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Started By
Message
Flood insurance plus content
Posted on 8/15/16 at 9:30 pm
Posted on 8/15/16 at 9:30 pm
One thing I am learning about is not all flood insurance includes content in the house.
It isn't clear to me how well this is disclosed to people.
Basically if you have content, there is a massive spreadsheet and information with pictures required for all of the items.
Many people do not have content and didn't realize it's not included in their flood insurance.
This is quite unfortunate.
It isn't clear to me how well this is disclosed to people.
Basically if you have content, there is a massive spreadsheet and information with pictures required for all of the items.
Many people do not have content and didn't realize it's not included in their flood insurance.
This is quite unfortunate.
10
Posted on 8/15/16 at 9:32 pm to jimjackandjose
I was reading over my parents insurance today and it list content on a separate sheet. they have all-state
Posted on 8/15/16 at 9:32 pm to jimjackandjose
I have never written a flood policy that excluded contents.
They are less than a usual policy ($15,000 vs $80,000) in most cases, but I would fault the agent.
Also, your blanket statement that "many people do not have content" is misleading.
They are less than a usual policy ($15,000 vs $80,000) in most cases, but I would fault the agent.
Also, your blanket statement that "many people do not have content" is misleading.
Posted on 8/15/16 at 9:33 pm to jimjackandjose
It's two very distinct line items on my policy statement.
Contents coverage is $0
Contents coverage is $0
Posted on 8/15/16 at 9:34 pm to BamaCoaster
My parents always are conservative on their insurance plans. They do not have content. My dad says he figures he signed the papers but doesn't recall any conversation about content.
Farm Bureau
Farm Bureau
Posted on 8/15/16 at 9:34 pm to jimjackandjose
quote:
It isn't clear to me how well this is disclosed to people.
One thing my dad told me a long time ago is that there is a special place in hell for insurance agents.
Posted on 8/15/16 at 9:35 pm to jimjackandjose
If you are unsure if you have content, you need a better insurance agent
Posted on 8/15/16 at 9:38 pm to thegreatboudini
quote:
my dad told me a long time ago is that there is a special place in hell for insurance agents.
I guess they forgot to get the heaven policy.
This post was edited on 8/15/16 at 9:39 pm
Posted on 8/15/16 at 9:38 pm to thegreatboudini
quote:
One thing my dad told me a long time ago is that there is a special place in hell for insurance agents.
I'm an agent, and I don't believe in hell....maybe the joke is on me?
Posted on 8/15/16 at 9:39 pm to bee Rye
It's my parents. Not mine. But this isn't the first time farm bureau in denham has put the screws to us from communication perspective since we moved from our Mississippi agent.
When I bought my house they waited until after closing 2 weeks and then informed me I had to replace my roof or they would drop my insurance.
Fortunately my place didn't flood and they can stay with me.
When I bought my house they waited until after closing 2 weeks and then informed me I had to replace my roof or they would drop my insurance.
Fortunately my place didn't flood and they can stay with me.
Posted on 8/15/16 at 9:39 pm to thegreatboudini
quote:for people in Louisiana you are at worst 2 degrees of separation from an insurance agent. It shouldn't be hard to find someone who will do you right
One thing my dad told me a long time ago is that there is a special place in hell for insurance agents
Posted on 8/15/16 at 9:40 pm to tduecen
To all those that don't have content coverage, I was reading up on FEMA. With this being declared a federal disaster, anyone affected should register with FEMA online, or by phone, as soon as they can. At disasterassistance.gov. If they don't have insurance coverage for contents, they can make their claim with insurance company for the structure damage, and pursue assistance for the non-covered portion of their contents. They are eligible for grants.
Not sure exactly how it works, but I would definitely register and make that claim. They will send out inspectors to evaluate your damages. There will be tons here to do this when waters recede. It may not pay for everything, but it's worth a chance to get something.
Not sure exactly how it works, but I would definitely register and make that claim. They will send out inspectors to evaluate your damages. There will be tons here to do this when waters recede. It may not pay for everything, but it's worth a chance to get something.
This post was edited on 8/15/16 at 9:42 pm
Posted on 8/15/16 at 9:43 pm to Festus
Figured the gross income combined of my parents kicks them out of most FEMA assistance. But they did sign up.
Posted on 8/15/16 at 9:44 pm to BamaCoaster
Do you write for flood?
My real question is on a 250k policy how much do you see someone get back that has to completely gut the bottom half of the walls and all the materials that are on the bottom half of the walls (cabinets,moulding, and appliances)
My real question is on a 250k policy how much do you see someone get back that has to completely gut the bottom half of the walls and all the materials that are on the bottom half of the walls (cabinets,moulding, and appliances)
Posted on 8/15/16 at 9:45 pm to jimjackandjose
If the agent didn't discuss contents there may be an E&O claim
You need to be careful, because flood insurance rates are set by FEMA and the rates are the same no matter who you go through...lowering contents or removing them (also raising deductibles) is a way for less than reputable agents to look like they are selling you a cheaper policy
Always look at your policy and what you are buying, and remember when it comes to flood no agent can offer you a better rate on flood than any other agent
You need to be careful, because flood insurance rates are set by FEMA and the rates are the same no matter who you go through...lowering contents or removing them (also raising deductibles) is a way for less than reputable agents to look like they are selling you a cheaper policy
Always look at your policy and what you are buying, and remember when it comes to flood no agent can offer you a better rate on flood than any other agent
Posted on 8/15/16 at 9:47 pm to BengalBlood81
quote:
Do you write for flood?
Of course. Most agents do. I actually have clients sign a waiver of flood if they reject the coverage, but having an office in Orange Beach, few do.
quote:
My real question is on a 250k policy how much do you see someone get back that has to completely gut the bottom half of the walls and all the materials that are on the bottom half of the walls (cabinets,moulding, and appliances)
It would cover up to $250,000. That's why it is there.
The appliances would fall under contents coverage, though.
Posted on 8/15/16 at 9:49 pm to jimjackandjose
Sometimes, in a disaster like this, I've heard that they will send out grants across the board to everyone affected, simply to assist with temporary housing, food, relocation costs, etc. If they are staying with friends, they can use that money towards replacing their contents, I believe. The grants are not required to be paid back.
I think it's a good idea to register for everyone affected. All they can do is tell you that you make too much and not pay. But I have a feeling they are going to assist in some way across the board. I don't know this as fact though. I'm helping some family with this process.
I think it's a good idea to register for everyone affected. All they can do is tell you that you make too much and not pay. But I have a feeling they are going to assist in some way across the board. I don't know this as fact though. I'm helping some family with this process.
Posted on 8/15/16 at 9:49 pm to jimjackandjose
quote:i am assuming they didn't know the roof needed to be replaced until after inspections which can only occur after you purchase the policy
When I bought my house they waited until after closing 2 weeks and then informed me I had to replace my roof or they would drop my insurance.
Insurance companies do not have the resources to inspect every home that an agent quotes before the policy is purchased
However if there was a red flag with the age of the roof or of the agent saw pictures before or saw the property before hand and there was obvious damage, then you may have a bigger gripe
Posted on 8/15/16 at 9:51 pm to BamaCoaster
The max coverage on contents you can get on a flood policy is $100,000
So on a $250,000 the most you are getting for personal property is $100,000 and that is actual cash value (depreciated)
So on a $250,000 the most you are getting for personal property is $100,000 and that is actual cash value (depreciated)
Posted on 8/15/16 at 9:51 pm to Festus
quote:
All they can do is tell you that you make too much and not pay.
I don't think income plays a large role in fema money
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