Home owners ins. recommendations...

**Mipade** · March-11-10, 03:16 PM

Would appreciate a referral for an agent from someone living in or around the University District. If you would not mind, curious to what you're paying, as well?Can't find a decent deal...

neighbor · March-11-10, 03:53 PM

Here come the redlining conspiracy theorists.

Find a good broker who offers coverage from many different insurers. Living in Detroit it won't be cheap but they should be able to get you in a good car and home package.

**DetroitPlanner** · March-11-10, 04:04 PM

I was able to get a very good rate from AAA by combining my auto policy and having a credit union account. When I switched I went from $1,200 a year to $1 per day or $365. Car insurance was cut nearly in half as well.

I am convinced that most folks who complain about insurance either are too lazy to shop around or have terrible a credit rating. They get taken advantage of.

Consider higher deductibles. A $1,000 deductible tells the insurance company that you will not file fivolous or small claims and you can easily save the difference over a year from a $500 deducible.

**BVos** · March-14-10, 12:45 AM

I agree with DP on the $1,000 deductible. Keep an emergency fund of $1,000 on hand at all times and you'll save a bunch on ins. and recoup your money within a few years.

I've had good luck with Pioneer State Mutual Ins. out of Flint. Their rate was half what I was paying for Farmer's Ins. and is better coverage. Go to their website to find a local broker: https://www.psmic.com/

**Meddle** · March-14-10, 01:05 AM

It's been a while since I was there, but I think my last policy was with SafeCo. My mortgage was with CountryWide which at the time was a good company. They went in the toilet later and I wouldn't deal with them now. SafeCo was somehow connected with CW back then and their rates were far below anybody else. I can't remember if my deductible was $500 or $1,000

**Cincinnati_Kid** · March-14-10, 03:51 AM

Originally Posted by DetroitPlanner

I was able to get a very good rate from AAA by combining my auto policy and having a credit union account. When I switched I went from $1,200 a year to $1 per day or $365. Car insurance was cut nearly in half as well.

I am convinced that most folks who complain about insurance either are too lazy to shop around or have terrible a credit rating. They get taken advantage of.

Consider higher deductibles. A $1,000 deductible tells the insurance company that you will not file fivolous or small claims and you can easily save the difference over a year from a $500 deducible.

It's ridiculous that your credit rating is infringing on everything, including insurance. If you pay for insurance, the only thing that should matter is your driving record, and ability to pay, not how high your FICO score is. This credit rating B.S. has gotten out of hand. Further proof soon, the Middle Class will be a distant memory. It will be the Rich and the Poor, no in-between.

**Meddle** · March-14-10, 03:59 AM

We're talking about homeowner's insurance, so the driving record is not in play. Your credit record says a lot about how financially stable and responsible you are and your ability to pay the premiums.

**Cincinnati_Kid** · March-14-10, 04:16 AM

Originally Posted by Meddle

We're talking about homeowner's insurance, so the driving record is not in play. Your credit record says a lot about how financially stable and responsible you are and your ability to pay the premiums.

It doesn't matter if it's homeowners or auto insurance. Your credit rating shouldn't be the deciding criteria for everything in a person's life, good or bad. Bad things happen to good people all the time that in some cases they have no control over. Like losing a job, or health issues. Should they be penalized for that? This credit B.S. is just that. I might not have a 800 FICO score, but I'm not a sleazeball either.

**cloud_wall** · March-14-10, 02:52 PM

Originally Posted by Meddle

We're talking about homeowner's insurance, so the driving record is not in play. Your credit record says a lot about how financially stable and responsible you are and your ability to pay the premiums.

If you don't have the ability to pay the premiums, they cancel the policy. Why should a credit score lead to higher premiums in the first place?

**cloud_wall** · March-14-10, 03:16 PM

Also, I recommend Amica. Premiums aren't the cheapest, but they will pay on valid claims, in contrast to most of the other companies.

**Cincinnati_Kid** · March-14-10, 06:07 PM

Originally Posted by cloud_wall

If you don't have the ability to pay the premiums, they cancel the policy. Why should a credit score lead to higher premiums in the first place?

That's my whole point. Credit scores should have nothing to do with determining rates or ability to pay, especially auto insurance which should be solely based on driving record, and not where you live. It's getting ridiculous,

**Hermod** · March-14-10, 06:36 PM

Originally Posted by Cincinnati_Kid

That's my whole point. Credit scores should have nothing to do with determining rates or ability to pay, especially auto insurance which should be solely based on driving record, and not where you live. It's getting ridiculous,

The insurance companies have done exhaustive statistical studies [[aren't computers wonderful?) which show a very high inverse correlation between credit rating and claims history for all property and casualty insurance.

**Mipade** · March-15-10, 07:07 AM

Originally Posted by Hermod

The insurance companies have done exhaustive statistical studies [[aren't computers wonderful?) which show a very high inverse correlation between credit rating and claims history for all property and casualty insurance.

it's easy to connect dots...especially when there's something mythical such as a credit score involved.

**SWMAP** · March-15-10, 11:01 AM

Owning a home in SW Detroit, I have been mulling annual insurance rates versus what a payout might be. I believe that i could get maybe $8,000 if I sell my house. How much am i likely to get from an insurer if a tree falls on my house or there is a fire. I have heard that it is hard to get a payout based on the value of the house. Any first-hand anecdotes?

**Cincinnati_Kid** · March-16-10, 03:03 AM

Originally Posted by SWMAP

Owning a home in SW Detroit, I have been mulling annual insurance rates versus what a payout might be. I believe that i could get maybe $8,000 if I sell my house. How much am i likely to get from an insurer if a tree falls on my house or there is a fire. I have heard that it is hard to get a payout based on the value of the house. Any first-hand anecdotes?

Depends on how high your FICO score is. Seems like that's the criteria at the moment. It also determines whether you get a job or not. Total B.S.

**SWMAP** · March-16-10, 09:32 AM

No - my question is how much I would get in a payout if my home is totalled. If only worth $5000 but insured for $50,000, would I get $50,000 or would the insurance company go to market value for a replacement payout?

**Hermod** · March-16-10, 10:25 AM

Originally Posted by SWMAP

No - my question is how much I would get in a payout if my home is totalled. If only worth $5000 but insured for $50,000, would I get $50,000 or would the insurance company go to market value for a replacement payout?

It depends on whether or not your house is insured for "replacement cost" and not "value".

**kryptonite** · March-16-10, 10:38 AM

You know, I wonder if that's the reason my house insurance is so high? I insure it for replacement cost and in reality my house is worth 1/4 the original replacement cost when I purchased it. Ugh, now I have to call the agency, no fun.

**DetroitPlanner** · March-16-10, 11:47 AM

Originally Posted by SWMAP

Owning a home in SW Detroit, I have been mulling annual insurance rates versus what a payout might be. I believe that i could get maybe $8,000 if I sell my house. How much am i likely to get from an insurer if a tree falls on my house or there is a fire. I have heard that it is hard to get a payout based on the value of the house. Any first-hand anecdotes?

Remember, homeowners insurance covers much more than a 'what if my house burns down' scenario. It covers all the stuff in your house and give you some protection against someone sueing you into indentureship should they slip and fall or do something stupid to themself on your property.

**mikeg19** · March-16-10, 12:09 PM

Um, yea, don't get AAA.

Long story short, a tree fell on my home in late August of 2009 and we are still fighting with them over money for repairs from the extensive water damage. Plus it took them OVER A MONTH just to get a new roof on my home. Horrible service, as soon as all the work is done we will be switching insurance companies.

**SWMAP** · March-16-10, 01:01 PM

Water damage! Good luck getting another insurer as you have water damage [[with mold implications) on your record. hard to get anyone to take that on. I'm told that you should never report water damage, a roof leak, a bathroom leak - anything!

**MaxDetroit** · March-16-10, 08:50 PM

Last week I got the yearly homeowners premium notice from State Farm who I've been insured with for many years. Our last claim was from a hail storm 27 years ago [[!!!) To make a long story short, the "premium adjustment" was only a few dollars higher than last year BUT buried in the fine print was this little bombshell:

"Effective with this renewal notice, deductibles are being increased to a higher option. The changes are as follows:

$500 to $1,000
$1,000 to $2,000 [[mine)
$2,000 to $4,000

So they doubled the deductible. It can be kept at $1,000 by paying an additional $76.

That was the last straw. I'm taking my business elsewhere. Does anyone know of a decent insurance company with "reasonable" rates, or is that an oxymoron?

BTW, my FICO is 845.

**lalynch** · March-16-10, 10:16 PM

My insurance, auto and homeowners, is with USAA but they are restricted to those in the military or veterans. I shop around periodically and they are always lower than others. I did have Amica for a year but went back to USAA when they raised the rates. I have kept my first homeowners insurance policy from 1997 only because the rate was so cheap compared to today. It's nearly doubled from $200 something to $600 something but I got the premium lowered a bit because I felt it didn't need to be insured for as high of a value that they have it at. I do have replacement costs coverage and wouldn't go with it. A garage theft of $3000 of tools in 2001 was living hell to get the claim settled because we didn't have all the receipts and had to find the boxes and the manuals. They ended up sending an investigator to our house to interview us . The investigator went and asked all our neighbors if they knew anything. Of course, they did not because we did tell them about the theft. But the investigator was from a company, of which, I used to work with the wife of its owner at another insurance company. All work out ok and we got our settlement.

**amberknight** · April-12-10, 09:04 AM

Our house and car are both insured with The Hartford [[http://hartfordauto.com) for some time now. Reasonably happy actuallyâ€¦no big premium leaps, multi-line discount, not THE cheapest really but very reliable. Have had a claim each settled in the past for hail and a cracked windscreen. They were quite professional and prompt about the whole matter. I went through their website just now to check about the multi-line discount. They say up to 15% on house and 10% on car if you combine both. Hope this helps

**HazenPingree** · April-12-10, 10:00 AM

When I closed on my home in January, I called a number of agencies. The best rate I could find was with the Benavides Allstate Agency in Southwest Detroit. They beat out State Farm, AAA, and all of the independent agencies I called.