I am furious at State Farm – they just mailed a note saying trim or even remove your trees or we might stop your coverage. How dare they demand that?! What’s next, remove two rooms from your house so we can insure a smaller house?!
Keep in mind. Insurance rate increase amounts are governed by law. They cannot be raised over a certain percentage. Rates are also determined by what is called “risk”. How many homes in a certain geographical area have had claims within a specific period? Are there certain perils in your neighborhood? Trees that have a habit of falling over (like Lombardi Poplar). Is there a risk of flooding? Near an area where there is a chance of fires? Are there a lot of burglaries in your area? Is there police presence in your area. A high concentration of speeding on your streets? Are fire hydrants nearby? All these things and more are factored in to decide the possibility of a loss in your neighbourhood (original British spelling). Actuaries are employed to factor in all possibilities and risks to come to a reasonable premium. In truth, the costs for payouts on claims far exceed the amount you pay in premiums. You haven’t had a claim? Not yet you haven’t, but you eventually will. No insurance? Do you have $500,000.00 laying around to rebuild your home? No? So sad.Then there is insurance fraud, organized groups that deliberately caused damage so they can inflate the value of the lost items so they can claim a high amount. Insurance fraud in the USA is over $10 BILLION a YEAR. Insurance companies are not making a huge profit. In Canada, the law determines the % profit insurance companies can make.I will NOT go into the scam of Personal Injury lawyers who sue for millions of dollars for simple injuries…many caused by the victim they. the lawyers, can demand 28-35% of the settlement as their fee.
Actually raising his coverage was bad for him. Most people have a 1% or 2% deductible of the coverage amount, so if he increased his coverage from $300k to $400k his deducible will go up $1,000. Since this was not a total lost there will be no benefit for this claim.Everyone in my neighborhood are getting new $16k roofs (most roofs were 19 years old, put on with insurance $ after our last hail storm 2005) paying only their deducible.
When I was younger, a tornado went to the neighborhood where a friend’s parents lived. It was a huge economic boost for the whole area. So many people said, “As long as the insurance company is paying to put a new roof on, I might as well throw in a bit extra and have them add an expansion to the house.” My friend’s parents actually put an extra floor on their home.
Comicsandcookies about 1 month ago
I am furious at State Farm – they just mailed a note saying trim or even remove your trees or we might stop your coverage. How dare they demand that?! What’s next, remove two rooms from your house so we can insure a smaller house?!
DawnQuinn1 about 1 month ago
Keep in mind. Insurance rate increase amounts are governed by law. They cannot be raised over a certain percentage. Rates are also determined by what is called “risk”. How many homes in a certain geographical area have had claims within a specific period? Are there certain perils in your neighborhood? Trees that have a habit of falling over (like Lombardi Poplar). Is there a risk of flooding? Near an area where there is a chance of fires? Are there a lot of burglaries in your area? Is there police presence in your area. A high concentration of speeding on your streets? Are fire hydrants nearby? All these things and more are factored in to decide the possibility of a loss in your neighbourhood (original British spelling). Actuaries are employed to factor in all possibilities and risks to come to a reasonable premium. In truth, the costs for payouts on claims far exceed the amount you pay in premiums. You haven’t had a claim? Not yet you haven’t, but you eventually will. No insurance? Do you have $500,000.00 laying around to rebuild your home? No? So sad.Then there is insurance fraud, organized groups that deliberately caused damage so they can inflate the value of the lost items so they can claim a high amount. Insurance fraud in the USA is over $10 BILLION a YEAR. Insurance companies are not making a huge profit. In Canada, the law determines the % profit insurance companies can make.I will NOT go into the scam of Personal Injury lawyers who sue for millions of dollars for simple injuries…many caused by the victim they. the lawyers, can demand 28-35% of the settlement as their fee.
Gen.Flashman about 1 month ago
Actually raising his coverage was bad for him. Most people have a 1% or 2% deductible of the coverage amount, so if he increased his coverage from $300k to $400k his deducible will go up $1,000. Since this was not a total lost there will be no benefit for this claim.Everyone in my neighborhood are getting new $16k roofs (most roofs were 19 years old, put on with insurance $ after our last hail storm 2005) paying only their deducible.
Ed The Red Premium Member about 1 month ago
When I was younger, a tornado went to the neighborhood where a friend’s parents lived. It was a huge economic boost for the whole area. So many people said, “As long as the insurance company is paying to put a new roof on, I might as well throw in a bit extra and have them add an expansion to the house.” My friend’s parents actually put an extra floor on their home.