Insurance questions houston texas

2 Replies

1.Why do different brokers quote different rates, different dwelling values with the same carrier?

2. Why do insurance companies not offer multi SFs discount?

3. Why are portfolio insurance twice the price as getting many single policy?

@Francois D.  , if you are still needing insurance help, let me know.

1.Why do different brokers quote different rates, different dwelling values with the same carrier?

Rates are a function of the coverage offered. So, different rates may exist even between the same company. This could be because there are different dwelling values, different values for landlord property, other structures, liability limits, etc. Also, one could be rating at an Actual Cash Value another for Replacement cost. Some agents quote it with every bell and whistle possible, others quote it with stripped down coverage so as to not "scare off the client." Many times the agent will have the intention of up selling you. Same coin different side. 

Think about it some people want the the best coverage to protect their asset, others only focus on price. Different coverage = different rates. 

As far as Dwelling values go Agents have "home cost estimators" provided by the carriers, BUT those things have a LOT of wiggle room. And usually the carrier will accept the a home with in a range. 

That said, if you are expecting your insurance agent to pull out the correct value for your house you are going about this all wrong.  You should know the value of your house and tell the agent want you want it insured for. Your agent has never seen the home and probably has no clue. But you have. So, what would it cost to rebuild the home? Its not hard to figure that out. Look at the appraisal, talk to a contractor, or a real estate agent in the area, remember you can't insure land, so focus on the cost rebuilding the home. Then tell your agent what you want to insure it for. 

2. Why do insurance companies not offer multi SFs discount?

Some do. Usually its a multi-policy discount and that, from what I have seen is usually a 2-5% discount depending on the carrier and area of the country. 

3. Why are portfolio insurance twice the price as getting many single policies

I assume you are talking about bundling all your rental property policies together? Maybe the single policies have really low limits of coverage? For example it could be you are getting 1 Million dollars of liability on your "portfolio" policy, but only 100K on a single policy? Not sure... on policies where we are scheduling coverage we usually see lower rates. 

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