I dont think I have had any claims since the hail storm we had back in 2001. Lost most my shingles and had to get a new roof. Ike I had 10k worth of damages but with my deduct so high we just fixed most ourselves.
I am curious. My home is appraised at about 112k, my insurance at the moment is about 250k. We own the home now and dont pay a bank. So should I lower my insurance? I will keep the insurance high on the contents though. Being as we used to build homes I know its cheap to rebuild if disaster happens.
My home is appraised at about 112k, my insurance at the moment is about 250k
Morning Angie ---
As an outsider looking in, for a home that is appraised at $112k, it seems like you're carrying an awful lot of insurance on your house. Provided that $250k number covers the entire loss of the structure. Not the contents, but only the structure.
Myself, I wouldn't carry anymore insurance that would be necessary to rebuild the house from the ground up in the event it was completely destroyed ... i.e. fire, hurricane, tornado, explosion, etc. etc.
You've been to my house and I have the structure insured for $220k.
It may not be a bad idea to contact your agent and go over this with him.
Hope you start to feel better soon --- take care of yourself!
Allstate was gonna raise my house insurance by about 28%. Cars were with Progressive at a good rate. I went to State Farm and wound up with house/car insurance for less than I was paying before. The car ins went up slightly, but saved enough on the house to more than make up for it.