Question for the insurance people here.

[Maggot]

If my house drops 38% in market value, how come my insurance premiums only drop .02% The value and payoff drops considerably but the premium is barely moving. Should I shop around again (I did it last year and saved 230.00) I have safeco now. My deductable has not changed. Is this happening everywhere?

[Duchess]

Why didn't you just hollar, "RAMSEYKITTENS"?

[Maggot]

Why didn't you just hollar, "RAMSEYKITTENS"?

I'm shy.

[Duchess]

[Cracker]

Always check with your local Farm Bureau. They are cheap as hell and they pay just like any other company in case of damage or a loss.

[Maggot]

Always check with your local Farm Bureau. They are cheap as hell and they pay just like any other company in case of damage or a loss.

I never heard of that and will check it out.

[Cracker]

My Farm Bureau has it's own credit union, discounts on tons of things like tires and vacations and rental cars etc., and now they even offer Blue Cross/Blue Shield insurance group plans. Definitely check it out.

http://www.nhfarmbureau.org/quicklinkste...index.html

It may be this one in your state, not sure: http://www.co-opinsurance.com/p/other.html

Check their worker's comp rates, too.

[Maggot]

I don't know Cracker, that looks a little sketchy..........

[Cracker]

Nah. There is a Farm Bureau in every state in America. They are cheaper (and I HAVE used them for a large claim, no problems, got to pick my own subcontractor and no hassles) than USAA which is about the cheapest around.

Because you have to pay a membership ($25 year), it is considered a co-op (like my electric company). They have probably been around longer than your current agent.

Check it out ya' puss. Won't hurt to call.

[Maggot]

I will give them a chance when I send out for quotes. I only have till the 24^th of this month to decide.

[Cracker]

If my house drops 38% in market value, how come my insurance premiums only drop .02% The value and payoff drops considerably but the premium is barely moving. Should I shop around again (I did it last year and saved 230.00) I have safeco now. My deductable has not changed. Is this happening everywhere?

I know this, btw.

Housing values have plummeted, but the cost of rebuilding has soared. How that can be is beyond me, but I assume that is why they stopped building the 1,200 unit subdivision down the road.

My house is worth more dead.

[Duchess]

It's a buyers market right now, property is dirt cheap. I briefly considered becoming a slumlord but it's against the law to profile/discriminate and that's exactly what I would want to do because I wouldn't let just anyone who could pay have access to something of mine.

[ramseycat]

Ramseykittens doesn't work in the homeowners insurance side of the bizz. But I do know that part of your homeowners insurance is to replace the contents. If you have full replacement coverage the premium will not go down because that has nothing to do with the value of your home.

[thekid65]

I'm curious Maggot...is your 38% drop based on an assessment for property taxes, or an actual appraisal?

[Maggot]

I'm curious Maggot...is your 38% drop based on an assessment for property taxes, or an actual appraisal?

The insurance company just said "Your house is worth less" It is not based on any property tax assesment. That certainly has not gone down and if it did they would just up the rate. But that is a good point that I will bring up.

[Cracker]

Don't trust that company. They should just be concerned with rebuild and replacement cost (only the price of the lot would figure into the lessened value having any bearing). Maybe they were just making small talk while they were sneaking a look at your package. You have to watch out for that.

[thekid65]

I'm curious Maggot...is your 38% drop based on an assessment for property taxes, or an actual appraisal?

The insurance company just said "Your house is worth less" It is not based on any property tax assesment. That certainly has not gone down and if it did they would just up the rate. But that is a good point that I will bring up.

I'm sure your house is worth less, as is the case with most Americans that have bought a home within the last ten years....as most were overpriced to begin with, thanks to the unscrupulous lending practices that we've all become familiar with. I'm betting though, that your rates are based on tax assessments...which I think are totally fucked up. Theres no way an assessor can adequately value your home w/o going inside, and looking at any/all improvements you've made...or on the other side, if your interior is in severe disrepair. They don't go in your back yard and look at landscaping, etc..all of which has an impact on your real property value.

I'm not sure where you live, or even the value of your home...but for me, I pay approx $350/year for property insurance on a home that was actually appraised (not property tax assessment) at $195,000 (2000 sq ft, 3 bedroom, 2 bath home on approx ¹⁄₃ acre, built in 2005). I use Liberty Mutual for insurance, which gives me a slight break as they are aligned with Geico, where I have my car insurance.

Edit: What really irritates the shit out of me, is that while my assessed value of my home (the property tax dude that just drives by, and takes a looksee from the comfort of his vehicle) has declined over the last two years, my property taxes have not followed suit.

[Duchess]

It's all George Bush's fault.

[thekid65]

It's all George Bush's fault.

This is why women should just have a dick in their mouths at all times.

[Duchess]

I wouldn't read too much into that comment. I look and wait for opportunities to say that. Forgive my typos I'm posting blind again.