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Thread: My new insurance policy...

  1. #1
    Join Date
    Jan 2004
    Location
    SE USA
    Posts
    18,457

    My new insurance policy...

    My house insurance is due again. Last year, less than a month after I paid it, Katrina came.... Last years policy was stamped in big red letters "Hurricane deductable $1000"...

    This year I get the renewal notice and these things are in there for me to sign...
    Document #1

    I _____________ understand that the policy of insurance for which I am applying does not include coverage for

    Loss caused directly or indirectly by windstorm or hail. Such loss is excluded regardless of any other cause or event contributing concurrentlt to the loss.

    Direct loss by fire or explosion resulting from windstorm or hail is covered.


    Document #2

    Does not
    include coverage for
    1- Flood water, surface water, waves, tidal water, overflow of a body of water or spray from any of these whether or not driven by wind;

    2- Water which backs up through sewers or drains or which overflows from a sump or;

    3- Water below the surface of the ground, including water which exerts pressure or seeps or leaks through a building, sidewalk, driveway, foundation, swimming pool or other structure.

    We do not insure for the loss caused directly or indirectly by any of the above. Such loss is excluded regardless of any other cause or event contributing concurrently or in any sequence of the loss.

    Direct loss by fire, explosion or theft resulting from the water damage is covered.
    *****************************
    Is this only in the SOUTH or is this happening everywhere? The cost has doubled over last year. What coverage do you see me having now with this policy?

    Special Needs Pets just leave bigger imprints on your heart!

  2. #2
    Join Date
    Nov 2003
    Location
    Tabbyville, PA
    Posts
    15,826
    Wow, but I'm not surprised in the least.

    I had a flood a few years ago (3 years ago this October) and they covered it. In our new policy, nothing from water is covered. That means the bathroom we WERE going to claim is now now claimable. The reason we didn't claim it earlier? I was told by my insurance carrier that if we made a claim before 3 years t hat they'd make a HUGE penalty fee and possibly might drop us.

    Just WHY do we pay to be covered when all they offer us is some tissue paper?

  3. #3
    Join Date
    Mar 2005
    Location
    New Jersey
    Posts
    9,876
    I can only speak for NJ, but most homeowners policies do not cover flood insurance. BUT, the insurance companies do not tell you that. You must keep that in mind and specifically ask about flood insurance, when buying a house. Then you are directed to a different agency registered through the State that covers flood damage, but you must buy it separately,and it is apparently very expensive.

  4. #4
    Join Date
    Jan 2004
    Location
    SE USA
    Posts
    18,457
    We know down here that floods are NOT covered.... that is a totally different policy that you have to get....

    BUT..... from what I am reading on these two things they are asking me to sign is that all it is covering now is liability (for anyone hurt here) or fire...
    It sounds like no wind damage from ANY storm be it hurricane, tornado or thunderstorm.

    Special Needs Pets just leave bigger imprints on your heart!

  5. #5
    Join Date
    Nov 2002
    Location
    Westchester Cty, NY
    Posts
    8,652
    I'm afraid that's where insurance is going; fire, liability and not much else. Howintheheck are banks going to be able to write mortgages if you can't insure the property they hold a lien against?
    I've been finally defrosted by cassiesmom!
    "Not my circus, not my monkeys!"-Polish proverb

  6. #6
    Join Date
    Jul 2004
    Location
    Aquidneck Island
    Posts
    8,332
    We're in the country, but the houses in town along the Blanchard River are now required to carry flood insurance. My friend in town said it's extremely expensive. Her house never has flooded, but she's "in the zone" that now requires it.
    Reading over all your exclusions, perhaps they ought to send you a list of what they DO cover! makes you wonder what you're paying for...

  7. #7
    Join Date
    Jan 2004
    Location
    SE USA
    Posts
    18,457
    I called the insurance and was told ALL this will cover now is fire, theft and liability... That is IT at double the price. The lenders require full coverage so now I am wondering what is going to happen....

    Special Needs Pets just leave bigger imprints on your heart!

  8. #8
    Join Date
    Jul 2004
    Location
    Aquidneck Island
    Posts
    8,332
    Quote Originally Posted by Laura's Babies
    Direct loss by fire or explosion resulting from windstorm or hail is covered.
    Direct loss by fire, explosion or theft resulting from the water damage is covered.
    I guess if you have flood, hail, sewer, or wind damage, you better hope the place blows up, catches fire, or gets ransacked so insurance covers it! (I'm joking, of course ).

  9. #9
    Join Date
    Feb 2001
    Location
    Greenville, SC, USA
    Posts
    17,963
    Laura, it is a no win situation, isn't it?

    I was reading an article in our newspaper this past weekend about people in the LA, MS area who couldn't afford to buy a house, not because of the mortgage payment, but because of the cost of adequate insurance (to protect themselves and the lenders).

    Something is going to have to change. It is just horrible, but you really can't blame the insurance companies for protecting themselves. I don't know who to blame!

    Logan

  10. #10
    Join Date
    Jan 2004
    Location
    SE USA
    Posts
    18,457
    I have been on the phone and computer all day looking for better coverage and at a price that didn't choke me to death. It wasn't hard to find. I go tomorrow to have my new insurance written up and it is even BETTER coverage than I had before Katrina and even though we are not in a flood zone, I am getting flood insurance too and it is LESS than I paid last year, before Katrina. So, this was one time, this worked out for the better for the working person.

    I think that other company cut coverage and upped prices to MAKE you go find it somewhere else.

    Special Needs Pets just leave bigger imprints on your heart!

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