It is funny that it takes a lifetime of collecting stuff to realize life isn’t about collecting stuff
I made an insurance policy spreadsheet
- Thread starter Pablo
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Yes, and I think that only a very tiny amount of special material things get handed down to the next generation(s). My kids only slightly appreciate my parents (RIP) few things that we inherited, let alone just a piece or two from my grand parents. From my great grandparents I think I only have a few 1900's silver dollars. The "specialness" of handed down items gets diluted fairly quickly in my opinion.
The moral for me is don't idolized material things, instead attempt to appreciate family, friends, and experiences (both good/bad have value).
Im answering my own post because I needed to point out. As unrealistic as this price seems. I have managed to keep insurance costs slashed my entire life almost.
In my community people would not believe me if I told them this price. The norm would be guessing $1000 more per year and that would be the norm. With some I am sure possibly close to $2000 more per year. I know this because I shopped around and some community FB complaining about rates. It is possible now that I am in year two by the time I get to year three I might find another increase. However the state limits increases so it's possible I will still be paying this little. I did have a first year teaser rate which was fine at a stupid low price of 20% less than the price posted above. (1450) I have had quotes 1900 to 2800.
I have a family member in a community 10 miles away, same sq footage, general location but in SC and they have been getting beat up. They cancelled his policy and pulled out of the area. The new company wanted 100% more for insurance, would have took him close to $4000 ... he shopped around and felt good to find a policy at $3,200. He used to pay what I pay just 3 years ago.
I SUSPECT that is because a roofer went through his community replacing roofs after a storm. My family member wanted to pay for it himself because the roof was getting close to being towards the end of its lifetime, but neighbors and the roofing company convinced him to let the insurance company pay, since it was after a storm. I am convinced, there is NO free lunch with now, an insurance claim on his insurance rating and/OR most likely that rating because of the roof claims in the area of his community. Meaning since so many homeowners took advantage, that area is now marked as high risk
Fascinating subject, Im no spring chicken and have met a lot of people in my life and insurance discussions part of that. All I know is I never filed a claim on any home or property that we own and I was always able to find much better pricing than those who I did know filed claims for minor things that really could have been handled on their own. Other influences such as your location, credit score, insurance score AND WHAT PEOPLE WHO LIVE NEARBY THAT MAY FILE CLAIMS does affect you.
Our last home, MUCH larger than our new "retirement" home, I paid the same prices listed above. However many years ago living in that house I had to search and search because for no reason I started getting abnormal rate increases. I ALWAYS manage to find another company to get my price back to what I paid.
However I figured out why. Keep in mind since moving south we always lived in new homes. Anyway, in our last much larger home, a young couple next door family business was insurance. WELL, at around the 10 year mark they decided to move. Interestingly they had an insurance adjuster look at their roof after a roofer said there was storm damage as he did many other homes in the area. Guess what? they got a new roof and these were BIG roofs. I am positive it wasnt a strange thing that the following year or so. The insurance company I had for a few years at a super low rate wanted a rate increase. SO I cancelled them and got my rate back down. I am positive, that roof next door affected us and others. Because the same roofer at the time, replaced other roofs in the community. Everyone thought it was "free lunch" time.
When we sold out new home 16 years later, a full roofing inspection found our original roof still in good functioning condition. We did have a couple nail pops fixed. Anyway, the storm damage of some in the community was BS by the roofers and ins adjusters. I know this even more so as a neighbor across the street tried the same thing for a free new roof with different adjusters and was turned down.
Definitely not. Insured value for full replacement is under $600k. Home value closer to $400k. It's a racket here as are property taxes.
That's great. As per your statement about roof replacements, I agree. We had a guy at work get money back from a replacement roof job. He said the roofing company charged the insurance nearly $25k for the job and gave my co-worker "back" about $7k. A roof replacement should only be about $15k here. They are gaming the system and driving up rates. It should be a crime.
Stuck here for a while unfortunately due to our employment and 2.2% interest rate.
I love how property taxes increase faster than home values (% comparison)
Ok, what makes your current premium appropriate for your risk profile?
I have no clue at all
I think just constantly shopping around, having an excellent credit and insurance score which includes never having an insurance claim in my very long so far life. IN my 50 plus years of driving I did have 3 minor no fault of mine car accidents, never a homeowners claim.
Ironically the current low rate was found by an insurance broker that I used. Being new to this area and being it is a coastal area I thought they might be able to help after Progressive pulled out of the area and after me not finding what I wanted on line which is a first for me. Being coastal is in a big issue I knew it would be but not to the extent of the companies I was trying to get online quotes from and barely finding anyone, the ones I did were right up there with what I was not willing to accept. I also wonder being its a newer community (at least this current phase) maybe that helped, lack of claims? I dont know, but I was relieved to see now in the second year I wasnt dropped.
I havent relied on a broker in many decades but this one literally put all the criteria of my wife and I, along with SS numbers etc. into her computer and she was getting instant quote returns as we sat there and waited. Kind of like a bidding offer process??? She did make a comment about our excellent scores (seemed relieved)
That is all I know and heck, who knows what next year will bring, Im resigned to sooner or later I may not be so happy. So far so good. Knowing what others pay, I do feel like we are walking a tight rope here. Only because of the coast, constantly shopping insurance has always worked well for us. I dont know about our new home and location, not enough time has passed.
This is the fallacy of the commons. You can't control what the others do in your area, and the insurance companies won't do a long term money losing business so they pull out. The remaining insurance companies aren't stupid so they raise rate.
The long term outcome would either be some building code update to eliminate some risk (i.e. mandate roof that last a cat 5 hurricane, for example), or an even bigger fallacy of the commons like tax payer somewhere subsidizing a policy where the insurance companies won't take on. If a casino owner refuse to take a bet against nature you know something is going wrong, this is just business and has nothing to do with politics.
Meanwhile, nothing you can do other than either sell the home and rent an apartment (fewer roof per household to fix), or move out of the area into a lower risk zone. Same problem with our wildfire risk profile. I think we have changed 3 companies in the last 5 years already, and so far premium went up 40% despite us living in a downtown urban area.
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Speaking about the "Frog" slowly boiling in a pot of warm-hot water; I lived in Colorado. A talkshow host was speaking about an insurance company-Sentry Ins out of WI. If you did not have a claim on your auto in 5 years, 50% discount. They sent a check for no claims; I would endorse it and send it back. I had them for years. Then, they drop Colorado and I to find another company. I got Nationwide Ins. They were much cheaper. I had been paying way too much for years.
I moved to Arkansas in 2017. Homeowner ins & senior (65+) homestead property tax were low ($1900 combined). My PT has dropped $250, but Farm Bureau Ins has skyrocketed in 3 years. Last year, they tacked on a 2% wind & hail deduction ($6500). They decided it cost $180sqft to rebuild my house; doubled my actual value of my home; gave $39,000 to cover to an 8x10 shed (which I should teardown); charge me $80 for $100,000 liability coverage. Last year, I argued it down $200. This year, it went up $500+car went up $500 (full coverage). I switched to Shelter Ins and saved $788 from both policies combined.
If I had $1M in savings, I would have $300,000 liability insurance. Just in case some kid crawls my fence to climb my tree and falls. Since 1976, I have lived in 3 States and I have never had a homeowner's claim.
2 neighbors on my side of the street had wind damage 3 years ago and got new roofs. 3 neighbors replaced roofs last year. My architectural shingled roof was installed in 2007. I check my roof every year. It is still glued down. My next door neighbor has a 3-tab roof and it fine. 1 neighbor 3 years ago had State Farm; he called him out for an inspection for possible wind damage-none found. Then, he got a letter from State Farm that he must change his shingles because they were 15 years old; he dropped them. I'm 75 yrs old; I if I had a 3-tab roof I would do another layer, but I don't.
I moved to Arkansas in 2017. Homeowner ins & senior (65+) homestead property tax were low ($1900 combined). My PT has dropped $250, but Farm Bureau Ins has skyrocketed in 3 years. Last year, they tacked on a 2% wind & hail deduction ($6500). They decided it cost $180sqft to rebuild my house; doubled my actual value of my home; gave $39,000 to cover to an 8x10 shed (which I should teardown); charge me $80 for $100,000 liability coverage. Last year, I argued it down $200. This year, it went up $500+car went up $500 (full coverage). I switched to Shelter Ins and saved $788 from both policies combined.
If I had $1M in savings, I would have $300,000 liability insurance. Just in case some kid crawls my fence to climb my tree and falls. Since 1976, I have lived in 3 States and I have never had a homeowner's claim.
2 neighbors on my side of the street had wind damage 3 years ago and got new roofs. 3 neighbors replaced roofs last year. My architectural shingled roof was installed in 2007. I check my roof every year. It is still glued down. My next door neighbor has a 3-tab roof and it fine. 1 neighbor 3 years ago had State Farm; he called him out for an inspection for possible wind damage-none found. Then, he got a letter from State Farm that he must change his shingles because they were 15 years old; he dropped them. I'm 75 yrs old; I if I had a 3-tab roof I would do another layer, but I don't.
How much did the lawyer cost him vs the new payout?
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