Cash value policy evaluation

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Cash value policy evaluation

Amine E.
Investor · Edmond, OK · Member since 2014 · 120 posts · 56 votes

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

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Shawn Thom
Investor · McKinney, TX · Member since 2012 · 588 posts · 224 votes
12y

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.

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  • Shawn Thom
    Investor · McKinney, TX · Member since 2012 · 588 posts · 224 votes
    12y

    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.

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  • Rhett TullisBusiness Member
    Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
    12y

    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.

    [email protected]405-283-6522
    Integrity Oklahoma
    WebsiteView Page
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  • Account Closed
    Residential Real Estate Broker · Oklahoma City, OK · Member since 2011 · 114 posts · 38 votes
    12y

    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.

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  • Amine E.
    OP
    Investor · Edmond, OK · Member since 2014 · 120 posts · 56 votes
    12y

    @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-

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  • Amine E.
    OP
    Investor · Edmond, OK · Member since 2014 · 120 posts · 56 votes
    12y

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

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  • Account Closed
    Residential Real Estate Broker · Oklahoma City, OK · Member since 2011 · 114 posts · 38 votes
    12y

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

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  • Rhett TullisBusiness Member
    Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
    12y

    @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.

    [email protected]405-283-6522
    Integrity Oklahoma
    WebsiteView Page
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  • Amine E.
    OP
    Investor · Edmond, OK · Member since 2014 · 120 posts · 56 votes
    12y

    @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

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  • Rhett TullisBusiness Member
    Property Manager · Oklahoma City, OK · Member since 2013 · 1k+ posts · 617 votes
    12y

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

    [email protected]405-283-6522
    Integrity Oklahoma
    WebsiteView Page
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  • Deborah BurianPro Member
    Rental Property Investor · Oklahoma City, OK · Member since 2013 · 1k+ posts · 412 votes
    12y

    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.

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  • Sara Cunningham
    Investor · Chesapeake Beach, MD · Member since 2013 · 273 posts · 37 votes
    12y

    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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