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

[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...

[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?

[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...

[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.

[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.......

[afterhours]

i hate ins. co's - BIG 'effin ripoffs! they can sure take it in, but don't want to give it out.

[sok]

My insurance got canceled for no apparent reason four years ago.
Restored since.
Got a hand written note from the ins. agent. saying the policy was canceled because ?????????????
Wouldn't have been that bad outside of the fact that my father graduated from the same H.S. WITH the person that wrote the note.
They were friends.
I called. The old man called. Neither one of us could get a straight answer.
And neither one of us could read the writing on the note.
Still don't know to this day why.

[spence]

My parents had a house fire 8 or so years ago, did about 90 grand in damage. My father had a very large umbrella policy with one of the major insurance companies for decades.

Like a good neighbor, they nickeled and dimed my parents as much as they could.

"oh, that truss don't look that burnt"

What a joke.

I'm sure you could make an argument about what they need to do to maintain their margin, it is a for profit business after all...

But when you're required to have coverage by one set of rules, yet the coverage is set by another, there's sure to be problems.

I feel for ya though. Given the average price of home owners insurance a 2X or 3X impact to the rate would really hurt most people.

-spence

[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

[bloocrab]

I did some research using the FEMA site and according to their site, my particular area falls in the "Low to Moderate" risk area. NOT THE HIGH RISK AREA that my insurance claims I'm in. I emailed them ALOT of information pertaining to my case and they are "looking" into it. I'm sure they're gonna keep singing the same song though - Is there a group that supercedes insurance companys? Someone who could over-rule what they say?
This bites, 1 year of insurance + property taxes = a decent used car bought in cash each year. even worse, in 2 years, with that money...I could completely renovate my boat and make it NEW.....I better call the Samaritans, I'm getting suicidal thoughts!!!

[Mike P]

Originally Posted by bloocrab

This bites, 1 year of insurance + property taxes = a decent used car bought in cash each year.

Look at it this way--if you lived on Long Island or in New Jersey, it would equal a brand new subcompact every year.

[taJon]

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

[MrHunters]

Originally Posted by bloocrab

I did some research using the FEMA site and according to their site, my particular area falls in the "Low to Moderate" risk area. NOT THE HIGH RISK AREA that my insurance claims I'm in. I emailed them ALOT of information pertaining to my case and they are "looking" into it. I'm sure they're gonna keep singing the same song though - Is there a group that supercedes insurance companys? Someone who could over-rule what they say?
This bites, 1 year of insurance + property taxes = a decent used car bought in cash each year. even worse, in 2 years, with that money...I could completely renovate my boat and make it NEW.....I better call the Samaritans, I'm getting suicidal thoughts!!!

well if you find anything like the car insurance board of appeals its still an up hill battle.
I was determined to be not at fault in an accident by the appeal board,
Other driver admitted fault,
police report stated he was at fault
and STILL my insurance company says im 50% at fault.

I know its not the same thing but im just saying insurance is a crock, any way you look at it. I hate that you need it, and its a good thing you have it when you do... but all the money you put in and nothing in return...... just blows

[nightfighter]

Gilly,

Here's another
http://www.mass.gov/?pageID=ocasubto...ation&sid=Eoca

Hope this helps put the heat on them!

[fishpoopoo]

gilly,

the only way insurance companies will ever listen to you is if you hire a lawyer (who in turn will likely retain a surveyer). yes, it's going to cost money to demonstrate you're not in a flood zone but it in the end a pro could save you some money.

the rest of us are paying for gulf coast homeowners. insurers are simply recouping their payouts from katrina (amongst others) and ... the ins. companies are adjusting their risk portfolios to protect against a catastrophic northeast hurricane (which, if you've been reading the papers in the past year, has been talked about very little in the press).

don't get mad, get even.