Considering switching from Allstate to Amica in Georgia. I haven’t filed any claims in the past 12 years with Allstate, but I’ve heard their home claims process can be quite challenging. On the other hand, I’ve received positive feedback about Amica.
Currently, I have homeowners insurance, two auto policies, and an umbrella policy. While moving to Amica could potentially cut my auto insurance rates in half, my homeowners premium would double, ultimately balancing out before accounting for the Amica dividend payment.
I have a few questions:
1. How do you determine the replacement cost for your house?
2. Do you adjust that calculation if your policy includes an overage waiver? My Allstate coverage includes a 20% overage, while the Amica quote comes with 30%.
3. Is there any advantage to including coverage for additional structures if I don’t have a fence or outbuildings?
Are there other insurance companies I should consider? Given the favorable auto rates with Amica, it might be worthwhile to separate my homeowners coverage if bundling isn’t our best option.
It sounds like you’re doing some thorough research on your insurance options! Here are some thoughts on your questions:
Calculating Replacement Cost: For calculating the replacement cost of your home, many people use online calculators offered by insurance companies, which take into account the size, age, location, and construction materials of your home. You can also consider hiring an appraiser or contractor to get a more accurate estimate. Tools like the Insurance Information Institute’s calculator can also be helpful.
Changes with Overage Waiver: If your policy has an overage waiver, it can influence your calculations. A higher waiver percentage generally means you might need less coverage if your home is more likely to be covered above its replacement cost. It’s essential to consider your personal financial situation and how much coverage you would want post-disaster.
Additional Structures Coverage: If you don’t have a fence or other outbuildings, it may not be necessary to carry additional structures coverage. However, consider whether you might add any structures in the future or if there are any assets on your property that could be covered. Some people choose to keep a minimal amount for unexpected circumstances.
Other Insurance Companies: Besides Amica, it might be worth looking into companies like State Farm, Erie Insurance, or USAA (if you’re eligible) for both auto and homeowners. Each company has its strengths, so it’s a good idea to get multiple quotes and compare coverage options.
In the end, weighing the pros and cons between Allstate and Amica—and considering breaking out your homeowners insurance—will depend heavily on your unique circumstances and preferences. It’s always a good idea to consult with an independent insurance agent who can provide tailored advice based on your situation!