This site will be my effort at a factual, informative, opinionated site where you can get information on issues of interest regarding Caldwell, Nampa and Canyon County. Please feel free to send me information that you wish to post and I will keep my sources confidential. My email address is paul.alld@gmail.com
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Monday, May 24, 2010
You May Be Paying Too Much For Homeowner Insurance
I decided to check other companies as we thought we were paying a lot of cash for homeowners insurance with falling values and lower replacement costs. We checked three companies and they all use an estimator to figure the replacement costs of your digs. All three companies we checked were pretty close on the replacement values except for the current insurer. Their valuations were significantly higher. What was going on with the difference?
Here's the deal. You need to initiate the process of having your home value reset and your insurance premium will reflect the new (perhaps lower) costs of replacement in this economy. The insurance companies won't do this for you. You have to ask..you don't ask, you continue to pay higher premiums. This is how all the insurance companies can tell you they are lower in cost if you switch to their company.
Replacement costs for homes and businesses have dropped dramatically in the past two years. We were paying an insurance premium reflecting higher than estimated cost to replace/rebuild our home.
A call to your agent will initiate the process. Check your "DEC SHEET" aka declarations page and ask the value to be checked. It could save you some cash come renewal time on your homeowners policy.
2 comments:
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Agree or disagree just do it without profanity or it won't get posted. Try to keep your comments to no more than 300 words. Too long and I will try to edit it down or simply delete the comment. The whole idea is to get people to read your comment. Don't use 10 words when one will do the job.
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Good advise. Coincidentally, I had this checked a few months ago when I was looking at all of my bills to reduce costs. Although I stayed with the same insurance company, my premium saw a large drop. I would recommend that folks contact their home owners' insurance company.
ReplyDeleteOn a side note, while reducing costs, I canceled my DirecTv service, sighting cost, contract, and value as my reasons. A day later the company called me and I have nearly twice the number of channels for a lower price with no contract. I guess they needed the money too.
Paul you might check how your ISO rating affects your homeowners insurance as well. Caldwells will be going up shortly.
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