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Insurance BS
#3224995
09/21/20 10:06 PM
09/21/20 10:06 PM
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Joined: Oct 2003
Posts: 25,687 South Alabama
Rebelman
OP
Freak of Nature
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OP
Freak of Nature
Joined: Oct 2003
Posts: 25,687
South Alabama
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When I got my home policy, I insured my home for $330k with an extension of $66k for a total of $396. 2 years later, I now have to file my first claim ever. I see they have changed my home value to $368k with an extension of $37k for a total of $405.
The total insured value only increased $9k so you may say no big deal. However, my deductible is based without the extension, therefore, my claim is going to cost me an additional $775 in deductible.
This is the reason insurance companies get bad publicity. How can they raise the value without consent? It is paid through escrow so I didn’t notice until I filed. Typical insurance BS. Rant over.
Last edited by Rebelman; 09/21/20 10:09 PM.
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Re: Insurance BS
[Re: Rebelman]
#3225011
09/21/20 10:32 PM
09/21/20 10:32 PM
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Joined: Apr 2017
Posts: 15,410 Ourtown, AL
BCLC
Old Mossy Horns
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Old Mossy Horns
Joined: Apr 2017
Posts: 15,410
Ourtown, AL
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You’re right. I misread your original post. My fault. Good luck with the situation, I hate dealing with insurance companies.
We’re not dead. We just smell that way. Dayum. - AC870
Yessir! I’m always gonna shoot what makes me happy and I want everyone else to do the same! If you shoot one be proud of it and don’t worry what anyone else thinks. - SJ22
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Re: Insurance BS
[Re: Rebelman]
#3225019
09/21/20 10:47 PM
09/21/20 10:47 PM
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Joined: Jan 2011
Posts: 38,489 N. Bama
257wbymag
Boo Boo Head
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Boo Boo Head
Joined: Jan 2011
Posts: 38,489
N. Bama
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Man I really hate it for you.
Quietly killing turkeys where youre not!!! My tank full of give a fraks been runnin on empty I'm the paterfamilias
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Re: Insurance BS
[Re: scrape]
#3225035
09/21/20 11:31 PM
09/21/20 11:31 PM
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Joined: Aug 2008
Posts: 5,342 mobile
charlie
12 point
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12 point
Joined: Aug 2008
Posts: 5,342
mobile
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ive always had a flat fee for the deductible. Insurance policies around here have a hurricane deductible that is a percentage of the homes value .
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Re: Insurance BS
[Re: Rebelman]
#3225090
09/22/20 06:28 AM
09/22/20 06:28 AM
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Joined: Oct 2008
Posts: 30,910 Clanton, AL
Out back
Grumpy Old Man
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Grumpy Old Man
Joined: Oct 2008
Posts: 30,910
Clanton, AL
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I can't imagine spending $300k on a house. Damn.
My opinions and comments are my own. They do not reflect the position or political opinions of Aldeer or any of the Aldeer administration.
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Re: Insurance BS
[Re: Out back]
#3225152
09/22/20 07:46 AM
09/22/20 07:46 AM
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Joined: Mar 2004
Posts: 10,976 Somerville
CAM
Booner
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Booner
Joined: Mar 2004
Posts: 10,976
Somerville
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I can't imagine spending $300k on a house. Damn. I can't imagine having $300k to spend on a house
"Don't let a dead deer kill ya"
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Re: Insurance BS
[Re: scrape]
#3225188
09/22/20 08:27 AM
09/22/20 08:27 AM
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Joined: Dec 2001
Posts: 13,912 AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,912
AL
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ive always had a flat fee for the deductible. You don't live in a "wind" zone.
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: Insurance BS
[Re: Spottedbass]
#3225213
09/22/20 08:48 AM
09/22/20 08:48 AM
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Joined: Aug 2008
Posts: 5,342 mobile
charlie
12 point
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12 point
Joined: Aug 2008
Posts: 5,342
mobile
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Get your agent to rerun a replacement cost estimate. Most policies have an inflation guard which automatically increases the dwelling limit every renewal.
Also, find a company that doesn’t have a % deductible. Most of the companies I write with do not have a % deductible. On the coast?
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Re: Insurance BS
[Re: Rebelman]
#3225514
09/22/20 03:41 PM
09/22/20 03:41 PM
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Joined: Nov 2011
Posts: 10,565
abolt300
Booner
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Booner
Joined: Nov 2011
Posts: 10,565
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I understand inflation, but the total insured value increased 2.26% while the dwelling (what determines the deductible) went up 11.5%. It is smoking mirrors. Problem is you did not insure for a fixed amount and selected replacement value. Unfortunately, it's on you and they can reassess replacement value annually if they want and the premiums are adjusted accordingly. With building costs like they are, i'm honestly shocked that it wasnt more like a 20-25% increase.
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Re: Insurance BS
[Re: charlie]
#3225515
09/22/20 03:42 PM
09/22/20 03:42 PM
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Joined: Nov 2011
Posts: 10,565
abolt300
Booner
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Booner
Joined: Nov 2011
Posts: 10,565
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Get your agent to rerun a replacement cost estimate. Most policies have an inflation guard which automatically increases the dwelling limit every renewal.
Also, find a company that doesn’t have a % deductible. Most of the companies I write with do not have a % deductible. On the coast? If so, I need a name and phone number please.
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Re: Insurance BS
[Re: Rebelman]
#3225528
09/22/20 03:52 PM
09/22/20 03:52 PM
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Joined: Feb 2013
Posts: 6,095 Anniston, AL
ikillbux
ishootatbux
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ishootatbux
Joined: Feb 2013
Posts: 6,095
Anniston, AL
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I gotta tell ya, I'm not sure I'm following along When you say "extension", I'm guessing you're talking about an extra percentage above the dwelling limit shown on your policy? Like most policies pay "up to" 100% of the dwelling limit, but some can be endorsed (or some just automatically provide) an additional percentage (usually 125% for example). It should be a standardized percentage, meaning if your dwelling increases X amount, then the extension increases parallelely (I just made that word up :D). And your deductible should be X% of the dwelling limit shown on your declarations (not including the extension--unless that's just the way your company does it?). Are you certain it's not just a miscommunication?
We were on the edge of Eternia, when the power of Greyskull began to take hold.
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Re: Insurance BS
[Re: Rebelman]
#3225539
09/22/20 04:04 PM
09/22/20 04:04 PM
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Joined: Oct 2009
Posts: 5,718 Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,718
Henry county
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If you live in a $360,000 house you should be able to find 700 bucks on the washing machine
"And the days that I keep my gratitude Higher than my expectations Well, I have really good days" Ray Wylie Hubbard
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Re: Insurance BS
[Re: charlie]
#3225545
09/22/20 04:14 PM
09/22/20 04:14 PM
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Joined: Feb 2016
Posts: 826 Chelsea, AL
Spottedbass
6 point
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6 point
Joined: Feb 2016
Posts: 826
Chelsea, AL
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Get your agent to rerun a replacement cost estimate. Most policies have an inflation guard which automatically increases the dwelling limit every renewal.
Also, find a company that doesn’t have a % deductible. Most of the companies I write with do not have a % deductible. On the coast? Doubt it. I didn’t realize this was a coastal risk.
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