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Please recommend good companies for homeowner's (specifically condo) insurance

M

mshan

Diamond Member
Which are the companies to avoid and which the companies to get estimates from? (e. g. teaser rates don't start increasing drastically over time, and provide quality coverage at a reasonable price)

Also, I've seen websites ask for how many rooms are in the condo, or overall square footage, then estimate personal belongings coverage based on that. Does this coverage include things like replacement cabinets, flooring, and appliances, or is that part of basic coverage plan?

I want coverage against catastrophic events, not against every belonging I own.
 
Check into the same company that you have auto insurance through. They'll usually do a multiple policy discount. I use AAA.

I've heard Costco is very inexpensive.
 
I have Allstate condo insurance in Georgia. They offered me a couple additional features for extra money that were extremely useful. I had to make a claim once using one of those extra features and it paid for 1.5 years of insurance in that one claim.
 
I have Progressive Auto insurance and am very happy with it.

Their website offers homeowner's / condo insurance, but it is via a different company that just happens to be merged into their website (I think they are simply acting as an insurance agent and get a commission for a referral from their website).

I am uncomfortable with All State because I have read that they have a nasty habit of ever increasing rates. Plus, Mad Money's Jim Cramer, when talking about how good a stock All State was many months ago, mentioned how great it was that they offer you a discount for not having an accident when they have already incorporated the cost of an accident into your insurance rate!

I am looking at State Farm also, but it seems real good deals here are when you bundle homeowner's insurance with their car insurance (which I don't want to do).

I've seen advertisements for independent Brooke Insurance Agency, but haven't followed up yet.

And what about what's covered with the personal property coverage you get (is this what pays for replacement flooring, cabinets, appliances, etc, or is that covered in basic no frills condo insurance rider?)
 
I got my Auto and Condo Insurance thru AAA which is just an agent for Commerce.

In regards to your question about personal property and dwelling. Dwelling would cover cabinets, flooring, etc. My coverage is broken-up by

Dwelling
Other Structures
Personal Property
Loss of Use
Personal Liability
Medical Payment to Others
 
So personal property rider (website estimates based upon sq. ft. or number of rooms) would really include personal belongings like computer and a/v equipment, furniture, etc? I think State Farm website was giving me a personal belongings recommended coverage of about $30,000 based upon ~ 1400 sq. ft.
 
Originally posted by: mshan
So personal property rider (website estimates based upon sq. ft. or number of rooms) would really include personal belongings like computer and a/v equipment, furniture, etc? I think State Farm website was giving me a personal belongings recommended coverage of about $30,000 based upon ~ 1400 sq. ft.
Click to expand...

I believe when the numbers were entered, the computer recommended $20,000 for personal property for my place which is 1311 sq ft. For a little more, I up'd it to $25,000.
 
I think you need to sit down with an agent or a friend/family member for them to explain the details.

You have dwelling coverage...this covers all things related to the dwelling except for your personal effects. Cabinets would be covered if permanent. A roll away bar would more than likely be considered non-dwelling.

You have personal effect coverage...this usually has exclusions to higher end jewelery and electronics. The are looking to usually cover an 'average' not someone with 20 picasso's and a 5.6 ct D FL diamond in a safe. For these effects there is speciality insurance.

You have flood. I have never been in a flood zone, but I always buy flood as it's cheap. In storms you may have damage not covered if it was deemed to be caused by flooding without this insurance.

You may be in an area where windstorm / hazard is actually separated. Here in Florida I have hazard insurance with one set of deductables and exclusions and Windstorm with another set.

Also certain things are not always covered not with insurance companies trying to get out of things. Down here for screened porch/gazebo type coverage you pay separate for them...I know if I had a screened enclosure here of any size my insurance would go up $2000 per year for coverage and the deductable was over $1000. I think $2500.

All the top names (Allstate, State Farm, USAA, etc) are decent. All insurance companies are rated so you can compare the ratings.
 
Do you own the apartment/condo? If not, all you need is contents insurance. Covers your personal belongings in case of fire/flood/burglary, etc. If you DO own the unit, then you need homeowner's insurance.

It's usually recommended to get your homeowners and auto insurance through the same company. It should save you money every month/year over having separate policies with different companies. For example, we get 20% discounts on both home and auto because we're insured with the same company.

Talk to your local independant insurance agent if you want good coverage for less money than the "big guys" charge. We dropped Farmer's a couple of years ago and saved about 50% on our homeowners and nearly that much on our auto coverage.
 
Yes, I own the condo.

Just trying to figure out what type of coverage, in addition to condo association master insurance policy, I need to protect against a catastrophic event like fire.

Know anything about Brooke Agency? (I see them advertise on local tv)
 
Originally posted by: BoomerD
Do you own the apartment/condo? If not, all you need is contents insurance. Covers your personal belongings in case of fire/flood/burglary, etc. If you DO own the unit, then you need homeowner's insurance.
Click to expand...

If you don't own you are looking a Renter's insurance which is impossible to define, there are tons of rules and restrictions on it.
 
Originally posted by: mshan
Yes, I own the condo.

Just trying to figure out what type of coverage, in addition to condo association master insurance policy, I need to protect against a catastrophic event like fire.

Know anything about Brooke Agency? (I see them advertise on local t)
Click to expand...

What policies are they offering, that's what matters...

Then shop at least two other agents to compare the rates on the same plan/coverage as not all companies require their agents to have a set commission structure.
 
USUALLY the master policy owned by the association covers THEIR interests, not yours. I'm surprised your mortgage broker doesn't require homeowner's (fire) insurance as a minimum to cover their interests.
 
Originally posted by: BoomerD
USUALLY the master policy owned by the association covers THEIR interests, not yours. I'm surprised your mortgage broker doesn't require homeowner's (fire) insurance as a minimum to cover their interests.
Click to expand...

The master policy usually has the coverage on the dwelling due to fire...you really have to read what's included and what's not by both the master and your own condo policy.

Usually condo policies are chock full of exclusions because they don't want to be covering neighbor stupidity, yet that's some of the most important things you want to cover living in a shared structure.
 
I pulled out my condo documents and the master insurance policy says:

Property Direct Coverage Limitations
Coverage
Buildings and Structures (building, structures): guaranteed replacement cost with $5000 deductible
"units" (original specifications): guaranteed replacement cost with $5000 deductible

There's lot of other stuff, but does basically say replacement as to spec when originally built and sold?
 
True, but it generally covers the condo association/owner's group's interests, not the owner of the individual owner.

DEFINITELY check the policy, but like I said, I'd be VERY surprised if the mortgage holder doesn't require a separate policy to cover their investment.
 
Amica - maybe.

Unum Provident - definitely not.

i forget the name of when an insurance company backs out of covering
something and says, "oh, read the fine-print, you're not covered for that."

the trick with an insurance company - they're happy to take your premiums,
but will they be there when you need them ?

one of John Gresham's novels was about that.
 
Originally posted by: mshan
I pulled out my condo documents and the master insurance policy says:

Property Direct Coverage Limitations
Coverage
Buildings and Structures (building, structures): guaranteed replacement cost with $5000 deductible
"units" (original specifications): guaranteed replacement cost with $5000 deductible

There's lot of other stuff, but does basically say replacement as to spec when originally built and sold?
Click to expand...

ouch $5k ded.

It should be REALLY cheap with that.
 
Originally posted by: wwswimming
Amica - maybe.

Unum Provident - definitely not.

i forget the name of when an insurance company backs out of covering
something and says, "oh, read the fine-print, you're not covered for that."

the trick with an insurance company - they're happy to take your premiums,
but will they be there when you need them ?

one of John Gresham's novels was about that.
Click to expand...

No joke. Insurance was a great idea, but now it's really un-customer satisfactory.

My brother had an agent once say flat out "sir, we are in the business to make money not pay out money" when he had a basic claim.

The guy was written up, but still I am sure that's the mentality and it's don't disclose that.

My cars are always majorly non-stock. I am sure one day I am going to be fvcked again because of it.

My 1966 Mustang GT my dad and I built (he was the money and labor, I was just labor)...had $40k in it back in around 1990. Old lady hit me broadside, but I was at fault because I was actually on the white 'stop' line. In reality I would have been hit still even if I was a foot behind it.

The car was totalled. They flipped out about $2-3k. When I bought the freaking thing it was $3600 as is. We had to fight it, but ultimately my dad still lost a ton of coin on the settlement, fortunately they let us keep the car.

 
Originally posted by: mshan
Plus, Mad Money's Jim Cramer, when talking about how good a stock All State was many months ago, mentioned how great it was that they offer you a discount for not having an accident when they have already incorporated the cost of an accident into your insurance rate!
Click to expand...

You needed Jim Cramer to tell you that? 😕
 
Originally posted by: Lothar
Originally posted by: mshan
Plus, Mad Money's Jim Cramer, when talking about how good a stock All State was many months ago, mentioned how great it was that they offer you a discount for not having an accident when they have already incorporated the cost of an accident into your insurance rate!
Click to expand...

You needed Jim Cramer to tell you that? 😕
Click to expand...

😕 as well. All insurance is calculated. Allstate's accident forgiveness deal is so far a real savings though at least for me. They are the lowest out there and giving me money back.

However; I think this was due to the flack they were taking trying to pull out of hurricane areas.

Since they now can write policies again in those I see this benefit being pulled soon.
 
He was saying that they were giving you an accident free discount for an accident you have not had yet. (i.e. your good driver rate at All State includes an accident you have not had, and then they promote a good driver discount, basically giving you a refund for a fee they argueably shouldn't be charging in the first place) Cramer Loved It! :Q
 
Originally posted by: mshan
He was saying that they were giving you an accident free discount for an accident you have not had yet. (i.e. your good driver rate at All State includes an accident you have not had, and then they promote a good driver discount, basically giving you a refund for a fee they argueably shouldn't be charging in the first place) Cramer Loved It! :Q
Click to expand...

thanks for explaining something that I didn't need explained.

All State was the lowest cost insurer for me prior to any accident forgiveness.

Assuming I was only selecting the top rated carriers. I could have saved money on premiums with lower rated carriers if that was my goal.

I buy insurance for that rainy day, not just to fix my car.
 
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