Homeowners Insurance - Are They Nuts?

Originally Posted by ms_terese

I don't know how you can utilize that method. Every insurance agent I spoke to asked for a list of all live animals I owned on the premises. There was no way to not disclose without out and out lying.

I'd have to think that such an omission would give the insurance carrier solid ground not to pay any claims.

It wouldn't be difficult for them to prove that you owned reptiles at the policy inception date either, as things like this forum are readily discoverable.

As far as insuring reptiles/collections goes - I have to think that there is at least one specialty/high-risk carrier (Llyods of London comes to mind) that would offer coverage. In any case I'm sure the cost would be prohibitive for most of us.

As elluded to earlier in the thread - fire has to be a major concern versus the actual liabilty that the animals pose. For companies that will insure you with these animals in the house couldn't you lower your premium by taking steps to mitigate potential fire issues?

Originally Posted by ms_terese

I don't know how you can utilize that method. Every insurance agent I spoke to asked for a list of all live animals I owned on the premises. There was no way to not disclose without out and out lying.

The carriers we represent only ask questions that pertain to dogs. The exception to this is with regards to livestock should you purchase a farm policy. Hence the reason why I stated the don't ask, don't tell policy. If your specific carrier asks you more indepth questions regarding all animals on the premises then you are obligated to tell them.

Griz

All of the companies asked specific questions on animals.

One place last night even went so far as to ask if my CAT has ever attacked anyone. Come on now.

I'm still looking but this is getting to be a headache.

Did you know they now check your claims history in some database for the past 5 years, run a credit check on you, and bombard you with stupid questions before you can even find out if they will cover you?

The best part is another Allstate agent called me today saying he can give me a policy. Umm...Allstate dropped me but this agent can give me a policy for only $585 more a year than what I used to pay.

Talk about scammers.

Looks like I may need to pay the jacked up rate to get insurance thru Allstate all over again.

Have you called the State Board to inquire about rates and caps and what they can and cannot charge you?

Originally Posted by SPJ

All of the companies asked specific questions on animals.

One place last night even went so far as to ask if my CAT has ever attacked anyone. Come on now.

I'm still looking but this is getting to be a headache.

Did you know they now check your claims history in some database for the past 5 years, run a credit check on you, and bombard you with stupid questions before you can even find out if they will cover you?

The best part is another Allstate agent called me today saying he can give me a policy. Umm...Allstate dropped me but this agent can give me a policy for only $585 more a year than what I used to pay.

Talk about scammers.

Looks like I may need to pay the jacked up rate to get insurance thru Allstate all over again.

They have to run your claims history/credit as that is the main data they use in determining if you are a good risk. The lower your credit, generally the worst off your house is (ie not having the money to maintain it). Also, if you have a habit of making claims then obviously that costs them money as well. I have no issue with either of those.

As for the other agent, that is simply a matter of you paying a premium to maintain your policy. You have to remember that agents are paid bonuses based upon their loss ratio's. It sounds as if your old agent was not going to work hard to maintain you as a client as you might cost him his bonus. The new agent, since you were not his client when the loss was incurred, can take you on without it affecting his current bonus structure.

If I was licensed in CT, I could have your house insured in a heartbeat with nary a problem. You simply need to find an agent who is willing to work with you and not against you. My main 3 carriers, 2 of which happen to be national companies, do not ask animal questions outside of dogs. Keep looking, they're out there.

Griz

isurance companies to me seem like a group of people with a real "Janus" complex... on one hand they say that they are there for you and to help you, but the fact of the matter is they are all in it for the same reason- to make money. It seems like not even 10 years ago insurance companies were much more reasonable. But nowadays it seems like the only way that they will insure you is if there is almost ZERO chance you will ever file a claim! (i'm gonna stop now before i really start to rant)

Originally Posted by dirty_harry

isurance companies to me seem like a group of people with a real "Janus" complex... on one hand they say that they are there for you and to help you, but the fact of the matter is they are all in it for the same reason- to make money. It seems like not even 10 years ago insurance companies were much more reasonable. But nowadays it seems like the only way that they will insure you is if there is almost ZERO chance you will ever file a claim! (i'm gonna stop now before i really start to rant)

Yep.

I'm lucky that I don't have to get homeowners insurace, but I've got car insurace. My policy is through Allstate, full coverage, and supposedly they'd handle everything if I ever got in an accident.

Yea, right.

Over a year I got in an accident, rear ended, the other guy got a handful of tickets. Think either company would pay? Nope. I've been jerked around, run in circles and treated like a crook.

They get you with all the "legalese", and most people (like me) don't understand what the heck the insurance people are babbling about. I had to get a lawyer to decipher the paperwork I was getting. They're counting on ignorance to get them out of paying. Once I said the magic "L" word, they're tune changed, and they were bending over backwards to help me. I'm still fighting to get some bills paid.

yeah, if you start to feel jerked around, get a lawyer, its really the only way to "reason" with them.

Anyway, back to the subject at hand. I forgot to mention something... Lets say you bought your house for $200,000. Obviously, you would want $200,000 worth of coverage right? That is what the insurance company will certainly try to sell you! Well... guess what? Worst case scenario (in most geographical settings anyway), the most catostrophic thing that could happen would be say- a fire burning the house to THE GROUND... maybe a tornado leveling the house. The thing to remember here is that of the $200,000 you paid for your house, it is very well likely that the land itself was $50,000 of that price. So that being said, the most you'd ever see a check from the insurance company amount to (with these numbers) would be $150,000. Just my .02

Originally Posted by dirty_harry

yeah, if you start to feel jerked around, get a lawyer, its really the only way to "reason" with them.

Anyway, back to the subject at hand. I forgot to mention something... Lets say you bought your house for $200,000. Obviously, you would want $200,000 worth of coverage right? That is what the insurance company will certainly try to sell you! Well... guess what? Worst case scenario (in most geographical settings anyway), the most catostrophic thing that could happen would be say- a fire burning the house to THE GROUND... maybe a tornado leveling the house. The thing to remember here is that of the $200,000 you paid for your house, it is very well likely that the land itself was $50,000 of that price. So that being said, the most you'd ever see a check from the insurance company amount to (with these numbers) would be $150,000. Just my .02

Sorry, but your thought on this is incorrect. You insure your home for replacement cost value. If your dwelling amount is set at $200,000 then this is the value they place on your home and not the land. The land has nothing to do with it. You also NEVER insure your home for what you paid for it. That is nothing short of foolishness. Nobody cares what you paid. What matter is, what would it cost to rebuild your home should it burn down. Whatever that amount is, is what you should be insuring it for.

The other thing that is incredibly important is to find a good agent. A good agent will bend over backwards to help you get your claims resolved. My agency has the authority to pay our clients claims up to a certain amount. We also have significantly more clout than most in that due to our rather large book of business, our carriers will listen to us when we need to get something paid. Rarely, if ever, do you need to get an attorney involved, at least not if you have a good agent who does his/her job.

Insurance is not nearly as hard as most people make it. Insure for what you can't afford to absorb. Place your deductibles high and make sure your agent is not padding your premiums with unnecessary benefits. Do you really need a $100 deductible? Move it to $1000 and you'll more than save the difference in deductibles within the first 18 months. It's not difficult.

Griz

Originally Posted by cryptly

. Once I said the magic "L" word, they're tune changed, and they were bending over backwards to help me.

That would be 'L' for Lucille, write it down, memorize it.....