HO Insurance $5100!!! WTH

Old 04-18-2012, 08:25 AM
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Default HO Insurance $5100!!! WTH

So I've been with Citizens for several years now because they are the only insurance I can get. A few years back I wanted to lower my replacement cost, because it was at 380K from when the market was high. They told me to get it appraised and they would lower it. The appraisal came in at 180K. I know that 180 is too low to replace my house, so I asked the insurance if I could lower it to something around 230K because that would be more realistic to replace the house in a total loss. They said no, either keep it at the 380K or lower it to the 180K. I just don't understand that thinking, but anyhow, I kept it at the 380K. Now this year, it went up almost 1000 to 5100. If I drop sinkhole it will be about half that. So it seems they are pushing people to drop sinkhole. Before I do though, I am thinking I'd better have one of those free inspections in case I have any "sinkhole activity" Any advise for me would be very much appreciated. After paying about 23K to our lovely government in 2011 taxes, and now this; I'm ready to join the entitled crowd and quit working altogether!
Old 04-18-2012, 08:37 AM
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I just moved primary residence, my past home is on the market, and insurance with UPC just renewed, up 38%.
Old 04-18-2012, 09:59 AM
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Your mortage company might not let you drop the sinkhole coverage.
Old 04-18-2012, 05:40 PM
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I'll have to check on the mortgage co question. Dropping sinkhole is for only minor damage like cracks, doors that don't open, etc. Catastrophic damage would still be covered.

Anyone else have any advise on the subject?
Old 04-18-2012, 06:13 PM
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I would concern myself more with potential repair costs rather than the limit. Secondly, what would the deductible be in event of a claim?

We moved 22 miles inland and saved $8000/year on HO insurance. Furthermore, we went from a 10% to a 3% deductible.

If you have a claim on a $180K house, a 5% deductible is $9000, whereas the deductible on a $380K policy is $19,000. Deductibles are real, out-of-pocket, money to us.

What are the odds of a sinkhole swallowing your house? That would likely be a total loss, including property value. Pay attention to how demolition would be covered if you did lose the house to sinkhole.
Old 04-19-2012, 09:59 AM
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I hear you- mine is $13K- ouch....

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