View Full Version : Homeowners Insurance

01-15-2012, 02:54 PM
Has anyone seen a huge jump in their howeowners insurance premiums? It looks like mine have doubled for the same amount of coverage over last years. Also, would one expect expect to receive notification that a policy was about to expire within a month ,or would a notice almost a year later be considered business as usual. I know things are a little different on the island compared to the states. Just trying a get a feel for things so i can temper my outrage.:cool:

01-16-2012, 09:50 AM
Our insurance went up just a little. It may be because we work with Bob Bartikowski & Rob Laurant at REMAX and our insurance agent was changed this year (maybe to help hold down costs ??).

Bruce Z
10-20-2012, 03:05 PM
Old thread to reply to but no, ours is about the same as last year. We use Ennia, FWIW.

01-26-2013, 06:07 AM
Hi Seahorserancher,
Everytime when an insurance company raises its premium you have the right to change/go to another company. These days everybody is looking at lowering costs, so why not take a look at all your insurance papers and ask yourself do I really need this part of my total package. Compare and ask for quotes from other insurance companies. You will feel much better when you have changed. You have controlled/tempered your high blood pressure.
Ask a quote from Ennnia.

01-26-2013, 11:41 AM
It's my understanding that your home insurance is based on the cost to rebuild your property today, should your home be totally destroyed--since our prices have gone up so much, I'm not surprised to see higher rates. If you want to move to a different insurance company, you'll need a current appraisal of your property; your bank, attorney or real estate agent can suggest appraisers.

01-26-2013, 02:59 PM
Hi Ruth,
You are absolutely right about the home insurance is based on the cost to rebuild your property today incase of total destruction. But an appraisal from the real estate agent is based on estimate of value for sale and not on rebuild. It is much better to have an appraisal from the construction company. The insurance company can't deny actual rebuild costs.
When it comes to savings this is the way.

01-26-2013, 04:02 PM
Our realtor appraised our home for sale price and for replacement cost for the seller before we bought it and provided the replacement cost to our insurance agent (Ennia). In fact, the agent suggested the realtor would have it - and she was right.

Do you suppose an appraisal by a construction company would be better? (Our home is older so there is no company familiar with it.)

01-28-2013, 10:17 AM
I can reccommend John Flipse, whi is an insruance broker on the island. I suggest you meet with him to discuss your current insurance and what you might need. He gets quotes from a number of different insurers, including Ennia and RSA, and is very knowledgible about cverages and options. One think to think about is that while almost all insruance policies covers fire damage that is not your biggest risk. Most homes here are concrete, and are unlikely to burn to the ground. It is also important to ask if you have coverage for wind, storm and flood damage and also if have earthquke coverage (Bonaire is in a fault zone). You can e-mail John at john@cfverzekeringen.com or call him at +599 7884369

01-28-2013, 05:38 PM
When looking at an appraisal for your property there are normally three values set in the appraisal:
- The market value, which the appraisers estimate of the current market value of the property
- The rebuilding value, which is the appraisers estimate of the cost to rebuild you home based on current construction costs, This is the value to use when determinng the amount of insurance you need for your property.
- The execution value, which is the appraisers estimate of the current value of the property if you or the bank were forced to sell it at a foreclosue auction. This value is used by the bank when determining how much money to lend you for the mortgage.

Before you change insurance values on your policy you may want to check with the bank if you have a mortgage. Some banks require you to carry homeowners insurance for the full amount of your mortgage.

In general i have not seen large increases in homeowners insurance premiums recently, unless people are carrying contents insurance. It would guess that your insured amounts were changed by either you, or your insurance carrier.

The best thing to do is to dicuss all of this with your insurance agent or broker, who can give you the best advice.