Property Insurance

Discussion in 'Forum for Polls' started by FriendofSpurgeon, Feb 12, 2007.

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How much do you pay per year in property insurance?

  1. Less than $500

    11 vote(s)
    39.3%
  2. From $501 to $1000

    8 vote(s)
    28.6%
  3. From $1001 to $5000

    8 vote(s)
    28.6%
  4. From $5000 to $7500

    0 vote(s)
    0.0%
  5. From $7501 to $10,000

    0 vote(s)
    0.0%
  6. More than $10,000

    1 vote(s)
    3.6%
  1. FriendofSpurgeon

    FriendofSpurgeon
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    Just wondering... how much do you pay for property insurance? Our insurance rates are out of sight. What's it like in your home town?
     
  2. JamieinNH

    JamieinNH
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    The price would vary depending on what is being insured. Our home owners policy is $402 per year for 135,000 for the property and $70,000 for the contents.

    Jamie
     
  3. rbell

    rbell
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    In Alabama, property insurance can be bought at the dollar store.

    Not really, but it's dirt cheap in most parts of the state. Low insurance & tax rates are nice perks 'round these parts.
     
  4. quidam65

    quidam65
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    In TX the big three (State Farm, Farmers, and Allstate) will rake you over the coals. I have SF currently only because I know the agent, but once he retires I'll most likely switch to an independent agent.
     
  5. Alcott

    Alcott
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    $880 most recently. It's the house I grew up in, about 47 years old (we're contemporaries), and I bought out 3 siblings after our mom passed away 5 years ago. But within a year of her passing she wanted some things done, such as new tile in a bathroom and replace uneven flooring in another room and a couple of spots. The crawlspace supports were rotten in these places, so she did file a couple of water claims to help pay for the work. I'm the one who got stung for that, because after she no longer owned the property I could not renew the coverage for the $700 (approx.) she had been paying, but it was over $1400 with the same company. I did a little shopping around, even though I knew that these companies 'network' in order to soak people. So I had to pay that amount for a couple of years, then about 2 years ago I shopped around some more, even though premiums had come down some (they told me if I go 2 years with no more water claims that would happen), and I got another company for the current premiums. My mom probably would not have submitted those claims had she known the future results, even though they wouldn't have soaked a 'senior' as much as they did me.
     
  6. Jeff Weaver

    Jeff Weaver
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    $630 here for a ridiculous amount of coverage. The company made me insure it for replacement value, $500,000, even though I could buy 5 houses in this town for that amount of money. I have an ancient white elephant, 100 years old this year, and a grand old painted lady. Still, have had good luck with Nationwide for 35 years.
     
  7. FriendofSpurgeon

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    Dear friends, count your blessings. We have to have three policies - one regular homeowner policy, one policy for flood, and one for windstorm. Three policies - three deductibles, with the windstorm policy having a percentage deductible rather than a dollar amount. The choices are few and the prices are outrageous.
     
  8. I Am Blessed 24

    I Am Blessed 24
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    $1,100.00 per year through State Farm. That takes care of our property, house, and the contents, as well as hubby's truck and my car.
     
  9. El_Guero

    El_Guero
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    South Florida?

    I wonder why ya'll's rates are so high?

     
  10. StefanM

    StefanM
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    Hurricanes?
     
  11. Bob Alkire

    Bob Alkire
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    Due to the hurricanes last year that hit the state my insurance went from $645.00 a year to 1,435.00 a year. We have never been hit in this part of the state in the 60+ years that I've lived here. We get a little wind and rain and had fire a few years back that took out about 90 some homes.
     
  12. amity

    amity
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    $470 insurance for $90,000 structure and $40,000 contents.
     
  13. menageriekeeper

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    Rbell, I hate to tell ya, but in some parts of the state, insurance is a bit high. I'm paying $1100 a year. That is for complete replacement, though.

    State Farm raised my rates to $1500 a year a few years ago even though I'd had insurance through them for at least 15 years with no claims whatsoever. They couldn't explain the increase to my satisfaction and pretty much told me to take or leave, so I did.
     
  14. FriendofSpurgeon

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    Is this for all coverage or for windstorm (hurricane) coverage only? While the 122% increase is incredible, the cost of $1435 is not that bad. I'm not sure how much the recent legislative session will actually help out.
     
  15. Bob Alkire

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    Yes, it is for all. It has the5% deduction for hurricane. It might not be bad in your book but in mine it is way to much. If my pay would jump like that it would be good. Keep in mind we don't have the problems of south Florida. I have never seen a hurricane hit here. We seem to get more rain and wind from the one that hit the west coast. They either hit below us are go up to the Ga. fl. line or up into Ga., SC or NC.
     
    #15 Bob Alkire, Feb 20, 2007
    Last edited by a moderator: Feb 20, 2007
  16. FriendofSpurgeon

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    In the 20+ years that I have been here, we've only had one serious hurricane where I live. We've had a couple of minor ones over the past few years, but nothing major. And definitely, no insurance claims. But yet, the premiums continue to increase.

    Of course, the really serious one was Hurricane Andrew 13 years ago. Hopefully, I'll never go thru a category five again.
     
  17. Bob Alkire

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    I hope you don't go thru any more also.

    Got good news yesterday, due to the type of roof I have on my house they cut my insurance $315.00.

    If I recall correctly back in the 60's and 70's we had some of the lower insurance rates in the state. Rates were based on your chance of being hit. Never had hurricane insurance because you were covered anyway, now you need it and if you are in low lands you need flood insurance.
     

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