Comments on: Does Home Value Affect Homeowners Insurance?

By: EFX Moderator, EM

EFX Moderator, EM — Wed, 15 May 2013 15:45:39 +0000

You're right, some insurance companies will want to an inspection. It can be for any number of reasons. It sounds like you're going through the steps correctly. I know you already found an insurance agent, but you can review these steps to make sure you found the right one for you. Thanks for posting and good luck.

By: EFX Moderator, EM

EFX Moderator, EM — Wed, 15 May 2013 15:38:47 +0000

It sounds like you’re not happy with your insurance agent. If you’re not getting an adequate response or the coverage you think you need, you could look into switching carriers. It can be a big task though, so feel free to review some questions to ask when looking for a new agent: http://blog.equifax.com/insurance/a-blind-date-with-your-insurance-agent/ I hope this helps.

By: Anonymous

Anonymous — Sun, 12 May 2013 12:50:19 +0000

We recently did some major upgrades. I called to advise our carrier. They only wanted to know if we added square feet. I advised them of the dollar amount of the upgrades and basically got blew off. We have replacement coverage. Our basic coverage remained the same but they added ” additional ” structure coverage. Still miffed haven’t ever seen an agent in 12 years.

By: Oregon dan

Oregon dan — Sun, 12 May 2013 12:42:25 +0000

We purchased a home In Florida . Our current insurer in Oregon doesn’t sell homeowners insurance in that state. I contacted the agent that previously insured the home. I also checked around a couple other insurers. I got basic quotes, they all included hurricane and required flood coverage. I was ready to purchase Insurance . Wait. I needed a “four point” inspection. Had never dealt with that in Oregon, in fact our agent has never been to our residence. So, I used Angie’s list and found a reputable inspection agent . Four point includes, electrical , plumbing , structure , and roof/wind mitigation . There are 2 listed items that needed repair, electrical and 2 rafters that had been cut ( small pieces ) to run AC in attic. I can’t even get liability , it’s all or nothing. I’m now getting the work done and hopefully insurance soon. I did a lot of ingestion before the purchase, not one of the insurance agents mentioned the inspection requirement until it was time to actually purchase insurance.

By: Thomas O

Thomas O — Wed, 08 May 2013 23:24:22 +0000

My insurance replacement cost according to insurance company’s cost estimator was $2,226,000 and the quality was listed as good.

the appraiser in a refinancing listed the cost at $848,000 before a large deduction of $168,000 for depreciation and a net cost of $680,000 and ignored that the property was newly renovated new roof etc. .That is the appraiser is either 30% or 35% of the construction expert estimate. The appraiser low balled and even excluded nearby comps and instead choose far way inferior properties.

By: Catherine

Catherine — Wed, 24 Apr 2013 16:36:05 +0000

Thanks for the great advice! Sorry to hear about the issues you’ve encountered…

By: EFX Moderator, EM

EFX Moderator, EM — Tue, 12 Mar 2013 18:58:40 +0000

Will, you’re right that it’s important to know your options before changing insurance companies. You also want to prevent any gaps in insurance coverage just in case. Thanks for posting.

By: Will

Will — Mon, 11 Mar 2013 03:57:29 +0000

don’t change insurance companies if you have an older home that has been insured with the same company for years. If the newer company inspects the home they may find that updates need to be made to the home to allow them to insure it. This may lead to you not being able to get insurance until the upgrads have been made. The previous insurance company may not take you back either because their policy may have changed over the years. How do I know….I changed insurance companies thinking I could get a better rate and then canceled my previous company before the new insurance company did a onsite review of my property. The new insurance company said they would not be able to cover my property until I had the electrical and plumbing updated. The previous company I was with also said since I had canceled them I would need to also complete the same updates before they could reinsure me. GET all the facts before changing insurance. Get the property inspected by the new insurance company before closing the deal. If not you may be left with just a couple of months to make updates and more money out of your pocket for a small savings per month on insurance.