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Question for the guys in the insurance biz - Page 4 - Walleye Message Central
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Old 07-07-2020, 08:52 AM
gofishin gofishin is offline
Slot Fish
Join Date: Nov 2012
Posts: 86

From my experience, shopping insurance is definitely not an hour job. I just experienced my home owners going up 35% for my renewal. Agent blamed it on yearly cost of living increase and to many claims in the area the last couple of years to make up for.

So I decided to shop around and so far have received quotes from AAA, American Family, Farmers, Acuity, and Travelers. In each case I sent a spreadsheet with the overages I want but left the value of the home to insured to the insurance companies who all have a software tool to spit out the value and the overages. Which each of the quotes you need to review the assumptions that were made as input to the tool as many times the # bathrooms, quality of home, fire places, etc. are input by the agent and usually from information they can find on line from recent sales and not very accurate. So the values are all over the place.

Also pay close attention to the value assigned. In my case, AAA just provided a base coverage, American family a base and then 20% increase with Gold Policy, Farmers a base and then 25%, and Travelers a base and then 50%. The problem is that some of the c overages like personal property, detached structures, etc. are based off a percentage of the base. Therefore for example with Travelers, a low base and then 50% coverage brings up the overall coverage for the home, but greatly reduces the coverage for personal property and other structures. This probably allows Travelers to keep the overall value assigned high will reducing payout for other coverage and also keep cost down when competing with other companies.

Also each company handles fungus, guns, identity fraud, etc. differently so there is a lot to review. With your homeowners typically being your most expensive insurance bill, be very careful that the coverage you have is truly enough to replace as I believe agents will low ball to get business.
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Old Yesterday, 06:35 AM
Rapplin Rick
Posts: n/a

They are tent caterpillars.
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Old Yesterday, 08:18 AM
Custom Eyes Custom Eyes is offline
Join Date: Feb 2013
Location: NE Michigan
Posts: 7,409

Originally Posted by Rapplin Rick View Post
They are tent caterpillars.
Nope. Red and blue spots. Gypsy moth caterpillars.
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Last edited by Custom Eyes; Yesterday at 08:22 AM.
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