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Home owner's insurance rant

Old 06-19-2019, 08:22 AM
  #21  
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Originally Posted by fishingfun View Post
Insurance companies use Insurance Scoring which is based off credit. What he was saying if he had a life event that cause him to have credit issues the ins co. can make exceptions in these cases. Usually they will change the insureds insurance score back to what it was. In Virginia the Ins Co. is required by State Law to pull the insureds Insurance Score every three years. If I see a customers Ins Score has changed when checked again we discuss this with them to see what we can do.
Gotcha that makes complete sense. In fact, I think that in some states, insurance companies are required to provide such a written notice about life events and how a policy should contact them should they experience one.
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Old 06-19-2019, 08:50 AM
  #22  
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Originally Posted by mystery View Post
Gotcha that makes complete sense. In fact, I think that in some states, insurance companies are required to provide such a written notice about life events and how a policy should contact them should they experience one.
In Virginia if you do not qualify for the best Insurance Score. You do receive a notice and a list of reasons why you might not be getting the best Ins Score. I'm sure most states have the same regulations.
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Old 06-19-2019, 08:52 AM
  #23  
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take a copy of the policy if you're happy with it (minus the premium) and send it to bid yourself.
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Old 06-19-2019, 09:23 AM
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Probably due to the new bridge and all in Padanaram. j/k I'm less than 2 blocks from the water and technically not a flood zone thanks to the hurricane dike. I've always had Lib. Mutual and they also insure my vehicles. Only a few minor increases over the years. Good luck with your shopping.
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Old 06-19-2019, 09:32 AM
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Originally Posted by Cobia 217 View Post
Probably due to the new bridge and all in Padanaram. j/k I'm less than 2 blocks from the water and technically not a flood zone thanks to the hurricane dike. I've always had Lib. Mutual and they also insure my vehicles. Only a few minor increases over the years. Good luck with your shopping.
Everyone is in a flood zone. Your just probably in a Preferred Flood Zone.
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Old 06-19-2019, 12:14 PM
  #26  
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get a quote with $10,000 deductible and you will see what you are paying for $9,000 worth of insurance., The quote will be half of a $1,000 deductible
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Old 06-19-2019, 12:21 PM
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Slight derail. Anyone else get a letter from HO insurance company demanding "repairs" or coverage will not be renewed? In the last 2 years a vacation home, rental property, and primary residence have all had this. Big deal seems to be moss on roof. Nit pick stuff that I can't see causing a loss to the insurance company.
No claims and been with the two insurance companies forever.
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Old 06-19-2019, 12:23 PM
  #28  
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Originally Posted by muskrattown View Post
Slight derail. Anyone else get a letter from HO insurance company demanding "repairs" or coverage will not be renewed? In the last 2 years a vacation home, rental property, and primary residence have all had this. Big deal seems to be moss on roof. Nit pick stuff that I can't see causing a loss to the insurance company.
No claims and been with the two insurance companies forever.
yes, seen it on boats too

moss on roof cant be good on a wood roof...
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Old 06-19-2019, 12:26 PM
  #29  
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Again, NJ agent here...

Yes, I see this basically on a daily basis. Not necessarily to a non-renewal notice, but the repair issues.

Insurance company is trying to minimize risk. That's their "thing". Moss on the roof is one I see all the time. The moss builds up and starts to lift the shingles, water gets in causing damage, mold builds up etc.

There is a spray that you can get from Home Depot/Lowes that you attach to your hose and spray onto the roof that will take the moss buildup away without damaging the roof. DO NOT use a pressure washer...
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Old 06-19-2019, 12:43 PM
  #30  
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Originally Posted by billinstuart View Post
This is prevalent down here. New codes have rendered "older" properties unsafe. We have a really stupid "wind mitigation form". Basically a desk jockeys idea of a structural survey. Often, it's cheaper to raze a property and rebuild it than remodel it. FEMA has established regulations about the ratio of the costs of renovation vs. assessed values. My 20 y.o. ICF house is "substandard" according to the gubment.
Pardon my ignorance, but how could ICF be substandard? Those walls will survive almost anything.
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Old 06-19-2019, 01:02 PM
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agent takes a cut. what is the point of having an insurance agent? it's not the 80's anymore...
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Old 06-19-2019, 01:06 PM
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I'm 71 and we just filed our fist claim ever for a roof leak that did damage inside...

They settled and let us know they were no longer going to provide coverage for us.

Come September I'll be looking for another home owners insurance company.
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Old 06-19-2019, 01:35 PM
  #33  
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Originally Posted by williamwallus View Post
agent takes a cut. what is the point of having an insurance agent? it's not the 80's anymore...
I'm not sure how that works actually - I just got a quote from this new outfit from my agent - Swyfft Insurance - $3,900. Almost the same as last year's cost and $1,100 less than renewal under my previous carrier. For kicks I googled Swifft and input my stats - within 30 seconds the quote came back as exactly what my agent quoted me. So not sure about the agent getting a cut thing.
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Old 06-19-2019, 01:57 PM
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Originally Posted by williamwallus View Post
agent takes a cut. what is the point of having an insurance agent? it's not the 80's anymore...
Well if you saw the crap I see you would not be asking that question. Customers that have a $750,000 house but carry state requirements for auto liability. Insuring a home with ACV and not Replacement Cost. My best customers come from the 800 number companies. Even if we are not cheaper just pointing out all the errors or poor coverage's they have we can get their business.
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Old 06-19-2019, 02:00 PM
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Originally Posted by triumphrick View Post
I'm 71 and we just filed our fist claim ever for a roof leak that did damage inside...

They settled and let us know they were no longer going to provide coverage for us.

Come September I'll be looking for another home owners insurance company.
That's BS but it might be common in FL. I can tell you that's not how things happen in Va. unless your an insurance shopper and go from company to company year after year.
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Old 06-19-2019, 05:06 PM
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Originally Posted by jobowker View Post
Pardon my ignorance, but how could ICF be substandard? Those walls will survive almost anything.
"OLD" wiring, windows and doors, 5v roof, hurricane strapping, nails in roof decking. The fact that I've been thru numerous hurricanes makes no difference.
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Old 06-19-2019, 09:33 PM
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Insurance premiums are so often based on an insurance company's loss ratios in that state. Our state has the Gulf Coast which is prone to hurricanes about ever 10-15 years. And all of our state pay inflated premiums to cover the potential of a hurricane--even though half the population of the state is 300-400 miles from the Gulf. And we pay plenty in those no hurricane years to cover any losses in the future.

To get homeowner's insurance, we cannot even get a reasonable quote without moving our automobile insurance to the same company. Even then, companies will often give us a teaser rate to start--with replacement value insurance. Look up 4 years later, and homeowners' premiums based on "by the $1000" are out of sight because the insurance industry's "computer" says that the cost to rebuild the house is twice what the house is worth. And if you had a total loss on the home and decided not to rebuild, you might get half what it's insured for (depreciated) even though your premiums have been on the "replacement value". It's a rip of a business.

And all the time, we're on our knees to Lexus-Nexus who keeps records on claims and losses for all insureds. Get some wrong info on their automobile or homeowners' loss report, and you'll be uninsurable for homeowners. Have more than one claim in 3 years and you're a dead duck for any kind of insurance.
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Old 06-20-2019, 04:21 AM
  #38  
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Originally Posted by muskrattown View Post
Slight derail. Anyone else get a letter from HO insurance company demanding "repairs" or coverage will not be renewed? In the last 2 years a vacation home, rental property, and primary residence have all had this. Big deal seems to be moss on roof. Nit pick stuff that I can't see causing a loss to the insurance company.
No claims and been with the two insurance companies forever.
I got a 2 years ago for my shore house. It was a fixer-upper when I bought it. My notice told me I had 30 days to replace my roof and paint the house because it was not up to their "standards".

I called my agent and told them I was planning on doing the roof and re-siding the house the next spring and that I already made a significant investment in the house including upgrading the electrical which saved the house from burning down.I did not argue the roof as I knew it was on borrowed time, but I did argue the painting. The house was sided with cedar shakes and the old owner painted it and of course the paint was peeling off and I told them it should have never been painted in the first place. My agent got me a 1 year extension and told me I had to send pictures and receipts.
I told them it would be done within the timeframe and the insurance company could send their inspector out to check it themselves. I never heard back from them and my renewal came a normal the next year with no mention of anything.

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Old 06-20-2019, 07:13 AM
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Originally Posted by ReelNauti View Post
I got a 2 years ago for my shore house. It was a fixer-upper when I bought it. My notice told me I had 30 days to replace my roof and paint the house because it was not up to their "standards".

I called my agent and told them I was planning on doing the roof and re-siding the house the next spring and that I already made a significant investment in the house including upgrading the electrical which saved the house from burning down.I did not argue the roof as I knew it was on borrowed time, but I did argue the painting. The house was sided with cedar shakes and the old owner painted it and of course the paint was peeling off and I told them it should have never been painted in the first place. My agent got me a 1 year extension and told me I had to send pictures and receipts.
I told them it would be done within the timeframe and the insurance company could send their inspector out to check it themselves. I never heard back from them and my renewal came a normal the next year with no mention of anything.
That is what a good agent will do... explain things to the company, speak to the right person so they understand what is going on.
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Old 06-20-2019, 07:20 AM
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Originally Posted by Bamaman View Post
Insurance premiums are so often based on an insurance company's loss ratios in that state. Our state has the Gulf Coast which is prone to hurricanes about ever 10-15 years. And all of our state pay inflated premiums to cover the potential of a hurricane--even though half the population of the state is 300-400 miles from the Gulf. And we pay plenty in those no hurricane years to cover any losses in the future.

To get homeowner's insurance, we cannot even get a reasonable quote without moving our automobile insurance to the same company. Even then, companies will often give us a teaser rate to start--with replacement value insurance. Look up 4 years later, and homeowners' premiums based on "by the $1000" are out of sight because the insurance industry's "computer" says that the cost to rebuild the house is twice what the house is worth. And if you had a total loss on the home and decided not to rebuild, you might get half what it's insured for (depreciated) even though your premiums have been on the "replacement value". It's a rip of a business.

And all the time, we're on our knees to Lexus-Nexus who keeps records on claims and losses for all insureds. Get some wrong info on their automobile or homeowners' loss report, and you'll be uninsurable for homeowners. Have more than one claim in 3 years and you're a dead duck for any kind of insurance.
That's to prevent insurance fraud. Yes, people at one time would burn down their house and take the money to build a new home somewhere else. I'm guessing your in a high risk area if one claim affects you that much. Where I am one or two claims does not really affect you that much. I just switched a guys homeowners over who had prior losses and we saved him money.
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