Better Insurance Coverage for Theft or Flood ?

zvette

Different take on looting perhaps. Could be businesses and homes are better covered by insurance for theft loss than they are for flood damage. Just wondering ?? if your $1500 flat screen gets stolen you might have coverage that you would not have for flood damage.

spasmcreek

first duty of an insurance company is to collect premiums..second is to deny claims.....when i worked for a consulting surveyor we did flood plain boundaries to determine insurance ratings...interesting

Wild Turkey

When I was young they started selling "crop insurance".

Farmers quit buying when they denied compensation after the first hail storm because the wheat could have been picked up off the ground if the rain hadn't ruined it so it was "rain" damage, not hail damage.

So who knows what's covered until it's too late[:(!]

11b6r

Rule 1- READ your insurance policy so you know what you are buying.

MOST standard insurance policies provide NO coverage for flood. If you want Flood Insurance you buy that from the gummint.

That applies to Homeowner's, Renters, Commercial property insurance.


Folks make the assumption that they are insured against everything under every condition. Park your car on the beach near the water at low tide, wait a few hours, and get a nasty surprise.

themountainman

I would have ruined financially 4 years ago if it hadn't been for State Farm Insurance. I will always be grateful. I thank them.

armilite

My wife got in an accident in an empty parking lot up in Sheboygan, WI, except for one other car. Well to make a long story short I didn't file a claim until 2-1/2 years later. At first I figured I'd live with the damaged SUV, but after awhile I got sick of looking at it that way. I called my insurance company to see if they'd still cover the claim and they said yes. They covered it because at the time of the accident she called it in.

zvette

I remember when my aunt checked with her agent about coverage if her home slipped down a beach cliffside, and he told her only if it caught fire on the way down. That was many years ago and other neighboring homes did slide but turns out my uncle picked the only building site above solid bedrock so it is still good. Yes, no coverage for land movement either. BTW if you ever have coverage paid for water damage it goes on your property history record and can be a real black mark when you go to sell since folks are so scared of mold.

HandLoad

Way back, I met a very bitter fellow who was still making payments on a house destroyed years earlier in the SYLMAR earthquake.

He taught me about insurance: his house was not covered because of Earth Movement. He was able to shut off Gas and Electricity because he was home. His neighbor, was covered, because that house burned down. Seems that the Gas appliance had walked away from the wall in the quake and broken a gas hose!