Hello All,
I was shopping around for quotes on my homeowner's insurance and I got a quote (multi policy combining with auto) for $762 which includes the standard coverages plus hail etc. Safeco also tells me that for underwriting purposes the roof will be considered new as of 2015. Is this standard practice?
I also saw some other items and obtained the following response - response is bolded.
What is SL Select Quality Plus - this makes the policy “all risk” which means everything is covered unless it is specifically excluded in the policy. Most policies these days are all risk. All risk policies include more coverage.
ID Theft, this is not something you have to have and we can definitely cut it out but for $12/year it gives you $25,000 in coverage in the event that your ID is ever compromised. This can include bank accounts, social security #’s, internet issues, etc.
Foundation water damage $50 per year for 10,000 worth of damage this is in my perspective important. It gives you $10,000 in coverage should you ever have a water pipe or irrigation line break below your slab and you need to sawcut the concrete in order to get to it. I had a client this year who had a construction defect in his master shower. The drain pipe cracked below the slab and it was covered as a result of this endorsement.
Water seepage at $33 per year, no limit has been quoted - is really important. It covers you if you have a broken plumbing pipe, air conditioning line, appliance, etc. causing a slow leak and eventually you discover it after it’s been causing problems for a while in the wall. Without this endorsement, the problem would not be covered, I have a claim like this right now.
I am planning to waive the ID Theft coverage but how about the SL Quality Plus and other 2? I did not have these covered by my earlier policy. We have owned our home for 3 years (was built in 2001, Zillow estimate is $334K, outstanding mortgage is $186K). Al perils deductible is $5000 and hail deductible is $5000. Zero claims thus far.
The actual premiums are not very high but I dont want to be nickel and dimed on coverage. Additionally I am also nervous that if I do have damage and am covered the insurance company will get out of paying the claim using a loophole.
Am I overthinking this? Thanks for reading and will appreciate any ideas/inputs.
