Homeowners Insurance

[dolfinjuls]

Hi! I'm looking for any recommendations on homeowners insurance! We are first time homeowners and have only used renters insurance prior. Any advice with what we should be looking for with coverage, cost, etc?

Thank you!

 

[Blue.Fairy2]

did u or your partner ever serve in the military?

if so USAA would be the best and the cheapest.

they used to offer insurance to children of military personnel, not sure if they do that anymore, you could call and check.

 

[dolfinjuls]

No military here, but thank you!

 

[Colleen27]

Make sure your replacement cost coverage is realistic, and look into what provisions are included, if any, to compensate for changes in code. My mother is in the process of rebuilding after a fire, and that is the most valuable thing she had as part of her policy - an optional rider (at additional cost) that specifically covers the difference between replacement and current code. Since her town has "gone green" and mandates a LOT more in terms of insulation, energy conservation, and water conservation than when her home was built in the 50s, a basic replacement value policy would have left her with about 25K to come up with for the code improvements.

Personally, I was more comfortable using a local agent that came out and gave me a detailed replacement value than I was with any of the national chains that were willing to determine the RV sight unseen. I was a bit shocked at what they determined replacement cost to be, but it wasn't that far out of line with other quotes I got for comparison's sake and was done with an accurate knowledge of our fairly unique home.

 

[A Mickeyfan]

Use a local agent but one that deals with a well known chain. Always get replacement value and see what types of deductables they have. Where I live (Hurricane prone area), I have a normal deductable, then if a named storm comes by deductable is 2% of the value of my home even if the claim isn't from the storm (that is mandatory here..not my choice).. some homes near me, but west of me (closer to the water) have to carry "wind" insurance".. also don't forget flood insurance, that isn't covered under Homeowners... not sure if you live near any water or not..flood insurance is suppose to cover any rising water.. including backed up sewers.... YUK I have been lucky and never (knock on wood) had to put in a flood claim.... but I do carry it due to my elevation. I am only 7-8 ft above sea level

 

[cart-mom]

We recently switched to Liberty Mutual because DH works for UPS and they give us a discount. Our homeowners went from over $1000 A YEAR (with a big deductible and no claims) to around $460 a year with more coverage and the same deductible. It pays to check out a few companies and see if you get a discount at work.

Good luck and congratulations!