Insurance Companies

I ask not because I do not intend on getting it, but, currently my auto insurance is with Progressive. I have been trying to view quotes for several houses I am interested in. Progressive will not provide quotes for some houses due to various reasons (such as age of house)… Are all insurance companies like that? And is that required when you have a mortgage like it is when you take a loan for a car?

Generally speaking, yes. If you fail to get homeowners insurance within a certain period of time, the Mortgage company will buy it, and bill you (and it will likely be more expensive than if you get it yourself). Not all companies will insure all houses (nor all drivers, nor all cars, etc). You might need to work the other way: find homeowners insurance then find car insurance with the same company to obtain the multi-policy discount.

State Farm has gone crazy on their rates. Been with them for 8 years and never filed a claim.

I don’t know.

I contacted my homeowners insurance company to question about a claim for a crack in the ceiling of my bathroom. IF the cost of the repairs should be less than my deductible, the insurance company informed me that the claim will stay on my record and will affect my premiums regardless. Why is that the case? I was informed that they do not have a code to enter into their system indicating that the customer resolved the matter without assistance from the insurance company. This keeps your premiums up even when you don’t submit the claim. How is that right? It’s seems to border on illegal activity!

Whoa! "You contacted your homeowners’ insurance company?
Why didn’t you contact your agent? That ’s what he’s there for! You are paying him to watch out for you. Who do you think the insurance company will look out for?

I have an older laptop that was damaged during a hurricane. Shingles were torn off my roof and water got into my home. The fair market value is probably only about $200 – $300. However, I probably won’t be able to find the same make/model laptop. How will my insurance company (Farmers Insurance) reimburse me for my loss?

You should really ask your agent that question, but let me explain to you how it worked with a claim that I recently handled for a client.

They had replacement cost so it will depend on if you have replacement cost and the claim’s process at Farmers (I’m not too sure how they do it). So this case is just an example.

For my client, any items that became less valuable as time passed (depreciated) were paid out as follows:

What you paid for it (example, $800) minus the deprecation value (example, 40% or $320) = what the company initially pays you (example, $480). Now you go out and buy a like item…it doesn’t matter if it’s the same brand, speed, whatever, it just has to be like. So you buy any other laptop and give us the receipt. We pay you anything you paid over our initial payout ($480) up to what you paid for your original laptop ($320 extra).

So if you buy a new laptop for $300, we give you nothing extra and you just pocketed $180. If you buy a new laptop for $700, we give you an extra $220 and you come out even. If you buy a new laptop for $1200 we give you and extra $320 and you had to spend $400 out of pocket to upgrade to the new laptop.

I hope I explained that well for you, my client had trouble grasping it and thought she could somehow profit from the claim (albeit she has a few bolts loose).

Farmer’s may vary from the company I work for, but that’s how we handled it.

I am shopping around for a new homeowners insurance company and have come up with policy offers from compaines I have never heard of such as Northern Capitol and Universal Property. How can I find out some kind of information on these companies before purchasing my insurance from them? Im currently with Allstate and price went up 150 % !!!!!! in one year. THanks

Normally, you’d check with your state insurance department for complaints, and you’d check their financial strength ratings at www.ambest.com.

I just looked these two up for you. Here’s what I found – there’s no insurance company named Northern Capitol, or Northern Capital. Universal Property is not rated, and they tried cancelling all their FL homeowners policies, but the state made them take it back. They are an unrated company.

There is NO WAY, absolutely NO WAY, I’d buy a "policy" from either of these companies. I promise you, if you leave Allstate, they will NEVER take you back, until something radically changes in the FL insurance marketplace.

I would have STRONG suspicians that if there’s a big claim, Northern Capitol will be insolvent, and Universal Property right behind them – and good luck for you, collecting your $100,000 in hurricane damages. You’ll be in line with all the other creditors.

I know you don’t want to hear it . . . but pay the Allstate premium. These little fly-by-night companies are going to be popping up all over the place, and shutting down just as quickly. 150% really isn’t "that" bad, for the FL marketplace. Expect rates to DOUBLE next year, due to recent FL insurance legislation. It’s a horrible situation, I know. But if you don’t have an offer from an "A" rated or better, admitted carrier, DON’T MOVE.

The insurance company that provides homeowner’s insurance for my home, has proposed changing my policy to read common construction, from similar construction for replacement purposes. I would like to know what this means in practice. Does, it mean if my oak hardwood flooring is damaged, it will be replaced with some less expensive type of flooring?
Please give me other examples to consider.
Thanks in advance for your help.

That means, if you have hardwood floors, you get COMMON hardwood floors, usually pine, not oak. It means, if you have plaster walls, you get drywall. It usually means paint instead of wallpaper, plain mantel over the fireplace instead of hand carved.

It’s very common for older homesl, but if you’re not comfortable with it, start shopping around for a new insurance company that will give you similar construction. You need a new agent, anyway, if they weren’t able to explain this to you.

I am starting a business for attic restoration when animals get into attics. How can I find out what homeowner’s insurance will pay for?
I know for a fact that insurance companies will pay to restore attics when animals other than rodents invade. How can I find out what insurance companies will pay for restoration?

Depending on what type of animal it is, most homeowners policies won’t pay anything at all.

Getting animals out of your attic isn’t the responsibility of your homeowners insurance. It’s regular maintenance stuff.

by raising premiums on homeowner’s policies, car insurance, and life insurance?

Most insurance companies don’t just offer health insurance.

Insurance companies are already jacking up the rates with health care being passed. Insurance companies have never needed a reason to raise rates other than greed.

My two dogs were involved in a fight with another dog last year. All three dogs were bitten, and my homeowners’ insurance paid out a claim. They have now sent a notice of non-renewal and I am having trouble finding an insurance company that will write a new policy. Does anyone have any suggestions for an insurance company or broker in California that can help? Thank you!
Let me clarify this question. I was walking both of my dogs when we passed a small dog who lunged at my dogs. It scared my smaller dog, who lunged back. The situation escalated, and all three of them got into a fight that lasted about 20 seconds before we could pull them apart. The other owner submitted vet bills to my insurance company, which chose simply to pay the claim rather than fight it.

Good luck with that! I had enough trouble getting insurance with dogs that have never bitten.

I had some expensive equipment stolen from my office. I claimed the loss on my homeowners insurance and collected from that. My office also has insurance that covers this type of loss and I was wondering if I could also collect from that without committing any type of insurance fraud for collecting twice on the same loss. Thanks!

No, that’s double dipping, and is illegal.