Another tornado insurance horror story!

[RSKY]

Sister talked to her neighbor who had massive tornado damage in the 2021 Mayfield tornado. Most of the brick was stripped from his very nice two story home and there was other damage inside and out. Houses one hundred yards behind his were leveled to the foundations. They replaced the red brick with white and did a great job rebuilding the home but we had wondered why they didn't just total it out. Turns out that he had a bargain home owners insurance and in the fine print, which he didn't read, he had a 25% deductible. So repairing everything was cheaper than tearing it down and rebuilding. Still he was out over $100,000. Said it set him back a couple years on his and his wife's retirement.

There is a reason why some insurance is cheaper than others. You may not be getting a bargain when you need it.

RSKY

 

[ruffdog]

There is a reason why some insurance is cheaper than others. You may not be getting a bargain when you need it.

RSKY

People in Florida are finding that out.

 

[oosik]

Several years ago I saw a live broadcast of a major tornado on NBC. The sound alone was enough - I almost soiled myself. Then watching everything in the path get ripped to shreds and totally leveled.

Every time I see a dust devil - out in the wheat fields - it reminds me of that broadcast.

 

[bnold]

25%!!! Holy crap, didn’t even know that was a thing.

Believe mine is 1%.

Back when insurance wasn’t so dang expensive I had $1,000 deductibles.

 

[RSKY]

25%!!! Holy crap, didn’t even know that was a thing.

Believe mine is 1%.

Back when insurance wasn’t so dang expensive I had $1,000 deductibles.

I should have put on the original post that I hadn't talked to the guy myself but was relying on my sister for details. But my brother in law backed up her story. My insurance company youngest daughter has a person investigating this claim and the company, which shall remain unnamed, that supposedly had this policy.

With dozens of companies her firm represents to choose from she insists that we insure everything with one company, which shall also remain unnamed. She says this company goes out of their way to make sure clients are taken care of. The stories we have heard from tornado victims on their insurance claims support what she has told us. Some nationally advertised companies drag their feet on paying anything. Some not so well known companies sent their agents around with extra checks to pay for destroyed Christmas gifts so people would have Christmas for their kids. No joke, this happened.

RSKY

 

[polo1665]

Just bought a home in Florida. We have $1,000 deductible for everything except hurricane damage. Hurricane deductible is 2% or $8,000.