Insurance Gripe!!

[bloocrab]

Unfriggen believable....

How can they do this??? I had my house insured when I first built it....a year passes, and suddenly I get this letter telling me that my house is now too close to the coastline and due to the possibility of a hurricane causing floods and such... they must now TRIPLE the cost of my insurance!!!
I didn't move my house, it's in the same spot that I built it in.....how can they say I'm too close to the coastline a year later and get away with it? I tried other agencies and got the same response....nothing they can do about it....just plain BS!!!

...not to mention, WHAT COASTLINE??? The Taunton River? The retention pond at the end of the Cul de Sac?? Or the puddle that forms at the end of my neighbors driveway???

[afterhours]

ex lives on water and they also tripled her premiums...seems to me that insurance co's run a risk free profit gloming business- no claims they make out, claims- they raise premiums to make up for payouts......

[PaulS]

Originally Posted by afterhours

ex lives on water and they also tripled her premiums...seems to me that insurance co's run a risk free profit gloming business- no claims they make out, claims- they raise premiums to make up for payouts......

That's why Warren Buffett owns so many ins/reinsurance companies. Watch the stock prices of the Prop. and Casualty ins. com. after a huge storm. The all go up.

[mikecc]

Just wait as your policy renews. Some of my friends have been hit with a separate wind damage policy. $5,000 deductible. They got you at both ends

[chris L]

Originally Posted by mikecc

Just wait as your policy renews. Some of my friends have been hit with a separate wind damage policy. $5,000 deductible. They got you at both ends

gilly do not , do not fart on your property or in your house . they will get you for wind ins and smell ins . maybe even for noise ins . might be too loud and smelly for your neighbor with the water front ( puddle ) property .

[TheSpecialist]

Gilly you should report them to the state Insurance Commisioner, they are probably doing it to others...

[LKB3rd]

Originally Posted by afterhours

ex lives on water and they also tripled her premiums...seems to me that insurance co's run a risk free profit gloming business- no claims they make out, claims- they raise premiums to make up for payouts......

I've always said that your base insurance premium is for nothing in return, because if you file a claim, there is a new higher rate as they punish you for taking advantage of the service you paid for.

[Mr. Sandman]

Last year I got a notice saying they dropped me. Not an increase in rates, just goodbye! I never made a claim on any insurance policy of any kind in over 30 years. I just pay my preimums. I called them and they said they were dropping everyone that lives within 2 miles of the coast. I told them I am 64 ft' above sea level, even if the polar ice cap melts, I still will be dry. They didn't care.
My insurance agent said she is getting 60 of these per month.
She had a hard time finding someone but in the last days she did. The rate went up a lot (like double) and there was a insane (20K) wind damage deductable that covers their butt.

This is where IMO isurance companies get away with too much. The theory of insurance is based on numbers, the more you cover the lower your risk. Now they are allowed to cull out what they deem higher risk to boost their profits. This is where the gov't should step in. IF THEY WANT ALL THESE FAT TAX BREAKS AND OTHER INVESTMENT INCENTIVES, THEY NEED BE RESTRICED FROM CULLING OUT SEGMENTS OF THE MARKET. It happens in medical insurance as well. Companies will do all they can to exclude you from covering whatever they can if they think you have a higher risk to get cancer even if your phycsial if fine.

Their lobby is huge. They think insurance is the foundation of this country...I swear. I have been to DC and listend to these goons.

What other business do you know that gets to say... I took your money for 30 years and you never made a claim, but I am going to drop you now because I think you are a high risk. Look, you can't change your mind if I make the payments !!!!

[Backbeach Jake]

You're right, Mr.Sandman. If a bookie did that he'd lose his kneecaps and never place another bet. Why is it insurance was more legit as gambling than as an investment business?

[kevin d]

BC,
were you insured with the good hands people? They just dropped almost everyone in SC that lives anywhere near the water. Now if someone would get the "good hands" off the knife they are sticking in their customers.......

[Swimmer]

That sucks Bloocrab, bigtime.

[bloocrab]

Don't tell me that Mike.....if they were to find out the wind situation where I live ...I'd get hammered.
The house is located in an elevated part of the town, I believe the highest point actually,.... we always get BIG wind ...it's pretty open around me to boot.

I explained my elevation situation, and they still didn't want to hear it. It would take one helk of a flood to get my panteeez wet. This sux, there's no getting ahead in this world, if ya ain't born rich.....fawgettaboutit!!

Insurance!! What a racket!! The Legalized Mafia with the Government as it's muscle. How can you beat that? Pay up sucka!!

[Backbeach Jake]

Mass Fair Plan is what I have in Truro. Other Insurers won't touch me. Haven't seen my bill yet. Now, I'm scared...

[Mike P]

Originally Posted by Backbeach Jake

Mass Fair Plan is what I have in Truro. Other Insurers won't touch me. Haven't seen my bill yet. Now, I'm scared...

Expect it to go up 25%. And this year they want the whole premium up front, because they don't bill your mortgagee, and Wells Fargo was late with 2 payments that resulted in cancellation warnings

We're on the mainland side of the Canal, 76' above sea level, 3 miles from Cape Cod Bay and the closest body of water is the freakin' Herring Run

Coastal flood zone my ass

[nightfighter]

http://www.floodsmart.gov/floodsmart...sionid=A97DDFF...

[Swimmer]

I think we should start an insurance firm and just solicit business from people who have been screwed by an insurance company. What a customer base, its a no brainer.

[stripersnipr]

I dont feel so bad now, mine only doubled.

[hunan]

if i remember correctly, i got a bill like that a few years ago when i bought a house on long pond. i had to prove that the land hadn't flooded in 100 years and they dropped it. nice peopl e eh?

[Goose]

Boy these new home owners, lemme tell ya. Sup Gee Katrina's wrath is still being felt.

[bloocrab]

Thanks Ross, I'm going to make sure they have me in the correct zone as my address insn't on any map yet. ....
I got nothing to lose, I lost it all already


Goose, got PM ? Call me Mr. Greenthumb

[teaser]

Yeah, and as if that weren't enough ... house taxes in MA is going up another 5%. No matter what you do in this state they suck you 'til you bleed.

[BigBo]

Originally Posted by teaser

Yeah, and as if that weren't enough ... house taxes in MA is going up another 5%. No matter what you do in this state they suck you 'til you bleed.

I think you'll be seeing higher increases than that with our new Gov in the drivers seat.

[Slipknot]

I HATE insurance companies!
it's too bad we need it
they sure do a good job of screwing their customers over

That sucks Bloo

[taJon]

If you aren't in a flood zone, I don't think they can do that. TIme for a different carrier.

[macojoe]

Everything is Anticipated, I wish I could do this!!
Gas goes up cause they THINK a storm is coming, or its going to be cold, supply is low.
Insurance goes up and you get less for your cash cause there MIGHT be a storm, the WIND might blow
Heating oil goes up cause it MIGHT be a hard winter!

I think I should call my insurance co. and say I can't pay this much this year cause I think I am going to get layed off, sick, Might have a hospital stay

I can't pay my oil bill cause I THINK its not going to be cold and I MIGHT might not get that raise

I just don't see how they get away with Anticipating whats going to happen, to raise the prices??

[Mr. Sandman]

http://biz.yahoo.com/ap/070111/katri...nce.html?.v=29

[PaulS]

As I said in an earlier post, the ins. comp. were deathly afraid of these types of verdicts. Now, everyone's prem. is going to go up as a result of this verdict. State farm may have taken it up the rear on this verdict, but I'm sure when my flood and homeowners ins. come up for renewal this year I'll be bending over. The ins. comp. are always going to win.

[Mike P]

Insurance companies never take it in the rear--2.5 million is like $25 to the rest of us.

Someone in the industry once told me that there has never been a case of a US insurance company going under, even during the Depression when banks were folding up like cheap card tables.