home owners ins rate hike?

[mpotts]

Someday you will pay off a home, are you going to drop the insurance on day the last payment is made?

^^^^^^^^^^^^^^^
I had a customer that did this very thing paid her house off and her son insisted she didn't need it nor was required to have the coverage any longer and her house caught fire and burned down 4 months later. Sadly for her she didn't have the money to rebuild.

[flywise]

^^^^^^^^^^^^^^^
I had a customer that did this very thing paid her house off and her son insisted she didn't need it nor was required to have the coverage any longer and her house caught fire and burned down 4 months later. Sadly for her she didn't have the money to rebuild.

I worked a house fire a few months ago. House was probably worth 250k
Home owner made the final payment on the house the day before the fire.
Never know when or if a disaster is going to happen. Sure is nice to pay some insurance company 1000 a year to protect my 175k investment

[Lonestar_HOYT]

Say what you want defending the insurance business, it’s a racket!
It’s the legal version of organized crime. My homeowners went up significantly and I’m closer to a snow avalanche than the hurricanes.

[jer_james]

Say what you want defending the insurance business, it’s a racket!
It’s the legal version of organized crime. My homeowners went up significantly and I’m closer to a snow avalanche than the hurricanes.

It's a business - Why anyone sees it as anything else is ridiculous.

Has nothing to do with one person.

Thank you Capitalism.

[Head Hunter]

Say what you want defending the insurance business, it’s a racket!
It’s the legal version of organized crime. My homeowners went up significantly and I’m closer to a snow avalanche than the hurricanes.

Its real simple then. Don't buy it if you can do that.

[Etxbuckman]

What I’m saying is my rates shouldn’t be affected by other folks’ mishap. A natural disaster happens a everybody gets a rate increase. If I had the money to pay it off I wouldn’t have borrowed the money. What about that don’t you understand? I would own my home outright. I would imagine a lot of folks share my “misfortune” of not having the money to pay my house off.... if they did they’d prolly not have a mortgage either paying all that interest.

I get it. I just think your logic is flawed. If only the people that had claims were penalized pretty soon you'd a have ton of people that couldn't afford homeowner's insurance. Or car insurance. Heck look at health insurance. I realize that's an apples and oranges comparison to a degree but health insurance does penalize the people that need/use it and look how many people can barely afford that, and how many more go without it.

Say what you want defending the insurance business, it’s a racket!
It’s the legal version of organized crime. My homeowners went up significantly and I’m closer to a snow avalanche than the hurricanes.

Your profile says you're in medical sales. That's like the pot calling the kettle Wesley Snipes.

[drbonner]

Someday you will pay off a home, are you going to drop the insurance on day the last payment is made?

Idk. Do you self insure?

[drbonner]

I worked a house fire a few months ago. House was probably worth 250k
Home owner made the final payment on the house the day before the fire.
Never know when or if a disaster is going to happen. Sure is nice to pay some insurance company 1000 a year to protect my 175k investment

Who does your insurance for $1,000 a year? Please give agent info, I’d consider getting a quote from them. PM their info if u don’t want it put here.

[drbonner]

I get it. I just think your logic is flawed. If only the people that had claims were penalized pretty soon you'd a have ton of people that couldn't afford homeowner's insu

rance. Or car insurance. Heck look at health insurance. I realize that's an apples and oranges comparison to a degree but health insurance does penalize the people that need/use it and look how many people can barely afford that, and how many more go without it.




Your profile says you're in medical sales. That's like the pot calling the kettle Wesley Snipes.

Medical insurance Is a hassle too. Procedures cost insured people more to cover the others that don’t have it or the cash to pay for it.
However my rates don’t go up because other file on my health insurance company

[Etxbuckman]

Medical insurance Is a hassle too. Procedures cost insured people more to cover the others that don’t have it or the cash to pay for it.
However my rates don’t go up because other file on my health insurance company

Medical insurance is giant fiasco, no doubt. But you're mistaken if you think other people's claims, even if it's on their policy, doesn't affect yours. Medical insurance is a pool too. You might be fit as a fiddle but someone with serious medical issues may cost a health insurance carrier, lets say Aetna, $1,000,000 over their lifetime (and that's not out of the realm of possibilities). Their $15- or $20k premium is barely going dent what's being paid out. And that's just one person. There's millions of people like that, and few of them can afford to pay those medical costs themselves. That's why so bankruptcy cases for incurred medical costs is so high.

Aetna, BCBS, etc. can't meet their operating costs getting money from those people, so where does it come? You and me and 300 million other people that aren't costing so much.

My point is most people can't afford to self-insure, be it for their home, or auto, or health insurance. Does anyone want to pay for insurance? I doubt it. I don't. But count me as one of those who'd rather pay a little in the off-chance that something catastrophic does happen.

[flywise]

Idk. Do you self insure?

No I don't, and when my house is paid off I won't then either.
But, I also understand how insurance works and I appreciate it having my back.

As for your next question
My house is fairly new and it's a simple pier and beam and that's why my insurance is less than 1k per year.

[trailboss]

OP stated his new premium is $900/yr for $270K coverage. If his house was a total loss tonight, insurance company would be out $270K + contents - deductible.
He would have to pay that premium for 300 years for the insurance company to break even!
He stands to get $270K for pennies on the dollar!
Does that really sound like a racket?

[flywise]

OP stated his new premium is $900/yr for $270K coverage. If his house was a total loss tonight, insurance company would be out $270K + contents - deductible.
He would have to pay that premium for 300 years for the insurance company to break even!
He stands to get $270K for pennies on the dollar!
Does that really sound like a racket?

You forgot he will receive money for rent to put him up while his house is being rebuilt, contents you mentioned will be in the neighborhood of 145k
So actually this racket will pay him closer to 400k for pennies on the dollar

[Stuck]

Man you guys act like every client has a $300,000 home burn to the ground 2 times in their life. Fact is it is a free market and when they price themselves out I will self insure. And y’all are right, they’re in business to make money, so if they weren’t they’d be out of business.

[Lonestar_HOYT]

I get it. I just think your logic is flawed. If only the people that had claims were penalized pretty soon you'd a have ton of people that couldn't afford homeowner's insurance. Or car insurance. Heck look at health insurance. I realize that's an apples and oranges comparison to a degree but health insurance does penalize the people that need/use it and look how many people can barely afford that, and how many more go without it.




Your profile says you're in medical sales. That's like the pot calling the kettle Wesley Snipes.

So I can charge you monthly for a box of suture, then when you cut your finger off and they sew it back on I’m gonna raise the price of the suture cause you needed it?