievable how many ppl don't remember a claim they filed a couple of months ago

 

[NCAgent]

Duh I know how a CLUE report works. OP said his house would be paid for in 4 yrs so I supect he has owned this home prior to 2010.

It is unbelievable how many ppl don't remember a claim they filed a couple of months ago

most definitely. It's also amazing how people qualify a claim. One guy said it wasn't a claim unless they paid out more than 5500 on their home(???) while another said a claim was only for certain losses, and another one said it wasn't a claim unless the home was a total loss.

 

[djs]

An $800 claim is usually a fence. Really not worth filing, but people do.

Yes, people forget all about these pretty quickly. Once its done, why worry about it....

Dan

 

[mpman]

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!

THANK for all the response...although im not a insurance specialist...lol....i have learned quite a bit in the last 8 wweeks dealing with things....by calling several companies...ive gotten several different values...with obvisouly changing premiums.....anywhere from 216,000 to 278,000....which i think is alot of difference...but they all say thats what there program comes up with?....one person on here hit it right...by saying....when u get a policy in 1998 and stay with that company all those years...u do get kinda grandfathered in at a certain price....now that im searching as a new customer in 2011 im finding much higher rates!...which is discouraging. I have found one company that is suppose too...give me a pretty decent quote....wether they stick to it is another story...ive been told so many different stories by talking to multiple companies that Im finding the insurance bizz is as bad a dealing with a new car dealership!......what a run around.....ive even called the same company and two different agents and have gotten a huge difference in a quote????? wouldnt u think if it was the same company...it should be pretty dang close? they werent. yes ive gotten a discount for changing my car policy for apples to apples coverage......they ran my license and all and said they could write the ho for less if i switched the car over to them....but thats honestly the only way i could even get close to my current companys rate. and its still about 200 more than what im paying now. Ive had 3 claims in 13 yrs with my current company....one was a 650 dollar wind damage claim....that they only had to pay out 150 bucks!!....and two other claims they never covered or paid a penny!......BUT when i went ho shoppping most folks i talked to said...they either couldnt write me, or had to surcharge me because of my claims!....for 150 bucks in 13 years....are u serious?????
thats what frustrated me the most.....it was hard enough hearing my company wouldnt cover me when i had the claims....now i have to pay more for coverage just because i turned them in!!!....and yes my current car insu company told me when they ran my iso...i had a claim for 800 dollar in 2010 through my ho company...which I did not!...I even called them to double check...and they said nope...nothing on here except the wind claim in 04 for 150 bucks paid out.....so i dont know.....it just seems like all these company have there own lil games....no set structure or rules or guidelines.....they just do what they want......very disheartening to say the least.
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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!

pennsylvania....1997.........and like i mentioned....with telling them sq ft they ve come up with anywhere from 216 to 227 which honestly...theres no way it would cost 227,000 dollars to rebuild my lil home. maybe 225 tops! and I even doubt that

 

[NCAgent]

THANK for all the response...although im not a insurance specialist...lol....i have learned quite a bit in the last 8 wweeks dealing with things....by calling several companies...ive gotten several different values...with obvisouly changing premiums.....anywhere from 216,000 to 278,000....which i think is alot of difference...but they all say thats what there program comes up with?....one person on here hit it right...by saying....when u get a policy in 1998 and stay with that company all those years...u do get kinda grandfathered in at a certain price....now that im searching as a new customer in 2011 im finding much higher rates!...which is discouraging. I have found one company that is suppose too...give me a pretty decent quote....wether they stick to it is another story...ive been told so many different stories by talking to multiple companies that Im finding the insurance bizz is as bad a dealing with a new car dealership!......what a run around.....ive even called the same company and two different agents and have gotten a huge difference in a quote????? wouldnt u think if it was the same company...it should be pretty dang close? they werent. yes ive gotten a discount for changing my car policy for apples to apples coverage......they ran my license and all and said they could write the ho for less if i switched the car over to them....but thats honestly the only way i could even get close to my current companys rate. and its still about 200 more than what im paying now. Ive had 3 claims in 13 yrs with my current company....one was a 650 dollar wind damage claim....that they only had to pay out 150 bucks!!....and two other claims they never covered or paid a penny!......BUT when i went ho shoppping most folks i talked to said...they either couldnt write me, or had to surcharge me because of my claims!....for 150 bucks in 13 years....are u serious?????
thats what frustrated me the most.....it was hard enough hearing my company wouldnt cover me when i had the claims....now i have to pay more for coverage just because i turned them in!!!....and yes my current car insu company told me when they ran my iso...i had a claim for 800 dollar in 2010 through my ho company...which I did not!...I even called them to double check...and they said nope...nothing on here except the wind claim in 04 for 150 bucks paid out.....so i dont know.....it just seems like all these company have there own lil games....no set structure or rules or guidelines.....they just do what they want......very disheartening to say the least.
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pennsylvania....1997.........and like i mentioned....with telling them sq ft they ve come up with anywhere from 216 to 227 which honestly...theres no way it would cost 227,000 dollars to rebuild my lil home. maybe 225 tops! and I even doubt that

Be careful at comparing the value of the home and the replacement cost of the home. Think of it this way:

Imagine you have a 10 year old iPOD. The cost is what, like 100 bucks now? Imagine that the hard drive breaks and rather than buying a new one, you pay someone to fix your old one. They open it up, get a new hard drive, replace it, and etc. and the work bill comes up to be like 450! That's the cost of materials and labor to repair your current ipod and make it work like new. A home is the same way, the value of the home is how much someone buys it for. The cost to have a team of people with bricks, mortar, and etc. and replace it is different, typically higher because of the inflation of supplies and labor combined with the drop in home values over the years. Depending on how they look at the home (average, above average, custom, economy) and the foundation, type of roof, etc. the price can vary, it's happened to me all the time.

Talk with local agents who can shop around. I live in NC but I write in a bunch of other states. I do a lot of quoting for a lot of companies and things vary a lot depending on their algorithms. Don't let it bother you.

 

[mpman]

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.

Your right most people dont know what they have.....i know i have a ho3 and depending who u talk too....u get...an ho3??? do they even right them?....lol....or I get we only writed h05's thats the only way to go!....I even had one agent said...I wish our company would go back to h03's....there better???? so i dont know...its all very confusing.....i know i have a h03 with listed perils....i have replacement cost....EXCEPT on some of my , what they called outdoor equipment , which is only at ACV....and thats were i got screwd on a claim......i have a above ground pool.....it got damaged...long story...but the short of it was its a listed peril in my ho0 that i had no idea it was.....ACV...not replacement....i fought and fought....they wouldnt budge.....so i got screwed and it cost me alot of money. So this is something I know i want with my new HO.....wether its a 5 or a 3 or 10 !.....I want replacement value on my pool,....its part of my dwelling....it should be covered under A,B coverage....or under my personal property.......its landscaped,decked and adjoining my home.....so ive only found two companys that were both offering full replacement coverage and were competative with a rate compared to what im paying now......I can disclose the pool claim in more detail if u like....but bottom line is I had no idea it wasnt covered under my a,b,or c coverage........and its not like i have weak coverage...ive even fax my total policy to other big name companies so they could provide a apples to apples quote...and they both said....outside the pool coverage u have a good policy! ???.....I even asked my current company to see if they offered a rider or endorsement for the pool and they said nope.....thats the deal.....and they wouldnt even write me a h05 which according to my agent would give me better coverages...but still not the pool coverage i want....but they said they couldnt cause of too much claim activity!!!!!!....13 yrs and they only had to pay out 150 dollars.....and they cant upgrade my policy????? even if Im willing to pay more a year????? what kinda company is that?.....so thats why im looking as well......and honestly it almost feels like they want rid of me!!!.....

 

[caddison]

Your right most people dont know what they have.....i know i have a ho3 and depending who u talk too....u get...an ho3??? do they even right them?....lol....or I get we only writed h05's thats the only way to go!....I even had one agent said...I wish our company would go back to h03's....there better???? so i dont know...its all very confusing.....i know i have a h03 with listed perils....i have replacement cost....EXCEPT on some of my , what they called outdoor equipment , which is only at ACV....and thats were i got screwd on a claim......i have a above ground pool.....it got damaged...long story...but the short of it was its a listed peril in my ho0 that i had no idea it was.....ACV...not replacement....i fought and fought....they wouldnt budge.....so i got screwed and it cost me alot of money. So this is something I know i want with my new HO.....wether its a 5 or a 3 or 10 !.....I want replacement value on my pool,....its part of my dwelling....it should be covered under A,B coverage....or under my personal property.......its landscaped,decked and adjoining my home.....so ive only found two companys that were both offering full replacement coverage and were competative with a rate compared to what im paying now......I can disclose the pool claim in more detail if u like....but bottom line is I had no idea it wasnt covered under my a,b,or c coverage........and its not like i have weak coverage...ive even fax my total policy to other big name companies so they could provide a apples to apples quote...and they both said....outside the pool coverage u have a good policy! ???.....I even asked my current company to see if they offered a rider or endorsement for the pool and they said nope.....thats the deal.....and they wouldnt even write me a h05 which according to my agent would give me better coverages...but still not the pool coverage i want....but they said they couldnt cause of too much claim activity!!!!!!....13 yrs and they only had to pay out 150 dollars.....and they cant upgrade my policy????? even if Im willing to pay more a year????? what kinda company is that?.....so thats why im looking as well......and honestly it almost feels like they want rid of me!!!.....

You should be able to list the pool as an additional private structure with replacement cost in most cases... but then all companies are different. There are certainly different levels of coverage and definitons of covered perils.

 

[mpman]

any really how many common folk know all these definitions and perils......NOT many .....until they have a claim then its too late.....the typical agent certainly doesnt go over all that fine print when you sign on!......this is why when looking for my new HO....most of these agents are like?....were did you learn about perils?....or boy u sure know more than most about coverages.............basically Im learning the hard way.......A agent should ask you when u get a HO....whats the most important coverages to You as the home owner..........most do not do this.

 

[Underwriter2Agent]

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.

Answer
1. Prior company & New Company
2.Contact CLUE which is what State Farm and other companies use to see claim history. You can also contact A+ to be safe you must be able to provide legit proof of the false claim, remember even a phone call to question if a claim is covered at the time of a claim will be registered by State Farm so be careful.
3. Advise on your SQ ft and your Construction type.
4. Discounts- Were you receiving Wind MIT or Alarm credits that you are not, or multi line for your auto?

After you answer these it should resolve your issue it will not decrease your premium but it will give you an idea why it increased.