Home Insurance???

NEW -> Contingent Buyer Assistance Program
T

thelinux

New member
Finally I am buying a home in Irvine. It's a 1500sqft/$500K detached condo in Oak Creek.
I now need to get an home insurance for this property which is what I've never done before.
So what should I look for when buying an home insurance?
What kind of coverage should I get?
What coverages are you guys getting for your home insurance??? How much am I expected to pay in general?

Thanks!

 
thelinux said:
Finally I am buying a home in Irvine. It's a 1500sqft/$500K detached condo in Oak Creek.
I now need to get an home insurance for this property which is what I've never done before.
So what should I look for when buying an home insurance?
What kind of coverage should I get?
What coverages are you guys getting for your home insurance??? How much am I expected to pay in general?

Thanks!
Click to expand...
Congrats on the purchase.  I would start with your insurance agent who has your auto insurance.  You'll get a discount for having both the auto and home policy.  Also get quotes with Mercury Insurance and Ameriprise through Costco.  Most people get a deductible of $1,000 or $2,500.  The dwelling coverage level will be auto calculated. There are a several insurance coverage level options (personal property, personal liability, medical payments, personal injury, etc) so you'll need to discuss those with the insurance folks to see what makes the most sense for your needs.  You can probably expect to pay anywhere from $400 to $700 per year for homeowner's insurance.
 
I am getting a quote from Ameriprise. When I selected earthquake coverage the premium went up by $200!
Are you guy getting earhquake coverage??? I'd like to have one but it's so expensive...  :(
 
thelinux said:
I am getting a quote from Ameriprise. When I selected earthquake coverage the premium went up by $200!
Are you guy getting earhquake coverage??? I'd like to have one but it's so expensive...  :(
Click to expand...
Only one of my buyers opted to get earthquake insurance.
 
I also have a detached condo in Irvine. We went with Farmers because we have a family connection. We tried getting a quote from AAA because my auto insurance was with them. Surprisingly, they do not insure detached condos...
 
kubert13 said:
I also have a detached condo in Irvine. We went with Farmers because we have a family connection. We tried getting a quote from AAA because my auto insurance was with them. Surprisingly, they do not insure detached condos...
Click to expand...

Really. What was their reasoning for not insuring detached condos?
 
IndieDev said:
kubert13 said:
I also have a detached condo in Irvine. We went with Farmers because we have a family connection. We tried getting a quote from AAA because my auto insurance was with them. Surprisingly, they do not insure detached condos...
Click to expand...

Really. What was their reasoning for not insuring detached condos?
Click to expand...

I believe they said it was too high of a risk for them because the homes are closer to each other because of zero lot lines.  They insure attached condos and SFRs. Probably because insuraance for attached condos covers anything paint inwards and SFRs are further apart.

Perhaps another reason to get a true SFR in the future.
 
OK, guys...
How about fire insurance? I thought it's usually included in home insurance but my agent says it's a separate insurance???
 
homer_simpson said:
Yeah, AAA wouldn't insure mine as well.  Farmers did  :-\
Click to expand...

AAA is very, very conservative on what they will insure.  I had AAA with my home in Irvine but when I moved to South County, they would not insure that home.  They said the home was within a few thousand yards of a hillside which is an elevated risk of wildfire damage.  I let them know that there are quite a few homes between me and the hillside and the brush is very well cut back and maintained but they said no dice.
 
kubert13 said:
I also have a detached condo in Irvine. We went with Farmers because we have a family connection. We tried getting a quote from AAA because my auto insurance was with them. Surprisingly, they do not insure detached condos...
Click to expand...

Strange. I have 3 attached town houses and one detached condo insured with AAA and 3 cars. They have the best rate and never give me any sort of trepidation when we called them to insure the detached Irvine condo. My detached condo does have 3 walls around but no drive way.....
 
The California Department of Insurance does an annual premium survey of homeowner's, renter's and earthquake insurance.

http://interactive.web.insurance.ca.gov/survey/survey?type=homeownerSurvey&event=homeownerSearch

Note that some insurance companies show up with different names on the report. For example Ameriprise shows as IDS Property Casualty.
 
Detached condos recently had numerous lawsuits regarding children getting injured by cars driving into the motor court by being in the blind spots and front doors too close to the vehicular maneuvering zone. In Northern Ca this solution is discouraged and insurance companies denied coverage due to high risk.

Many guests slipped and fall due to crossong over water gutter near front doors and walking up motor court with slippery grease spots. Lawsuits caused insurance companies to not cover detached condos unless the front door is away from the motor court.
 
irvinehomeshopper said:
Detached condos recently had numerous lawsuits regarding children getting injured by cars driving into the motor court by being in the blind spots and front doors too close to the vehicular maneuvering zone. In Northern Ca this solution is discouraged and insurance companies denied coverage due to high risk.

Many guests slipped and fall due to crossong over water gutter near front doors and walking up motor court with slippery grease spots. Lawsuits caused insurance companies to not cover detached condos unless the front door is away from the motor court.
Click to expand...
Links?
 
davenlei said:
homer_simpson said:
Yeah, AAA wouldn't insure mine as well.  Farmers did  :-\
Click to expand...

AAA is very, very conservative on what they will insure.  I had AAA with my home in Irvine but when I moved to South County, they would not insure that home.  They said the home was within a few thousand yards of a hillside which is an elevated risk of wildfire damage.  I let them know that there are quite a few homes between me and the hillside and the brush is very well cut back and maintained but they said no dice.
Click to expand...

Any consultants here to do an internal audit/operational process improvement review of AAA's risk/actuary dept? After hearing that explanation, their actuaries obviously have it all wrong.
 
thelinux said:
Finally I am buying a home in Irvine. It's a 1500sqft/$500K detached condo in Oak Creek.
I now need to get an home insurance for this property which is what I've never done before.
So what should I look for when buying an home insurance?
What kind of coverage should I get?
What coverages are you guys getting for your home insurance??? How much am I expected to pay in general?
Thanks!
Click to expand...

Welcome neighbor!  Which side of Oak Park are you on?  I'm over by Gelsons side of the street.

 
momopi said:
thelinux said:
Finally I am buying a home in Irvine. It's a 1500sqft/$500K detached condo in Oak Creek.
I now need to get an home insurance for this property which is what I've never done before.
So what should I look for when buying an home insurance?
What kind of coverage should I get?
What coverages are you guys getting for your home insurance??? How much am I expected to pay in general?
Thanks!
Click to expand...

Welcome neighbor!  Which side of Oak Park are you on?  I'm over by Gelsons side of the street.
Click to expand...

I am on the Alton and Jeffrey. :-)
 
You must log in or register to reply here.
Back
Top