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Tractor Talk Discussion Forum

O.T. Insurance

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Uncle

12-07-2005 12:00:27




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My wife and I just bought the land we want to retire on. 11 Acres, two ponds, and currently has an older 1600sq.ft. home on it.
I have the old home rented out right now as I will not start my building for several years and the renters are paying my mortgage.
Anyway, I need a source for insurance. Farm Bureau said that they would cover it for $500/yr. after I have an electrician, plumber, and Chimney sweep sing off on it.
The house is aprox 50 years old.
Is this standard or am I being jerked around?
I am going to tear the old home down when I get my dream home built. I just need coverage so that I'm covered if something tragic happens to it before I tear it down.
Brian

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jhill

12-07-2005 19:17:20




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
I am paying about $400 a yr for a $200,000 rental house. This is for coverage on property and liability only. Does not cover renters possesions. They have to have their own policy.



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DigDugNC

12-07-2005 18:28:47




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
I have Farm Bureau of North Carolina, on a 140,800 tax value home built in 2002 at about $418/year. I'll say your getting a great deal. Of course they want an electrician, plummer, and chimney expert to sign off on an inspection since the house is 50+ years old. That just makes good sense from their stand point, and yours, since you will know about any problems up front. Get the insurance you'll feel better for it, and Farm Bureau can't be beat

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John (C-IL)

12-07-2005 17:07:55




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
Yep, yer about right or better as far as pricing. As far as the inspections, there has been so much insurance fraud with all of the hurricane stuff and just fraud in general that the insurance companies are in a CYA mode when writing new policies. You are getting by pretty good for a rental property, usually that is an automatic doubling of the rates. TYPO: just realized the difference between rental and rectal was one letter LOL

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dhermesc

12-07-2005 14:56:36




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
Sounds pretty good, I'm paying about $900 a yar for a replacement value on a $135,000 house, $13,000 in buildings, $75,000 contents and $500,000 in liability.



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kelly campbell

12-07-2005 13:31:36




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
Much better than what I'm paying....Mabye I need to look into switching!

Kelly



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Uncle

12-07-2005 12:53:28




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
Thanks for the replys.
This has been comforting, Brian



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Archie

12-07-2005 12:39:04




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
Hi Uncle. That seems like a fair deal to me. Do like Buckva said. Make sure the liability is there in good strong letters. That is a big issue any more. Lots of people waiting for a chance to sue you if they can. Archie



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buckva

12-07-2005 12:23:35




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  

sounds sorta like what I went thru about 10 years ago when I wanted insurance for my 150 yar old retirement to be home. Try to find local insurance person familiar with your situation. You may be able to get your rentor to cover their stuff and just take the loss if something happens,since you plan on demolishing anyway. Liability would be my main concern.



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RustyFarmall

12-07-2005 12:23:31




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
Nope, you"re not being taken, sounds pretty fair to me.



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Fluggie in IA

12-07-2005 12:22:48




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 Re: O.T. Insurance in reply to Uncle, 12-07-2005 12:00:27  
Sound about right for pricing to me. I believe mine for 2 acres and older home with 3 out buildings runs about that same amount thru State Farm. But, I am carrying replacement value and about $90,000 on my work shop!



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