Homeowner's Insurance

I use Chubb. They're not cheap, but if you have art or other valuables it might make sense... Don't know much about State Farm, though I'm reminded of the old adage--you get what you pay for.

That's what I've heard. But where is the difference: State Farm will fight you more before they pay claims?

That I don't know.

There are a number of companies that only sell through insurance agents. I found it enormously easier to shop policies through an agent. Bundling NYC apt with 2nd home and auto and liability umbrella saved me a lot.

I think Travellers and Firemans are two companies with good rates that don't sell directly to consumers.

Just something to consider.

Do you know a good agent? I used one but he only quoted Chubb.

chubb -- they actually pay when you have an issue....

I will tell you that I have only heard good things about Chubb. You will pay a few dollars more but when it is time to put in a claim you will not be dissapointed. The other thing someone mentioned is an umbrella policy. This is a no brainer. Everyone should have one if they own a home or a car.

Travellers.

We had Chubb for years. Had some jewerly stolen once and they sent a check the next day with barely any inquiry. The policy was very expensive though. When we sold our apt. I asked for a Chubb quote for rental insurance and it was much more than State Farm, so we switched to State Farm. Still have a jewerly policy with Chubb though because State Farm did not offer enough coverage with the rental policy. No claims yet with SF, so I cannot compare that for you.

Thanks for all the feedback. Probably I will go with Chubb especially since I want a larger umbrella policy.

travellers. carlson and carlson...excellent.

Carlson and Carlson is a broker?

The brokerage firm I use is Marsh, located in Philadelphia (they may have other branches but I like the folks in Philly--never met them in person, though). They're very responsive and explain all options clearly. Like Kyle mentions above, this is particularly helpful if you're doing a bundle (as we are).

Greetings. I can help with this topic as I've been in the insurance business for long time as an insurance broker, claims adjuster, contractor, and insurance company executive. My insurance brokerage company, Prana Risk, has served many New Yorkers on property insurance. The short answer is that Chubb and most other carriers in the middle market are on opposite ends of the spectrum when it comes to coverage, price, and overall claims paying philosophy (i.e. the "willingness to pay."). For example, two carriers can offer identical coverage and yet can vary tremendously on their claims paying philosophy. Some carriers will make it tough by creating processes and red-tap that are a pain to deal with until the customer goes away. Chubb will in general "look for a way" to pay the claim which is a very different mindset than most carriers. I say this with some conviction based on my clients experience on claims and also my experience billing insurance companies as a contractor. I think the most important guidance I can provide is to work with an experienced broker who can help you understand these differences before you have a claim.

In my experience, there often is not enough time spent upfront understanding the nuances protecting a significant asset, such as a NYC property. For example, what will the policy cover for you? Your neighbors? What will they exclude? How well do they cover water claims? How will the construction be dealt with? Where will you live during the construction? These are just a few questions. Secondly, most of us have very few tangible data points of reference to make a a decision based on experience. Thirdly, the process of learning the facts about insurance is inherently complex - especially in NYC. For example, insurance quotes give almost no insights into the coverages. Fourthly, there are qualitative considerations, beyond the objective considerations, such as the carriers willingness to pay out on large claims (i.e. will they play hard ball). Lastly, the NYC insurance market is unlike any other in the country (as is the case for broader NYC real estate). As a related matter, due to the complexities, uniqueness, risks of NYC, many carriers have left the market, increased prices, or have gotten a lot more strict on their underwriting guidelines.

My company will help you understand the low/medium/high options to empower you to make an educated decision. I will say there are many aspects to consider, which range from limits, valuation, coverage (i.e. broad vs narrow), your personal risk appetite, pricing, claims paying experience, etc. We do business with all the major carriers, including Chubb. Our goal is to represent your best interest throughout the process and pride ourselves in educating property owners to make the best informed decision on matters of insurance. The insurance purchase is unlike others, such as a car, where you can give it a test drive. We replicate the test drive through fact based insurance education, which is the best one can do. Happy to have a more personal conversation. My company info is below.

Best wishes,
Seth
Prana Risk
www.prana-risk.com
info@prana-risk.com
917-438-0984

Me, my siblings, and my parents have been with State Farm my entire life.

They have been fantastic the entire time, weathering times of claims numerous and bunched together as well as claim droughts not treating us any different or obnoxious increases.

That being said, we all as a whole are in for interesting times with all insurance. Something in the system will have to break if it doesnt change or bend.

State Farm is great. I use them for my primary residence in NYC and two condos in CA that I use as second homes and rent out on a monthly basis. Many insurance companies I contacted would only insure for a landlord policy with minimum 6-12 month leases, not 30 day rentals. Unfortunately, I do believe State Farm is not accepting new home insurance business in CA but for there existing clientele, they are still renewing policies.

Oy veh, didnt realize this a 14 year old thread

Seth! Dude! lol