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Insurance agent problems.

Insurance agent problems.

Old Jun 6th 2013, 8:22 pm
  #1  
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Default Insurance agent problems.

Last year we moved back to the UK and were unable to sell our house so we rented it to a family.
I informed our insurance agent of all this and asked for the insurance to be changed to "Landlords insurance". I have an email chain to prove it. So this year we got a renewal statement for "Homeowners insurance" for the princely annual premium of $1,195 including a sum for personal property.
I rang them and the representative admitted to me that he had started to change it last year, encountered a difficulty and "given up", but would have another go.
Despite emails and phone calls I can't get hold of the actual agent.
Anybody got any advice?
The amount also seems very steep, I paid about £300 p.a. To insure our British house while I was in the USA.
My hair is standing on end that we may be paying for insurance which doesn't fit the bill!
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Old Jun 6th 2013, 9:59 pm
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Default Re: Insurance agent problems.

A lot of the cost relates to substantial or catastrophic damage to the structure, and therefore depends on the cost of the house (actually more the "cost to rebuild", which at the moment may be substantially more than market value), and the risk of catastrophic damage in your city & state, as well as factors such as trees within falling distance of the house, and a risk premium for it being a rental. $1,200 would probably be about right for a rental house worth about $250,000 +/-, with low storm/ hurricane/ tornado risk , and negligible earthquake risk. In Florida and other coast areas on the east coast, $1,200 might only be enough for a $180-200k house, or even less.

That said, you do need to get the right sort of policy, and as soon as possible ... just don't expect it to cost any less than you are currently paying.

Last edited by Pulaski; Jun 6th 2013 at 10:04 pm.
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Old Jun 6th 2013, 10:15 pm
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Default Re: Insurance agent problems.

Thanks Pulaski! I have finally had a reply from the insurance company.
I'm amused by some of your comments. The neighbourhood prides itself on its trees, lots within falling distance, and the locals go bonkers if you get them felled. Had several roof repairs done while we were there, but none claimable as the deductible was so high.
Also, it is in Washington DC, so fairly low storm/ tornado/ hurricane/ earthquake area, but we did have all those things within the space of about two weeks in September 2011. Oh, how we laughed!
I mostly grew concerned that if our insurance wasn't the right one it would be invalid, so I sent an email to the agent yesterday and he seems to have got his finger out.
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Old Jun 7th 2013, 12:25 am
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Default Re: Insurance agent problems.

Why not go elsewhere?
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Old Jun 7th 2013, 2:55 am
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Default Re: Insurance agent problems.

Originally Posted by Boiler View Post
Why not go elsewhere?
that's what I thought.
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Old Jun 7th 2013, 7:23 am
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Default Re: Insurance agent problems.

Originally Posted by Boiler View Post
Why not go elsewhere?
Oh, I did! I phoned Geico for a quote but they couldn't generate one because our primary residence is no longer in the United States.
They advised me to stay with my current insurer.
I still don't really understand why US insurance costs so much more than UK.
I guess the only answer is because it does!
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Old Jun 7th 2013, 7:56 am
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Default Re: Insurance agent problems.

Originally Posted by jemima55 View Post
Last year we moved back to the UK and were unable to sell our house so we rented it to a family.
I informed our insurance agent of all this and asked for the insurance to be changed to "Landlords insurance". I have an email chain to prove it. So this year we got a renewal statement for "Homeowners insurance" for the princely annual premium of $1,195 including a sum for personal property.
I rang them and the representative admitted to me that he had started to change it last year, encountered a difficulty and "given up", but would have another go.
Despite emails and phone calls I can't get hold of the actual agent.
Anybody got any advice?
The amount also seems very steep, I paid about £300 p.a. To insure our British house while I was in the USA.
My hair is standing on end that we may be paying for insurance which doesn't fit the bill!
I see you mention ‘a sum for personal property’ but when we wanted to rent out our place it was impossible to cover contents with tenants according to the agents we asked.
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Old Jun 7th 2013, 9:12 pm
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Default Re: Insurance agent problems.

I rent out a few condos. I pay $219 per condo for a year of landlord insurance. It's through a great guy at State Farm. He seemed familiar with foreign ownership etc. Let me know if you want his contact info.
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Old Jun 7th 2013, 9:21 pm
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Default Re: Insurance agent problems.

Originally Posted by Extreme View Post
I rent out a few condos. I pay $219 per condo for a year of landlord insurance. It's through a great guy at State Farm. He seemed familiar with foreign ownership etc. Let me know if you want his contact info.
Thanks, I appreciate that but I think we are going to sell up and move on
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Old Jun 7th 2013, 11:16 pm
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Default Re: Insurance agent problems.

Originally Posted by Extreme View Post
I rent out a few condos. I pay $219 per condo for a year of landlord insurance. It's through a great guy at State Farm. He seemed familiar with foreign ownership etc. Let me know if you want his contact info.
I agree. There should be very little difference in price since it is primarily just hazard and liability insurance which is about the same coverage as insurance for a primary residence.
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Old Jun 8th 2013, 1:11 am
  #11  
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Default Re: Insurance agent problems.

Originally Posted by audio View Post
I see you mention ‘a sum for personal property’ but when we wanted to rent out our place it was impossible to cover contents with tenants according to the agents we asked.
That was EXACTLY her point! The policy was the same one she'd had when she live in she lived in the house herself, but if you read the OP, the insurance agent had failed to change the policy to a landlord policy when she requested it to be changed.
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