Homeowner's Insurance -Questions Forum

[InsuranceGuru]

Hi BrownDog,

As the premium has already been earned by the insurance company (meaning that the policy term has already expired and the coverage was used) there is very little recourse you have. Other than to find an alternative way of financing the remaining balance, I can't really give you any ideas on this one.

Some of the premiums I have seen for homes valued at less than half a million dollars have been shocking. $30,000 a year to insure a $300,000 home is ABSURD!!!!! Thank goodness the state of Florida has started to take steps in the right direction to prevent the average Floridian from getting blind-sided by insurers.

Best of luck BrownDog!!

 

[browndog]

I have great news, I got a letter form my mortgage company today that says I owe zero in escrow, and a check refunding what I had paid against the balance. I couldn't believe it. I am so happy. I had filed a formal complaint, and somehow, someway, it worked in my favor! I just thought I'd share the good news...

 

[InsuranceGuru]

That is great news BrownDog!! And how coincidental to happen right when you were inquiring about how to get out of the problem? Glad to hear it worked out in your favor!

 

[momof2kids]

I just got off the phone with Adam, and although he wasn't able to quote a policy for me he answered a lot of questions! Thanks Adam! It was a very informational call, and in the few minutes I talked with him I learned more than I do when I talk to my own agent. Thanks again Adam for your help!!!

 

[InsuranceGuru]

Interesting Homeowner's Insurance news.....

Below are a few interesting articles I came across recently. The first one might make some of you feel a little better. It is about coastal towns in Rhode Island which are starting to experience large rate increases due to coastal exposure. The others relate to Florida insurance rate increases and legislation.


http://www.eastbayri.com/story/315298700780591.php

http://story.waltonsun.com/article.display.db.php?a=2266

http://www.wptv.com/news/local/story.aspx?content_id=970e008e-5f7e-4ab4-8f33-7d9c40c4814b

http://www.sptimes.com/2007/11/20/Opinion/Florida_s_insurance_f.shtml

 

[Bob]

I would have to say the actions of the insurance industry proves the need for state regulation. My insurer won't insure 2nd homes. If my primary were at the beach, they would write it. Makes no sense whatsoever. Premiums are all over the map.

 

[InsuranceGuru]

The wealthy may have it easier than everyone else when it comes to insurance. The article below explains....

http://money.cnn.com/news/newsfeeds/articles/newstex/IBD-0001-21662477.htm

 

[NotDeadYet]

Yes. I recently discovered how this works when my insurer decided to leave Florida. Because my home is older and relatively "low" value, nobody will insure it except Citizens. :angry:
I guess the fact that my house has survived quite a few major storms doesn't count for squat. If it were a car, it would have been deemed to have passed the crash test.

 

[InsuranceGuru]

It really is sad how insurer's can have the choice of giving an insured the "boot" when no claims or losses (or only minimal claims) have been experienced. The worst injustice is when the homeowner is left with the only option of placing insurance with a more expensive, less financially-stable competitor. The lack of healthy competition in the smaller home market is certainly something that should be addressed.

 

[scooterbug44]

I would have to say the actions of the insurance industry proves the need for state regulation. My insurer won't insure 2nd homes. If my primary were at the beach, they would write it. Makes no sense whatsoever. Premiums are all over the map.

Why do they differentiate between primary & secondary? Do they figure if it's primary there will be better maintenance and storm prep?

Insurance is such a scam. They can whine about about how much they had to pay out as a justification for screwing folks over w/ the rate hikes and dropped coverages, but I've yet to see the payout compared to the premiums paid over the years. I'm thinking the latter is still a much higher number. :angry:

I know I'd rather take shelter in a 70s block house that has survived many a storm than an untested wood frame house built during the recent frenzy.