I hate insurance!

[hollohas]

My home insurance is skyrocking too but mostly because the home values in the area are going through the roof. The comps in my neighborhood have increased 30% this year...each recent sale has been tens of thousands over list. Not sure who that's good for. People say that's good for sellers but only if you're moving to some other state. If you sell now because the market is good and want to move across town then you just have to buy some other house that's way too dang high....but I digress...

Why does my home insurance cover like $10k on "rugs" but only $2k for precious metals or something that actually has some value? It will cover freaking rugs with the the standard premium but I have to add extended coverage for guns? WTF??

[Irving]

I do understand but some of the things that one might try and insure is just not worth the replacement cost. The wife and me are not fashion types, the furniture I added up is $15K at AFW. The vintage audio stuff they are not going to give me anything for so in the end I look at risk VS cost.

Sounds like you are realistic about things, which is refreshing. Antique audio equipment and vinyls would be tough.

Why does my home insurance cover like $10k on "rugs" but only $2k for precious metals or something that actually has some value? It will cover freaking rugs with the the standard premium but I have to add extended coverage for guns? WTF??

I kind of wondered that myself when I was reading through a policy recently. "Rugs" are expensive, but I have to wonder just how common nice rugs are.

[Bailey Guns]

Oh...I have a question for Irving or one of you other insurance guys: Is there a separate credit report for auto and homeowners insurance? If so, is there a way to check it for accuracy like a regular credit report?

[Dave_L]

Oh...I have a question for Irving or one of you other insurance guys: Is there a separate credit report for auto and homeowners insurance? If so, is there a way to check it for accuracy like a regular credit report?

It's not a credit report like when buying a house/car. It's an insurance score. They don't give us a "report". The system returns a score based on that company's scoring scale I.E. 1-50 (1 being the best). That's all we can see with my company.

[Bailey Guns]

It's not a credit report like when buying a house/car. It's an insurance score. They don't give us a "report". The system returns a score based on that company's scoring scale I.E. 1-50 (1 being the best). That's all we can see with my company.

Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.

[Dave_L]

Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.

I have tried to find out exactly what's calculated in it but I haven't had much luck. The best I've gotten is it's a reflection of your risk (Location, fire hazard, claims in that area, incoming/outgoing money, etc). If you have great credit but a a few cards that carry balances (even if you pay them off each month), I think that hurts your score. Insurance sees it that you have money dedicated to pay for those and if a loss comes up, you may not have as much extra money to pay for repairs yourself so you'll be forced to claim it.

[DHC]

Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.

Fox recently ran an article about the reports pulled for auto insurance. Here is a link to their article --> http://www.foxbusiness.com/personal-...tcmp=obnetwork

It may be different for homeowners insurance, but this should be a good start.

IHTH

[jerrymrc]

Fox recently ran an article about the reports pulled for auto insurance. Here is a link to their article --> http://www.foxbusiness.com/personal-...tcmp=obnetwork

It may be different for homeowners insurance, but this should be a good start.

IHTH

From the link.

6. Undisclosed-driver report

Maybe your nephew moved in and has been driving your car. Maybe you never mentioned it to your insurance company. Well it's only a matter of time before they catch up to you.
Car insurance companies want to know about all household members who are licensed drivers and potentially driving your car.
Both Verisk and LexisNexis offer insurance companies reports that uncover “hidden” or “undisclosed” drivers living in your residence by cross-checking public records. One report keys in on young drivers between the ages of 15 and 25 who are newly licensed but haven't been disclosed. If a “hidden” driver of any age is found you'll likely be asked to add the person as a driver or exclude the individual if your state and insurer allow this option.

And the children kept wondering why I kept telling them to get their mail changed. I kept sending one sons mail back to sender because I kept getting calls about adding him to the policy. I kept telling my agent he has not lived here in 5 years. I finally told him to get his butt over here after a letter. They still like to use our address and I explain the above to them. They do not get it.

[mtnrider]

I don't have much sympathy for insurance company's. Maybe things have change but I know years past they were making a killing and were living like kings. Obviously they did not save for a raining day and are paying the price now. I got caught up in the Florida Hurricane fiasco's with them. Rates going up 200%, refusing to pay out or making so difficult the frustration gets the best of you.

I personally knew a State Farm agent (he owned the office) and he was making a KILLING! Million dollar + home, 3/4 million dollar boat(s). He constantly had "business" conferences in Hawaii (paid by SF) Multiply that by xxxx agents and see how much money they wasted. He lived a lavish life style and wrote off many expensive weekends, dinners, parties, you name it on the insurance company.

[hghclsswhitetrsh]

I agree with bailey. +1 for country financial. My best friend is an agent for them and industry rumors are saying SF wants completely out of Colorado. That's why they're raising their rates.