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Posted: 6/6/2014 9:14:20 AM EST
I'm getting quotes for homeowners insurance for a new construction house. I just got a very low quote from Erie Insurance. It includes their top-tier optional coverage, earthquake coverage, $300k liability, $5k medical, $1k deductible.

Annual premium is $360. House costs $170k.

Is it a trap?
Link Posted: 6/6/2014 9:16:32 AM EST
That sounds dirt cheap
Link Posted: 6/6/2014 9:17:13 AM EST
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Originally Posted By Robja:
That sounds dirt cheap
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Cheaper than dirt, even...
Link Posted: 6/6/2014 9:20:15 AM EST
Did they quote you with renter's insurance rates or something?
Link Posted: 6/6/2014 9:21:10 AM EST
The price does include a multi-policy discount with auto insurance, which is also dirt cheap. Not sure what to think.
Link Posted: 6/6/2014 9:22:10 AM EST
How much insurance for your stuff?

Kharn

Posted Via AR15.Com Mobile
Link Posted: 6/6/2014 9:22:23 AM EST
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Originally Posted By jon7400:
Did they quote you with renter's insurance rates or something?
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Nope. Although at first I thought it was a semi-annual premium, but it is annual.
Link Posted: 6/6/2014 9:23:54 AM EST

That seems very low. I would suspect an error has been made.

*I an an insurance agent in Iowa - that would be an extremely low/oops I fucked something up premium here
Link Posted: 6/6/2014 9:24:25 AM EST
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Originally Posted By Obelix45:
The price does include a multi-policy discount with auto insurance, which is also dirt cheap. Not sure what to think.
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Not unheard of... The MLD is a big discount and greatly helps.

Insurance is sky high here In Texas because of all the perils we have.

What one 100k house might cost in one state can differ dramatically in another.
Link Posted: 6/6/2014 9:24:37 AM EST
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Originally Posted By Kharn:
How much insurance for your stuff?

Kharn

Posted Via AR15.Com Mobile
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Should be at least 70% of Covg A (amount on structure)
Link Posted: 6/6/2014 9:25:45 AM EST
Sounds about half of what I would expect...

At least for what I pay in GA and VA
Link Posted: 6/6/2014 9:26:30 AM EST
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Originally Posted By Kharn:
How much insurance for your stuff?

Kharn

Posted Via AR15.Com Mobile
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$125k personal property


The optional coverage includes:

$5,000 Sewer or Drain Backup
$25,000 Identity Recovery and Fraud Reimbursement
$1,500 for theft of money
$10,000 for theft, misplacing or losing jewelry, precious stones, furs, guns, silverware2 and trading cards2
$1,000 for theft of media from a motor vehicle
$2,000 for lock replacement
$5,000 coverage for trailers
$5,000 coverage for watercraft
$2,000 coverage for pets and animals
$2,000 for automatic garage door openers
$10,000 for siding and roofing restoration
$10,000 for building additions and alterations
$5,000 for business personal property

plus some other random stuff is covered for various amounts
Link Posted: 6/6/2014 9:26:48 AM EST
You can make the coverage what you want...

Each element carries a price tag.

example raising deductible in 500 increments reduces approx 45.oo


Like banks insurance companies are rough.
Link Posted: 6/6/2014 9:27:45 AM EST
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Originally Posted By MacManus:



Should be at least 70% of Covg A (amount on structure)
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Originally Posted By MacManus:
Originally Posted By Kharn:
How much insurance for your stuff?

Kharn

Posted Via AR15.Com Mobile



Should be at least 70% of Covg A (amount on structure)


The dwelling is "guaranteed replacement cost"
Link Posted: 6/6/2014 9:28:38 AM EST
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Originally Posted By Obelix45:


$125k personal property


The optional coverage includes:

$5,000 Sewer or Drain Backup
$25,000 Identity Recovery and Fraud Reimbursement
$1,500 for theft of money
$10,000 for theft, misplacing or losing jewelry, precious stones, furs, guns, silverware2 and trading cards2
$1,000 for theft of media from a motor vehicle
$2,000 for lock replacement
$5,000 coverage for trailers
$5,000 coverage for watercraft
$2,000 coverage for pets and animals
$2,000 for automatic garage door openers
$10,000 for siding and roofing restoration
$10,000 for building additions and alterations
$5,000 for business personal property

plus some other random stuff is covered for various amounts
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Originally Posted By Obelix45:
Originally Posted By Kharn:
How much insurance for your stuff?

Kharn

Posted Via AR15.Com Mobile


$125k personal property


The optional coverage includes:

$5,000 Sewer or Drain Backup
$25,000 Identity Recovery and Fraud Reimbursement
$1,500 for theft of money
$10,000 for theft, misplacing or losing jewelry, precious stones, furs, guns, silverware2 and trading cards2
$1,000 for theft of media from a motor vehicle
$2,000 for lock replacement
$5,000 coverage for trailers
$5,000 coverage for watercraft
$2,000 coverage for pets and animals
$2,000 for automatic garage door openers
$10,000 for siding and roofing restoration
$10,000 for building additions and alterations
$5,000 for business personal property

plus some other random stuff is covered for various amounts


What's the siding and roof restoration bit about?

Is this on an HO3 or HO5? (your quote should say what policy form it's on)
Link Posted: 6/6/2014 9:29:40 AM EST
Sounds very inexpensive (cheap) to me.
The insurance on my 1560sqft home is $176K dwelling, $17.6K other structure, $132K personal property, $88K loss of use, $300K liability, $1K each person medical - annual premium is $806.
Link Posted: 6/6/2014 9:31:37 AM EST
Sounds like the number is correct.


I'd personally shop around and compare first, if the one is a major outlier I'd start asking questions. I'd also keep to the bigger carriers especially if you're in an area where a lot of houses can be wiped out (floods, tornadoes, etc)
Link Posted: 6/6/2014 9:32:29 AM EST
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Originally Posted By MacManus:

What's the siding and roof restoration bit about?

Is this on an HO3 or HO5? (your quote should say what policy form it's on)

View Quote


I don't know what the siding and roof restoration is for. It was included with the rest of the package.

I can't find HO3 or HO5 in the quote anywhere.
Link Posted: 6/6/2014 9:33:29 AM EST
Must be nice not to live in Oklahoma..

$140k house....... $1850 was the cheapest I could find. It ranged from 1850 to 3200.

Friggen tornado alley.
Link Posted: 6/6/2014 9:35:38 AM EST
I like Erie. I use them for my 2 autos and renters. Have made two claims with them through auto and will continue using them. (Glass and a not my fault incident where I killed a prius)

One of the reasons they are so cheap is because they don't pay for geckos or Mr. Mayhem
Link Posted: 6/6/2014 9:36:02 AM EST
as someone here stated before, prepare your ANUS, get a good lube and relax. Enjoy it.
Link Posted: 6/6/2014 9:36:07 AM EST
[Last Edit: 6/6/2014 9:38:24 AM EST by MacManus]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Obelix45:


I don't know what the siding and roof restoration is for. It was included with the rest of the package.

I can't find HO3 or HO5 in the quote anywhere.
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Originally Posted By Obelix45:
Originally Posted By MacManus:

What's the siding and roof restoration bit about?

Is this on an HO3 or HO5? (your quote should say what policy form it's on)



I don't know what the siding and roof restoration is for. It was included with the rest of the package.

I can't find HO3 or HO5 in the quote anywhere.


I ask because the siding and roofing should be included in the structure on a replacement basis. Could the siding and roof be excluded from coverage A and then endorsed back with a special limit of $10k???

EDIT: H03 and H05 are the standard homeowner policy forms. 5 is better than a 3. Make sure it's one or the other and not a form 1 (basic-fire only), 2 (broad - fire and wind), 4 (renters) or 6 (condo/townhome).
Link Posted: 6/6/2014 9:39:36 AM EST
Crappy coverage.
Link Posted: 6/6/2014 9:40:40 AM EST
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Originally Posted By MacManus:


I ask because the siding and roofing should be included in the structure on a replacement basis. Could the siding and roof be excluded from coverage A and then endorsed back with a special limit of $10k???

EDIT: H03 and H05 are the standard homeowner policy forms. 5 is better than a 3. Make sure it's one or the other and not a form 1 (basic-fire only), 2 (broad - fire and wind), 4 (renters) or 6 (condo/townhome).
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Originally Posted By MacManus:
Originally Posted By Obelix45:
Originally Posted By MacManus:

What's the siding and roof restoration bit about?

Is this on an HO3 or HO5? (your quote should say what policy form it's on)



I don't know what the siding and roof restoration is for. It was included with the rest of the package.

I can't find HO3 or HO5 in the quote anywhere.


I ask because the siding and roofing should be included in the structure on a replacement basis. Could the siding and roof be excluded from coverage A and then endorsed back with a special limit of $10k???

EDIT: H03 and H05 are the standard homeowner policy forms. 5 is better than a 3. Make sure it's one or the other and not a form 1 (basic-fire only), 2 (broad - fire and wind), 4 (renters) or 6 (condo/townhome).


Good point. I just googled it. Apparently it pays to replace all the roofing and siding (not just the part that was damaged) in case they don't sell your type of roofing and siding anymore, so that it all matches and looks good. Most standard policies only replace the damaged parts.
Link Posted: 6/6/2014 9:41:14 AM EST
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Originally Posted By apierce918:
I like Erie. I use them for my 2 autos and renters. Have made two claims with them through auto and will continue using them. (Glass and a not my fault incident where I killed a prius)

One of the reasons they are so cheap is because they don't pay for geckos or Mr. Mayhem
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Thanks for the input. I was wondering if they actually paid claims.
Link Posted: 6/6/2014 9:43:26 AM EST
[Last Edit: 6/6/2014 9:44:36 AM EST by MacManus]
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Originally Posted By Obelix45:


Good point. I just googled it. Apparently it pays to replace all the roofing and siding (not just the part that was damaged) in case they don't sell your type of roofing and siding anymore, so that it all matches and looks good. Most standard policies only replace the damaged parts.
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oh, nice. None of "the biggies" are out of place it seems. I'd fo

EDIT: Erie is a regional/super regional carrier with a really good rep - no reason to shy away from that carrier IMO
Link Posted: 6/6/2014 9:44:52 AM EST
Have them put a million dollar umbrella on top of it all.
Link Posted: 6/6/2014 9:45:16 AM EST

Discussion ForumsJump to Quoted PostQuote History
Originally Posted By MacManus:

I ask because the siding and roofing should be included in the structure on a replacement basis. Could the siding and roof be excluded from coverage A and then endorsed back with a special limit of $10k???

EDIT: H03 and H05 are the standard homeowner policy forms. 5 is better than a 3. Make sure it's one or the other and not a form 1 (basic-fire only), 2 (broad - fire and wind), 4 (renters) or 6 (condo/townhome).
View Quote



Thank you for the heads up. I will ask.

It does have a list of "applicable deductibles":

Policy deductible $1k
Fire or lightning deductible $1k
Water deductible $1k
Wind deductible $1k
Hail deductible $1k
Theft of vandalism deductible $1k
Named storm deductible $1k

Link Posted: 6/6/2014 9:47:27 AM EST
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Originally Posted By n0zzle:
Have them put a million dollar umbrella on top of it all.
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I forgot to mention that I did have that included. Maybe that's why the multi-policy discount is so good. Their umbrella price is similar to others.
Link Posted: 6/6/2014 9:59:41 AM EST
I just remembered that I should check Consumer Reports. Erie is ranked 5th for auto and 4th for homeowners insurance in their survey results.

Thanks for all the tips and information. Maybe I will fo.
Link Posted: 6/6/2014 10:00:39 AM EST
Did you read the policy? Its not as if they are all the same.
Link Posted: 6/6/2014 10:03:11 AM EST
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Originally Posted By CWO:
Did you read the policy? Its not as if they are all the same.
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Not yet. I requested a copy of the policy today. I will read it first.
Link Posted: 6/19/2014 2:28:35 AM EST
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Originally Posted By tcrpe:
Crappy coverage.
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From a no-name business.
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