Posts: 415
Threads: 83
Joined: Jun 2009
Hi,
I want to change my homeowner insurance company from Dongbu (South Korean) to an American company. I would like any advice you may have on State Farm or any other company. State Farm told me lava damage is included. Thanks for any advice - aloha!
Posts: 2,151
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Joined: Mar 2007
Any reason for dropping Dongbu, other than their being a foreign company? I have them, too, and have been happy with their rates and the local agent who was quite helpful when I had to make some policy changes due to extensive renovation. I have not, however, filed a claim, so that might make a huge difference.
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Do they insure unpermitted homes as well?
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When I got my quotes, Dongbu and Liberty Mutual were within $5/month of each other.
Dongbu extends our liability insurance to our two vacant lots at no extra charge. I don't know what the others might charge, or if they do.
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I don’t think State Farm insures until you have your Final Inspection. (at least they wouldn’t insure us til the Final AND State Farm sent an Agent to do an Inspection too. He made us put lattice all around the post and pier so the nonexistent children wouldn’t get hurt under the house) Our Agent told us not to file a claim unless the damage was “catastrophic “ as rates will increase. I guess it’s worth it if the house is destroyed and insurance rebuilds it, but for minor damage, we just take care of it ourselves, We do get a discount for multiple cars plus Homeowners insurance all with State Farm. They were also interested in how many and what kind of dogs we had. (all old and blind at the time). IMO, All insurance is a rip off until you need it.
Posts: 415
Threads: 83
Joined: Jun 2009
I like my Dongbu agent very much and don't want to lose him but with all the talk in the news about Korea, I just would feel safer with an American company. Also, I went online and found some bad reviews about Dongbu so I called State Farm and found out my rates would be even less with them. I hope I'm not making a mistake. Thank you for your answers.
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I have insurance with Dongbu and had the unfortunate opportunity to make a large claim - my house was burned to the ground last year by (very probably) the Puna band of car thieves/arsonists that were active at the time - although I suspect it will be a very cold day in 'ell before the police show any effort to prove that. The adjuster for Dongbu was an absolute prince - he helped me through the process and, more importantly, helped me avoid some huge mistakes, in some really critical ways. My experience was the complete opposite of all the horror stories that are commonly heard.
If things go sideways in Korea, we'll have much bigger problems to worry about than finding a new insurance carrier.
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I have my insurance with Allstate and haven't had a problem with them (but also haven't had to make a claim). They were significantly less expensive than a couple of the other quotes I got. The State Farm people never answered the phone or returned my calls despite multiple attempts with two different agents.
