Help me with Homeowners Insurance Question

[Anonymous]

Is it crazy to go with Geico? As with car insurance, Geico's quote is hundreds of dollars less than the other (more reputable?) companies' ($600 less!). Is it a scam? Does anyone have both homeowners and car insurance with Geico? And yes, the quotes are apples to apples (same coverage amounts and exclusions).

[Anonymous]

I have Geico (travelers) for home insurance and for car insurance. It's not a scam. Never had any issues and coverage is comparable, on the other hand, I've not made a claim. As a renter I had State farm and claimed for a break-in and promptly had my insurance cancelled by them. Geico were happy to step in when I bought my house despite the fact that I was a "risk" because I'd made a claim!

[Anonymous]

Geico is not a scam.

Only thing I'd check if the rate is to replace the house.

Some rates are only for the current value of the home, not to replace it in cases of fire/etc.

Cost of rebuilding the house can be much higher than the current value (aka improvements. Which excludes the land).

[Anonymous]

OP, you need to read the policy. I mean really READ it.

One thing you want to look for, e.g., is what Geico covers when there is a named storm. Insurance companies have gotten sneaky in recent years about raising deductibles when damage is due to a "named storm."

See:

http://www.bswllp.com/news/TheNamedStormDeductible.asp

http://www.youtube.com/watch?v=_1NjQfdU88U

this one's about Virginia: http://hamptonroads.com/2011/08/deductibles-hurricane-damage-coverage-cost

Now, think about the types of things that are most likely to do damage around these parts. Hurricanes, right? NAMED STORMS.

Read that policy. Closely.

[Anonymous]

Look for full replacement cost coverage...not every insurer offers, it is always an endorsement. If not full replacement cost, carefully check the coverage limit and try to get an endorsement that covers 20% above that limit. Insurers often will low-ball the dollar amount of coverage in order to keep the cost down.

But overall GEICO is a great company, I have car/home/umbrella coverage with them and have been very happy.

[Anonymous]

We have GEICO for both and have always had great service from them - no claims on this home but two on our previous one (break-in and water damage from pinhole leak) and a huge auto claim (half of a tree fell on my husband's car) and they have been great. Read your policy, though as PPs phase said.

[Anonymous]

as PPs have said, sorry.