Dropped homeowners insurance!

[carleb]

Just so happens, I got a call from my insurance person yesterday (OFB). She said they had noticed I didn't have roof collapse coverage on my new shop building! I guess it wouldn't pay off if the ice, or snow collapsed my roof! ??? Makes me wonder what the hell it would have paid for! I'd never heard of such a thing! Anyway, they ended up getting another $50+ a year from me. Taxes and insurance, taxes and insurance! I will say to their credit, they did pay off well on some wind damage I had a few yrs. ago.

 

[FullAuto]

Just so happens, I got a call from my insurance person yesterday (OFB). She said they had noticed I didn't have roof collapse coverage on my new shop building! I guess it wouldn't pay off if the ice, or snow collapsed my roof! ??? Makes me wonder what the hell it would have paid for! I'd never heard of such a thing! Anyway, they ended up getting another $50+ a year from me. Taxes and insurance, taxes and insurance! I will say to their credit, they did pay off well on some wind damage I had a few yrs. ago.

Don't feel bad. The overwhelming number of people believe all homeowners insurance is the same and shop simply by premium. They don't understand how much less coverage they are getting for that savings. They simply think because they call and get a quote on a homeowners policy, it must cover the same as another quote from another company.

 

[ronny]

The great majority of people buy insurance without a thought to what it actually covers. How many people do you know who have actually read their coverage? Worse yet, how many do you know who actually understand what they read, if they read it?

 

[Fredkrueger100]

Got a letter today that State Farm was dropping us from our homeowners insurance effective next month. We just filed a claim because we had a break in few months ago. We filed a claim in 2011 that they didn't pay (denied), for weather damage, and then they did a claim in 2012 for roof damage, but it was only $2,800.
Wow, a little shocked. I guess you're not supposed to file claims!
Guess I'll be calling around for homeowners insurance now.

look at it as a blessing. I used to have them and they were terrible. Wouldn't pay for crap. I was dropped as well. Try farm bureau. They were the cheapest I could besides State Farm.

 

[ronny]

Buy cheap! Get cheap! You'd be surprised how often it works that way.

 

[gmar]

Buy cheap! Get cheap! You'd be surprised how often it works that way.

Very true...not all polices are created equal. This is especially true with some of the smaller carriers, so know what you're buying before you actually need to use the policy.

 

[inactive]

All policies and rates are reviewed by the insurance commissioner before it can be offered for sale. And Act of God isn't really a term used in property casualty coverages any longer. Perils are all named as covered or excluded depending on the policy form (special vs broad).

There's very little that is regulated more than your insurance coverage already is. But it sounds like yall want it offered like the affordable care act offers health insurance.

 

[inactive]

Actually the flood language is worded as rising water in nearly all cases, not using the word flood for the peril. It's pretty clearly worded in the policy. Anything related to flood or groundwater is not covered by a typical policy but a national flood insurance plan policy. It sucks for that homeowner but thems the breaks.

Also The AIG debacle had nothing to do with property and casualty insurance, or any consumer financial product at all.

 

[ronny]

If you had "policies that I can understand without legal council to explain them", you have coverage that was subject to different interpretations by all parties involved. All the legalese you see in policies today has accumulated over the centuries in response to unintended losses resulting from "interpretations" by the courts. Most of this ultimately works to the advantage of the consumer, but it makes the policies more and more hard to read.

A good agent can do a lot to lead the insured in the right direction, but, in the end, you gotta read the policy yourself and, if you don't understand something, ask.

Speaking in very broad terms, most policies either cover things that are listed directly (named perils) or they cover everything not listed as "not covered". That's VERY BROAD TERMS.

After 30+ years of this crap, it still makes my head hurt.

 

[338Shooter]

Our homeowners policy went up every year. It had almost doubled in the 5 years we owned the house in Mustang. Property of double the value in Oregon home owners insurance is nearly 1/7 the price. I couldn't believe the quotes here. Never had a claim and it went up around 20% after the first year with Farmers. Then switched to AAA and it went back down but they required the cars. AAA gouges you on the autos so while cheaper it wasn't by much.