Considering switching from Allstate to Amica in Georgia? I have some questions about other options as well.
I’ve gone 12 years without filing a claim with Allstate, but I’ve heard their home claims can be quite tricky. Meanwhile, I’ve heard positive feedback about Amica.
Right now, I hold a homeowners policy, two auto policies, and an umbrella policy. If I switch to Amica, my auto insurance could be cut in half, but my homeowners premium would double. Overall, it seems like it would balance out before factoring in Amica’s dividend payment.
Here are a few questions I have:
1. What method do you use to determine the replacement cost of your home?
2. Do you adjust that calculation if your policy includes an overage waiver? My Allstate has a 20% waiver, while Amica’s quote offers 30%.
3. Is there any reason to insure additional structures if I don’t have a fence or other outbuildings?
Also, are there any other insurance companies I should consider? Given the attractive rates from Amica on auto insurance, it might be worth separating my homeowners policy instead of bundling.
It sounds like you’re doing some thorough research on your insurance options, which is great! Here’s a breakdown of your questions and some additional considerations:
Calculating Replacement Cost:
To calculate the replacement cost of your house, you can use online tools provided by many insurance companies or consult a professional appraiser. Factors to consider include the square footage, materials used, local labor costs, and any unique features of your home. Websites like the National Association of Insurance Commissioners (NAIC) also offer resources to help you understand how replacement costs are determined.
Overage Waiver Adjustments:
If your policy has an overage waiver (30% vs. 20%), it’s worth factoring that into your calculations. The higher waiver gives you more coverage, which might justify a higher premium if you think your home’s value could significantly increase due to market changes or renovation. However, be careful to ensure your replacement cost reflects the current market conditions accurately.
Additional Structures:
Even if you don’t have a fence or additional buildings, it’s generally advisable to have some level of coverage for unattached structures (like a shed or deck), even if they’re not currently present. This provides you with some flexibility if you decide to add those features in the future. If you have nothing on your property, you may not need as much coverage, but it’s worth discussing this with your agent.
Other Insurance Options:
Alongside Amica, consider looking into companies like Progressive, Geico, or State Farm for auto insurance, as they also often have competitive rates and can sometimes offer bundling discounts with homeowners insurance. Additionally, check for local insurance providers, as they may offer personalized service and rates.
Before switching providers, ensure to read the reviews concerning claims processes and customer service, as these can drastically affect your experience in the event of a claim. It’s also good to have quotes from a few companies to compare coverage levels and premiums accurately.
Ultimately, make sure you’re comfortable with the level of coverage you choose and that it fits your needs not only today but also in the future. Good luck with your insurance journey!