while we were watching the health insurance debate I got hit with

[onethatcares]

a $500.00 increase in my homeowners insurance premium. I am now the lucky policy holder allowed to pay $2739.00 for insurance on a 1926 frame home, a nice home but not worth anywhere near the 207k they think it's worth.

I've been told that I am not allowed to insure it for mortgage worth only, but have to have replacement value insurance. Our fair market value is now at 150K and our taxable value is 135k.

I'd really like to be able to get mortgage protection insurance(50K) and a 100k rider. Does anyone know where something like that would be available?

[uberblonde]

1. I could be wrong...

But I believe mortgage insurance is really a type of term life insurance.

[Liberal In Texas]

2. Man, you need another insurance company.

I know all states are different, but that seems really high. We just changed to USAA from a big well known company. We get a discount for also having the autos insured through them. Our 1946 house is valued a bit higher than that and we're about $1200/yr. The old company was basing our rates on fair market value instead of the cost to rebuild. The deductible is also based on rebuild, not fair market value. It makes a BIG difference if you ever have a claim.

[Kalyke]

3. What state are you in?

Call AAA. They do auto and home, causality, health, life, etc.

I wouldn't go with the mortgage protection (unless you can't get life insurance). I would first try to find a better insurance company.

[Juneboarder]

4. This is typical for Florida...

Hurricanes cost money.

I did a loan for a lady in Naples and after calling around to probably 20+ insurance agents within a 20 mile radius, I was able to find someone that got her $850 less than the next lowest quote...

All I can offer is to shop around, as it does pay off.

[damntexdem]

5. And we were hit with a decision not to renew our homeowners policy.

The stated reason: "undesirable breed of dog (chow)."

And they got that wrong -- she's a chowski (and they are more docile than pure chows or huskies). The company we then went to said that they didn't use such concerns in their underwriting -- then declined to write a policy for the exact same reason. We finally found an insurer that has now written a policy for the house, at about half the premium you note on a house that costs about the same.

[AnArmyVeteran]

6. Notice how insurance companies have corrupt 'brackets'?

I've done a lot of research and insurance companies have set up a very good scam. Say your replacement cost for your house is $150,000. But the insurance companies have 'brackets' where they only sell at preset limits, like $125,000, $175,000, $225,000 and so on. I couldn't find one insurance company that would insure my house for its actual replacement cost value. In order to do that you have to go up to the next bracket. So in your house is worth $135,000 you have to pay insurance for a $175,000 rate, so you are overinsured. But if you had a total loss of your house you would not get the amount you have it insured at. It's legal theft because companies collude with their paid government whores to deliberately set up their businesses to bilk people out of as much as they can, while not paying out what they are supposed to.

I went for almost an entire year without even knowing my house wasn't insured. No notice, no nothing. Then I found out the insurance company stopped selling policies in my area and then they obviously canceled policies without even telling homeowners. Since I have everything taken directly from my bank I didn't notice and I received no cancellation notices from the insurance company, or from the Farmer's insurance broker who sold me the policy. At one time insurance agents used to be advocates for their clients. But no longer. They couldn't care less if you lost your house or not. I went through an entire hurricane season on the coast without knowing I didn't have insurance. If there was another Ike I would be living on the street.

Insurance in any industry is a racket ran by the equivalent of mobsters. Hell, the Mafia couldn't get away with a lot of the stuff businesses today do, like payday loan companies charging 400-450% interest.

And yet conservatives seem to love corporations screwing people. Don't they realize they are being screwed too? Or are they that fucking stupid? (btw, I already know that answer)

[onethatcares]

7. I am in Florida, the land that sold out to insurance companies long ago

and there seems to be only two choices, Citizens (insurer of last resort,state backed) and this one, H.O. Choice, for homes such as mine.

Jeez, that 500.00 isn't like someone is gonna give me a raise to cover it, and it's almost a 25% jump which is unsustainable in anyones' life cause the companies are already talking about a 10 per cent more for next season.

Thanx for the replies. I count on you guys for answers like you gave. Again, thanx

:toast: