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Message
Home Owner’s Insurance - Swyfft? See quote
Posted on 12/2/24 at 1:36 pm
Posted on 12/2/24 at 1:36 pm
My insurance is up and everything is about $1k more than last yr. Independent broker quoted me Swyfft (never heard of it) with 5% deductibles. The coverages seem aligned with some of the other quotes I’ve seen for a lot more premium fee. Anyone see any issues here? Home is around $975k on the market if I were to sell.
12
Posted on 12/2/24 at 2:43 pm to Hou_Lawyer
Am a MT poor - home valued at $225,000.00 and premium is $1,900.00.
Posted on 12/2/24 at 3:05 pm to Hou_Lawyer
You saying your home is worth $900k but the insurance coverage says it's giving you $560k worth of coverage is not really adding up
Posted on 12/2/24 at 3:15 pm to Civildawg
That's the rebuild. Not the value of the home.
Posted on 12/2/24 at 3:36 pm to Hou_Lawyer
2700$ for a 500k hole doesn't seem that bad at all.
Posted on 12/2/24 at 3:43 pm to Hou_Lawyer
I used swyfft before with no complaints but never did file a claim. My FIL is my agent so I don’t think he’d set my policy up with a high risk or problematic insurer though.
If your home is worth ~$1M, you really think you can rebuild at that price for same quality? Genuinely interested. What’s the disparity there?
If your home is worth ~$1M, you really think you can rebuild at that price for same quality? Genuinely interested. What’s the disparity there?
Posted on 12/2/24 at 3:45 pm to Hou_Lawyer
Doubt the premium savings going from a $5,600 AOP deductible to a $28,000 is worth it.
Posted on 12/2/24 at 4:56 pm to Hou_Lawyer
You’re saying your market value is $975,000 — is your home really worth that much more than its replacement cost of $562,000? That’s not impossible but also not super common. You sure you’re not really underinsured on that quote?
Personal injury coverage is a must have in today’s social media world in my opinion. Being sued for something you post online is becoming more and more prevalent.
Ask to see a copy of the roof payment schedule and be sure you’re aware of how a claim on your roof will be paid.
Probably not applicable to you since it’s rare but do you have some sort of feature your home’s construction that would take a while to replace or rebuild? I ask because $60,000 living expenses is really low. Also - is that ADDITIONAL living expenses or just living expenses? At claim time, the difference between the two could be huge when you’re trying to balance a mortgage and a monthly rent note at the same time while your home is being rebuilt.
Ask your agent questions because Swyfft Insurance is probably rated by Demotech, which is ok but isn’t ideal. Claims may be a headache with that carrier.
Personal injury coverage is a must have in today’s social media world in my opinion. Being sued for something you post online is becoming more and more prevalent.
Ask to see a copy of the roof payment schedule and be sure you’re aware of how a claim on your roof will be paid.
Probably not applicable to you since it’s rare but do you have some sort of feature your home’s construction that would take a while to replace or rebuild? I ask because $60,000 living expenses is really low. Also - is that ADDITIONAL living expenses or just living expenses? At claim time, the difference between the two could be huge when you’re trying to balance a mortgage and a monthly rent note at the same time while your home is being rebuilt.
Ask your agent questions because Swyfft Insurance is probably rated by Demotech, which is ok but isn’t ideal. Claims may be a headache with that carrier.
Posted on 12/2/24 at 5:03 pm to CalcuttaTigah
How much is the lot worth? You have to back that out of the retail home value for replacement right?
Posted on 12/3/24 at 12:39 am to Hou_Lawyer
When I owned my agency, I wrote hundreds of policies through Swyfft.
Handled over 100 claims due to Sally with them. No real complaints, as they utilized a claim portal.
Your deductibles for anything are $25k, so unless something major happens, you’re on the hook (presume you’re aware, but just fyi).
Handled over 100 claims due to Sally with them. No real complaints, as they utilized a claim portal.
Your deductibles for anything are $25k, so unless something major happens, you’re on the hook (presume you’re aware, but just fyi).
Posted on 12/3/24 at 2:42 am to BamaCoaster
quote:
Your deductibles for anything are $25k
At this rate, what’s the point of windstorm insurance unless you live on the water?
Posted on 12/3/24 at 6:49 am to meeple
Hail
And, the OP has ALL deductibles at 5%, or like $25k
And, the OP has ALL deductibles at 5%, or like $25k
This post was edited on 12/3/24 at 6:51 am
Posted on 12/3/24 at 10:25 am to Hou_Lawyer
Seems very reasonable....
Broker quoted me this SageSure policy for Mandeville area home yesterday. Not a whole lot of options from what I can tell.
If anyone has a contact or suggestions to improve I'd appreciate it!
[/img]
Broker quoted me this SageSure policy for Mandeville area home yesterday. Not a whole lot of options from what I can tell.
If anyone has a contact or suggestions to improve I'd appreciate it!
[/img]Posted on 12/3/24 at 11:06 am to SwampCollie
$11k - yikes.
Got another agent to quote Traveler’s
I may go w this one since at least it’s a big name ( not that that necessarily means it’s better)
Got another agent to quote Traveler’s
I may go w this one since at least it’s a big name ( not that that necessarily means it’s better)
This post was edited on 12/3/24 at 11:08 am
Posted on 12/3/24 at 11:17 am to Hou_Lawyer
quote:
Anyone see any issues here?
Just that your deductible at 5% is going to be over $28k....for all perils, not just wind/hail.
But if you're OK with taking the risk of a big deductible like that and think the premium savings justify it, go for it.
Posted on 12/3/24 at 11:27 am to Hou_Lawyer
There is no way I would live in Texas with a 5% on wind and hail. It is worth paying the extra $1000 to have that down. You need to get that down to 1%-2%. Other perils can be higher.
A roof replacement will be over $25,000 guaranteed now in Texas. My roof was replaced from hail damage a year ago and it was over $50,000.
I have had two roofs replaced in DFW over the last decade.
A roof replacement will be over $25,000 guaranteed now in Texas. My roof was replaced from hail damage a year ago and it was over $50,000.
I have had two roofs replaced in DFW over the last decade.
This post was edited on 12/3/24 at 1:21 pm
Posted on 12/3/24 at 11:54 am to Hou_Lawyer
Subtle "I have $10k in Sump Discharge Coverage" brag.
Posted on 12/3/24 at 1:27 pm to Hou_Lawyer
quote:
Home is around $975k on the market if I were to sell.
And only insuring the structure for $562,353?
Posted on 12/3/24 at 1:29 pm to SwampCollie
quote:
Seems very reasonable....
Broker quoted me this SageSure policy for Mandeville area home yesterday. Not a whole lot of options from what I can tell.
If anyone has a contact or suggestions to improve I'd appreciate it!
Since your home is over $1MM if you can get a quote from PURE
Posted on 12/3/24 at 3:56 pm to BigBinBR
quote:
And only insuring the structure for $562,353?
I’ve asked numerous times. The dwelling cost is the cost to rebuild. It’s not necessarily what it would go for in the market. Price to build != price per sq. Ft on the market
It’s better to have more but isn’t necessarily 1:1
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