insurance question

[1slomofo]

Anybody had any problems getting/keeping your shop insured? When my previous insurance company increased my homeowners premium by over 100% without warning I started shopping for a new carrier. I have been turned down now by at least 2 companies just because I have separate metal building on my property. (just a basic 1600 sq ft pole barn) - and no I do not conduct a business there. As a matter of fact, I have now also been refused coverage because of a pond on the property, as well as not having a fire hydrant within 500-1000 ft.
Between property taxes and insurance it is just getting insane! I thought I was getting close to retirement but am beginning to wonder if I will ever truly be able to afford to retire.

 

[slip knot]

My shop is just listed as a rider on my homeowners policy. I had to get the rider due to the additional costs of the building/contents. My normal homeowners only covered out buildings at 10% of home value.

My FIL dropped his HO insurance when his insurance got crazy. His house was payed off and he had enough in the bank to rebuild so he let the hazard ins go.

 

[Highlux]

The all important question has not been asked.....whats your claim history?

 

[1slomofo]

The all important question has not been asked.....whats your claim history?

zero, none,nada, zilch
and my credit is in the top 1 %

 

[jhall0712]

My insuarance only covers detached garages at 10% of the homes value as well. My garage is almost as big as the house. In fact most people think it's a house. Anyway, we have to have a seperate rider to increase coverage on it too. Mine is a brick veneer though. Not sure why you would have trouble with it.

I could see having higher premiums for a pond and no hydrant, but I feel like that's a big chunk of people that live in the country that would have that problem? Damn near everyone around here has a pond and there isn't a hydrant in sight most places.

 

[Robert Hall]

I have a rider on my home owners. It's with nation wide. $500 a year for $70k worth of coverage.

Sent from my SAMSUNG-SGH-I337 using Tapatalk

 

[1slomofo]

I live near the Gulf Coast, in Fort Bend County, which is not actually a coastal county , but close (appx 75 miles) from the coast, so that explains the rate increase somewhat, but the metal building thing has me baffled. I never bring it up unless specifically asked.

 

[trainman1385]

If you were in Utah I could help you, I am an insurance agent with farm bureau and we can help individuals who have this scenario

 

[Rentawrench]

How deep is the pond an how close? Could you fence it in an put a fire deptment draft in the water. So the fire dept can draw water to fight your fire .

 

[NUTTSGT]

My garage is insured for 10% of the insurance value of the home plus I have additional coverage on it.

 

[pima67]

If you happen to be a military veteran, contact USAA (on the web).

 

[Cobra6]

If you happen to be a military veteran, contact USAA (on the web).

+1, USAA will work with you

 

[cparcell]

I have usaa and love it, oh your have a pole barn garage on your property and no fire hydrant within 1 mile,......... Covered

 

[koditten]

Guys around here will install a water pickup for the fire department from their pond. City water and pond water both put out fires.

 

[1slomofo]

good idea - just gave USAA a call. They will indeed work with me...................................................................................................................
for $3700 a year

what a deal! they are now the highest quote I have received

 

[Aberdale]

The all important question has not been asked.....whats your claim history?

That was my first thought, too. Looks like the insurance companies are looking for reasons not to insure. If the risks are low, the insurance companies will happily take your money. Somewhere, somehow, there is risk here that the insurance companies deem as a bad bet.

Not sure we have the whole story.

'dale

 

[Scott H in Wheaton]

I have a rural proprty, no pond, no fire hydrant.
House, garage, old wood bar, storage bldg, and a 3 sided shed for animal shelter.

House is insured to $120k, all out buildings combined $12k

 

[Aberdale]

If you have enough land, consider looking at a farm and ranch policy. Outbuildings are commonly covered in this scenario.

'dale

 

[tdkkart]

Do you have State Farm available??

My 1200sf pole building is on a rider, I think it's less than $100/yr for $75,000 coverage.

 

[Aberdale]

I have a house, five separate buildings, and two ponds. One pond is close to the house, and actually reduces my insurance premiums because it can be used as a water source in case of a fire.

Here in Ohio, I'm insured with State Farm on a Farm and Ranch policy. I pay around $2000/yr for full replacement coverage on everything (buildings and contents) with a $5000 deductible. Carrying a large deductible will lower your premiums by quite a bit.

'dale

 

[tinbender 66]

Do you have State Farm available??

My 1200sf pole building is on a rider, I think it's less than $100/yr for $75,000 coverage.

State Farm here too. Same size pole building insured for 50K. $80 a year.

 

[1slomofo]

State Farm was the second highest quote I have received @ just over $3600/year.

 

[tdkkart]

State Farm was the second highest quote I have received @ just over $3600/year.

You live downtown Detroit, or tax-echusets??

 

[kansei]

Just a thought- if you are in an area with high claim rates for whatever reason(s)- hurricanes/tornados/wildfires/etc.- especially if the companies you are getting quotes from have paid out a lot of claims near you recently, or they know their competitors have, that can do it.

Also- proximity to police/fire/ems services makes a big difference. Insurance companies sometimes don't count volunteer departments- only how close you are to a full-time, manned station.

The last time I looked into additional insurance to cover the shop contents I checked with State Farm, Farm Bureau and Nationwide. I was asked all kinds of questions ranging from stuff mentioned above to how my property was graded (hills, trees, etc.), how heavily traveled my road was, what types of solvents I have in my house and pole barn, if I had gas in any gas cans on the property, how old my roof was, if I had downspouts and gutters on the house and pole barn, how close my neighbors' houses were to mine, you name it.

 

[1slomofo]

That was my first thought, too. Looks like the insurance companies are looking for reasons not to insure. If the risks are low, the insurance companies will happily take your money. Somewhere, somehow, there is risk here that the insurance companies deem as a bad bet.

Not sure we have the whole story.

'dale

I assure you, you have the whole story. But you are right about one thing, the ins companies are looking for any reason they can find not to take any risk whatsoever. I have had several companies now say they are not offering any more coverage in this zip code. One agent looked it up and said his map showed the county to be within 40 miles of an ocean, bay, tributary, waterway, etc. In fact my address is located appx. 75 miles from the Gulf Coast. When I asked what difference that made, because they don't cover flood damage (i.e. rising water ) anyways, he had no answer.
A couple of companies won't offer coverage because of my shop (metal building) on the property. And for what its worth, I never volunteer that info unless asked. Same with the pond. As mentioned before, one turned me down because there is no fire hydrant withing 1000 feet.
As I also mentioned previously, my credit is near perfect. I have always paid all premiums in full by the due date. There is no claim history. have lived at this address for 14 years, same job 22 years yada yada yada.
it beats the fuk out of anything I have ever seen.
I guess for some reason I was somehow allowed to slip thru the crack for these past years because my last premium thru Travelers was $1100/yr but then all of a sudden they jumped it to $2400.......so yes, coverage is available but you gotta pay thru the nose.

 

[1slomofo]

You live downtown Detroit, or tax-echusets??

Richmond, Tx.........Fort Bend County

 

[EOC_Jason]

Richmond, Tx.........Fort Bend County

Yep, I'm up in Spring and the insurance rates these past couple years have been going up, all due to the various natural disasters in the state. Doesn't matter if you never had a claim, it's just all the fires, floods, hurricanes, droughts, etc...

 

[1slomofo]

I get that - going up is one thing, but double or even triple in one year? and being turned down by 8 out of 10 companies for reasons that make no sense at all?

 

[Lurch67]

One year after 5 years of zero claims, my insurance jumped 40%. The insurance agent claimed it was caused by the hurricanes in Florida, but I live in Philly. So anytime, my insurance jumps more than 20%, I go hunting for new policies.

 

[bigdav160]

For the people posting, your insurance is cheap. I'm in a similar boat to the OP. Insurance has gone insane. I've shopped the quotes but they keep getting higher. Fortunately I do not owe anyone a dime. I'm going self insured.

 

[EOC_Jason]

I get that - going up is one thing, but double or even triple in one year? and being turned down by 8 out of 10 companies for reasons that make no sense at all?

Our commercial insurance a couple years ago jumped 50%, this last year it increased 100%, I'm really worried what is going to happen this year. We've never had a claim. It's all because of statistical **** throughout the area. Even though Farmers is our insurance company, you know who underwrites it? Lloyds of London!!! WTF, nobody in the US will underwrite insurance anymore so they have to go overseas?

Chalk one up to government regulations I guess... No issues for decades, then in the past 2-3 years it hits the fan...