Homeowners Insurance

[Streetcar]

When I refinanced my house, bank wanted $1000 fee to set up escrow along with minimum balance of two payments. I skipped that option

 

[fried1765]

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

Me thinks..."write off"

 

[fried1765]

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.

High Oakland loss/risk potential?

 

[ruffdog]

The only things happening to people's houses around here is : tornadoes, fire, explosion, floods, cars driving into them, big trees falling onto them, and lightening strikes.:confused3:

 

[atsah]

The only things happening to people's houses around here is : tornadoes, fire, explosion, floods, cars driving into them, big trees falling onto them, and lightening strikes.:confused3:

About the same here..

 

[Bird]

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:

When we bought 10 acres in Navarro County, Texas, I went to a local independent insurance agent and insured the place with Farmer's. Later, when I bought my first Kubota, I checked insurance premium rates and his rate with Farmer's was just about the same as the Kubota dealer's KTAC insurance, so I went with my local agent. A year later, I got a letter from Farmer's that the insurance would NOT be renewed. I contacted my agent and he said, you ain't gonna believe this, but Farmer's Insurance has decided to not insure farmer's or their equipment, so I have a whole bunch of ustomers for whom I am trying to find insurance." So I went with KTAC.

 

[Howling]

Me thinks..."write off"

Even with tax write off you are still paying the bill. With a 25% tax rate the $20K health insurance tax deduction saves $5K on taxes. Still out of pocket $15K for the health insurance.

I view insurance as risk management. If I am unwilling or cannot handle the costs of something going wrong will pay someone else to take the risk. Don't mind paying the insurance premiums for the risks to be covered. Happy if I don't have make an insurance claim, because nothing bad happened.

As risks change adjust the insurance coverage. Beater car don't need that same full coverage that new a car needs.

As small business owner I have been paying unemployment insurance on me for over 20 years.

 

[two_bit_score]

Even with tax write off you are still paying the bill. With a 25% tax rate the $20K health insurance tax deduction saves $5K on taxes. Still out of pocket $15K for the health insurance.

I view insurance as risk management. If I am unwilling or cannot handle the costs of something going wrong will pay someone else to take the risk. Don't mind paying the insurance premiums for the risks to be covered. Happy if I don't have make an insurance claim, because nothing bad happened.

As risks change adjust the insurance coverage. Beater car don't need that same full coverage that new a car needs.

As small business owner I have been paying unemployment insurance on me for over 20 years.

As a small business owner you should also be carrying Worker's Comp on yourself. But, I'm sure you knew that already.



TBS

 

[Howling]

As a small business owner you should also be carrying Worker's Comp on yourself. But, I'm sure you knew that already.



TBS

I know about that wide range of insurances and taxes the go with running a business. Many bills every year. Others in this thread have commented on those types and costs.

The state requires unemployment insurance for every employee. But makes it nearly impossible for the business owner to be laid off and collect unemployment.

 

[ultrarunner]

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稚 pay you because it痴 the 斗aw that prevents them from doing so.



TBS

I know they spend a ton on TV spots every night...

Several friends thought a career in Insurance would suit them and all have left.

The older guy with the long established agency... he was very civically involved... Rotary and Kiwanis, sponsored you baseball, etc... was totally blindsided.

He was paid for his book of business but only if he goes quietly... his business was assigned to a agency 60 miles away that only recently opened a tiny office here...

It speaks volumes when career Brokers/Agents with decades in building a business speak so badly off the record.

In my case the Auto Club stepped up and it was really painless... if I am going to a faceless big company it might as well be one with strong ties to California... and not one that pulls out and I doubt CSAA can leave... at least this is my thought.