| Author |
Message |
    
Liane Thatcher
Citizen
Username: Olive
Post Number: 1
Registered: 5-2003
| | Posted on Thursday, August 14, 2003 - 3:11 pm: | 
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we just moved into so and think our house has been over appraised by our insur. (Chubb)...any suggestions on other companies? |
akl
Citizen
Username: Akl
Post Number: 35
Registered: 8-2002
| | Posted on Friday, August 15, 2003 - 7:35 pm: |
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We've used the Warren G. Reiner Agency (Jack Reiner, Sr.) for home/auto since moving into Maplewood in 2001. They have always been helpful and responsive and got us policies we're happy with. (973) 376-6810 |
Dave Ross
Supporter
Username: Dave
Post Number: 5017
Registered: 5-2001
| | Posted on Saturday, August 16, 2003 - 1:13 am: |
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It's not a bad thing to insure your home at a slightly higher cost. |
bobk
Supporter
Username: Bobk
Post Number: 3298
Registered: 5-2001
| | Posted on Saturday, August 16, 2003 - 5:42 am: |
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Remember homeowners property insurance is based on Replacement Cost of the structure, not market value.
Even with the sky high real estate prices here at the present time replacement cost can still be higher than market value, even excluding the value of the land, which isn't an issue with insurance.
Many homeowners policies have a penalty in the event of loss if you haven't insured to at least 80% of replacement cost.
Very roughly the average middle Maplewood three bedroom, 2,000 square foot 1920s colonial would probably cost around $400,000 to replace with like kind and quality.
Chubb is an excellent company and is very good on handling claims. However, they do tend to focus on upscale customers. |
nwyave
Citizen
Username: Mesh
Post Number: 93
Registered: 1-2003
| | Posted on Saturday, August 23, 2003 - 8:44 pm: |
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Anybody have experience on insuring an older home? The replacement values that the 2 insurance companies I've dealt with are using, are ridiculous. |
deborahg
Citizen
Username: Deborahg
Post Number: 648
Registered: 5-2001
| | Posted on Sunday, August 24, 2003 - 12:50 pm: |
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We probably ALL have experience insuring an older home! This is Maplewood/S. Orange, after all!  My home was built in 1918, and I've been quite happy with State Farm right here in town; Christine Coster is the agent, 973-761-4041. We also have our auto insurance with them, and they have always been very prompt and helpful. |
bobk
Supporter
Username: Bobk
Post Number: 3325
Registered: 5-2001
| | Posted on Sunday, August 24, 2003 - 4:48 pm: |
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Start at $200 per square foot and work your way up. |
jjlemon
Citizen
Username: Janet_and_joe
Post Number: 5
Registered: 11-2002
| | Posted on Monday, August 25, 2003 - 10:27 am: |
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We also learned, when we insured our new "old" home last summer, that replacement values in Essex and Hudson Counties are significantly higher than those of other counties in NJ -- has to do with the contractor rates here, so bear that in mind as well. |
nwyave
Citizen
Username: Mesh
Post Number: 94
Registered: 1-2003
| | Posted on Tuesday, August 26, 2003 - 8:54 pm: |
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Thanks for the info. To be even more specific - does anybody have experience in insuring a large historical house in montrose or Upper Wyoming areas. I received a quote that is more than 30% more than the market value and results in an insurance premium of nearly $4k per year. That seems outrageous - is that the norm? I understand that the replacement costs may be very high - but wow! It seems like the ins co is taking a replacement value per sq ft for the unique features of the house and applying it to the whole house rather than only for the limited area that has such unique features. But it is like talking to a wall.
Thanks. |
Jackie Day
Citizen
Username: Zoesky1
Post Number: 81
Registered: 6-2003
| | Posted on Tuesday, August 26, 2003 - 11:13 pm: |
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Re Chubb: I have used them twice for two different houses. It's not that they focus on upscale consumers, but rather they tend to only insure houses with a market value of $500,000 and up. Around here, that's not necessarily upscale. I got a good quote from them for my current home from my agent, who I love (Whitney Roddy Agency in Bloomfield; let me know if you want his number). |
OK, it's Tom Reingold
Citizen
Username: Noglider
Post Number: 416
Registered: 1-2003
| | Posted on Thursday, August 28, 2003 - 6:39 pm: |
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Another vote for Whitney Roddy. I found him by asking the seller of my house whom she used. At first, she was suspicious and thought it was a personal question. She was relieved to learn why I was asking.
Anyway, I like this company. They are giving me good service.
They are at 973-743-6700.
430 Broad St
Bloomfield, NJ 07003-0149
Tom Reingold
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