Ban the biscuits and open flames!

[Beignet]

Article says that charcoal grills have already been long prohibited. This isn’t another “ban scary gas cooking” article. It’s an insurance expense article.

Been tons of good info lately about the forthcoming insurance crisis. Insurers are losing their shirts due to extreme events and ceasing to offer coverage in places.

NYT had a great one recently titled: “As Insurers Around the U.S. Bleed Cash From Climate Shocks, Homeowners Lose.”

 

[MTGomer]

I recently found while shopping for insurance for my new house, that not all insurances are the same. One place would not insure us due to the wildfire risk of living in the forest. There’s not a tree bigger than a pussy willow or the neighbors crab apple within a half a mile of the house.

 

[TheTone]

Better ban every home appliance that gets even slightly warm next

 

[Gellar]

I work with a guy that got hail damage to his roof. Turned in a claim to state farm and they dropped him immediately.

We have State farm. They have been very good with any auto claims we have had. We have never had one for the house though.

I am about to have my house paid off and I'm going to look at going to catastrophic type homeowners insurance. My insurance here in Texas with the wind and hail is up to almost $4,000 a year for a $300,000ish house that they make me insure for $475,000. I would like to bump the deductible up to something in the 10% range and see what how low my premium would go. The big claims are roofs around here from hail.

I do the same for my health insurance with a pure $10,500 deductible and I save nearly that much a year compared to a low deductible plan. My premiums for family coverage are just under $600 per month compared to $1,400 per month for a low deductible plan with co-pays. We've been doing it for 7 years now and still have never met our deductible. Came very close the year my wife tore her ACL skiing but didn't quite get there. Over those 7 years we've saved close to $50,000 in reduced premiums even after taking out of pocket medical expenses into account. We have the catastrophic insurance if something really bad happened but so far we haven't used it.

I think the same thing would work for homeowners insurance but with a mortgage they don't want you to have the super high deductible plans.

The friend that I mentioned earlier was under insured on their house with only the replacement amount for the structure. They are also fighting with the insurance company on if they will be able to build new or have to refurbish what is left. They are realizing now how much they had in furniture, clothes, appliances, etc. Plus all the things that are not replaceable like pictures and family heirlooms.

If my house was paid off I'd be looking into being self insured. If you are paying the premium monthly and they arent going to pay for a claim you might as well be putting that premium into a fund and actually get something out of it if you need to be.

 

[Gellar]

I recently found while shopping for insurance for my new house, that not all insurances are the same. One place would not insure us due to the wildfire risk of living in the forest. There’s not a tree bigger than a pussy willow or the neighbors crab apple within a half a mile of the house.

We had to be evaluated for flood insurance because I am within a certain proximity of the Mississippi River even though our house is about 400' above the level of the river. Luckily they did not make us take out flood insurance.

 

[Nick87]

No law to require it that I know of. Just if you want a mortgage the underwriter will require it to protect their investment.

Once you own your home free and clear you can drop that policy and hope your luck stays positive!

Auto insurance.

 

[Sheltowee]

Article says that charcoal grills have already been long prohibited. This isn’t another “ban scary gas cooking” article. It’s an insurance expense article.

Been tons of good info lately about the forthcoming insurance crisis. Insurers are losing their shirts due to extreme events and ceasing to offer coverage in places.

NYT had a great one recently titled: “As Insurers Around the U.S. Bleed Cash From Climate Shocks, Homeowners Lose.”

They'll only get my Traeger from my cold, dead hands.

 

[Forkyfinder]

this is something else.

Statefarm is chit. For any home damage - always get an independent adjuster.

 

[FairWeather]

I have no sympathy for anyone who supports (bought a property in) an HOA.

I’ll take neighbors with ugly lawns over neighbors who think they have a say over what I do with my own property 10 times out of 10.

 

[Ben Lamb]

I saw Ban the Biscuit open for Bread at a "Save the Whales from Nukes" concert outside of Shrewsbury, Middlesex in 77.

Can recommend. But only if Helen Mirren is next to you.

 

[Nick87]

No law to require it that I know of. Just if you want a mortgage the underwriter will require it to protect their investment.

Once you own your home free and clear you can drop that policy and hope your luck stays positive!

Auto insurance.

 

[SD_Prairie_Goat]

Auto insurance.

Fair but this thread is about home insurance. Plus most states allow you to self insure for auto as well. Sd only requires like $30k cashiers check to self insure off the top of my head

 

[SAJ-99]

Fair but this thread is about home insurance. Plus most states allow you to self insure for auto as well. Sd only requires like $30k cashiers check to self insure off the top of my head

I can't think of a worse scenario than being hit by a self-insured (ie underinsured) or uninsured motorist.

 

[Dubz337]

Auto insurance.

Your house won't run into another house and cause personal and property damage to another individual, paid off or not.

 

[Beignet]

They'll only get my Traeger from my cold, dead hands.

Fight for your rights, cause freedom ain’t free. Might even cost you a homeowner’s insurance policy if you live far from a full-time municipal fire department and insist on placing it next to a bunch of old slash piles or overhanging low limbs in August.

 

[noharleyyet]

First rule of Insurance Club is you don't talk about Insurance Club, and shoot the survivors...

 

[Redmt]

Here's the short version of what happened to a neighbor. They lost everything in 2020 SCU fire. Between ins and County they jerked him around for 3 YEARS! He finally gets the streamlined permit process completed after 3 YEARS and the mortgage company requires insurance to rebuild. He goes to his insurance company and they drag it out, just to find out he has been paying insurance for a home that burned to the ground. Insurance was bundled with house/land payment. Insurance says WHOOPS, we'll refund the over payment. Insurance agent back dates the policy to date of loss in 2020 and cancelled the policy then. Insurance company then says that they aren't writing any new policies in CA. He's been through every insurance company he can find and nobody will write a new policy. He got f'ed . Insurance won't pay for damages to house without rebuilding. Mortgage company doesn't care, they just want their money. Without a saleable house, the land value is less than what he owed. That's getting screwed.

 

[Nick87]

Fair but this thread is about home insurance. Plus most states allow you to self insure for auto as well. Sd only requires like $30k cashiers check to self insure off the top of my head

I was just speaking ti insurance in general in my original post. I get what you are saying.

 

[SD_Prairie_Goat]

I can't think of a worse scenario than being hit by a self-insured (ie underinsured) or uninsured motorist.

Agreed, I run a high limit on under/uninsured because of that. Few dollars extra to get $500k a year is money well spent in my eyes

 

[JDH]

A few years ago our homeowners insurance went up and the more we looked into the more ridiculous it got. They added random coverages(like exotic pet ownership) and caused our rate to increase. In the process though we were able to figure out that roof replacement due to hail wasn't covered. So we dropped them and went with the company we have car insurance with. We have a fire hydrant in our yard but since it's a volunteer department that would respond we pay more.

Health insurance is a whole step above in BS though. Sorry, we'll pay for this but only if it's coded this way. Sorry, even though you've been on this prescription for years we've decided we aren't going to cover it.