Insurance Costs

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Irvinehomeseeker

Active member
I am currently paying 650$ per year for my detached condo through mercury. On sites like zillow etc for mortage calculators, I see 6000$-8000$ per annum for insurance.  Are mortgage calculators way off on this or am I just under insured I am wondering? 
 
Your deductible and coverage amounts matter though. Also replacement cost of the home play into the premium cost. So $650/year doesn't really give us much info.
 
I see many, many quotes come through from Lemonade. No idea how they are on claims since the company is relatively new. Any readers had to file a claim using their Lemonade policy? Would be interested to hear how the process was. If the claim was of a sensitive nature, OK to PM me with anything you'd like to share privately.

SGIP
 
Detached condo, you?re liable for walls in and HoA liable for structure?

Our HoA for our rental in the IE just notified us that insurance dropped the HOA for wildfire risk.  Temporary replacement is half the coverage at 5x the cost.

Meetings are being scheduled to ?discuss?, lol.  Short of someone finding insurance close to prior rates, it?s just get ready for the 50% HOA increase.
 
nosuchreality said:
Detached condo, you?re liable for walls in and HoA liable for structure?

Our HoA for our rental in the IE just notified us that insurance dropped the HOA for wildfire risk.  Temporary replacement is half the coverage at 5x the cost.

Meetings are being scheduled to ?discuss?, lol.  Short of someone finding insurance close to prior rates, it?s just get ready for the 50% HOA increase.
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No, i am liable for structure and walls in. It's pretty much an SFR, expect that it is on a motorcourt.

 
Cares said:
Your deductible and coverage amounts matter though. Also replacement cost of the home play into the premium cost. So $650/year doesn't really give us much info.
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Deductible is $5000

Replacement cost 475K

Dwelling coverage 475K
Personal property 350K
Loss of use 250K
 
Yes, mortgage calculators are garbage just like those Zillow and Redfin estimates.  I used to have Mercury and now have lemonade.com and am very happy with their rate.
 
I'm happy with the rate at Lemonade. I haven't had any experiences with filing a claim. I'd like to see data points/anecdotes on that.
 
zovall said:
I'm happy with the rate at Lemonade. I haven't had any experiences with filing a claim. I'd like to see data points/anecdotes on that.
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Same here, they were about 20% lower than other providers. 
 
Lemonade was more expensive for me for the same coverage as my Statefarm. Also they don't cover rental properties.

You have to be careful that Lemonade is giving you the appropriate amount of replacement cost coverage. The original quote while it looked attractive only covered $100k replacement cost. This is impossible that it only costs that much to rebuild my house from scratch. Once I upped it towards $300k+ it became more expensive.
 
Insurance is getting ridiculous. On average, farmers has gone up like 20-25% per year over the last 3 years.
 
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