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Posted: 6/6/2014 10:14:20 AM EDT
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? 
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Posted: 6/6/2014 10:16:32 AM EDT
[#1]
That sounds dirt cheap
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Posted: 6/6/2014 10:17:13 AM EDT
[#2]
Quote HistoryQuoted:
That sounds dirt cheap Cheaper than dirt, even... |
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Posted: 6/6/2014 10:20:15 AM EDT
[#3]
Did they quote you with renter's insurance rates or something?
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Posted: 6/6/2014 10:21:10 AM EDT
[#4]
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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Posted: 6/6/2014 10:22:10 AM EDT
[#5]
How much insurance for your stuff?
Kharn Posted Via AR15.Com Mobile |
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Posted: 6/6/2014 10:22:23 AM EDT
[#6]
Quote HistoryQuoted:
Did they quote you with renter's insurance rates or something? Nope. Although at first I thought it was a semi-annual premium, but it is annual. |
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Posted: 6/6/2014 10:23:54 AM EDT
[#7]
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 |
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Posted: 6/6/2014 10:24:25 AM EDT
[#8]
Quote HistoryQuoted:
The price does include a multi-policy discount with auto insurance, which is also dirt cheap. Not sure what to think. 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. |
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Posted: 6/6/2014 10:24:37 AM EDT
[#9]
Quote HistoryQuoted:
How much insurance for your stuff? Kharn Posted Via AR15.Com Mobile Should be at least 70% of Covg A (amount on structure) |
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Posted: 6/6/2014 10:25:45 AM EDT
[#10]
Sounds about half of what I would expect...
At least for what I pay in GA and VA |
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Posted: 6/6/2014 10:26:30 AM EDT
[#11]
Quote HistoryQuoted:
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 |
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Posted: 6/6/2014 10:26:48 AM EDT
[#12]
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. |
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Posted: 6/6/2014 10:27:45 AM EDT
[#13]
Quote HistoryQuoted:
Should be at least 70% of Covg A (amount on structure) Quote HistoryQuoted:
Quoted:
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" |
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Posted: 6/6/2014 10:28:38 AM EDT
[#14]
Quote HistoryQuoted:
$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 Quote HistoryQuoted:
Quoted:
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) |
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Posted: 6/6/2014 10:29:40 AM EDT
[#15]
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.
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Posted: 6/6/2014 10:31:37 AM EDT
[#16]
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) |
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Posted: 6/6/2014 10:32:29 AM EDT
[#17]
Quote HistoryQuoted:
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. |
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Posted: 6/6/2014 10:33:29 AM EDT
[#18]
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. |
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Posted: 6/6/2014 10:35:38 AM EDT
[#19]
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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Posted: 6/6/2014 10:36:02 AM EDT
[#20]
as someone here stated before, prepare your ANUS, get a good lube and relax. Enjoy it.
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Posted: 6/6/2014 10:36:07 AM EDT
[#21]
Quote HistoryQuoted:
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. Quote HistoryQuoted:
Quoted:
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). |
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Posted: 6/6/2014 10:39:36 AM EDT
[#22]
Crappy coverage.
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Posted: 6/6/2014 10:40:40 AM EDT
[#23]
Quote HistoryQuoted:
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). Quote HistoryQuoted:
Quoted:
Quoted:
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. |
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Posted: 6/6/2014 10:41:14 AM EDT
[#24]
Quote HistoryQuoted:
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 Thanks for the input. I was wondering if they actually paid claims. |
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Posted: 6/6/2014 10:43:26 AM EDT
[#25]
Quote HistoryQuoted:
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. 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 |
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Posted: 6/6/2014 10:44:52 AM EDT
[#26]
Have them put a million dollar umbrella on top of it all.
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Posted: 6/6/2014 10:45:16 AM EDT
[#27]
Quote HistoryQuoted:
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). 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 |
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Posted: 6/6/2014 10:47:27 AM EDT
[#28]
Quote HistoryQuoted:
Have them put a million dollar umbrella on top of it all. 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. |
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Posted: 6/6/2014 10:59:41 AM EDT
[#29]
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. |
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Posted: 6/6/2014 11:00:39 AM EDT
[#30]
Did you read the policy? Its not as if they are all the same.
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Posted: 6/6/2014 11:03:11 AM EDT
[#31]
Quote HistoryQuoted:
Did you read the policy? Its not as if they are all the same. Not yet. I requested a copy of the policy today. I will read it first. |
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Posted: 6/19/2014 3:28:35 AM EDT
[#32]
Quote HistoryQuoted:
Crappy coverage. From a no-name business. |
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