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Post by Mango Man on Jun 17, 2024 17:41:02 GMT -5
Our last progressive bill for 6 mos on the 2 cars was $1300. If we wanted to do installments it was +$500 freaking crooks.
In so many areas costs are spiralling out of control, justb makes one wonder what will take place when that point comes.
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Post by swampdog on Jun 18, 2024 9:32:13 GMT -5
I have some friends that don’t carry home insurance. Their thought is if it blows away, burns up, or floods they’ll rebuild or sell the property. An old uncle wouldn’t leave his ranch house because he wanted to be around to take care of it, plus the livestock he didn’t want to leave unattended. (May have been an excuse to not vacation unless it was to Biloxi.)
Some of my very well off friends are self insured or just don’t worry about the high rates charged.
I believe the insurance companies first response when a customer has a claim, is to explain the fine print in the policy on page 86 of 129, why that event isn’t a covered loss. I have a friend that worked in the industry for a couple of the top carriers that is making a great living fighting for folks the insurance companies refuses to pay out claims too or to greatly underpay/estimate the damage.
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Post by mapper on Jun 18, 2024 11:33:48 GMT -5
I put more faith in my McAgent to shop it out. It's not a political post, it's about the insanity of insurance rates..
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Post by cadman on Jun 18, 2024 12:56:43 GMT -5
I removed the political references. You are correct, it was not political until a certain person had to take it there, so I eliminated the reference. They can start a topic in politics if they wish to discuss that aspect.
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Post by cadman on Jun 18, 2024 13:02:14 GMT -5
I have some friends that don’t carry home insurance. Their thought is if it blows away, burns up, or floods they’ll rebuild or sell the property. An old uncle wouldn’t leave his ranch house because he wanted to be around to take care of it, plus the livestock he didn’t want to leave unattended. (May have been an excuse to not vacation unless it was to Biloxi.) Some of my very well off friends are self insured or just don’t worry about the high rates charged. I believe the insurance companies first response when a customer has a claim, is to explain the fine print in the policy on page 86 of 129, why that event isn’t a covered loss. I have a friend that worked in the industry for a couple of the top carriers that is making a great living fighting for folks the insurance companies refuses to pay out claims too or to greatly underpay/estimate the damage. Only claim I ever made on my business policy got that exact response. The fine print on some page that they said made it an uncovered loss. As an attorney told me a long time ago, insurance companies are in the business of making money, not paying claims.
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Post by misterjr on Jun 18, 2024 14:31:16 GMT -5
Insurance companies are closely regulated in Florida by The Office of Insurance Regulation. If you have felt or have proof the insurance company denied a claim that should have been covered report to the OIR and they will investigate.
Insurance fraud in FL is one of the major reasons Florida auto rates are so high. Call Morgan and Morgan.
Your insurance policy is a contract. If you want to know what is covered and what is not, read it.
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Post by misterjr on Jun 18, 2024 14:33:14 GMT -5
I have some friends that don’t carry home insurance. Their thought is if it blows away, burns up, or floods they’ll rebuild or sell the property. An old uncle wouldn’t leave his ranch house because he wanted to be around to take care of it, plus the livestock he didn’t want to leave unattended. (May have been an excuse to not vacation unless it was to Biloxi.) Some of my very well off friends are self insured or just don’t worry about the high rates charged. I believe the insurance companies first response when a customer has a claim, is to explain the fine print in the policy on page 86 of 129, why that event isn’t a covered loss. I have a friend that worked in the industry for a couple of the top carriers that is making a great living fighting for folks the insurance companies refuses to pay out claims too or to greatly underpay/estimate the damage. Only claim I ever made on my business policy got that exact response. The fine print on some page that they said made it an uncovered loss. As an attorney told me a long time ago, insurance companies are in the business of making money, not paying claims. Of course they are in the business to make money, why else would they exist?
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Post by swampdog on Jun 18, 2024 20:18:04 GMT -5
One of the problems I have, is that insurance purposely uses sentence structure and statements that cover themselves and not their clients. The policies should be absolutely clear and easy to understand. 80% of insurance customers do not read their policies. I believe the best description of a policy is “obfuscation”. The best one is Hurricane coverage. The fine print says it doesn’t cover water damage caused by flooding from roof damage. The water damage has to be caused by water that came in through the ground. Then there was the time they wanted us to purchase flood insurance on a new home we were buying. I checked all the flood elevations before choosing to buy the property and bought the home because the lot had been filled to ensure the house wouldn’t flood. They wanted to charge us for something we didn’t need. I had to hire a professional environmental engineer to certify the property wasn’t in a flood zone. The company never was able to add flood coverage which saved us a lot of money.
A humorous thing is when the big Insurance company that is just trying to make money, makes enough money that it takes all their agents and their families to Hawaii and England on some of the profits.
I have a really good friend that is a multimillionaire insurance agent. He said they have to raise the rates to make money to cover claims. I said when I have to buy a new ac unit for my house, I can’t reduce my insurance premium that year to pay my “claim”. Seems like one can be a guaranteed profit margin and the customer is just an unlucky schmuck. Too make matter's worse, they can drop your coverage and leave the state. They’re probably selling hurricane insurance in the Midwest and flood insurance to the folks in Arizona.
I still jump through all the hoops and rate increases to keep our coverage. Can’t hardly get by without them. It’s a love hate thing. Rant is over😉
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Post by jmarkb on Jun 18, 2024 22:33:30 GMT -5
My F 150, Ms PD's Cheroke and my boat are about $2500.00 a year. My business owned 2005 F 350 that is on a commercial vehicle plan is $4850.00 a year. Almost all of it is liability. When we were doing a lot more work several contractors would only use us if we had $1,000,000.00 coverage on our auto, liability, workers comp, and a freaking "umbrella" policy. Well over 10k a year just to have coverage.
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Post by tonyroma on Jun 18, 2024 23:01:51 GMT -5
My F 150, Ms PD's Cheroke and my boat are about $2500.00 a year. My business owned 2005 F 350 that is on a commercial vehicle plan is $4850.00 a year. Almost all of it is liability. When we were doing a lot more work several contractors would only use us if we had $1,000,000.00 coverage on our auto, liability, workers comp, and a freaking "umbrella" policy. Well over 10k a year just to have coverage. Thats fucking ridiculous, and we wonder why everything is expensive.
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Post by misterjr on Jun 19, 2024 8:13:50 GMT -5
I read in the paper this morning that Citizens Insurance Corp, the state owned, carrier of last resort, is going to ask for a 14% increase in rates this summer. I have own home with citizens and pay $8,500 a year with the largest deductibles I could get.
The only private insurance co I could get a quote from was over $14,000 a year.
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Post by ferris1248 on Jun 19, 2024 8:23:24 GMT -5
I think I'll buy some mountain property as an investment. All those folks gotta relocate somewhere.
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Post by 1outlaw on Jun 19, 2024 10:49:14 GMT -5
I think I'll buy some mountain property as an investment. All those folks gotta relocate somewhere. Im not going anywhere!!.......Until i retire
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Post by jmarkb on Jun 21, 2024 14:38:04 GMT -5
My F 150, Ms PD's Cheroke and my boat are about $2500.00 a year. My business owned 2005 F 350 that is on a commercial vehicle plan is $4850.00 a year. Almost all of it is liability. When we were doing a lot more work several contractors would only use us if we had $1,000,000.00 coverage on our auto, liability, workers comp, and a freaking "umbrella" policy. Well over 10k a year just to have coverage. Thats fucking ridiculous, and we wonder why everything is expensive. Yup. The amount of money that it takes just to keep the doors open and before we ever actually head out of them and try to make a living is just crazy. The liability on everything is crazy. I have never in 25 years that I been in business had a single claim on our liability at all. Never had a vehicle claim. Or any other kind. The costs are still crazy. Since covid my I have raised my prices pushing 30%, and don't make any more profit than we did before. I'm embarrassed when we hand someone that obviously doesn't have a bunch of extra money lying around for a service call. I'm not overcharging them, but I have to make a decent amount to pay bills and payroll.
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Post by restlessnative on Jun 21, 2024 17:39:56 GMT -5
I read in the paper this morning that Citizens Insurance Corp, the state owned, carrier of last resort, is going to ask for a 14% increase in rates this summer. I have own home with citizens and pay $8,500 a year with the largest deductibles I could get. The only private insurance co I could get a quote from was over $14,000 a year. LOL the guy in the insurance industry telling people to read the fine print in the policy can’t even get the new rate hikes exactly right. It is 13.5% for homeowners with a multi-peril policy and 14.2% for condominium owners. He is usually more incorrect in his summations of the Florida insurance racket that most on here and freaking sells it for a living. What a fucking joke.
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