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Thread: Just in case you're ever in a disaster

  1. #1

    Just in case you're ever in a disaster

    own a home, saved from working, pay insurance and your insurance covers 1/4 of your loss many get to take it out on their tax return.
    Not if you're not working.
    Just an FYI.

    Don't think it can never happen to you. Check ALL your policies. ASK questions about what is covered, will they buy new. Not happy, get another insurance company. An extra 100.00 a year may save you from being homeless.
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  2. #2
    I learned something about home insurance this year. My house got appraised by the insurance company at twice what I could reasonably expect to sell it for. The interesting thing is that if I insured it for what I could sell if for, if I say had a tree fall on my house insurance would only pay for half the damage. I was able to negotiate it down by about 20% and still get full coverage but if your house is worth "X" and the insurance company says it is worth 2X and you only insure it for X you will only get paid half on any claim.

  3. #3
    Senior Member Foolish Old's Avatar
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    I'm really starting to question the wisdom of house insurance for those able to recover from catastrophic loss using their savings. The maximum property loss is calcuable. It's the liability that I can't quantify.
    Foolish

    "We have met the enemy and he is us."-POGO.

    "I have great faith in fools; self-confidence my friends call it."~Edgar Allan Poe

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  4. #4
    Moderator jody's Avatar
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    Make sure your spouse hasn't let your renters insurance laps in case you have two fires in four years, but you don't get a penny because the insurance was not properly renewed less then two weeks before first fire, and a month before the second fire, after paying for years each time.


    Gawl!

    I must have been a crooked insurance adjuster in a past life.

  5. #5
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    Quote Originally Posted by t8burst View Post
    I learned something about home insurance this year. My house got appraised by the insurance company at twice what I could reasonably expect to sell it for. The interesting thing is that if I insured it for what I could sell if for, if I say had a tree fall on my house insurance would only pay for half the damage. I was able to negotiate it down by about 20% and still get full coverage but if your house is worth "X" and the insurance company says it is worth 2X and you only insure it for X you will only get paid half on any claim.
    See what a contractor would charge you to clean up the old house and then build a new one identical to it. That cost is considerably more than the value of your home.

  6. #6
    Actually, my wife and I designed my house and had it built from the ground up, I can tell you to the penny how much it cost. It is nowhere near what it was appraised for by the insurance company.

    Quote Originally Posted by nrf View Post
    See what a contractor would charge you to clean up the old house and then build a new one identical to it. That cost is considerably more than the value of your home.

  7. #7
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    Quote Originally Posted by t8burst View Post
    I learned something about home insurance this year. My house got appraised by the insurance company at twice what I could reasonably expect to sell it for. The interesting thing is that if I insured it for what I could sell if for, if I say had a tree fall on my house insurance would only pay for half the damage. I was able to negotiate it down by about 20% and still get full coverage but if your house is worth "X" and the insurance company says it is worth 2X and you only insure it for X you will only get paid half on any claim.
    Quote Originally Posted by t8burst View Post
    Actually, my wife and I designed my house and had it built from the ground up, I can tell you to the penny how much it cost. It is nowhere near what it was appraised for by the insurance company.
    Don't forget the demolition cost of the damaged property. Housing for the time the house is being razed and rebuilt.

  8. #8
    Liz, which insurance company wrote your policy?

  9. #9
    Anyway. The point is that if you don't insure your house for the full amount the insurance company assesses the value at, if you have a partial claim they will only pay the percentage you have insured. So if you have half you house insured and half your house is destroyed, you get half the cost of the repair even if that is less than your insurance. In numbers.

    House assesed: 100K
    Insured: 50K
    Damage: 25K
    Insurance pays: 12.5K

    Was my only point.


    Quote Originally Posted by nrf View Post
    Don't forget the demolition cost of the damaged property. Housing for the time the house is being razed and rebuilt.

  10. #10
    Senior Member McDuff's Avatar
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    Speaking of natural disasters, this seems like a good thread to drop this:

    I just got this in an email, it is a video of the tsunami in Japan. If you don't watch the whole thing, zoom to the 5 minute mark, and watch the left hand edge.

    There are people trying to help a wheelchair user up the slope, they don't make it, and get swept away.

    Liz, I just can't imagine what you are going thru, I hope things turn around.

    http://www.angelfire.com/ak2/intelli...i_japan_1.html
    "a T10, who'd Rather be ridin'; than rollin'"

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