Insurance : Independent vs. Farmer's?

[orangecat]

Just got a note from my independent agent, they just discovered my policy doesn't cover sudden water damage.

To add the coverage, it will cost $300 per year. I replied "no wonder our premium is so reasonable".

this year, rebuild coverage was about 180k, premium $770, 1% deductible.

got a quote from Farmer's a couple of days later,(policy renews July 6) quote including sudden water loss, 240k rebuild, including sudden water loss, $831.

no brainer go with Farmers? but what I really want is to lower the deductible. When we bought the home four years ago the 1% deductible didn't bother me, but now that the 1% deductible is well over 2k, I want to get it down. I've asked both companies to get quotes for lower deductibles, and nothing yet.

I'm not too worried about the higher premium, because I know eventually I'll have a claim.

Maybe I should get a couple of quotes from independent agents in town and ask for HOB?

 

[ninerhorn]

Orange,


call Josh Desha at 512-289-4154 with Liberty Mutual. He is a Horn and a super good guy.

We had Farmer's and he is saving us a combined $500 per year over what we had with Farmer's and their standard policy has better coverage than Farmer's.


give him a shout as I know he will get you exactly what you want. Your situation sounds similar to mine and he blew away Farmers and Progressive.


--Robert

 

[coopntex]

That is a good price for that coverage. I stay with the 1% because I have never had a claim. You can shop that rate with the independents(travellers, safeco, hartford amereica first) Most everyone is using that 1% deductible but should be able to get you lower. All companies give a big discount if you do the auto and the home.

 

[NCAAFBALLROX]

All the insurance companies publish their rates with the State of Texas & it's available online... easily surfed up info.

 

[RockyBalboa]

I used to work for Farmers, there's really not much of a price break between 1 and 2 percent deductibles.

 

[orangecat]

I guess the real question is whether there is such a thing as a deductible lower than 1%. I would actually like a lower deductible because the rebuild cost is growing at such an extreme rate that if a roof has to be replaced, for example, I won't be able to even come close to getting the roof paid for with the 1% deductible.

And yes, I do realize that if the deductible goes down, the premium goes up. The question is how much?

 

[NCAAFBALLROX]

OrangeCat, I can tell you from a roofing contractor's perspective that if a customer has a $ 500.00 deductible, they are more apt to pay it vs. looking for a handout & try to cheat the system.

If I do get a customer who is paying their full & legally required deductible*, then I am much more apt to do a few upgrades to the house & their out of pocket remains the same (within reaon upgrades, of course).

*Go to the doctor & tell them you want a free pass on the co-pay. I get this on a daily basis, but a much larger figure than $ 25.00.

 

[AustinBat]

Call Vicky Lindsey at Brown & Brown in Austin. She's also a big UT fan - has one of those great UT Tower lamps in her office - and can search for the best price with many companies. 343-0000

 

[orangecat]

FYI, I did very well, but I forgot to mention I'm in the DFW area. I found a local insurance agent from a strange turn of events. The roofer that repaired my roof for far less than the deductible recommended Germania Insurance, so I surfed and found an an Independent agent in town who sells that company.

He also sells others, of course, and I got a great deal, and I'm getting HO-B instead of HO-A homeowner's.