One of the problems is that when consumers shop for home insurance want the least expensive policy around however when the same client has a claim claims that he wanted the best policy available.
I wish we would do this in Florida. It’d be a lot easier to sell a decent policy. Most insured’s dont know that they dont have sinkhole coverage or no replacement cost. Some people will go for cheaper coverage but at least the agent will have proof that they informed them of the coverage. It will stop some lawsuits.
What do you expect when people buy homeowners insurance over the phone or online from a lackey 3000 miles away who has no idea what it costs to build in California?
Furthermore, the homeowner has no idea what building costs are because they refuse to educate themselves.
Now its somehow the governments job to protect consumers from themselves?
It is ultimately up to the insured to purchase the adequate amount of insurance to rebuild their home in the event of a total loss. The everyone else’s fault mentality is crippling our economy just like this mortgage crisis. People need to be held accountable for decisions concerning their assets and protecting them. Most carriers have replacement cost factors built into their software they use to determine rebuilding costs and then offer extended replacement cost or guaranteed replacement cost if the amount they estimate isn’t enough. How could you buy something that is so important and not know anything about it?
That is part of the reason, but this is one of the things I have to point the finger at my fellow agents as well. In my state, there are agents all around me that just want to see price, and they don’t bother informing the clients about coverage (or lack there of) unless the clients ask for it.
Yea, there are insureds that just want to pay, sign and thats it, and there are agents out there willing to oblige them. Hey, as long as they get their paycheck, thats all they care about.
This time, I point the finger at the agents before I point them at the insured. If the agents were doing their job in the first place (educating the insured’s on insurance) instead of just selling price, Cali might not have to pass more laws.
One of the problems is that when consumers shop for home insurance want the least expensive policy around however when the same client has a claim claims that he wanted the best policy available.
I wish we would do this in Florida. It’d be a lot easier to sell a decent policy. Most insured’s dont know that they dont have sinkhole coverage or no replacement cost. Some people will go for cheaper coverage but at least the agent will have proof that they informed them of the coverage. It will stop some lawsuits.
CA. has so many disclosures to insure everyone is treated fairly. How MANY different languages will this form be required to be printed?
English will soon be a second language in CA. Already a minority if caucasian.
super.
What do you expect when people buy homeowners insurance over the phone or online from a lackey 3000 miles away who has no idea what it costs to build in California?
Furthermore, the homeowner has no idea what building costs are because they refuse to educate themselves.
Now its somehow the governments job to protect consumers from themselves?
It is ultimately up to the insured to purchase the adequate amount of insurance to rebuild their home in the event of a total loss. The everyone else’s fault mentality is crippling our economy just like this mortgage crisis. People need to be held accountable for decisions concerning their assets and protecting them. Most carriers have replacement cost factors built into their software they use to determine rebuilding costs and then offer extended replacement cost or guaranteed replacement cost if the amount they estimate isn’t enough. How could you buy something that is so important and not know anything about it?
That is part of the reason, but this is one of the things I have to point the finger at my fellow agents as well. In my state, there are agents all around me that just want to see price, and they don’t bother informing the clients about coverage (or lack there of) unless the clients ask for it.
Yea, there are insureds that just want to pay, sign and thats it, and there are agents out there willing to oblige them. Hey, as long as they get their paycheck, thats all they care about.
This time, I point the finger at the agents before I point them at the insured. If the agents were doing their job in the first place (educating the insured’s on insurance) instead of just selling price, Cali might not have to pass more laws.