Home Insurance?
#16
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Re: Home Insurance?
Originally Posted by Guelder Rose
Yes, wrong to compare in that way, I was just thinking about how affordable insurance was in the UK and didn't really expect it to be so expensive here in the US, even with the different hazards. Just a case of what I'm used to and what I'm now trying to get used to, if you know what I mean?
Just realised that I really don't need to compare different hazards, when the quotes so far don't even include earthquake or flooding coverage anyway! Judging by the cost so far, I think I will just have to keep my fingers crossed that we don't have an earthquake.
#17
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Re: Home Insurance?
Originally Posted by Manc
Also consider...........
If your home were to up in smoke. $90 per month to insure isn't that bad considering a total loss would re-coup you upto nearly $300,000
If your home were to up in smoke. $90 per month to insure isn't that bad considering a total loss would re-coup you upto nearly $300,000
Hmmm, so maybe I should think along the lines of whatever I save in the US compared to the UK can be put toward what costs more in the US compared to the UK - and maybe I will end up quits!
They say living in the US is cheaper than the UK, I'm not so sure!
#18
Re: Home Insurance?
Originally Posted by Guelder Rose
Just wondering whether this is correct? I was told that with, say, vehicle insurance you can never really be totally covered. The impression I was given was that you could get a certain level of coverage, but if someone sued you after a bad accident you could still wind up losing your home. Maybe this has something to do with medical not being free over here?
Most people have at least $100,000 per person liability and sometimes even a Personal liability umbrella on top.
#19
Re: Home Insurance?
Originally Posted by Guelder Rose
They say living in the US is cheaper than the UK
#20
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Re: Home Insurance?
Originally Posted by Manc
The auto policy has limits, but you as the consumer determine the limits of the policy. State minimum liability is usually $20,000 per person per accident. If you chose this and end up getting sued it's because you chose a cheap ass insurance policy on your car.
Most people have at least $100,000 per person liability and sometimes even a Personal liability umbrella on top.
Most people have at least $100,000 per person liability and sometimes even a Personal liability umbrella on top.
Okay, but I was told that a serious car accident could leave you with medical bills costing several hundreds of thousands, so $100,000 doesn't seem that much. I just have an awful lot to learn about how things work here in the US and it feels a bit like I'm the old dog trying to learn a new trick and not doing too well!
#21
Re: Home Insurance?
Originally Posted by Guelder Rose
Jeez, no I haven't ... just blindly calling insurance agents and asking for quotes with them telling me what is included and what isn't! Not one of them asked about the mortgage, so I will check that out.
There are basically 3 different types of homeowners policy.
1) Homeowners 1 - Named Perils only
2) Homeowners 3 - Named Perils on dwelling, broad coverage on contents
3) Homeowners 5 - Broad Perils on everything.
So even if you just ask for a quote and you think it's dead cheap it could be because you're comparing a shitty HO1 to a broad HO5.
#22
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Re: Home Insurance?
Originally Posted by Guelder Rose
I'm in California and am trying to obtain fire and theft insurance for my house and contents and would appreciate some advice.
I've been quoted over $1,100 for coverage as follows: $215,000 structure, $300,000 liability and $16,800 personal property. Deductables = $500.
Compared to what I used to pay in the UK, this seems very, very expensive, especially when accidental damage/valuables is not included, and $16,800 is not anywhere near enough to cover all our possessions. I wonder whether that is just how it is in the US, or whether perhaps there are cheaper alternatives and I just have not found them?
I've been quoted over $1,100 for coverage as follows: $215,000 structure, $300,000 liability and $16,800 personal property. Deductables = $500.
Compared to what I used to pay in the UK, this seems very, very expensive, especially when accidental damage/valuables is not included, and $16,800 is not anywhere near enough to cover all our possessions. I wonder whether that is just how it is in the US, or whether perhaps there are cheaper alternatives and I just have not found them?
I pay $1100 per year $400k structure, $300k Liability ,$100k Personal - no earthquake or flood with All State - no point in earthquake - the deductable is usually 200k plus - I assume Bush will help me out
#23
Re: Home Insurance?
Originally Posted by Guelder Rose
Okay, but I was told that a serious car accident could leave you with medical bills costing several hundreds of thousands, so $100,000 doesn't seem that much. I just have an awful lot to learn about how things work here in the US and it feels a bit like I'm the old dog trying to learn a new trick and not doing too well!
Aaaah I was talking about others sueing you for their medical bills should you be held at fault for an accident.
Yes, In tort based states, your medical coverage is usually capped at some pre-determined limit by you on yourp olicy. It's a question of how much risk you're willing to take. However lets be honest, most health insurance policies coordinate with ato accidents, so it's the health insurance co which will cover you in the event of an auto accident, with auto insurance picking up any excess deductibles.
#24
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Re: Home Insurance?
Originally Posted by Manc
it's only said by people whom don't live here.
#25
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Re: Home Insurance?
Originally Posted by Manc
You see here's another thing to add into the mix.
There are basically 3 different types of homeowners policy.
1) Homeowners 1 - Named Perils only
2) Homeowners 3 - Named Perils on dwelling, broad coverage on contents
3) Homeowners 5 - Broad Perils on everything.
So even if you just ask for a quote and you think it's dead cheap it could be because you're comparing a shitty HO1 to a broad HO5.
There are basically 3 different types of homeowners policy.
1) Homeowners 1 - Named Perils only
2) Homeowners 3 - Named Perils on dwelling, broad coverage on contents
3) Homeowners 5 - Broad Perils on everything.
So even if you just ask for a quote and you think it's dead cheap it could be because you're comparing a shitty HO1 to a broad HO5.
Well, I said I had a lot to learn, and thank you Manc - your advice, along with what other posters have said, is helping me to be better equiped to ask the right questions in order to get the right answers!
#26
Re: Home Insurance?
Another factor to consider is your credit score (they usually use their own proprietry scoring system rather than the financial industry's FICO but use the credit bureaus' data) as some insurance companies take it in to consideration. If you don't have a credit score, it's a waste of time shopping those insurers who will determine part of the risk using it. Conversely, if you've got a pretty good score, you can usually find the best rates at those insurers who rely heavily on it.
#27
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Re: Home Insurance?
Originally Posted by Guelder Rose
I just have an awful lot to learn about how things work here in the US and it feels a bit like I'm the old dog trying to learn a new trick and not doing too well!
Also, we went to State Farm insurance last year for our auto insurance and was pleasantly surprised at how cheap they were. I was given a quote from them for homeowners insurance this year and was pretty impressed at how cheap they were again. I'd give them a try if possible.
PS I grew up in California....when we moved back that was one of the places I'd knew I'd never move back to....too bloody expensive!
#28
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Re: Home Insurance?
Originally Posted by fatbrit
Another factor to consider is your credit score (they usually use their own proprietry scoring system rather than the financial industry's FICO but use the credit bureaus' data) as some insurance companies take it in to consideration. If you don't have a credit score, it's a waste of time shopping those insurers who will determine part of the risk using it. Conversely, if you've got a pretty good score, you can usually find the best rates at those insurers who rely heavily on it.
#29
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Re: Home Insurance?
Originally Posted by AmerLisa
Fatbrit is right....another reason why we went with State Farm, unlike Geico, they didn't rip you off because of your non exsistent credit score.
I use the local farm bureau - cheap for house, cheap for car