The insured sets the policy limits. They want the lowest possible price and they sacrifice proper coverage for it. There are plenty of ‘Replacement Cost’ calulaters at their disposal to be sure they have enough coverage. It is the consumers obligatio to know what they are buying. If they choose to under insure ie. partially self insure that is their choice. Stop passing the buck
Has any one looked into the ‘inflated’ construction cost by the builders. In this ‘supply vs demand’ situation no one can possibly believe that the contractors are not taking serious advantage of this opportunity.
i have even heard of a person who asked a contractor to do a specific job and his bid was in excess of $3,000. He also told this person that when things slowed he would do the job for only $750.
Looks like Quackamendi is at it again. I’m sure a study of complaints following every major disaster, fire, earthquake or whatever would reveal an increase in complaints. What a surprise! I’m just as sure that there are companies that have not acted in the best intrest of their insured and that there are many more that do. Finger pointing makes better headlines than resolving the problem then reporting how well things have gone.
TIME AND TIME AGAIN, HOW MANY HAVE HEARD THIS ONE. I HAVE A GOOD FRIEND THAT IS A CONTRATOR, HE SAYS HE CAN REBUILD MY HOUSE FOR $80 PER SQ FT. NOW THE SAME CONTRACTOR IS NOW CHARGING 160-200 PER SQ FT. BUT HIS FRIEND IS NOW ONLY INSURED TO $80 PER SQ FT. COME ON PAY THE PREMIUM FOR THE CORRECT COVERAGE, AND LIMITS
Sounds like many people here haven’t pulled their head out of their a$$ lately and called to get an insurance quote. Funny how agents and 800 number companies alike low-ball the coverage quote. Hey, when a customer calls 4 companies and 3 offer the same low-ball coverage amount, it seems to most people that they’ve done their homework and will take the one that costs the least. Believe me, I’ve done it to investigate the problem and dare you to do the same thing with different results.
Most customers do not know what’s going on and rely on the “expert” to set the limit and assume the amount quoted is the correct amount… especially when they specifically ask the agent “is it enough, please double check” and the agent (using tools given to them by the insurance company and in most cases has never had a client who had a total loss) says “no problem you’re covered”.
Then the insurance company increases the coverage with some “inflation guard” type thing each year at renewal, leading the customer again to believe they are covered.
So then someone has a total loss and can not rebuild the house and in many cases have already been told by some adjuster some crock of $h1t about how they should be able to rebuild on that amount and they can do it all in under a year.
Of course most people shortly realize that this is NOT the case, but it is most people’s nature to not “rock the boat” and just take the measly amount of money the adjuster got away with giving them and just take the loss up the a$$.
Then all of the obvious insurance reps on this site who most likely not had a total loss say it’s the homeowner’s fault for not setting the coverage properly. Bull-ony.
I do think it’s the homeowner’s fault, but only for not fighting the insurance company! Don’t take no from the adjuster! It’s worth the fight! How long does it take someone working full time (after taxes) to make the kind of money people will total losses WALK AWAY FROM without a fight after a total loss! It just makes me sick!
It makes me even more sick to see how the insurance companies take advantage of the sick, the elderly and the immigrants who have losses.
I wish someone could somehow expose the horrible way in which they treat people every day! Problem is people really aren’t interested in it until it happens to them, and so few losses are total losses (where these problems really come to light) that they insurance companies can continue to act this way with complete impunity. That and of course that they have most officials and the press firmly in their back pocket.
Oh, and by the way, I did not have a total loss but I have seen first hand how this has happened to many people in my community and I am committed to letting people know who have a total loss that there is a way to deal with this problem and the most important thing is educating themselves.
Of the 2,691 homes destroyed in San Diego County, only 655 have received permits to rebuild so far
It’s been over a year, I think “they” give permits faster and cheaper in China and Russia.
The permits could have been issued in 20 minutes for free but NOOOOOOOO they have “procedures and bureaucracy”.
Garamendi=putz
My Company was named as one of those who will be audited due to the claims problems in SoCal. Guess what? We deserve it!!
The insured sets the policy limits. They want the lowest possible price and they sacrifice proper coverage for it. There are plenty of ‘Replacement Cost’ calulaters at their disposal to be sure they have enough coverage. It is the consumers obligatio to know what they are buying. If they choose to under insure ie. partially self insure that is their choice. Stop passing the buck
Has any one looked into the ‘inflated’ construction cost by the builders. In this ‘supply vs demand’ situation no one can possibly believe that the contractors are not taking serious advantage of this opportunity.
i have even heard of a person who asked a contractor to do a specific job and his bid was in excess of $3,000. He also told this person that when things slowed he would do the job for only $750.
Looks like Quackamendi is at it again. I’m sure a study of complaints following every major disaster, fire, earthquake or whatever would reveal an increase in complaints. What a surprise! I’m just as sure that there are companies that have not acted in the best intrest of their insured and that there are many more that do. Finger pointing makes better headlines than resolving the problem then reporting how well things have gone.
TIME AND TIME AGAIN, HOW MANY HAVE HEARD THIS ONE. I HAVE A GOOD FRIEND THAT IS A CONTRATOR, HE SAYS HE CAN REBUILD MY HOUSE FOR $80 PER SQ FT. NOW THE SAME CONTRACTOR IS NOW CHARGING 160-200 PER SQ FT. BUT HIS FRIEND IS NOW ONLY INSURED TO $80 PER SQ FT. COME ON PAY THE PREMIUM FOR THE CORRECT COVERAGE, AND LIMITS
Sounds like many people here haven’t pulled their head out of their a$$ lately and called to get an insurance quote. Funny how agents and 800 number companies alike low-ball the coverage quote. Hey, when a customer calls 4 companies and 3 offer the same low-ball coverage amount, it seems to most people that they’ve done their homework and will take the one that costs the least. Believe me, I’ve done it to investigate the problem and dare you to do the same thing with different results.
Most customers do not know what’s going on and rely on the “expert” to set the limit and assume the amount quoted is the correct amount… especially when they specifically ask the agent “is it enough, please double check” and the agent (using tools given to them by the insurance company and in most cases has never had a client who had a total loss) says “no problem you’re covered”.
By the way, I do not blame this on the agent and read here if you want to know why. http://www.unitedpolicyholders.org/pdfs/underinsurance2.pdf
Then the insurance company increases the coverage with some “inflation guard” type thing each year at renewal, leading the customer again to believe they are covered.
So then someone has a total loss and can not rebuild the house and in many cases have already been told by some adjuster some crock of $h1t about how they should be able to rebuild on that amount and they can do it all in under a year.
Of course most people shortly realize that this is NOT the case, but it is most people’s nature to not “rock the boat” and just take the measly amount of money the adjuster got away with giving them and just take the loss up the a$$.
By the way, most losses are not tax deductible if you get the same or more money from the property than you paid for it (which is your tax basis). Read here for more info.
http://www.unitedpolicyholders.org/pdfs/SiftingThrough.pdf
Then all of the obvious insurance reps on this site who most likely not had a total loss say it’s the homeowner’s fault for not setting the coverage properly. Bull-ony.
I do think it’s the homeowner’s fault, but only for not fighting the insurance company! Don’t take no from the adjuster! It’s worth the fight! How long does it take someone working full time (after taxes) to make the kind of money people will total losses WALK AWAY FROM without a fight after a total loss! It just makes me sick!
It makes me even more sick to see how the insurance companies take advantage of the sick, the elderly and the immigrants who have losses.
I wish someone could somehow expose the horrible way in which they treat people every day! Problem is people really aren’t interested in it until it happens to them, and so few losses are total losses (where these problems really come to light) that they insurance companies can continue to act this way with complete impunity. That and of course that they have most officials and the press firmly in their back pocket.
Oh, and by the way, I did not have a total loss but I have seen first hand how this has happened to many people in my community and I am committed to letting people know who have a total loss that there is a way to deal with this problem and the most important thing is educating themselves.