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The Water Cooler
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Homeowner's Insurance?
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<blockquote data-quote="FullAuto" data-source="post: 2860400" data-attributes="member: 5110"><p>I'm closing on two houses this month. I got quotes from several companies including Shelter. A few companies wouldn't offer a policy unless I brought over an auto. Shelter was the cheapest premium with the lower ($1000) deductible. But they were all ACV policies. State Farm offers replacement cost policies and that's what they'll typically quote you if you don't specify. On a rental property, the roofs are ACV, but the rest of the structure is replacement cost. You can also request them to lower the replacement cost to 80% to save some money. Technically, you can go lower, but anything lower than 80% and they surcharge you which takes back all the savings. </p><p></p><p>With Shelter, they require you to carry a minimum in liability. Once you have 4 houses (I think), they write a separate liability policy so the homes get a little cheaper. But when I tried to only bring 2 houses to them, they were only about $80 per year cheaper than State Farm and had much less coverage because I had quoted them market value versus the 80% replacement from State Farm. </p><p></p><p>Farmer's was also very competitive to Shelter or State Farm at 80%, but they have a $2500 deductible. All State and Liberty Mutual wouldn't write the policies. Farm Bureau has financial issues and I don't qualify for USAA.</p></blockquote><p></p>
[QUOTE="FullAuto, post: 2860400, member: 5110"] I'm closing on two houses this month. I got quotes from several companies including Shelter. A few companies wouldn't offer a policy unless I brought over an auto. Shelter was the cheapest premium with the lower ($1000) deductible. But they were all ACV policies. State Farm offers replacement cost policies and that's what they'll typically quote you if you don't specify. On a rental property, the roofs are ACV, but the rest of the structure is replacement cost. You can also request them to lower the replacement cost to 80% to save some money. Technically, you can go lower, but anything lower than 80% and they surcharge you which takes back all the savings. With Shelter, they require you to carry a minimum in liability. Once you have 4 houses (I think), they write a separate liability policy so the homes get a little cheaper. But when I tried to only bring 2 houses to them, they were only about $80 per year cheaper than State Farm and had much less coverage because I had quoted them market value versus the 80% replacement from State Farm. Farmer's was also very competitive to Shelter or State Farm at 80%, but they have a $2500 deductible. All State and Liberty Mutual wouldn't write the policies. Farm Bureau has financial issues and I don't qualify for USAA. [/QUOTE]
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