OWB Insurance Rates
- Thread starter Stihl310
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Stihlfroling has it right although its the actuaries, not the agents making those calls.
Their job is reduce risk to the company and accurately forecast how many claims per 1000 policies. Any variables such as wood stoves etc get kicked out. They'd rather pass up on a few $ in premium than insure something out of their knowledge base. And yes some of these decisions are made with very little or no "common" sense. It's just the nature of the beast. Their way of thinking is if the outcome is uncertain, the answer is no.
That's where secondary and/or specialty insurance companies come in. Rates per $ of coverage are much higher but they are less stringent in what they require. For instance my hunting cabin insurance costs me 3x as much as my home on a dollar for dollar coverage basis.
Their job is reduce risk to the company and accurately forecast how many claims per 1000 policies. Any variables such as wood stoves etc get kicked out. They'd rather pass up on a few $ in premium than insure something out of their knowledge base. And yes some of these decisions are made with very little or no "common" sense. It's just the nature of the beast. Their way of thinking is if the outcome is uncertain, the answer is no.
That's where secondary and/or specialty insurance companies come in. Rates per $ of coverage are much higher but they are less stringent in what they require. For instance my hunting cabin insurance costs me 3x as much as my home on a dollar for dollar coverage basis.
beerman6
Addicted to ArboristSite
I know when you have a trailer appliances need to be "rated" for mobile home use. Ours is a double-wide sitting on a walk-out basement,the furnace is no longer in the hallway closet it is in the basement and is a high efficiency propane forced air unit that is not rated for mobile home use BUT Pioneer dont care about that. My ex- agent has a OWB heating a stick built house and Pioneer is okay with that.
IT makes absolutely no sense to me.
Frustrating for sure.
I just called a new agent today, I started off by telling him about my OWB. He said as long as its thermostatically controlled he doesn't care. I told him I had propane and then he really didnt care. Basically he just wanted to know that I had an additional heat source should we go away for the weekend.
He said the problem is there are people in big fancy offices in the cities making decisions on OWBs when they're totally clueless about what they are and how they work.
beerman6
Addicted to ArboristSite
yep,for sure.
It did cause us to shop around and we ended up with Allstate at $200 cheaper on the homeowners and $900ish on the autos... for now.
It did cause us to shop around and we ended up with Allstate at $200 cheaper on the homeowners and $900ish on the autos... for now.
Sawyer Rob
Addicted to ArboristSite
I have my add on wood/coal furnace in my basement... My agent wanted to come out and see how "I" had installed it, and take some picts... (the fact that ALL of it was new, DID make a difference)
He did, and no problem at all other than my insurance went up $89.00 per year... Considering that i'm saving AT LEAST $1,600.00 per year in propane cost, i'd call that NO problem at all!
SR
He did, and no problem at all other than my insurance went up $89.00 per year... Considering that i'm saving AT LEAST $1,600.00 per year in propane cost, i'd call that NO problem at all!
SR
Well, here's the latest... My insurance rates went up $60 per year because of my OWB.
The kicker is, it's not because of the fire hazard but rather that they consider it an additional "out building" and want to cover replacement costs!!! I thought I'd seen it all! So on top of that my insurance coverage already more than covers my actual outbuilding and the value of the OWB in the event I have a total loss of both at the same time.
So I'm currently shopping around for insurance, and looks like I'll be switching shortly based on some quotes I've already received.
The kicker is, it's not because of the fire hazard but rather that they consider it an additional "out building" and want to cover replacement costs!!! I thought I'd seen it all! So on top of that my insurance coverage already more than covers my actual outbuilding and the value of the OWB in the event I have a total loss of both at the same time.
So I'm currently shopping around for insurance, and looks like I'll be switching shortly based on some quotes I've already received.
Well, here's the latest... My insurance rates went up $60 per year because of my OWB.
The kicker is, it's not because of the fire hazard but rather that they consider it an additional "out building" and want to cover replacement costs!!! I thought I'd seen it all! So on top of that my insurance coverage already more than covers my actual outbuilding and the value of the OWB in the event I have a total loss of both at the same time.
So I'm currently shopping around for insurance, and looks like I'll be switching shortly based on some quotes I've already received.
The kicker is, it's not because of the fire hazard but rather that they consider it an additional "out building" and want to cover replacement costs!!! I thought I'd seen it all! So on top of that my insurance coverage already more than covers my actual outbuilding and the value of the OWB in the event I have a total loss of both at the same time.
So I'm currently shopping around for insurance, and looks like I'll be switching shortly based on some quotes I've already received.
zogger
Tree Freak
That seems quite reasonable actually.
Maybe so, but if they want to claim that I need additional coverage for an outbuilding when I already carry coverage that's far and above the value of my existing outbuilding ( they also won't allow me to not cover the wood burner, said it's not an option, and they claim that even though the coverage I carry on my actual outbuilding is beyond what it's worth they won't let me lump it together... )Well they can go pound salt then. Add to that I can get cheaper coverage from another company that could care less about the unit.
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Getting coverage and actually getting the money from them in the event of a claim are 2 totally different things. Everybody price shops but do you actually talk to anyone that has had a claim with them? Just like the guys here already said "State Farm fights every claim" so they might be lower priced but if you have to hire a lawyer to try to get your money out of them are they really cheaper. Then again a company that fights every claim should have less claims so prices will stay cheaper?
I heard quite a scare sermon from my insurance agent when I mentioned burning wood in a mobile home. To hear him explain, it was almost a 99.9% certainty that it would eventually burn down completely???? Mine was/is factory built has the UL label riveted to the backside shield. I've had no issues using it in 25 yrs.?
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