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Started By
Message
If your mort company didn't require windstorm policy, would you drop it ?
Posted on 3/9/23 at 9:29 pm
Posted on 3/9/23 at 9:29 pm
7
Posted on 3/9/23 at 9:34 pm to Zilla
Where do you live?
Posted on 3/9/23 at 10:19 pm to Zilla
frick no. I pay extra to have a set deductible instead of a percentage.
And I say that as someone who doesn’t carry flood.
And I say that as someone who doesn’t carry flood.
Posted on 3/9/23 at 10:49 pm to UpstairsComputer
halfway between galv and houston, no trees, big neighborhood, 2 story built in '14.....extra $3k with a $35k deductible lol
This post was edited on 3/9/23 at 10:54 pm
Posted on 3/9/23 at 10:52 pm to Joshjrn
in BR ? how much damage can you take in BR (not counting trees) ...
Posted on 3/10/23 at 6:39 am to Zilla
Live in Jefferson Parish, so absolutely. Considered Zone X and not required to have flood, but I’m in LA so I carry flood
Posted on 3/10/23 at 7:27 am to Zilla
Isn't wind and flood 2 different things?
Posted on 3/10/23 at 8:09 am to Zilla
Try a 2-3% deductible and see if reduces the cost. Nothing between you and the gulf when the hurricane hits.
Posted on 3/10/23 at 9:07 am to Zilla
I don’t carry flood but I damn sure carry wind/hail
Posted on 3/10/23 at 10:13 am to Pvt Hudson
The problem with these big deductibles is to me it makes the policies worthless... The only thing it's protecting against is if a hurricane/tornado destroys my entire home, not sure how that is possible... I have to pay a 30 grand deductible, whats the point ?
Posted on 3/10/23 at 11:03 am to Zilla
I hear you. But I see it as a total-loss coverage. Roof blows off the house, insides drenched, etc.
IMO, dropping $60-$80k deductible is better than trying to rebuild completely.
IMO, dropping $60-$80k deductible is better than trying to rebuild completely.
Posted on 3/10/23 at 11:19 am to Zilla
quote:
halfway between galv and houston, no trees, big neighborhood, 2 story built in '14.....extra $3k with a $35k deductible lol
Isn't TWIA's maximum deductible 5%? So assuming you have the max deductible, your house is insured for $700k and you think $3k a year is too much to pay for wind coverage that close to the gulf?
I saw a whole lot of six figure Ida claims from houses worth far less than yours.
Posted on 3/10/23 at 3:12 pm to Zilla
quote:
The problem with these big deductibles is to me it makes the policies worthless
Then you kind of make the point for insurance companies leaving the state.
If you don't like the expensive premium for a lower deductible, I am guessing that the insurance companies don't like it either. That is why it is so expensive.
Posted on 3/13/23 at 12:27 pm to meansonny
quote:
Then you kind of make the point for insurance companies leaving the state.
Agreed, they are just like "fine, we will write these policies but premium will be super high and deductible will be astronomical"... which brings me back to the original question, if it's so expensive with massive deductible and I have the option to not carry it, seems like it's a valid decision to consider "self insuring"
Posted on 3/13/23 at 1:56 pm to Zilla
NEVER heard someone complain about being over-insured. Ever.
Posted on 3/13/23 at 2:34 pm to Zilla
quote:
which brings me back to the original question, if it's so expensive with massive deductible and I have the option to not carry it, seems like it's a valid decision to consider "self insuring
This the the MT Board.
The general consensus is to leverage your secured assets and ride the market.
If you have secured your property to a mortgage, then you have forfeited the right to self insure that risk.
If you haven't secured your property to a mortgage and you recognize the expense of such a policy, you can probably imagine the risk associated with not carrying the insurance. Gamble at your own risk. With the property free and clear, you have absolutely earned that right.
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