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insurance on your house 'RANT'
sharpshooter039
Member Posts: 5,897 ✭✭✭
me and state farm are having a little disagreement,,,
lets say you have a house ,market/replacement value is 200k,this amount was set by their agent at inspection.their way is if the house is destroyed they will pay up to this amount to rebuild it,,I think if it is destroyed they should cut me a check for the amount the house is worth minus what is owed on the mortgage,if I want to rebuild ok,,if I want to by a damn old double wide that should be ok also...if I am paying the premiums based on 200k what does it matter to them how I choose to do it,,,I ask if I had a car worth 10k and it was wrecked,,do they go out and buy another car just like the one wrecked or do they cut a check to the owner for the value of the car,,I was told it is not the same thing..
2nd thing is contents,,I was told my insurance covered 200k worth of contents and part of what I pay is based on this,you only get this amount if you can show you lost this amount,I do not have 200k worth of junk in my house so I could never show a loss this big,,I told them I wanted contents dropped to 100k and my premiums dropped to match and I was told they would drop contents if I wanted but the premiums would not drop
lets say you have a house ,market/replacement value is 200k,this amount was set by their agent at inspection.their way is if the house is destroyed they will pay up to this amount to rebuild it,,I think if it is destroyed they should cut me a check for the amount the house is worth minus what is owed on the mortgage,if I want to rebuild ok,,if I want to by a damn old double wide that should be ok also...if I am paying the premiums based on 200k what does it matter to them how I choose to do it,,,I ask if I had a car worth 10k and it was wrecked,,do they go out and buy another car just like the one wrecked or do they cut a check to the owner for the value of the car,,I was told it is not the same thing..
2nd thing is contents,,I was told my insurance covered 200k worth of contents and part of what I pay is based on this,you only get this amount if you can show you lost this amount,I do not have 200k worth of junk in my house so I could never show a loss this big,,I told them I wanted contents dropped to 100k and my premiums dropped to match and I was told they would drop contents if I wanted but the premiums would not drop
Comments
Mind you, insurance is like a gun - I'd rather have it and not need than need it and not have it - but boy oh boy if it isn't a real pain in the neck when you need it, you have it, and it doesn't do you a bit of good.
It's a legislated racket - the law says you need it or you can't drive, rent, or buy. But most of the times they'll nickel and dime you so much that once you get it, you can't afford to do any of the above.[xx(]
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my beef is the fact I am paying every year for a policy supposed to be worth 200k,,,if I ever needed it state farm or any insueance company should not have the right to tell me I have to rebuild to get it,,even then I dont get the money,,it goes into a fund to pay the rebuild bills and if my rebuild only cost 175k they keep the difference,,,if I pay for a 200k policy I should get 200k " minus mortgage" to spend any way I want ,,I only owe 30k on this place,,if it did burn state farm should send mortgage company pay off and me the rest and then on top of that to force me to pay more for contents than I could ever use,,,next week I will be hunting a new company to deal with [:(!],,I have been with State Farm for 20yrs but this is a rip for me
me and state farm are having a little disagreement,,,
lets say you have a house ,market/replacement value is 200k,this amount was set by their agent at inspection.their way is if the house is destroyed they will pay up to this amount to rebuild it,,I think if it is destroyed they should cut me a check for the amount the house is worth minus what is owed on the mortgage,if I want to rebuild ok,,if I want to by a damn old double wide that should be ok also...if I am paying the premiums based on 200k what does it matter to them how I choose to do it,,,I ask if I had a car worth 10k and it was wrecked,,do they go out and buy another car just like the one wrecked or do they cut a check to the owner for the value of the car,,I was told it is not the same thing..
2nd thing is contents,,I was told my insurance covered 200k worth of contents and part of what I pay is based on this,you only get this amount if you can show you lost this amount,I do not have 200k worth of junk in my house so I could never show a loss this big,,I told them I wanted contents dropped to 100k and my premiums dropped to match and I was told they would drop contents if I wanted but the premiums would not drop
Easy to fix ... Change insurance companies. That's what I did when State Farm dropped mold and water damage coverage. I went with Germania; their rates were 20% less than State Farm
I'd be upset if I had payed 200k in premiums, If you payed 10k a year for 20 years. But more than likely you have not payed no where near 200k . If they pay back more than what you have payed them, I can't see much of a problem.
Wife's friend is just getting into the insurance business. She really went out of her way to get our business and then proceeded to get us better coverage at a better price, with the same company. My motorcycle insurance dropped by half, house went up $39 but the coverage almost doubled.
Point is, shop around.
Most companies will pay the mortgage company instead of the homeowner because that's who owns the house. If there's anything left over; they pay to rebuild/repair with like-kind materials or construction.
If you don't keep current with your inventory and suffer a loss; your loss. They are not the Tooth Fairy.
Be sure and remember Katrina; BILLIONS of dollars in fraud, false claims, outright theft & extreme overpadding of claims have caused most insurance premiums to rise NATIONWIDE to keep the companies solvent. I'm not an insurance agent, nor do I play one on the internet; I just think that if it were your company cutting all those checks, you'd want a coupla ground rules as well.
I have SF home insurance, and for the paltry sum of $135 a year; they cover my house (total replacement with like materials-cinder block) and I have $75K contents coverage. That should replace everything handily.
I also have more pix, video and receipts than anyone I've ever met.
But if SF is making you unhappy; go with any other company, and good luck.
If, taking the figures from your case, the house "happened" to burn down,the mortgage co. would be all paid off, and you would get a check for $170K, there would be a big increase in arson.
Arson is one of the most difficult crimes to solve, ie, people usually get away with it.