How Much Is Too Much

5 Responses to How Much Is Too Much

1. Milton says:

   February 21, 2012 at 12:11 am

   I like my homeowners carrier, here in Houston. So that’s not too far away.

   Your premium is a bit high for your coverage limit, but here are some things to check:

   1. are you getting a home renovation discount? If you have updated the roof, plumbing, electric, or air in the past 15 years, you could get a substantial discount.
   2. does your car insurance run through the same company? again, a substantial “package discount” may apply.
   3. what is your deductible amount? If it’s $ 500 or less, you could save a substantial amount by raising it to $ 1,000.
   4. is your policy being surcharged for claims?

   The best thing to do is sit down with your agent, tell him you think the rate is a bit high (not much, mind you, for TX, just a bit) and what discounts might you be eligible for, and how can you cut the premium without sacrificing coverage.

   You also might want to call a different agent, and ask them for “ballpark” quotes, based on the exact same coverage you currently have, so you can have “apples to apples” comparison.
2. Brent says:

   February 21, 2012 at 12:40 am

   There are many factors that will determine your rate for your homeowners insurance premium. Texas does tend to have fairly high insurance premiums and this is in large part due to large amount of mold claims filed a few years ago. Insurance companies started charging much higher rates due to the mold scare. I honestly don’t think you are paying too much, but you aren’t on the coast where you end up paying more for the hurricane exposure. It doesn’t hurt to shop around for quotes from other insurance companies. It’s hard to recommend any certain one as each company will have different loss history in your area. Companies will determine rates based on the amount of claims they’ve paid in your area. So a company with a lot of losses will charge more to keep up with the losses. I wouldn’t recommend decreasing your coverages to reduce the premium, but you may want to consider raising your deductible if that’s your only option. Most consumers will go maybe 20-30 years before filing a claim, so you can save the money now if that helps.
3. Clifton says:

   February 21, 2012 at 1:12 am

   First you should make sure that the coverage you are getting is enough to rebuild you home in today’s market. Your appraised home value may not and seldom does, reflect what it would cost to have your home rebuilt from the ground up if GOD forbid it burned down to the ground. There is also a certain amount of coverage you need to have for personal liability should someone get hurt on your property. Best advise that I can give you is to shop around. You can get quotes from any insurance agency. Use a reputable company. Sometimes you can get super rates if you use one company for you car, life, health, home, etc.
4. Darrell says:

   February 21, 2012 at 1:30 am

   I pay 777 for a $ 109,000 house near Fort Worth. Shop for homeowners insurance at http://www.surfquotes.com/homeinsurance.html to compare rates.
5. Shawn says:

   February 21, 2012 at 2:04 am

   That seems outrages!!!
   Do you have a hundred prior claims against you?
   In southern Ca, I have a home I paid $ 437,000. I have extended coverage for custom upgrades to the house and valuable collection and I only pay $ 1150 a year.
   If I were you I’d price around, Good luck!

   P.S. was the house ever leveled by a tornado?