I'm buying homeowner's insurance

[yesthattom]

Any recommendations?

(either companies to use/not use; or what “features” to get/not get)

Comments

[sexy-susie.livejournal.com]

Always buy more insurance than you think you need. Prices go up, so replacement value is generally more than you paid for an item.

Can you get a discounted bundle with whomever provides your car insurance or other forms (if you have life insurance or something?)

[pyffe.livejournal.com]

My only piece of advice is, "don't leave anything out". Got a fireplace? Tell them you do. Got a finished basement? Tell them you do.

The truth will out.

And ditto on the "try for a bundled rate with the company you get your auto through"

[la-directora.livejournal.com]

Yet another vote for the "go with your current insurance carrier" route. If you're happy with how they've taken care of your car, you'll probably be happy with how they take care of your house, and you'll probably get discounts.

Another thing to watch for - Do you have expensive equipment (laptops, video camera, etc.) that you take out of the house? Getting them covered when they are outside of the house is an additional feature, and not usually automatically included. Ask for it. (In my case, it only covered theft outside of the house, but that's better than nothing.)

You probably own a lot more stuff than you think you do. Use some kind of home inventory tool - Quicken has a good one if you own that - to walk mentally through your house room by room to be sure you really are covering what you need to cover. At this point, I don't think my policy covers even half of what I own. At some point, I gotta fix that.

[thefoxes.livejournal.com]

Nationwide has always taken care of us. Both for auto and homeowners.

One thing though -- keep an eye on their "limited value" clauses. They list several types of belongings (cash, computers, home entertainment, jewelery, ect..) with caps on reimbursement. They will raise the caps for you if you tell them to, but sometimes they'll want proof of the value of your belongings.

When we finally purchase a terastation, we're going to write up an inventory and have our computer equipment limit raised from 1500 to a little more than whatever our stuff is really worth.

[la-directora.livejournal.com]

I'm a Nationwide customer and did not know about that. If the cap is $1500, I'd be HOSED if my Powerbook and small army of Firewire drives were stolen. I better look into that. Yikes!

[fengshui.livejournal.com]

This is what I recommend from what I know about insurance:
If you can afford it, open perils (which covers anything not specifically disclaimed, as opposed to named perils, which only covers listed things).
If you are in a flood area, flood insurance. (Ask them about it. Lots of areas are flood-prone)
Sufficient liability coverage to qualify you for an umbrella liability policy.
At least $1 million in umbrella liability coverage. (This is a different policy, but you usually need $300k in liability on home and car before you can get it)
Automatic increases in coverage each year at rate of inflation or something similar.
Replacement cost coverage is critical.
Make sure you are always insured to at least 80% of your home's value. Overestimating at the beginning can help here a lot.
If you don't have it, get disability insurance. :)
Tell them everything. Open and honest is always the best strategy.
Peruse their discount list, if they have one. Even something as simple as a smoke dectector will often give you a minor discount.

If you have any other questions, I can check my insurance textbook, but that's the important stuff off of the top of my head. An insurance agent will be able to tell you more.

I've been very happy with USAA, but you have to be in the active duty military or related to a current USAA member to join USAA.

[missionista.livejournal.com]

I use and like Met Life.

NYSUT offers its members good rates (how I started with MetLife), perhaps NJ offers something similar? I assume your co-house buyer would qualify you for that.

[frisky070802.livejournal.com]

Is this in NJ? I've been using "NJ Manufacturers" since 1991 and have been ecstatic with their prices and service. They aren't open to all, I think.

[yesthattom.livejournal.com]

I have NJM for my car, so I can apply for their homeowners insurance. However, they are the last company in the planet to have a web-based app, so I'm waiting for their forms to arrive by mail. Meh.

[mrfantasy.livejournal.com]

We're using USAA and haven't had any problems (haven't ever had a homeowner's claim though.)

Definitely buy replacement cost coverage. Standard coverage may not allow you to rebuild.

You'll probably want to purchase a rider for personal computer equipment. Our standard policy doesn't quite cover it (I think it gives a very small amount for them, no replacement).

If you own anything particularly valuable you may need additional coverage. Often you do for collectibles for instance. Check with your agent.

[whc.livejournal.com]

In addition to replacement cost coverage, make sure they will cover any work needed to bring the house up to current code if major work is needed. Without this, they pay for the cost of rebuilding, but if you need new electrical service/a different foundation/any number of other things, because the work was extensive enough for the city/state/whoever to require that the entire house be brought up to current code, you have to pay for it.

I don't know about other companies or states, but with State Farm in NC, this coverage is optional.

[awfief.livejournal.com]

Most people rightfully think of the big stuff, and electronics, and stuff you might take out of the house. Ask about other vehicles (like bicycles, motorcycles, etc).

Do NOT underestimate the value of the "small stuff". Imagine a fire ripping through your house while you're at work. Sure, you need to replace your electronics, but stop and consider what an ENTIRE NEW WARDROBE will cost -- perhaps it's more for women than men, but C's in the picture. A new wardrobe can easily be $1000-2000 per person just to replace what you had, without any expensive suits/dresses factored in.

So if a fire ripped through your house, how much would it cost to replace *everything*? DVD's and VCR tapes aren't expensive, but if you have 100 of them, at $5-20 each, that's $500-2000. Same with CDs. The little stuff adds up quickly. Make sure you have it covered when you think of what you need, monetarily, for insurance.

The suggestion of disability insurance is a good one -- you can get a policy that defines disability as "can't work in your field" and covers you up to 80% of your income. In comparison, the government's definition of disability is "can't work" period. If you can be a greeter at WalMart, there goes your governmental disability. It's something like $75 per month for $100k. . . really worth it.

[mg4h.livejournal.com]

Full replacement value on goods - so you can get a computer that works today, instead of getting $100 for your year-old laptop. List all the stuff you have, group them to some extent, and ask about caps on individual things. Most companies have limits on things like electronics, jewelry, furniture, appliances, etc. If the cap is too close to what you have, get it raised, because things only tend to get more expensive.

Ask about flooding in your area, mention you have a second detached building on the property, talk about any safety features you already will have (smoke detector, alarm system, deadbolts) - if you don't have new wiring, mention that and get it changed in the policy when you upgrade, as that will lower your premiums.