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Homeowner's Insurance

November 13th, 2013 at 12:35 pm

Well, I am still waiting for a State Farm agent to contact me "shortly". So this morning, I called my current homeowner's insurance agent. She is an Allstate agent, but my policy is with another company which they also write. I told the office I had a better quote but wanted to give them a chance to keep me. They quoted me $575 for the same coverage I have now ($912), just with yet another company. This is $120 lower than the State Farm quote! I said yes, the price works for me.

Meanwhile, my mortgage servicer disbursed $912 on 11/6 to pay the premium on my current policy. I am proceeding anyway. It just means more hoops. I will have to pay the new policy, then wait for my current policy to refund $912 to my impound account, then ask to be personally refunded the $575 . For $337, I feel it is worth the hassle.

I will instruct them to keep the $337 in my impound account as I know my property taxes are about to take a big jump. In addition to the infamous Prop 13 here in California, we also have Prop 8. Prop 8 says when property values fall, property tax assessments must fall too. But when values rise, they can jump up fast to where they would have been had values not fallen.

In the last few days, I have seen some listings and sales in my subdivision which make me feel very confident my property value has risen sharply in the last 6 months. While this is good news, it means my property tax bill is also going up.

2 Responses to “Homeowner's Insurance”

  1. snafu Says:

    WOW! what a difference in rates, did they change dollar value of coverage, deductible or leave out some aspect? I learned that we got a terrific discount when we added vehicle coverage to homeowner policy.

  2. Petunia 100 Says:

    Hi Snafu,

    They increased the dollar value of coverage slightly from 241k to 250k. The personal liability coverage is the same at 300k, the personal property coverage is the same at 120k, the deductible is the same at $500.

    Yes, it is a big difference. I am quite pleased.

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