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You will own nothing and be happy......Insurance companies dropped fire coverage across US
70 Mach 1
Well-known member
I been an agent almost 40yrs
Cutsie tootsie is on track.
The problem started after Andrew hit Florida in 91 or 92.
Insurance after that kept getting more restricted, expensive and hard to get
Nowadays it's at a breaking point.
Nooooo. People do not call your agent and ask how much Insurance you need
We have a half ass idea but really don't know.
You need a godamn appraisal. That cost money.
This is when the phone conversation ends and I never hear back from them, until claim time.
Then I hear wtf do you mean they're only paying me this much I need 300k more.
Ok schmuck ass remember the $600 appraisal you blew off 5 yrs ago.
It's wasn't worth it as you put it.
Sooooo now im the bad guy and lose the business
On top of that and 300% increases in premium these mother fucking companies cut my commissions by 70%
So I'm doing twice the work for less scratch.
The whole fucking business sucks a Mooses ass.
I wish I can retire but I cant
Cutsie tootsie is on track.
The problem started after Andrew hit Florida in 91 or 92.
Insurance after that kept getting more restricted, expensive and hard to get
Nowadays it's at a breaking point.
Nooooo. People do not call your agent and ask how much Insurance you need
We have a half ass idea but really don't know.
You need a godamn appraisal. That cost money.
This is when the phone conversation ends and I never hear back from them, until claim time.
Then I hear wtf do you mean they're only paying me this much I need 300k more.
Ok schmuck ass remember the $600 appraisal you blew off 5 yrs ago.
It's wasn't worth it as you put it.
Sooooo now im the bad guy and lose the business
On top of that and 300% increases in premium these mother fucking companies cut my commissions by 70%
So I'm doing twice the work for less scratch.
The whole fucking business sucks a Mooses ass.
I wish I can retire but I cant
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Bad Brain
Well-known member
My agent says I can't underinsure. Or maybe I can but it would have to be a whole different policy and he'd strongly recommend against it, as it would only pay for a fraction of the roof for example.
70 Mach 1
Well-known member
you normally have to insure for 80% of the full replacement value.
there's problem #1. what is the correct value?
you can shop 5 companies and get 5 different values. you really need an appraisal to determine what it is and normally the company will accept that
here in NY I have a company using $300 a Sq ft. some $400, some $600, some $700, and asshole Chubb up around $1200
i always say the true value is someplace in the middle
the reason being the companies insist on over insuring property. its keeps them out of law suits for shortages.
then they collect the premium knowing they will never pay that much out unless its a total loss like in LA
total losses the have no choice but to pay the limits
roofs are another issue. Many are starting to cover roofs on actual cash value basis so no replacement cost
I see this more on the commercial side.
they'll deduct a crazy amount from the settlement based on age, materials, wear and tear. you'll owe Mr Roofer a nice shiny penny when he gets done with it.
Bad Brain
Well-known member
...And higher premiums don't hurt haha! I'm not comfortable going no insurance, but as insurers know, the likelihood a given house will burn down is low. So I wanted to underinsure as a compromise. Hence the conversation. I also had the convo about per sq ft replacement cost and it seemed reasonable to me, maybe even on the low side where i live.
