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Message
re: Getting Slightly F*cked by Home Insurance
Posted on 10/9/18 at 12:46 pm to HeyHeyHogsAllTheWay
Posted on 10/9/18 at 12:46 pm to HeyHeyHogsAllTheWay
quote:
The home we live in has more coverage than the market value of the house, our rental houses are simply insured to market value.
this is what you get when you have arkansasians talking insurants.
0
Posted on 10/9/18 at 12:53 pm to CE Tiger
You aren't going to get anything from insurance. Homeowner insurance doesn't cover faulty workmanship nor damage from slow leaks over time. With water damage, its typically only covered if its "sudden and immediate discharge".
How long ago did you buy the house? Did you sign a waiver of redhibition as part of the purchase agreement? If yes, you're probably screwed. If no, you MIGHT be able to pin it on the previous owner...but talk to a real estate attorney.
How long ago did you buy the house? Did you sign a waiver of redhibition as part of the purchase agreement? If yes, you're probably screwed. If no, you MIGHT be able to pin it on the previous owner...but talk to a real estate attorney.
Posted on 10/9/18 at 1:03 pm to Tiger Prawn
Been in the house 8 years. Not sure what the inspection report says since there was no way to check the seal of the shower and if water was coming through at the time
Posted on 10/9/18 at 1:06 pm to HeyHeyHogsAllTheWay
quote:
The home we live in has more coverage than the market value of the house,
I am referring to the contents coverages, they have three policies, ACV, RPL and Market Value.
Market value is awful, if you have it, change immediately.
This post was edited on 10/9/18 at 1:07 pm
Posted on 10/9/18 at 1:08 pm to NYCAuburn
quote:
I am referring to the contents coverages, they have three policies, ACV, RPL and Market Value.
Market value is awful, if you have it, change immediately.
i guess we are saying the same thing, I only have my rental houses insured for market value, not for contents .
Posted on 10/9/18 at 1:14 pm to HeyHeyHogsAllTheWay
quote:
i guess we are saying the same thing, I only have my rental houses insured for market value, not for contents .
No we arent. I am talking contents in regards to your HO policy.
Shelter offers three coverage options for your contents in regards to payouts. ACV, MV, and RPL.
Check your contents coverage on your personal home. People usually dont cover contents on rentals.
Market Value calculations for Shelter and contents are awful(trust me)
Posted on 10/9/18 at 1:20 pm to NYCAuburn
How is Market Value on personal property calculated/determined?
Posted on 10/9/18 at 1:21 pm to NYCAuburn
quote:
No we arent. I am talking contents in regards to your HO policy.
Shelter offers three coverage options for your contents in regards to payouts. ACV, MV, and RPL.
Check your contents coverage on your personal home. People usually dont cover contents on rentals.
Market Value calculations for Shelter and contents are awful(trust me)
I get it whatever insurance company you work for is better than Shelter. I've never had a problem with them , and have been happy with the time frame and amounts on what claims I have had, so thanks but I'm good.
Posted on 10/9/18 at 1:21 pm to Wayne Kenoff
quote:
SUDDEN & ACCIDENTAL
If it’s not sudden and/or accidental then it’s not covered. Period the end.
In blown away that so many here don't seem to get that. I figured the OP would be getting roasted by now for not knowing this basic insurance information.
Insurance isn't there so you can ignore problems until they are in dire need of repair. If you don't know how or are too lazy then hire someone to come out and look for problems every 6 months.
Posted on 10/9/18 at 1:31 pm to Chuker
Not sure how I’m supposed to catch a leaking shower that backs up to a wall behind my dresser . Sorry don’t pull the dresser out offer to inspect what’s going on behind it
Posted on 10/9/18 at 1:36 pm to HeyHeyHogsAllTheWay
quote:
I get it whatever insurance company you work for is better than Shelter. I've never had a problem with them , and have been happy with the time frame and amounts on what claims I have had, so thanks but I'm good.
I dont work for any insurance companies specifically. I process contents claims for a multitude of carriers across the US. Without getting into specifics and a shelter agent seeing this thread, I am very knowledgeable about Shelter contents coverages. Their MV coverage on contents is awful, their agents dont even know what they are selling in regards to it.
If you dont want to take my advice thats fine. But I strongly urge you at least look and make sure you dont have that type of policy. Worst part of my job is dealing with MV customers and feeding them the bad news.
Posted on 10/9/18 at 1:41 pm to weadjust
quote:
How is Market Value on personal property calculated/determined?
For shelter they have this horrible definition that doesnt actually explain anything with certainty. I could go into how they actually calculate it, but all that really matters is you get pennies in comparison to more standard policy types(ACV or RPL). Shelter also has rewritten it a bit with a new term for their policies(Modified Cash Value) and definition that is even more obscure. Shelter does offer non market value policies, so go for those if with shelter, stay away from MV or MCV
This post was edited on 10/9/18 at 1:50 pm
Posted on 10/9/18 at 1:53 pm to NYCAuburn
I am an independent
Posted on 10/9/18 at 2:29 pm to Wayne Kenoff
How is it that people think homeowners insurance is there to pay for home maintenance issues? People use to call it fire insurance because that was the primary fear across the board.
Posted on 10/9/18 at 2:48 pm to CE Tiger
If the 2X4s were rotted out in the bedroom like you stated, you had to suspect something because the subfloor would be spongy near your dresser.
We run into this every week. A lady calls us and says she has a hump in her floor. I knew immediately it was a water leak that had gone on for a while. She says it had been a while but was getting worse. We take up the flooring which was heaved up like Mt. Fuji. Subfloor was sopping wet and full of millions of termites. Some people choose to ignore stuff for a while. Same with roof leaks. They let it go on until the ceiling collapses on top of them.
We run into this every week. A lady calls us and says she has a hump in her floor. I knew immediately it was a water leak that had gone on for a while. She says it had been a while but was getting worse. We take up the flooring which was heaved up like Mt. Fuji. Subfloor was sopping wet and full of millions of termites. Some people choose to ignore stuff for a while. Same with roof leaks. They let it go on until the ceiling collapses on top of them.
Posted on 10/9/18 at 2:49 pm to ChenierauTigre
quote:
They let it go on until the ceiling collapses on top of them.
Sounds like it's the only way to get insurance to pay reading this thread
Posted on 10/9/18 at 2:52 pm to mdomingue
quote:
How is it that people think homeowners insurance is there to pay for home maintenance issues? People use to call it fire insurance because that was the primary fear across the board.
Probably because they confuse it with the way medical insurance is now, no matter what you have go wrong, you turn it into your insurance company and hope they pay something.
Good thing for the house insurance industry that Democrats haven't started screaming about access to house insurance LOL
Posted on 10/9/18 at 3:01 pm to LNCHBOX
quote:
Sounds like it's the only way to get insurance to pay reading this thread
Sounds like you missed the words "Sudden and Accidental" that were typed multiple times in this thread...
Posted on 10/9/18 at 3:02 pm to wickowick
quote:
Sounds like you missed the words "Sudden and Accidental" that were typed multiple times in this thread...
Posted on 10/9/18 at 4:00 pm to CE Tiger
Improper installation not covered. Sudden and accidental, one time water loss resulting from improper installation might be covered to laminate flooring. A partial denial. It only takes one leak to ruin laminate. Repeated leakage and Rot are not covered. Mold coverage prob requires a covered cause of loss which improper installation or repeated leakage is not. Probably a limit on mold coverage too.
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