Cash value policy evaluation

11 Replies

Fellow BP members. I received the quote below from my insurance agent. Its a cash value fire policy. Do you see anything in the quote i should be worried about? House is located in Oklahoma city. Thanks for the input

do you have any liability coverage on top of this? $100k is pretty low.

Your coverage details aren't really shown here, so it is hard to comment on coverage since coverage can be different state to state.

Also can you provide some details about the house? Age and basic construction? Premium seems really high. Texas has high premiums. I have more coverage on some older homes and it is cheaper than that.

seems pretty high for a cash value policy. I pay that for some replacement cost policies on rentals of similar value. might want to shop around some.

Ask them to raise the raise the liability coverage. They should be able to go up at least to $300k (if not $500k), and it only costs a few dollars more.

Your rate is in line with what I'm paying. Rates have skyrocketed here because of all the storm damage the last few years.

@Shawn Thom

1/2 brick 1/2 wood siding 1200 sqft. 3bed/1.75 baths built in 1980. Roof is about 4 years old.

@Rhett Tullis

Can you you recommend an insurance agent or company i should contact for rates?

Account Closed

Thanks you for your recommendation. I will contact the agent and ask him to rainse Personal Liability to 300K.

I appretiate you all-

Another question for you :-). Do lenders accept cash value policies in case I needed to refinance the proprety?

I don't think your lender will care, but you can always change your policy if you need to.

@Amine E. On my replacement value policies I just have state farm. considering a change for some savings but i pay around $800 for a few 100k units out in mustang so not sure why your cash value policy would be so high. On the cash value policy i have used anderson brothers insurance here in town on a few deals recently. have not filed a claim yet but they are giving me a policy much like yours.

@Rhett Tullis I will check with State Farm on full replacement policies. The policy I posted actually cames from Trent Anderson @ Anderson Brothers insurance. He quoted me with National Security Fire and Casulty. Thanks for the recomendations

hmm interesting, not sure the difference. ill send him one of mine i have with state farm and see what comes back. seems strange.

For OP, whats the deductible? For the value on the house, it's not terrible. OK insurance costs are skyrocketing r/t the last few years weather. We've added hail and flooding to wind and tornadoes... Locusts are next.

I have malicious damage, fire and medical payments to others on mine as well as hail which comes to the same price as this. Premiums have definetley shot through the roof with all the hail wind storms, excuse the pun.

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