Property Insurance - Getting the best deal

[thechosen1]

What is the forum's take on property insurance? I couldn't find a thread on this in search by title, and that was very surprising to me.

Recently it has been HELL getting both homeowner's and commercial property insurance, especially at half-decent rates. Everyone wants to cover sky-high valuations that make no sense (thanks inflation), and the premiums that agents and brokers are charging are absolutely bonkers.

On the personal side, my premiums literally DOUBLED from last year and my escrow payment went way up. Agent claims he has no idea why. Very aggravating.

On the commercial side, the premiums have just gone up and up and away. If you are leveraged 25% LTV and only want to cover that 25% for replacement, doesn't matter - the insurance guys all want to quote you the full 100% inflated value even if your property is just land with a metal box on it. More premiums for them.

Are most folks here going high deductible? Do you shop it around to lots of brokers or have one guy who's your best buddy? Let's make this the insurance thread!

 

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[thechosen1]

Insurance agents are in the same game as the tax man, fleecing property owners off of pie in the sky property valuations that have yet to come to pass.

Nobody has replied to this thread but figured I would continue where I left off.

I am working on changing my policies from "replacement cost" to "actual cash value."

There is a huge rip off going on right now where all property valuations are going through the roof - sky high - as far as taxes and insurance are concerned. And instead of being insured for what you paid for a property or what you owe on it, you are being charged rates based on what it "might" be worth in today's market.

If you paid $200,000 for your house and owe $150,000 on it, it doesn't necessarily benefit you to be paying insurance costs to replace it for $500,000 just because the market *might* value it close to $500,000... That only benefits the insurance guy...agree or disagree?

@Antifragile