Need Advice. Fireman's Fund in FL and a Jar of Vaseline....

[atwnsw]

I have been with Fireman's Fund for several years with no claims. This year they jacked up my homeowner's premium 38% from $4,200 to $5,800. That doesn't include the $2,700 I pay for auto.

Here are the details:

Homeowner:
House built 1939
Wood Frame
Shingle Roof
2300 SF w/ Detached 2 Car Garage
Insured Value = $730k
$5k Deductible for non-hurricane
$2% Deductible for hurricane
$1M Umbrella Policy

Cars:
2 Adult Drivers
Porsche Boxster S 2006 ($30k Value)
BMW 325i 2003 ($15k Value)

What options do I have? Is there another company that I should consider? What type of premium should I expect to pay?

I feel like I am getting boned by Fireman's yet everybody I have talked to says that they are one of the best. Seems like a license to steal when they can jack up my premium and I have to stand around and say "Thank you, may I have another".

If you have any ideas please post or email me atwnsw @ gmail . com

Thanks in advance.

Anthony

 

[Guest]

I would call an Indpendant Insurance Agent who has many different companies.

Also, Generally, Firemans Fund is one of the better companies and policies out there, so you are probally getting better coverage than you realize.

 

[joshb]

I have been with Fireman's Fund for several years with no claims. This year they jacked up my homeowner's premium 38% from $4,200 to $5,800. That doesn't include the $2,700 I pay for auto.

Here are the details:

Homeowner:
House built 1939
Wood Frame
Shingle Roof
2300 SF w/ Detached 2 Car Garage
Insured Value = $730k
$5k Deductible for non-hurricane
$2% Deductible for hurricane
$1M Umbrella Policy

Cars:
2 Adult Drivers
Porsche Boxster S 2006 ($30k Value)
BMW 325i 2003 ($15k Value)

What options do I have? Is there another company that I should consider? What type of premium should I expect to pay?

I feel like I am getting boned by Fireman's yet everybody I have talked to says that they are one of the best. Seems like a license to steal when they can jack up my premium and I have to stand around and say "Thank you, may I have another".

If you have any ideas please post or email me atwnsw @ gmail . com

Thanks in advance.

Anthony

Anthony, I represent Fireman's Fund and I would say you would probably be better off with Chubb. They typically have a better price, and their policy is just as good, if not better than Fireman's Fund. They are both good companies and policies though. Shoot me a PM and we can look at some of the options for your home, and autos (Chubb writes autos as well).

 

[FL P&C Broker]

It does sound like you are paying to much, but you also have Fireman's Fund. They are AM best rated if not mistaken. You could probably cut the premium in half but you are going to have to go to demotech rated company instead of an AM best rated company. There isn't many AM best rated companies writing in Florida right now especially on older homes. I also really know my area so it my be different.

 

[atwnsw]

Chubb stopped writing for homes in the area unless they are very high $$$. Doesn't sound very promising....

 

[joshb]

I don't know what area you are in but in my area chubb writes 500k and up.

 

[djs]

Is it just me or does $730K dwelling value on a 2300 sq ft home seem high? Not outrageous, depending on how the house is built, but high nonetheless.

You might have more insurance than you can use. I don't write in Florida, so I can't speak to this directly, but in California, I find this problem a lot due to a loan requirement when the house was first bought and never fixed afterwards.

730K / 2300 sq ft = $317 /sq ft dwelling value.
An 'average' house, probably more like $185 a sq ft (1939 construction can alter this SIGNIFICANTLY though)
$185 * 2300 sq ft = $425,500

Now, the problem you will run into with 1939 is things like potentially plaster walls (rather than sheetrock), 9 or 10 ft ceilings rather than 8 ft, etc. Because of this, you need an agent who knows your house and has some decent reconstruction cost software to come up with a decent and accurate estimate. You need to make sure you are insured for enough, but not so much you are buying insurance you can't use.

Dan

P.S. Again, I don't know Florida, I could be WAY off base here. Construction costs vary dramatically by region.

 

[FL P&C Broker]

The replacement cost estimators on anything pre 1950 comes out ridiculously high even if the house is not upgraded.

 

[djs]

I was afraid of that. It usually aligns with some major state change in building codes. In California, the same thing happens for homes built pre-1939.

I've never really figured out why this is, except I know some demolition costs will go through the roof. Ordinance in law coverage needs to be higher than 10%, but in general, it doesn't cost significantly more to rebuild the home, since they use modern building techniques. Obviously, restoring to original can be HUGELY expensive, but that would be a different policy.

Yes, trying to find someone to put plaster on a wall would be expensive, but truth is, they would put drywall on the wall, which is a no brainer.

Dan

 

[kman]

Florida has some of the highest rates on home insurance in the country, and for good reason! Your just over sea level and you live on a peninsula, you have a "pre-hurricane proof home" and claims experience in Florida has been atrocious. You also have one of best Homeowner contracts in the business. I think you have 2 options. (1) you could find a lesser quality contract and pay less, or (2) you and I could trade homes and you can shovel snow all winter long in north shore Chicago, but only pay $1500 for a similar policy. Just how close are you to the coast? Any claims activity in the last 5 years??? How's your credit score? That is what determines how much you will pay. I'm sure your average premium in Oklahoma is only $500-$600 per year. Whiner!