Home & Auto Insurance mafia - Dallas

[baabaa]

1 hour ago, FrustratedVuncle said:

2500sqft home ki $2500 10garu last year ipudu renewal ki $4500 ata. 

Orey insurance lunch vodkas janalu bathalaka savala ra. Thats 1% of home price almost. And Hail & Wind damage deductible 5% ata i.e $25000 deductible.

WTF myan. 

Ipudu Dallas lo Home konali ante yearly maintenance is 2.5% property tax + 1% insurance= 3.5%

700k home konnodu, 24,500 only property tax and insurance ke potundi, ika 7% interest rate meda EMI nakko pooch.

multiple insurances daggara quotes teskunna andaru same 10gulu. 

 

DFW lo ee area anna? Few ppl are paying 6K anta, thats like $500/month for home insurance.

What they said is 1% and 5% deductible ki baga difference vastundi but then 5% is a lot if you have to use insurance.

[FrustratedVuncle]

56 minutes ago, krishnaaa said:

Get a decent used car and don't use insurance coverage for the car if it isn't too cheap. Just have liability.

 

Thats like going to war without wearing armor. 

Home kuda alane undochu kada. Buy cheap home and dont have any insurance. But we choose insurance to be at peace. 

Point is Texas lo insurance is going nuts. Every renewal is a bomb. 

 

[FrustratedVuncle]

40 minutes ago, SaradaChinnodu said:

vookoo anna 6.5% state tax + 1% property tax + 1.2% home insurance pay chesthunnam Delaware la...arusthunnam aaa

state tax dollars ekkado chota lagaliga...

1.2% home insurance? Is it true?

[krishnaaa]

1 minute ago, FrustratedVuncle said:

Thats like going to war without wearing armor. 

Home kuda alane undochu kada. Buy cheap home and dont have any insurance. But we choose insurance to be at peace. 

 

You need to understand probability and risk tolerance.

These are taught in our schools. 

I can elaborate if you want me to.

[FrustratedVuncle]

1 hour ago, Kootami said:

Nope.... they do this 

 

56 minutes ago, bulreddy said:

ee voorlo vunnav inka, manavallu ekkada damage ayina insurance lo 10gestunanru.

anduke perugutundi. 

I doubt it anna. 

Before replacing roof, adjuster gadu vachi inspect chesi he decides how much it costs. If you find a roofer that can do it way cheaper than the approved price then you may save some $$. If roofer quotes high price again, insurance asks for proof and 99% they reject your high price quotes. 

[FrustratedVuncle]

2 minutes ago, krishnaaa said:

You need to understand probability and risk tolerance.

These are taught in our schools. 

I can elaborate if you want me to.

Elaborate anna. 

[Democraticcompulsion]

1 hour ago, FrustratedVuncle said:

Ipudu Dallas lo Home konali ante yearly maintenance is 2.5% property tax + 1% insurance= 3.5%

Loan ki insurance payment kooda kalipite, dabbidi dibbide.

Motham boodidalo posina panneru.

[Democraticcompulsion]

6 minutes ago, FrustratedVuncle said:

Buy cheap home and dont have any insurance. But we choose insurance to be at peace. 

Loan unte insurance must 

 

[bulreddy]

30 minutes ago, FrustratedVuncle said:

 

I doubt it anna. 

Before replacing roof, adjuster gadu vachi inspect chesi he decides how much it costs. If you find a roofer that can do it way cheaper than the approved price then you may save some $$. If roofer quotes high price again, insurance asks for proof and 99% they reject your high price quotes. 

nuvvu manchodivi anna. 

 

dallas la atla em leru.. 

[krishnaaa]

1 hour ago, FrustratedVuncle said:

Elaborate anna. 

For a car, when you take comprehensive coverage, you will have 1000-2000$ as deductible. In real world if it goes 500 or 1000$ above that, you still not claim insurance as it will cause a spike.

So you basically need insurance if it is 2500$ and up. This is usually when you get into a bigger accident.

Let's say you have a 20000$ car(current market value). You are risking 17000$(2500$ +500$ if car gets scrapped). And this is the worst case scenario. This is the major source of fear. Go ahead and buy insurance if you are an inexperienced driver. 

But if you are a decent driver, what are the chances of that happening?

Chance of getting into an accident is 1 in 17 in a year. If you are not a teenager and don't regularly drive during night and have atleast 3-5years of driving history and don't drive commercially and recklessly, it drops to 1 in 40.

If you drive defensively it drops further, but let's still consider 1 in 40.

When you get into an accident, car getting totalled is 27% chance......so 1 in 40 drops down to 1 in 148 which is 0.675%

So all this worry is about a 0.675% chance. There might be a case when car isn't totalled but you get 5-10000$ repair bill. So let's round it to 1% chance.

And don't forget that your car will keep on depreciating throughout the year and for every mile you drive.

For this if you pay 300$ extra every 6 months , it doesn't make sense.

For me I shop around and my insurance is around 300$ for 6 months including collision and comprehensive  and my car is worth more than 20k$. If it gets increased to 450$ , I won't cover my car. I will buy a cheap car if I don't have my car insured and don't have 20k lying around. Simple. 

Renting also helps with this equation. When you rent, you are typically closer to office....less miles on the car....less time waste....lesser car depreciation.....less stress during driving....lesser chance of getting into an accident.

Most of us are in IT and its not devastating if car gets totalled...but can't do the same with a house.

But if you are ultra high networth, you can do the same with a house as well. Its all about risk tolerance.

[akkum_bakkum]

1 hour ago, SaradaChinnodu said:

vookoo anna 6.5% state tax + 1% property tax + 1.2% home insurance pay chesthunnam Delaware la...arusthunnam aaa

state tax dollars ekkado chota lagaliga...

u r missing something here.....here 3% tax is on property worth 750k, akkada 6.5% is on ur salary...Is it 750k? Appudu seppu.

[CanadianMalodu]

2 hours ago, FrustratedVuncle said:

 

Car insurance perigithe car vadilesi pothara anna? Lease ki velthara?

Neekmi telusu, andhuke 16 yendla old Dodge truck vadukuntunna. Andhulo 4 yendlu insurance lekunda drive chesa. Migitha time liability kadatha anthe.

 

[Spartan]

[SaradaChinnodu]

2 hours ago, FrustratedVuncle said:

1.2% home insurance? Is it true?

oops  bedaru...incorrect math...0.2%...vana kalam chaduvulu kadha..

[SaradaChinnodu]

1 hour ago, akkum_bakkum said:

u r missing something here.....here 3% tax is on property worth 750k, akkada 6.5% is on ur salary...Is it 750k? Appudu seppu.

kadu bro agreed but you got the point right...ato Ito eto katu taxes Aithey lagali kadha..samanthara nyayam chestaru