Homeowners Insurance

[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."