Homeowner And Insurance And Fire

How the Local Fire Department Influences Insurance Rates

One neighborhood held homeowner's association meetings to talk about the high insurance prices and how to change those numbers.

"Because the number of homeowners did complain when the rates went up, and I think there was concern on the part as I said at the meeting that we should be able to have a quicker response than we were able to get," said Grunder.

More resources mean better response times in case of an emergency.

Insurance companies use something called an ISO rating to determine how much money should come out of your pocket for home insurance. They do that by coming to fire departments and figuring out how many resources are available to fight fires. But if there are too few resources, that call could get sent to another fire department, farther away, which increases the cost of home insurance.

ISO stands for Insurance Service Office, and Augusta County's deputy chief said it helps keep departments in check.

"The ISO really serves as a road map of where we need to be. The better we reach those benchmarks, the better the ISO's going to be, and this community will ultimately benefit by having lower insurance rates," said Mike Armstrong with Augusta County Fire Rescue.

Grunder said he's thankful resources will be nearby in case of an emergency.

"Then we wouldn't have to worry. If you had something like a heart attack, you would be more comfortable knowing that you could get to Augusta Health quickly."

Insurance agents say you can save on home insurance by installing fire sprinklers, an alarm system and purchasing several insurance plans under the same company to get the best deals.

Homeowner insurance fire question? Any answer welcome.?

Hi, I wrote before but did not have enough info from the home owners company, now I do. I owe 2 mortgages plus a lien on my house which burned down 3 months ago. The first mortgage is for 89,000, the second (equity line maxed out) for 117,000 plus a lien for utilities of 8,000. My house before fire was valued at 259,000. The insurance came up with a figure they will pay of 135,000 and change as actual cash value to rebuild. They hold back 53,000 more which they pay for value after the 135,000 dolllars of work has been done. The ist mortgage company will be sent the check. What happens if i do not want to rebuild the house, vs if I do? I am not a loser , I am a senior citizen who due to the last 5 years having income loss, sick family members and my own illness cannot pay for this house, can not afford the mortgage. I dont know what will happen or what my first move should be. Any one out there experienced with this type of situation, and who has the final word about what happens to this house .(my aim is not to live in it again, I know I cannot afford to. I was getting it ready to sell when the refrigerator caused the fire (accidental fire, house destroyed except for the studs.) thank you for any insight. I wrote before but did not have the complete info on the pay off., now I do. I am not trying, nor do I expect to, make any money on this. I would just like to be done with it asap. I would declare bankruptcy except that I will get a little money for my contents which I need as I dont even have a bed to sleep on now. Everything I owned was destroyed. Wouldnt a bankruptcy have to take that too? I then would be indigent with nothing. Just dont know what to do, this is keeping me from sleeping at night. Ps I am a senior citizen so dont expect an increase in personal income. Thank you. Bless you for any answer or insight.

Chosen Answer:

If you do not rebuild the house, you leave the “recoverable depreciation”, the ,000 plus, on the table. The 5K will go to the first mortgagee, and the second mortgagee, and you’ll still owe the balance on the second mortgage, plus the lien.

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