If you read my whole post, you will see that we also get about $600 per year from the utility company. So in ten years, that would be $6000…plus the $1000 rebate from Tesla that we will get immediate. I’d say…$7000 is almost free since the original cost quoted to us years ago was over $20,000. And now if you do the same installation, you would be paying a total cost individually for two batteries (we got a substantial discount for getting two), wouldn’t get the $1000 rebate and wouldn’t get the money from the utility company.,these were limited time offers.
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I did read your post. If you read my whole post, you will see that I asked whether it was primarily initial cost reduction including the $1000 and potentially other tax rebates (original comment that was also quoted in my post and used the quoted “almost free” emphasized tax benefits, without mention of future credits from utility company) or reduced future electric costs. I consider credit for future excess electric generation more in the category of reduced future electric costs, similar to the example I listed with reduced electric usage + credits for solar generation resulting in a payback period of ~3.5 years, for initial investment on my solar panels.
This is going to be my last comment on this because I think this is getting off topic.
I don’t have any electric costs…so I can’t “reduce” my future electric costs any further. The money I’m getting from the utility company comes as a check made out to me. Same with the money I get back from them related to my solar panels.
IOW…I’m not getting a future reduced electric cost. I’m getting cash sent to me.
I will add…we did our solar after DH retired. We are very happy we did this, and our financial planner had suggested we spend the money. The batteries…RMD was taken, and the after tax amount was used to pay for the batteries.
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I would have to look back to see when we lost State Farm and got on USAA. It was some years before DH’s father died in 2020 but probably around 2012. DH, our two daughters and I all received individual USAA numbers at the time (DDs were both on our car insurance and it was well before they graduated from college in 2016 and 2018). My father, who also was a Veteran, had died in 1995, so we relied on connection with DH’s dad.
”I think as long as you are a family member of a current member, that works too.” Current member has to have a current USAA policy, and it depends on the relationship to the member. Parent-child (even with child as adult) works and of course spouse. IDK about other familial relationships. Of course anything with insurance is up for change, so anyone wanting to check on USAA can talk directly to them - and once eligibility is established, one can discuss specifics on insurance with an agent licensed in your state.
Insuring single males under age 25, and teen single males is usually high with car insurance. We were fortunate with daughters, as teen male rates were double what DDs were at that time (DDs are now 32 and 30). We waited for DD1 to get her license at age 17 because she needed more time to be a good driver. DD2 got her license at 16. Under a ‘learner permit’ do not pay for them on car insurance (at least that was the case when DDs were permit drivers). The two went together (with DD1 driving) to HS with our 3rd vehicle when DD1 was a senior and DD2 was a sophomore. The HS is very close to the route DH drives to work, and it worked out for them to drive on their own on DD1’s senior year. Then DD2 was able to drive to school her junior and senior years - she even had an assigned parking spot. DH retired 2 years after DD2 graduated from college, and I retired the following year after I turned 65 and DH and I were both 65.
I wonder if all have a monthly ‘availability charge’ for both electric and gas if one has hook up on both electric and gas. We currently pay a monthly availability charge on electric at $ 21.70/month and $10/month on gas. Gas only gets used on cold times when our gas furnace kicks in (HVAC systems both have gas heat). We do like gas heat, so it is just an extra cost. This is a way our utility company has service infrastructure fairly paid by all.
We have a neighbor that has just installed solar panels and all it takes to use no power from utility and sell back excess. It was quite an involved process, but he is setting up his home to be there a long time. He first built on a carport, squeezing it in next to his garage. He did a lot of work himself with some friend helpers, including renting equipment to place the beams on the carport.
Armed Forces Insurance does not consider it a claim unless you have actually filed for a payout, filed a claim, or an adjuster is dispatched. All insurance companies do not have the same policy as USAA, though many do. It seems very shady to consider something a claim and potentially raise your rates, just because you asked a question about it.
It was about 15 years ago that they informed me that we had to drastically increase our homeowners insurance coverage. I told the agent that there is no way that the replacement cost had gone up 700K in just five years since we bought it, as confirmed by a friend who was a contractor (and said that labor costs had actually gone down at that time). It was complete and total BS, and other people that I’d worked (in different states) said the same thing had happened to them, as USAA was “re-evaluating” higher priced homes and making some people overinsure. USAA lost a lot of customers at that time. 15 years later, my home is insured with AFI for the amount that USAA demanded, at lower cost. I can buy that 20 years after we bought this house, replacement costs have gone up that much, but not five years after.
USAA lost all of our business after 25 years. They couldn’t even come close to matching GEICO for auto insurance with young drivers. 30 years ago, they only insured military officers, rates were reasonable and service was excellent. Then they opened it up, not to “everyone”, but a far larger pool of people, and rates and service went down. I feel that AFI is much like USAA used to be, no garbage, no runaround, no jacked up rates, and they just approve everything. I’m sure that won’t last.
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A non-financial diversion 
The recommendation is to encourage Community relationships via art classes etc. (I’ll add you can do same with pickleball… lol, I have a threa for that.)
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I have USAA and I think I’m a little over insured but way over-priced - they have my house as full replacement at least half a million over the property tax value and resale value around the neighborhood and so my personal property is valued based on that overvalue. So wrong. Really don’t like the mandated personal property as a % of their idea of replacement value. And yes, why are they including the cost of the land, which ain’t cheap!
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Isn’t that typical of all insurance companies though? My house was just re-assessed. It went up 17% and is in the ballpark of what I could sell it for. And my replacement cost is 5x my assessed value. The replacement cost for the shed alone is almost as much as my assessed value for the entire property.
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I don’t find it correct if they don’t take out the land - it’s just wrong. I pay it, but I don’t like it.
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I don’t like it either but figure every insurance company is the same way. If my house burnt to the ground, there’s no way I’d build something for more than 50% of what its insured for.
I have USAA homeowners and certainly don’t insure the land. You should be able to go online and adjust your insured values.
What the assessor thinks it’s worth is meaningless. FMV is a good start from which to subtract the land value, but rebuilding your home to the exact same look (plus any code changes) is generally gonna cost more than selling it (less teh cost of land).
Ask a friendly contractor or architect what it would cost to replace your home today should it burn to the ground.
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My homeowners insurance coverage includes 3 main line items. The first is dwelling coverage which is based on the square footage and local construction costs, excluding the land value. The 2nd is other structures, which includes shed, fencing and pool , which is based on 10% of the dwelling coverage. The third personal property coverage ,based on 75% of the dwelling coverage.
In my state, this is industry standard according to multiple companies I have contacted. The cost is based on the main dwelling coverage, which does not included value of the land.
I think we are talking about different numbers - I’m talking about a % of appraised value, not assessed value. The assessed value is 40% of the appraised value and I base nothing of that number since it’s only for tax purposes, and I barely pay any property tax anyway.
The land is not listed, I assumed they had to include that value to come up with their replacement cost. I am aware that rebuilding will be more than appraised value and it was just appraised when I got my HELOC two weeks ago, it is exactly where I thought it would end up, high 800s but that includes my land. The replacement cost is like $1.2M? Just checking my policy now and they don’t even cover my finished basement but will cover a finished attic, and they show the attic finished??? There’s nothing in my attic. I have an umbrella policy and they do give me almost 50% off using discounts for this, that, and the other but the cost of the homeowners and especially the required replacement cost for personal property being over half a million is ridiculous, I think.
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I agree, the replacement value for personal property in our homeowners policy is way to high!
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Do we maybe need a homeowners insurance thread??
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The ebbs and flow of this thread come and go. I personally don’t feel that there needs to be a spin off for every tangent we go down on a long running all purpose thread.
Jut how I feel.
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IMHO the cost of the land is not part of insurance but is a part of appraisal for taxes.
What you are saying is that your replacement figure on USAA for insurance is over what it should be. The property tax amount for us is lower but had to show appraisal when taxes were automatically assigned with an increase. As soon as I submitted an appraisal (needed for a new mortgage on our home) the tax assessor put a figure some hundreds under that appraisal. Of course, that includes land and home. Our USAA policy - we had it increased to be actual home replacement if total loss, and doesn’t include the value of the property.
”A little overinsured”.
You have to decide to call a USAA agent. They can actually tell you what it your insurance costs would be with a change, but maybe it is also time to review details on your policy. Also can discuss with agent how various credits work.
We have a small amount in a USAA savings account because that helps us with policy discounts.
It is probably an industry standard on mandated personal property.
The state does not require a standard % of value for personal property but USAA does. I’m not complaining about my rate, I get almost 50% off due to my insurance, credit card, checking and savings (although last 2 not really used much) - it’s the valuation of the property without land is too high, even for a replacement I think which makes the personal property cost too high. I just went over all of this with USAA as they had my roof as 18 years old and didn’t change it to 1 year old with class 3 impact resistance - that brought down my insurance $500 annually. However, again, it is the replacement cost I think is too high. I made the assumption that the personal property cost is based on the replacement cost of the home. I need to check on that and see if I can get just market value for personal property because I have no where near what they think I have in personal property value. I will ask USAA about that - might calm me down a bit.
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Agree. I just skim if I am not interested in the content.
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