Mustachian Home/Car Insurance

[szmaine]

My current home owner's insurance is a replacement policy costing $900 per year. I've played ring around the rosy with this a few time...gotten quotes etc. It always seems that if a company can give me a really good deal on a home policy then they gouge me on the cars.

We have 3: 2005 Toyota Camry (gift from mother when she bought a new one last summer), 1991 Honda civic (his), 1986 Ford F100 (basically a yard truck for firewood schlepping, dump hauls, etc). The insurance for all 3 is $638 a year. I think I will drop the collision on the Camry which will drop it to about $470 for all three.

But the homeowner is a bugaboo...I almost found a policy elsewhere but they didn't like the conditions of our roof (due for re-shingling this year)...so it fell through. I was just about to give Allstate a call now and reopen the whole haggling process...when I did before, they quote me for a non-replacement policy that was nearly the same as what I have...I felt they were dicking me around.

FYI I have an antique cape with some fancy features, stained glass, fire place, oak door, wrap around porch. The 40x60, 40ft tall barn is in there too - apparently with the replacement policy they'd be obligated to duplicate all this hence the cost, so why the heck would a different policy cost almost as much??!! If the place burned down tomorrow I wouldn't care about having it back as is at all, I'd much rather have a modest 2 car garage instead of the monster barn (1/2 it height is hay loft!! This is a 110K fixer upper in northern Maine for pete's sake.

Any comments, thought or feedback appreciated before I have another go at it. Help me understand policies and options..

[brewer12345]

Are you shopping yourself or do you have an independent agent helping you?  An independent agent represents lots of companies and is beholden to no single one, so they can be a real help in figuring out what makes the most sense.  When I owned a house within 5 miles of the coast in NJ (a terrible state for insurance) my existing insurer jacked the rates up after the 2005 hurricane season even though I never had a claim.  A local independent found a well capitalized smaller company I never would have found on my own that offered good coverage at an attractive rate.

What is the deductible on your homeowners policy?  Bumping it up to 2500 or even 5000 can sometimes offer you material savings.

[szmaine]

I have been shopping myself and never heard of independent agents, I will look into that.

I think the deductible is $1000... but cannot be set higher because the loan was through the Maine State Housing Authority First time home buyer program, I think....I will double check on this too. Thanks!

I am also preparing to renew the fight about the cost of a less delux policy - makes no sense to me that a modern materials adjustment wouldn't net some serious savings...

[szmaine]

Had a talk with my agent...

Had them re estimate a different policy which 120% of what you payed and it actually came out MORE than my current policy!! Apparently the formulas are different than used in my policy which they don't even offer anymore, or so I'm told. He said my big problem is the ratings that rural volunteer fire departments get, which I already knew.
I don't want to bother putting in the effort of shopping around again until the roof is done so I upped the deductible to $5000 and got rid of the collision on the Camry. So my total savings for this phone call was $32 a month. So with my recent call to the phone/ Internet provide my haul so far is a little over $53 per month. I'll take it!!  :)

[brewer12345]

Sounds OK to me, but definitely shop when the roof is done.

[szmaine]

Yes, I will...don't know what they got against moss...very pretty.