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How much dwelling coverage do you get for $1,042 a year?
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- Thread starter CFP83
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How much dwelling coverage do you get for $1,042 a year?
jmr30183
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The rebuild cost on my house is estimated at 262,500 currently, even though the market value is only about $190k at best. I also have $500k of Personal Liability, Guaranteed Replacement Cost on structure AND contents, the Contents coverage is stated at $196,875 which is 75% of Dwelling but the actual replacement cost based on recent Home Inventory update I did is less than $170k.
If I lived about 10-12 miles East or North of where I do, it would be $160-$180 LESS per year! I'm in a semi-rural part of the county and we don't have county water- I have a freakin' well.. So that means we have no fire hydrants either. But there are two fire stations within 5.0 miles and both have Pumper trucks that hold over 4000 gallons each AND I live in a gated subdivision where everyone has at least 5+ acres of land and there are THREE lakes for firetrucks to pump from in the neighborhood and the our entire community is only about 2400 acres.
Every insurnace company that sells Homeowners in Georgia rates me (and my parents and grandma down the street) as a Fire Protection Class 9, which is the kiss of death. 10 is technically the worst class, but I've never encountered one before.
The sweet spot in the towns I mentioned 10-12 miles away is Protection Class 8 which requires a Hydrant within 1000ft of your home and a fire station within 5.0 miles. Auto-Owners is unique because they created an 8A Protection Class if a community meets specific requirements but doesn't have hydrants.
To get the 8A, it must be gated or have security (we're gated), it must have fully maintained, paved roads, a fire station within 5.0 miles and that fire station must have at least one Pumper truck with a capacity of at least 3500 gallons. Also, there must me a water source for the truck within two road miles and totally acessible 24-7 for their use. We are one of two neighborhoods in the entire state that meet the criteria, so 8A only adds about $160-$170 to my bill vs if it was Class 8. If I was rated a 9, it would be about 80% higher that it is now!!!
We keep lobbying for county water and each year it is extended a few miles closer. Thru the woods (or 'as the crow flies' in my local dialect) it's less than 0.5mi from the last house on my street! But they wont' run it thru the woods, it will follow the main highway, then the seconodary road that our entrance is located on....that's at least 3.5 miles so maybe in another two years we might have running water (kidding) and fire hydrants! Actually, it would mean that I could install a pool finally!!! And I pay $2k/yr just for well maintenance and filters. The pump went out a few months ago and set me back over $3k...and worst of all, the water has so much sulfur, zinc and several other minerals or trace metals and isn't fit to drink, at least I can't drink it. I buy 30-gallons of Spring Water each month for dirnking and to make iced tea.
My parents gave me six of their 14 acres to trick me into moving up here....when people ask if I like living here, I alwasy say everything but my next door neighbors! =)
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That goes to show you how different the rates are. I just wrote a house today in a PC of 9. They have good credit and no claims. Reconstruction cost is $150K and the premium was $2800 a year. I was the lowest price she could find.
Bobby
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dubya wher in oklahoma are you Im an independent agent in southwest ok
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I'm in Tulsa. (20 characters)
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