- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Should insurance companies keep paying
Posted on 9/28/22 at 8:03 pm to Spoonbilla
Posted on 9/28/22 at 8:03 pm to Spoonbilla
They should pay out even if people moved their boats across the country in hopes they get wiped out.
They cash my premium checks, I’m cashing their shite right back.
They cash my premium checks, I’m cashing their shite right back.
This post was edited on 9/28/22 at 8:04 pm
0
Posted on 9/28/22 at 8:06 pm to baldona
quote:
If you can’t trailer your boat it’s really not that far of a drive to appalachicola. Then just 2-3 hours more east to be extra safe. And if you can’t do it easily or your boat is too big, then hire a captain or you have a captain.
There’s literally not a good excuse for insurance to pay for a boat that’s damaged by a hurricane on a lift. I’m not sure why any company would cover that unless you are paying out the wazoo for the insurance.
What about cars left behind when you evacuate? Or your home possessions? Should they not be paid as well? I mean, according to your logic there is no excuse for a car that's left behind in a driveway that's damaged by a hurricane.
If you want to argue that no insurance should be written for any reason on any item including homes, cars, possessions, etc, thats an entirely different discussion.
Posted on 9/28/22 at 8:12 pm to Spoonbilla
Louisiana would like a word and I’m north of I-10, don’t be in the insurance business if you don’t want to pay out if shite hits the fan. That’s the whole point of insurance. Six months after what happened last year in Louisiana and we we’re still fighting with the insurance company and at the same time dealing with the state of Louisiana insurance commission. We finally got a check, but it wasn’t enough to cover everything, but at that time we were done.
Posted on 9/28/22 at 8:16 pm to Basura Blanco
quote:
What about cars left behind when you evacuate?
If you have more cars then drivers then absolutely you should pay an additional premium to not be able to evacuate your car. When we evacuate my wife goes first and early, and I’m not rich. I know everyone can’t do that, but yes we drive both cars out.
It’s a choice to not own a boat trailer.
I’m not arguing people should have to do it, but they should absolutely have to pay an additional premium to not have to evacuate their shite. Own a travel trailer, boat, etc. and leave it behind? Not a problem, just pay extra.
ETA: you Louisiana bahs are bitching on one hand about insurance options and costs, and then bitching on the other for not being able to be lazy and do what you want.
I’m not sorry that insurance is to pay for “what you can’t afford to lose without it”. So literally if you can’t afford to lose it, bring it with you or pay extra. Or deal with it.
That’s the only way the future of coastal insurance will work.
This post was edited on 9/28/22 at 8:19 pm
Posted on 9/28/22 at 8:19 pm to Lone Wolf McQuade
Elevation matters jack all in terms of flood possibility. 15 homes got totaled from a flood in the middle of west Texas, my childhood home almost being one of them. Even a modest amount of flood coverage is smart and should be required.
Posted on 9/28/22 at 8:20 pm to DarkDrifter
quote:
Insurance is based of of existing pure risk formulations.. while technically they're both in the business of risk they are vastly different in comparison..
Perhaps in the overall sense you are correct. But Wind Storm insurance coverage along coastal areas is absolutely a highly speculative venture. There isn't a soul in the world that would bet their life on the occurrence/non-occurrence of a CAT 3-5 hurricane hitting Galveston/Gulf Shores/30A in the next 24 months. The difference in it happening and not happening is in the hundreds of billions of dollars of risked capital. Especially when you consider that with the latest real estate boom, there isn't a beach/bay front home under a $1M in existence in these areas.
Posted on 9/28/22 at 8:40 pm to baldona
quote:
If you have more cars then drivers then absolutely you should pay an additional premium to not be able to evacuate your car.
You do. Car insurance in coastal areas is more expensive than say rural Tennessee.
quote:
Own a travel trailer, boat, etc. and leave it behind? Not a problem, just pay extra.
You do. Its called boat insurance.
quote:
It’s a choice to not own a boat trailer.
You do realize, you can not self-trailer a large portion of boats? They are sea going vessels, hence they are at marinas that are sea side. The insurance for these type boats are astronomical. The likelihood of filing a claim for anything other than storm damage is minimal. In essence, the insurance companies are issuing these policies to cover storm damage.
quote:
That’s the only way the future of coastal insurance will work.
Coastal insurance works because insurance companies are not idiots (at least not financially). They make a profit on the policies or they would not write them. I pay $15K a year, with a $10K deductible strictly for wind storm insurance to live near the coast. I happily pay it, even knowing that in the 14 years I have owned a bay front home, I have not come close to making a claim (and I hope I never do). In addition, when I built my home, it cost me over twice per square foot to build over an inland home 25 miles away. It would take a direct hit from a CAT 3+ storm to even meet my deductible. Everything on the ground level of my home (up to the first floor which is 18 ft above sea level) is uninsurable.
quote:
you Louisiana bahs are bitching on one hand about insurance options and costs
I am indeed a Louisiana "bah" but you are the only I have heard bitching in this thread about insurance.
Posted on 9/28/22 at 8:42 pm to Basura Blanco
quote:
Storm insurance coverage along coastal areas is absolutely a highly speculative venture.
It’s not very speculative if you spread out your area of risk through 1000s of miles of shoreline though.
You take the past 100 years of data and you charge your premiums across the entire area of coast from Texas to Maryland and yes you are going to have yearly storms but your premiums make up for it.
Where it gets speculative is when companies pick and choose areas to cover and then get fricked when they get unlucky and one of their few areas get hit.
Posted on 9/28/22 at 8:44 pm to Basura Blanco
I have no sympathy for insurance companies. They gobble up premiums all year long and pay the absolute minimum they have to on every claim. They “assess” fees whenever they have to actually pony up for events like Ida or Ian. Then pull out of states where they actually had to honor the policies they sold. frick em. They’re like casinos. The odds are always in their favor. So if they take it in the arse, I really don’t care.
Posted on 9/28/22 at 8:48 pm to Basura Blanco
quote:
You do realize, you can not self-trailer a large portion of boats?
And again, from Naples to Appalachicola by boat is about 10 hours going 30 mph. If your boat is too big to travel there’s no excuse to not be able to move it in that instance.
The excuse is, “ well it was going to the big bend”. Fine, so you either go to Miami or you go to appalachicola and then if need be keep going.
It’s not THAT hard to drive one vehicle to high ground and have your wife evacuate by car and take the $200k boat you can’t trailer to pAnama city or miami. As I said it’s 10-15 hours. If that’s too much, then that’s fine but insurance premiums should be high AF.
Posted on 9/28/22 at 8:49 pm to Basura Blanco
quote:
Perhaps in the overall sense you are correct.
I know I'm correct.. I don't have a bunch of crazy letters behind my name for no reason..
quote:
But Wind Storm insurance coverage along coastal areas is absolutely a highly speculative venture
Nope, it is not.. It's still base on a risk calculation because that's how pricing is determined.. risk of course is higher along the coast and a lot of companies only offer property coverage x wind.. and separate wind coverage can be purchased by separate company.. It's based off the law of numbers.. companies understand how to spread risk.
quote:
Especially when you consider that with the latest real estate boom, there isn't a beach/bay front home under a $1M in existence in these areas.
Well that's in large part has to do with the construction standards required now for coastal homes.. Those homes aren't being built like a run of the mill stick built property by DR Horton.. New coastal homes are build to withstand storms..
This post was edited on 9/28/22 at 8:50 pm
Posted on 9/28/22 at 8:49 pm to Spoonbilla
Don't insure what you don't want to insure. It's simple.
Posted on 9/28/22 at 8:55 pm to AllDayEveryDay
quote:
Homeownership should require it to some degree.
I'm an advocate of requiring ALL mortgages to carry flood as they do homeowners, premiums adjusted for risk.
My logic being that any structure is susceptible, perhaps from risingcreeks,flash floods, levee breaches,etc. not just coastal.
Posted on 9/28/22 at 8:59 pm to AllDayEveryDay
quote:
flood coverage is smart and should be required.
So I need you making choices for me? Lol
Buy all the insurance you want. You’re just pissed that it costs so much.
Posted on 9/28/22 at 9:01 pm to baldona
quote:
And again, from Naples to Appalachicola by boat is about 10 hours going 30 mph. If your boat is too big to travel there’s no excuse to not be able to move it in that instance.
At 9:00 PM last night. The Naples boat owner looked at the forecast and it showed the hurricane would hit 100 miles north of him. So he's supposed to wake up this morning and head out in 10' swells to save the insurance companies arse
This post was edited on 9/28/22 at 9:07 pm
Posted on 9/28/22 at 9:07 pm to DarkDrifter
quote:
Nope, it is not.. It's still base on a risk calculation because that's how pricing is determined.
You are right. The term highly speculative was an overreach on my part. But to the point of gambling, how is this different than a casino blackjack table as it applies to doubling down, 5 shoe decks, and 6/5 vs 3/2 payout on blackjack? All of these are risk calculations, no?
quote:
risk of course is higher along the coast and a lot of companies only offer property coverage x wind
I agree. Of course in Texas this is even more so as Texas Windstorm policies are state subsidized. As far as number of companies in the game, I have yet to see a Texas Windstorm policy that was not underwritten by Wright Insurance. I'm actually curious why that is. Do you have knowledge of that?
quote:
Those homes aren't being built like a run of the mill stick built property by DR Horton.. New coastal homes are build to withstand storms..
I build them, so of that, I am well aware. (no letters behind my name, but I can bore you to death for hours on why power beams are a better investment than larger pilings)
Posted on 9/28/22 at 9:09 pm to baldona
quote:
I’m not arguing people should have to do it, but they should absolutely have to pay an additional premium to not have to evacuate their shite.
What a novel concept. Imagine a world in which insurance companies wrote policies that covered the value of a loss, but incorporated a fee that could apply when a policyholder filed a claim. Then the policyholder would always have skin in the game and would be financially incentivized to mitigate losses when possible.
I think we should call this revolutionary concept a “deductible.”
Posted on 9/28/22 at 9:25 pm to baldona
[jquote]If you can’t trailer your boat it’s really not that far of a drive to appalachicola. Then just 2-3 hours more east to be extra safe. And if you can’t do it easily or your boat is too big, then hire a captain or you have a captain. [/quote]
Looooong time lurker. Felt compelled to sign in to post.
So, send a captain out into the gulf while a CAT 4 is bearing down just to perhaps save money for the insurance company?
Sure…risk a life for that.
Looooong time lurker. Felt compelled to sign in to post.
So, send a captain out into the gulf while a CAT 4 is bearing down just to perhaps save money for the insurance company?
Sure…risk a life for that.
Posted on 9/28/22 at 9:35 pm to baldona
quote:
It’s not THAT hard to drive one vehicle to high ground and have your wife evacuate by car and take the $200k boat you can’t trailer to pAnama city or miami. As I said it’s 10-15 hours. If that’s too much, then that’s fine but insurance premiums should be high AF.
If you can easily avoid a loss due to a hurricane, then why carry coverage against named storms at all?
That’s literally the point of the coverage. The boat owner already pays a higher premium for that coverage. Whether it’s “high AF” is entirely subjective, but one would think the insurance company knows why they’re writing the policy.
It’s like saying “I’m not sure why any insurance company would pay to fix someone’s car when they ran a red light and caused an accident. I mean, there’s really no excuse. It’s not that hard to pay attention while you’re driving.” If they didn’t pay for it there would be no fricking point in carrying collision insurance in the first place.
Page 3 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News