Homeowners Insurance

[two_bit_score]

haven't talked to my agent about it. But I have read my policy and at times they send me policy changes which I always read.
Never read anything about that in my policy

I’ve never seen a physical loss policy on a building that didn’t have it.


Let’s us know if your agent says there is no Co-insurance requirement. I’d really like to know who sells one of those policies. I might be in the market.


.

 

[3Ts]

I do believe that you are correct!
My friends and I now refer to it as UAA........United Automobile Assn.
The "Services" as we knew them 50+ years ago, are now mostly gone.

I've been with USAA for 48 years now and have to agree with this. I had a claim on a pickup truck they totaled and couldn't find an equivalent truck to compare it with so they used a lesser equipped one and threatened me that they would cancel their settlement offer when I objected and said I wanted another opinion (as was my right under the policy). I eventually got another $2k after lots of aggravation.

 

[3Ts]

Absolutely...but I have never seen anything like it. 85% of Americans are BROKE. the vast majority not even having $1000 in the bank, and live paycheck to paycheck...and yet 99% of them defend the way they spend money to the death. I mean to the death. It makes NO SENSE.

I mean if you had a tractor, and it was slip-sliding towards a pond, at some point you would just stop, get off, and reassess the situation. Then, if someone who had been in the same situation as you, explained how they got out, the guy with the precarious tractor would listen so they would not lose their tractor. With money, people do not do that, and wonder why they get in over their heads.

The thing is, every day that people make a payment on a loan, they are getting out of debt. Eventually they will be debt free, but only if they do not get more loans when they pay off the ones they got now!

In the end it comes down to contentment; how content are you? I am content, and do not live my life in fear like insurance companies want you too. "Being a racket" is a huge understatement!

I certainly agree with this. My dad told me to learn from others mistakes because I'll make enough of my own. I also believe in helping those who truly want to be helped. I was approached by someone from the church who wanted help getting out of debt so I said sure I'll help and wrote down a list of what information would be needed to get started. He decided that was to much work and was going to try something else first. - oh well, best of luck - and I really do wish him the best of luck, they are a nice family, but just don't understand basic finances.

 

[two_bit_score]

I've been with USAA for 48 years now and have to agree with this. I had a claim on a pickup truck they totaled and couldn't find an equivalent truck to compare it with so they used a lesser equipped one and threatened me that they would cancel their settlement offer when I objected and said I wanted another opinion (as was my right under the policy). I eventually got another $2k after lots of aggravation.

Too many insurance companies handle claims that way or used too. Now they stiff arm customers with the appraisal clause in the policy where they give you an offer and if you don't take it pretty quickly they invoke the appraisal clause where you and the insurance company choose 'appraisers' who then choose an 'umpire'. The appraisers determine a value and then if they can't agree they submit it to the 'umpire' who can agree with either one of them and an agreement by any two is binding. So the argument is out and the insurance companies hire the appraisers and umpires over and over to do these appraisal deals and the customer is really on the short end. The courts, including federal courts, have all up held it as a policy condition. They can screw a customer over quicker than greased lightning if they want to and nothing you can really do unless you are pretty connected.




TBS

 

[fried1765]

Ours is a bit over 2,000 per month, but??? it is a right off against taxes... :confused2:

A.... "right off".... ????

 

[two_bit_score]

A.... "right off".... ????

maybe he means a 'rite off' ????

 

[PILOON]

When I purchased my CUT(10-12 yrs back) and wanted to insure it I learned that it was covered on my home owners policy.
Great.
Last year I read carefully my renewal policy and discovered that sure still covered, by definition, as long as there was no FEL mounted on it.
WTF, too many claims???

OK, if I get 'hoisted' (small chance as I am deep in the forest, off road,) I'll eat the bullet based on premium savings.
Besides a 'hoist' would have be somebody that was very locally knowledgeable and having lived here for 50 + years I'd have very good clues as to who it could be and do my own sleuthing.
Also I have a 'disable type mechanism' incorporated that is not evident.

OK, I gamble when the odds are on my side.

 

[BoylermanCT]

I used to think I was flushing money away on my home insurance until they paid me $28k for new roofs on my house, garage, shed and barn due to hail damage. No hassle from them, they have been great to deal with. I guess I picked the right insurance company!

 

[ultrarunner]

Don't forget in some markets the options may be severely limited.

One year I bought a home in the city with a tile roof, stucco siding, sealed eves, city fire hydrant in front, triple pane windows and the home is fully fire sprinklered... my agents of many years... 3 companies I have done business with going back to 1983 were not able to even quote... they were forbidden to do so... no claim history.

Kind of sobering when you think about it.

 

[PILOON]

Don't forget in some markets the options may be severely limited.

One year I bought a home in the city with a tile roof, stucco siding, sealed eves, city fire hydrant in front, triple pane windows and the home is fully fire sprinklered... my agents of many years... 3 companies I have done business with going back to 1983 were not able to even quote... they were forbidden to do so... no claim history.

Kind of sobering when you think about it.

The number crunchers probably have some statistic that shows the probability that a major claim is due.

In my area some insurers no longer insure any commercial buildings due to the high restaurant fires.
Seems that all too many failing restaurants suddenly go ablaze overnight. (friction fires aka jewish lightening)

The sad part is they settle those claims in very short order while legitimate losses take over a year to settle and that after many hassles.
Well know around here is who owns the restaurants and that they have top notch legal advice.

 

[PILOON]

Met an evaluator recently and he revealed some scary info.

On a partial loss (less than 50%) you have the right to reconstruct, and that if U do so within a prescribed time frame.
BUT on a total loss you have to respect all current bylaws in order to rebuild.(never mind acquired rights)

Now here is some catches.
-flood zone
-under sized lot
-wrong setbacks
-less than prescribed frontage on a public road
-too steep a driveway
-soil analysis
(Waterfront properties face even more restrictions.)

 

[Steppenwolfe]

A.... "right off".... ????

Write ??? WTF???

 

[Steppenwolfe]

maybe he means a 'rite off' ????

Nah... that don't sound right... :cool2:

 

[caver]

Insurance companies will now send inspectors to your property and if they see something they don't like you get a threat letter. Maintenance issues or maybe they feel your roof is too old.
I ranted on FB and friend from HS is an agent for another company and said it's common in the industry now. I have a good agent that has kept them at bay for now as I intend to sell house soon.

 

[donbrownzd]

Insurance companies will now send inspectors to your property and if they see something they don't like you get a threat letter. Maintenance issues or maybe they feel your roof is too old.
I ranted on FB and friend from HS is an agent for another company and said it's common in the industry now. I have a good agent that has kept them at bay for now as I intend to sell house soon.

Each year, the insurance company raises your rates steadily. If you watch your escrow statements, insurance that started out at $750.00 creeps to $2,200.00. they did this to my Wife and I when the servicer of our mortgage was paying the bill.

It's novel how they do not send a copy of the "invoice" to you.. usually they send a new dec page and a policy. You have to hunt for it.

We dumped them and moved to Amica. Been very happy with them.

My 2 cents on an OLD thread.

Don

 

[ultrarunner]

I have a good agent that has kept them at bay for now as I intend to sell house soon.

I have had very good agents and over time through consolidation and/or retirement things change.

My agent of 40 years retired due to health issues... it was basically a one man office and he was Johnny on the spot if needed... no claims on multiple policies over the years.

He retires and it is as if the 40 year relationship never existed…

The kicker is my policies went to another well seasoned agent with an office of 5... 3 months later the agent gets a letter stating the Home Office is exercising their right to buy his book of business... forced retirement and not a thing he can do about it... of course he can still be in business but 35 years as a Farmer's Agent is over...

My Fireman's Fund was more draconian... company decided not to renew any policy under 500k... no exceptions for residential and that was that...

The year before they said any home with fuses would not be renewed so I had to pull permits and put in new service... which I did and did not know at the time it would get me another year...

The area is littered with vacant insurance companies store fronts... a real consolidation going on... just like with the Ford Dealers all going to Super Stores here... close 3 or 4 dealers and open a new mega store.

 

[two_bit_score]

Ultra, it sounds like you were a bad penny for those agents.

Farmers was set up as a reciprocal exchange and was a really customer oriented company for many years. Their agents were first rate people.

After their stock was bought up by a British company then finally Zurich their whole approach changed. They became like any other insurance company. They suck every cent out of customers that they can and pay as little as possible on claims.

All insurance companies spend lavishly at the state legislatures to get laws passed so they can tell customers they can’t pay you because it’s the “law” that prevents them from doing so.



TBS

 

[ruffdog]

Twenty years ago I went to the Farmer's agent office and asked about insurance. He said he only wants to insure "farmers". I told him I had a 10 acre place in the country....it didn't matter, that is not a "farm". Fine...I left.....I wish they would stop mailing me junk ads........:confused2:

 

[caver]

Each year, the insurance company raises your rates steadily. If you watch your escrow statements, <snip>
Don

Thankfully paid off many years ago. That was where I had the upper hand.

 

[MossRoad]

Thankfully paid off many years ago. That was where I had the upper hand.

What is this escrow you speak of? :laughing:

we are fortunate to have paid things off so young. been debt free since about 1996. however, all it takes is one catastrophic injury, accident, act of nature, illness, careless neighbor, act of god and boom! you're out everything you worked for. that's what insurance is for. i like this definition of insurance:

"a thing providing protection against a possible eventuality."