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A few questions- maybe there’s at least one agent that lurks here. For context, I live in East Northport, have never filed a claim, have a virtually perfect credit score, and the big one- no trampoline on my property.
Home is valued at about 600k. My current policy is $1650.00.
1. Any thoughts on approximately how much my policy would go down if I went from a $5,000 deductible to $10,000. I can afford an unforeseen event on my own, but not a catastrophe.
2. I was told by my agent that if I lowered my Personal Property replacement coverage amount, my payment would remain the same, as it is a percentage of my home’s total replacement coverage. The Personal Property amount covered is about 3/4 of my home replacement value.
I’ve looked over my home, inside and out, I really have nothing of value that comes close to this valuation. I have perhaps 25% worth of things that could be covered. If I add in that it’s an actual cash value replacement coverage, it would be even less.
1. ask your agent it will take them 10 seconds to run the numbers
2. it's the same coverage everywhere. Usually it's 50% of the home's value not 75%. Ask your agent if you're paying for some kind of enhanced policy that gives 75%.
You'd be surprised how stuff adds up. If your home is destroyed you are replacing EVERYTHING. THink about that. You're probably not thinking about silverware, tools, appliances, every item of clothing and shoes your family owns, window treatments and the hardware it goes on...and on and on. THis is why when a disaster is looming, they encourage people to video the contents of their house because you will never remember - or believe - the amount of stuff you own until it's all gone.
I’m at 2700. 1650 seems pretty fair now a days. Don’t cheap out on good coverage for your house. If anything just raise the deductible like you mentioned but maybe it saves you 50 bucks is my guess. Your second point I would not mess with.
I am a licensed Agent in Farmingdale. That rate for your home at 1,650 is a steal compared to a lot of my customers. If I am correct most insurance companies will not go below 50% in contents. You could increase your deductible from 5,000 to 10,000 but I don't think it's going to make a significant difference maybe you will save 100 bucks? Also what determines the rate is square footage most insurance companies are using $250 a square foot these days. use to be 200 a sq. foot. I am currently paying 2100 for a tiny 850 sq. foot home. DM me. Make sure you are being covered properly for dwelling A. Most of my clients look at price rather than coverages and I tell them if god forbid you have a fire and your home is total loss and you were not covered sufficiently you could end up owing that money. example if you are insured for 400,00 and the insurance company determines the loss is worth 500,000... guess what you owe the 100,00. Sounds crazy but it's true.
2100 for a 1M dwelling? That's cheap! who do you have insurance with? Are you covered properly?
Plymouth Rock and it’s insured properly, it’s bundled with 2 cars. My house was on paper built in 2021 it was really completed in Dec 2019. As I learned new construction is cheaper to insure due to the decreased risk of electrical fire and roof leaks. I was paying 2500 w/ Allstate before i switched in late 2022.
Thanks everyone. My main reason for asking was the personal property answer I did get from the agent- I was skeptical, so I didn’t go any further at the time. It didn’t seem right to me that lowering the reimbursement wouldn’t result in a lower rate.
I know I’ll get a concrete number regarding the deductible.
Enjoy the weekend.
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