Homeowners Insurance

Discussion in 'Real Estate' started by AgronAlum, Mar 30, 2017.

  1. AgronAlum

    AgronAlum Well-Known Member

    Jul 12, 2014
    1,185
    319
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    +1,060 / 28 / -0
    Ok, I think were on the same page. State farm was quoting me 15k+ above the purchase price of the house, including the land value. So were talking a quote that's 75k+ over the improvements on a brand new house. Seems a little excessive to me.
     
  2. Jnecker4cy

    Jnecker4cy Active Member

    Aug 18, 2006
    400
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    Insurance Agent
    Ankeny, IA
    Ratings:
    +156 / 5 / -0
    Insured value and Market value are often not the same. The insurance value is a replacement cost basis, the assessors value is commonly less than what your home insurance value is. That insured value will also be all over the board as many insurance companies all have different programs to come up with replacement cost and some will be quite different in value.
     
    • Agree Agree x 2
  3. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
    11,687
    1,405
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    North Iowa
    Ratings:
    +4,372 / 130 / -0

    Sounds like you could pay for your house after two "accidental" fires. Be careful
     
  4. 1100011CS

    1100011CS Well-Known Member

    Oct 5, 2007
    11,870
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    Marshalltown
    Ratings:
    +1,037 / 31 / -0
  5. Cystheman

    Cystheman Member

    May 3, 2007
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    We have always been very happy with Nationwide. Their claims team has always been very fast and their prices are fair. Good bundling options too.
     
  6. tejasclone

    tejasclone Well-Known Member

    Oct 20, 2006
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    Technical Writer
    Chicago, IL
    Ratings:
    +785 / 9 / -0
    I just bought a new home and I got quotes from State Farm, Nationwide, eSurance, AllState, and Farmers. I had been a Nationwide customer, never had to use them, but their quote for our new house was 2x the quote that State Farm gave me for comparable coverage. I ended up choosing State Farm as they gave me the best home + auto quote for the same coverages as all the others. I badly wanted to go to a smaller local company but I was changing states and didn't have any contacts.
     
  7. CloneGuy8

    CloneGuy8 Well-Known Member

    Mar 20, 2017
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    +1,522 / 36 / -0
    We use an agent through Country Financial; he was recommended to us through our mortgage guy. No issues with them. I can give you his name if you want.
     
  8. JamesKinnear

    JamesKinnear New Member

    Apr 12, 2017
    3
    0
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    Male
    Ratings:
    +1 / 0 / -0
    Hi there! I don't have personally insured for coverage, but you may search online for different insurance companies and check out there. You will get the result by searching online. Likewise, few days back my cousin wants to hire a public adjuster so by searching online she got to know about this site for hiring a public adjuster for filing a claim and for the insurance settlement.
     
  9. JP4CY

    JP4CY Well-Known Member

    Dec 19, 2008
    11,150
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    Sommerset
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    +2,631 / 67 / -0
    The floods of 93 absolutely destroyed my parents basement. They had to rebuild it all and State Farm took care of them. They haven't even sniffed switching since then.
    We have State Farm as well for all policies but mostly because we used State Farm bank to refi mortgage a few years back to a 15 and local banks and big lenders couldn't beat their rates.
     
  10. nfrine

    nfrine Well-Known Member

    Mar 31, 2006
    2,263
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    Nearby
    Ratings:
    +619 / 33 / -0
    Had Nationwide for years until I figured out how much they over-charged. West Bend, State Farm and Farmers were all 30-40% less expensive (for better coverage). Went with West Bend and have had very good service.
     
  11. AgronAlum

    AgronAlum Well-Known Member

    Jul 12, 2014
    1,185
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    +1,060 / 28 / -0
    Ended up going with Travelers through an agent in Clive. They have identical coverage to the amfam and State Farm's of the world for almost half the cost.
     
  12. IceCyIce

    IceCyIce Well-Known Member

    Aug 17, 2009
    1,509
    63
    48
    Safety Man
    Grimes
    Ratings:
    +181 / 36 / -0
    Most companies are similar in claims service. Some are quicker to the event than others. I know Nationwide has been pretty quick to react in the past. One thing to look at is the endorsements and deductibles. If the deductible on your roof is 1% of home value that doesn't sound too bad. if you have a 250K house your looking t a $2500 deductible on singles. Thats not cool!! Make sure you know what your buying
     

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