Quote:
Originally Posted by CoachKandSportsguy
My mom's MA home renewal up 25%. . Liberty Mutual
annual increase from a friend in Arizona was 40% . .
The personal property was set at 75% of the value of the house. .
round numbers, house is insured at replacement value of $500K,
personal property replacement is at almost $400K. . 
one can furnish 3 houses for $400K with basic appliances at $15-20K
and basic furniture $60K max
reduced the coverage to 40% the minimum which is $200K,
which reduced the increase to about 12% . . .
always check your coverages and question whether you are overpaying
for excess coverage. .
good luck
still a finance guy |
We are having a hard time insuring our log home in Massachusetts despite never having a homeowners claim. There are only a couple companies willing to write a policy on log homes due to fire risk. Log homes tend to be in rural areas with volunteer fire departments (slow response time), no public water (people have wells) so no fire hydrants, and homeowners tend to heat with wood and/or pellet stoves. Couple that with the fact that the logs are all intertwined (each layer is overlapped), which means a small fire in part of the house requires the whole house to be rebuilt, not just the damaged area like a stick framed home. It’s going to make an otherwise beautiful property very difficult to sell when we finally get around to downsizing. Erggggg!