Property/homeowners Insurance

[RayIN]

Update/review your insurance annually. I didn't. Two dead trees blew down in January, onto my old pole barn. Called my Ins. agent, and 2 adjusters came to my house last week. I drove Them up the bottom to that barn, they did their thing and said I'd be getting a check in the mail.
I did for half the replacement cost. Replacement is $55K, check arrived yesterday, $28.9K-the default limit on barns and garages.
The only good thing is, I had my new tractor in the garage with my motorhome in anticipation of snow and ice, which we got in January. I suspect my hydraulic bed grain/hay wagon is ruined. When warmer weather arrives I can begin with clearing away debris, but my 82 yr old body really complains out in this below freezing weather..
Monday I'm calling my agent to up the limit to $60K.

 

[mllud]

Sorry about your misfortune. ONE plus on the tractor being spared. Will the grain trailer be covered separately.
Insurance costs going crazy. All these fires and hurricanes are going to cost us all.
I hope you recover most of the loss. Be carefull nor to hurt yourself cleaning it up and rebuilding.
Photos?

 

[Oaktree]

Insurance costs going crazy. All these fires and hurricanes are going to cost us all.

I hear ya on that. A couple years ago someone from my insurance company came around, took a bunch of pictures. A couple months later got a (rather vague) list of things that needed to be corrected or they wouldn't renew my policy in 2025. With a little guidance from my local agent I fixed up most of it (a lot of piddly stuff), and got renewed. Still, premium went up 15% or so.

 

[RayIN]

Sorry about your misfortune. ONE plus on the tractor being spared. Will the grain trailer be covered separately.
Insurance costs going crazy. All these fires and hurricanes are going to cost us all.
I hope you recover most of the loss. Be carefull nor to hurt yourself cleaning it up and rebuilding.
Photos?

implements not insured, as I'm retired from real farming/growing stuff. I have an acquaintance that harvests the hay so I don't have to brush hog/mow so much.
I said new tractor, my bad, it's new to me.

 

[Snobdds]

Never accept their first offer or second.

You can tell them that is not enough money. Insurance covers replacement costs.

 

[sandman2234]

I am so close to taking the premiums and investing them and doing what the insurance companys do, make money off of that! My "older" house, 1964 era is built a whole lot better than the stick built stuff they are throwing together today! Insurance has been a real pain in the rear here!
David from jax

 

[ultrarunner]

Some are already in this situation…

When insurance is unavailable or too costly and not a lender requirement there are options.

Fire and earthquake are very much in the news here.

A few have dropped fire and earthquake keeping only liability…

 

[mllud]

You should come out way ahead.
In 38 years, I have never had a claim. I don't have an amount paid but let's say $100 is a month is very conservative figure paid.
How much could $45,600 have made invested. Thats much less than I really paid.

If you have a claim, they Raise it to get repaid.

 

[ericm979]

I self-insure when the cost of the problem I'm insuring against is not too high. I don't buy extended warranties (a form of insurance) because I can afford to fix my car's engine or transmission if they fail.

But if my house burns down, it will be really expensive to pay out of pocket to rebuild it. Depending on where you are it can easily cost many year's salary.

 

[grsthegreat]

Never accept their first offer or second.

You can tell them that is not enough money. Insurance covers replacement costs.

No it does not. We update our policy every other year. They are constantly upping the value to replace every time adjusted for inflation. Heck, this years policy shows the base dwelling replacement value is 4 times what it was 10 years ago.

If you dont update this occasionally, you wont be happy if the house is lost.