Insurance Companies

I just took out a 27,000 home equity loan last month. This is my first mortgage as the house was paid off. I just got a letter from my insurance company saying that my homeowners insurance is going up $70 because of the change. Is this normal?

You should ask your agent why this happened. One reason could be that your company gives a discount for not having a leinholder. When you got a HELOC, that discount went away. Also you may have taken out more money on the house than you had it insured for at the time. Maybe they (mortgage broker and insurance company) adjusted your Dwelling Coverage without your knowledge?

A limb put a huge dent in my wifes car while it was parked at her parents house. They figured homeowners insurance would help fix it but their company says otherwise. I don’t trust anything the insurance companies say.

Ask if your homeowner’s policy would cover it had it been at your house. You might get a better answer if you post it in the insurance & registration section. Good luck

I work for a contracting company and recently we changed the roof on a house that was damaged by a storm. The insurance company sent a check to pay for the work done on the roof. The check was drawn out to the owner of the house and the mortgage company, the owner told the mortgage company to keep the money from the insurance settlement to pay for his past mortgage payments and now the owner has not paid us (the contractor) and the mortgage company refuses to hand over the proceeds to us (the contractor), when the roof has been completely repaired. Is this legal?

file your contractor’s lien on the property immediately. [you did file the necessary building permits and forms, yes?]

then sue. you argument in court is that because your work was necessary to get the house into salable condition, your lien should be paid before the mortgage, just as if the mortgage company had foreclosed and hired you to repair the property.

and get a competent attorney — who ever drew up your present contracts seems to be a fool. your contracts should have required the owner and mortgage company to bind over the payment to you in advance of you starting the work, with payment to be completed after the roof is inspected and accepted.

I am asking because we had hail damage on our roof and it need to be replaced. They sent us a check to cover the cost of new shingles and etc., however when the roofers started tearing the old shingles off today, we discovered that there never was any plywood underneath…. It looked kinda like old hard wood flooring (the thin slats of wood) with huge gaps and holes everywhere… The guy had said that he was shocked that our roof hadn’t leaked yet. When we called our insurance company to request addition funds… (2500 dollars) they refused to pay and basically said we were on our own…. I have been taking pics of everything, and I was wondering if you can take them to court or not and make them pay it?? We have used the same company ever since we purchased the house (5 years) and have never made any late payments. The only claim ever made to them is now for the roof… What are our rights???? Thanks for your help!!!
They said the reason for the "hard wood slats" is I guess the old roof was wooden shingles and when it was replaced they never put down any plywood.
So are you saying that we are just S.O.L. or is there something else we can do??? BTW: Our house is 70 years old. I have no idea who did the roof last, and I am surprised too that it wasn’t caught before they let us move in… the loan we got required everything to check out 100% before we could get approved. Is there someone from that area that can help us or????? Hmmm….. we just don’t have that kinda money.
Oh, and what about this???? If we never would have gotten our roof fixed and filed that claim, then yeah we wouldn’t have found that, and yeah, would they have wanted to remodel our entire house with new walls from water damage????? That would have costed them even more….

Besides, that is what we pay them for and they cant even be depended on in an emergency….

We are changing companies also now because of this…..

The answer to your questions is Yes, you can sue your home owners insurance company. You should get a REALLY good lawyer as insurance companies tend to have some of the best around (they play this game a lot and hate to lose). Before you do so, you need to really read your policy. If it doesn’t make sense, you may want to chat with a lawyer for assistance with that as well. Many insurance policies have limitations where they are only required to do repairs that restore the condition before the damage. Since the roof did not have under-layment before the damage, they may not be required to upgrade the roof.

We are getting ready to own our first home. We were renting the home we are in and will soon be an actual owner, so we’ve just had renter’s content policy all this time with the same co. our car insurance is with (American Family) wondered about others’ experience with homeowners policies and suggestions of companies.

I like Allstate. They insure our cars and our home and when we had an accident (not our fault) they were amazingly helpful. They had our car in the shop the same day and a rental ready for us. They really did take very good care of us.

They also provide nice discounts as you reach birthday milestones.

I made 3 claims 12/18/09 amt. $302, 9/1/08 $0; and 5/10/08 amt.$1302. Allstate has said no as well.

Right. No standard company will take you, and it was silly for you to file small claims (but you realize that, now).

You need to talk to an INDEPENDENT agent, who represents multiple companies.

You can also see if your current insurance company would be willing to take you, if you increase your deductible to, maybe $2500 or $5,000 – so you can’t file any more small claims. Or if they’re all theft claims, maybe you can exclude theft coverage on your current policy. So do ask your current agent, if you can work something out.

You can always go to your state FAIR plan – if you have one – but the coverage is MUCH more limited.

The only company I know, that writes people with multiple claims like that, is Foremost Insurance. It’s a more limited policy, at a MUCH higher premium, AND, they will probably insist on a $2500 deductible. Unless your claims were all theft, in which case, they’ll probably exclude theft coverage.

Basically, wherever you go, you need to convince the insurance company that whatever the reason is you’ve had THREE claims, it won’t happen any more, under THOSE circumstances.

we are thinking about adopting a besenji mix, but she is 2% pit bull. i have heard that some homeowners insurance companies will not cover a certain group of dogs, pit bull being one of them. i am convinced that this dog is the sweet as can be, and it has passed all of the shelter’s tests on behavior. what can i do?

homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.

My husband and I just purchased a home in Prairieville, LA, we haven’t yet closed yet. I am searching around to find the cheapest homeowners Insurance company. If anyone has any suggestions please help!!! THANKS!

The fastest, easiest, and most reliable way to find the lowest competitive price is to contact an insurance broker familiar with your area. A broker works with several different insurance companies and can find the best rate for you. Brokers depend on referrals and a good reputation to stay in business, so they only work with quality companies. There is no charge for the service and no obligation to buy. To find a broker, log on to a website like http://www.homeownerswiz.com and fill out a form requesting a quote. Your information will be sent (in seconds) to broker in your area who will contact you, usually the same day. Good luck!

get to dodge that cost?

The only time they don’t pay out on a homeowners policy for an arson fire, is if the homeowner burns their OWN house. And even then, they STILL have to pay the mortgagee, up to the payoff of the house, or the policy limit, whichever is LESS.

So, if you set your own house on fire, the insurance company won’t pay YOU for burning down your own house. But they’ll pay off your mortgage. And if it spreads to the house next door, THEIR insurance will pay THEM.

So yes, the homeowners are covered, unless one of them set the fire. In which case, the one who set the fire won’t get a dime.

I work in the real estate industry and am curious if the homeowners who lost their homes to Hurricane Katrina ever got reimbursed by their property insurance companies. Or, due to the enoromous cost, did the insurance companies default out of self preservation? It seems to me that those homeowners who thought their home equity was safe in their homes experienced the biggest financial loss.

Well, neither. They paid out according to their contracts. They REALLY don’t pay any flood claims; all flood claims are paid through FEMA, as all flood in the US on homeowners policies are written through the National Flood Insurance Plan.

The truth of the matter is, the majority of damages were caused by flooding, which is EXCLUDED on ALL HOMEOWNERS POLICIES. So, it’s not "self preservation" to not pay for something that’s not covered!

Homeowners that think that a homeowners policy covers EVERYTHING, need a wakeup call. Here’s a list of things that I, personally, have had people scream at me for, even though it’s not EVER covered on any policy:

flood – including water damage. People don’t realize that flood isn’t only water from creeks rising up – it’s also water from elevations above you, like rainwater, flowing down – and through your house.

pests – yep, insurance companies won’t pay to remove your flea infestations, your mouse problem, your cockroach problems, or even your termites. And they won’t pay for any damages caused by these.

pets – yep, your cat pees all over the house, the insurance company isn’t going to buy you all new carpet every year, and replace your ruined hardwood floors!! If your dog is always scratching at the door until he shreds it, they don’t cover that either!!

rot – most commonly, your 40 year old roof that needed to be replaced 20 years ago. When it collapses under it’s own weight, the insurance company isn’t going to pay! As a plus, sometimes they will pay for the water damage to your drywall inside the house, from the leaky roof. But maintenance is up to YOU.

trees – they don’t clean up fallen trees, unless they land on, and damage, a covered structure. They don’t clean up any PARTS of trees, unless they land on and damage a covered structure. This includes branches, and YES! LEAVES! The insurance company will NOT rake your yard every fall! Imagine that!!

mold – well, a very few policies have a very limited amount of mold remediation – like $5,000 – and ONLY after a covered loss. The problem is, mold happens because your house is too moist, or improperly constructed. MOST mold, is NOT that toxic stuff you read about. So just get some bleach out, and clean it up yourself, and find the source of the dampness and get rid of it.

wet basements – yep, most of the time, its NOT a foundation problem, but it can cause them!! High water tables and an improperly sloped house, or clogged rain gutters, or NO gutters, that will do it! Not covered.

paint – you know what, paint is going to wear off, you’re GOING to have to repaint your house every 7 – 10 years. Teh insurance company doesn’t do it for you. Save up, or get vinyl siding.

You have to do two things: read your policy, and use common sense. Do what you would do to maintain your property if you DIDN’T have homeowners insurance. OK, I’m getting off my soapbox and making supper now.

***BTW – it’s not that floods are an "act of god" (which is NOT an insurance term), or that it’s not directly covered, it’s that FLOOD is SPECIFICALLY EXCLUDED ON EVERY POLICY. PERIOD. Just like War, and Nuclear Radiation.***