I’m deciding between 3 home insurers in California (I’m in a medium risk fire zone):
Farmers is admitted but even with extended coverage the total rebuild is very low (1/3 of the price of the home)
Bamboo and Narragansett are nonadmitted but offer much better extended coverage. Bamboo seems like it has negative customer reviews on their claims process, but it costs the least and has the best extended coverage by far. Narragansett has okay reviews but isn’t AM rated
When balancing cost and risk, I’m very unsure which to go with. Anyone have a suggestion, and can you please explain why?
Admitted vs Nonadmitted home insurance
byu/No-Improvement-7161 inInsurance
Posted by No-Improvement-7161
1 Comment
Bamboo is not an insurance company. It is essentially a managing general (large) agency that represents different insurance companies, based on where you live. They handle the “front-end” for the company. Look at your quote to see if they mention the actual insurance company.
In my 40 years, Farmers always seem to be low on the low side of replacement cost estimates.
I am surprised you were offered Narragansett, since your agent’s E&O policy doesn’t cover them unless the company they use are rated AM Best B+ or higher.