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Author Topic: Homeowners Insurance  (Read 7527 times)

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Offline merrymutts

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Homeowners Insurance
« on: July 11, 2012, 08:26:33 PM »

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so...how come they can apparently do whatever they want as far as setting and raising rates ???
 
We have had XXX company for several years for both our home and our vehicles...never filed a claim ...
 
we get our Renewal notice in the mail and OMFG..." due to the number of disasters in Missouri in the past 3 years and the increase in claims "...our rates are being increased.
 
OK...sounds reasonable...until I saw how much...
 
MY RATES ARE BEING INCREASED BY 77. % ..YES SEVENTY-SEVEN PERCENT !!
 
Can that possibly be even considered reasonable by any standards ???
 
 
Susan Aspeotes
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Offline Coyote

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Re: Homeowners Insurance
« Reply #1 on: July 11, 2012, 08:27:54 PM »
Have we had that many disasters?   I guess all the tornados.
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Offline merrymutts

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Re: Homeowners Insurance
« Reply #2 on: July 11, 2012, 08:38:33 PM »
I guess I'll have my own personal street in Joplin
Susan Aspeotes
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Re: Homeowners Insurance
« Reply #3 on: July 11, 2012, 08:49:09 PM »
so...how come they can apparently do whatever they want as far as setting and raising rates ???
 
We have had XXX company for several years for both our home and our vehicles...never filed a claim ...
 
we get our Renewal notice in the mail and OMFG..." due to the number of disasters in Missouri in the past 3 years and the increase in claims "...our rates are being increased.
 
OK...sounds reasonable...until I saw how much...
 
MY RATES ARE BEING INCREASED BY 77. % ..YES SEVENTY-SEVEN PERCENT !!
 
Can that possibly be even considered reasonable by any standards ???
I can believe it. We on the gulf coast can only get RISK insurance
which is a very high rate and they are looking at a 33% increase this year.
But believe it or not we are still way ahead of the game.
5 new roofs 2 new sheds and a complete home replacement that was due to a fire caused by our heat pump AC.
So I keep paying.
I wonder what the rate are on a home in the middle of 40.000 acres in Montana? ::)
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Offline merrymutts

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Re: Homeowners Insurance
« Reply #4 on: July 11, 2012, 09:06:12 PM »
so why isn't there some kind of regulating of this ??  I could see increases of that level if we filed multiple or frivolous claims...but NONE ???
 
The MO Insurance Commission told me that the companies have to file for a rate increase through Jefferson City but I guess that's just a CYA kind of thing...and was told ( rather snippily, I might add )..." Contact your legislator"
Susan Aspeotes
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Offline scubbie

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Re: Homeowners Insurance
« Reply #5 on: July 11, 2012, 09:17:17 PM »
We had a similar thing with our insurance company, we got notice of the increase and it was more than double what we were paying. We had never made a claim to them either. We did shop around and found one for a whole lot less with even more coverage. We didn't take the cheapest it was from a company we never heard of so went with a known insurance company.

Offline merrymutts

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Re: Homeowners Insurance
« Reply #6 on: July 11, 2012, 10:57:14 PM »
....if all the gas stations in Missouri suddenly raised their prices by 77%, the legislators would be on them likes flies on feces for "price gouging" .
Susan Aspeotes
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Offline littlebit

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Re: Homeowners Insurance
« Reply #7 on: July 11, 2012, 11:43:23 PM »
Our house insurance company dropped us for some BS reason, and told us that even if we fixed the minor issue thewpuld still refuse to offer coverage. We now have to pay almost three times that amount to another insurance company.
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Offline David Day

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Re: Homeowners Insurance
« Reply #8 on: July 12, 2012, 01:46:39 AM »
Actually, yes they can raise rates if the Commission approves it, which it appears they did. Ours took a similar jump several months ago. MO is becoming a much higher risk state. Just think about all of the twisters, hail storms, flooding, etc... we have had.

The MO Ins Commission has placed MO Insurance companies in a bind, going all the way back to the Carnahan years. The level of reserves they have to have is amazing, so when they have big payouts those reserves have to be filled again or they have to stop doing business. Not making excuses for them, that is just the way it is. Anytime the legislature tries to force a lowering of reserves we are accused of not protecting the public, so it remains high.

My recommendation would be to shop around, there are almost always better deals out there. Not all companies are hit by storms the same, there are some that have had good years and probably have much lower rates.

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Offline David Day

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Re: Homeowners Insurance
« Reply #9 on: July 12, 2012, 01:54:54 AM »
Also, a little known secret is insurance companies don't really make much on rates from car or home insurance. Just because you have no wrecks or damage claims doesn't stop them from paying for all that do. Where they make their money on those lines of business is through investing that money, in the stock market. If you follow the market, you know they aren't making it there either, meaning that hurts thrie reserves even more  Life policies are a different story, they make them money.
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Offline merrymutts

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Re: Homeowners Insurance
« Reply #10 on: July 12, 2012, 11:28:19 AM »
The whole Insurance business really has the consumer "over a barrel". You HAVE to have it...on your home, your car, your health and your life. Fact of life. Yet, except for Life Insurance when the person insured doesn't have the choice in the matter...you're almost afraid to use it or make a claim...for fear of having your rates jacked up even higher...or the fear of being "dropped".
 
I'd hate to see what my one neighbor up the road pays...if they even have insurance. They have an in-ground swimming pool AND a man-made pond...neither of which are fenced ( I always thought that was a REQUIREMENT  )and which, if I were an insurance company I would really be cautious about covering a property with such "attractive nuisances" which could create a massive claim on my company.
 
Don't get me wrong...I am not totally insensitive to the tragic losses in Joplin and elsewhere...but it never ceases to amaze me that we pay insurance executives almost obscene annual salaries AND give them stock options, whether they are competent or not and the average consumer pays the price for poor investments and frivolous claims. And let's not mention the multi-billion $$$ bail-outs.
 
How many people have repaired damages themselves rather than file an insurance claim ??? Probably LOTS of people.
 
So, you shop around or you just suck it up and pay the piper...and hope you still have enough ( for those older folks and those on really fixed incomes ) to pay other necessary living expenses....like food, health care, et al.
Susan Aspeotes
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Offline ~kathy~

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Re: Homeowners Insurance
« Reply #11 on: July 12, 2012, 11:53:26 AM »
another thing that is stupid to me is that here we pay for home insurance and if someone breaks into your home and you turn it into your insurance company that you have been paying on, the things that other people destroy you don't get enough back from the insurance company to fix the repairs or get the things back that the other people stole from you. I had so many things stolen and alot of things destroyed when someone broke into my home and we got enough to get my carpet replaced that got spray painted and vinyl replace and a new dishwasher that they broke, but as for being able to replace the items that were stolen nope couldn't do it cause we didn't get enough to do so. Just kinda gripes me about how much we pay for the insurance and how little we get if we do have to make a claim and that isn't even counting the deductible you have to pay first.
Go ahead and blame me....Everyone else does

Offline merrymutts

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Re: Homeowners Insurance
« Reply #12 on: July 12, 2012, 01:04:19 PM »
or worse...and we have all seen it reported in the news in the past...someone breaks into your house, they are injured in the process either due to a fall or confrontation with the homeowner...and the burglar then sues the homeowner via their insurance company even though they were the ones who weren't suppoed to be doing the break-in/burglary in the first place.
Susan Aspeotes
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Offline igahmah at work

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Re: Homeowners Insurance
« Reply #13 on: July 13, 2012, 03:17:56 AM »
The whole Insurance business really has the consumer "over a barrel". You HAVE to have it...on your home, your car, your health and your life. Fact of life. Yet, except for Life Insurance when the person insured doesn't have the choice in the matter...you're almost afraid to use it or make a claim...for fear of having your rates jacked up even higher...or the fear of being "dropped".
 
I'd hate to see what my one neighbor up the road pays...if they even have insurance. They have an in-ground swimming pool AND a man-made pond...neither of which are fenced ( I always thought that was a REQUIREMENT  )and which, if I were an insurance company I would really be cautious about covering a property with such "attractive nuisances" which could create a massive claim on my company.
 
Don't get me wrong...I am not totally insensitive to the tragic losses in Joplin and elsewhere...but it never ceases to amaze me that we pay insurance executives almost obscene annual salaries AND give them stock options, whether they are competent or not and the average consumer pays the price for poor investments and frivolous claims. And let's not mention the multi-billion $$$ bail-outs.
 
How many people have repaired damages themselves rather than file an insurance claim ??? Probably LOTS of people.
 
So, you shop around or you just suck it up and pay the piper...and hope you still have enough ( for those older folks and those on really fixed incomes ) to pay other necessary living expenses....like food, health care, et al.

There is not government agency that requires you to have home, car or life insurance.  Your mortgage company or your bank may require insurance on your home and car, but once it is paid for you can choose to not have insurance if you want.  You just have to be willing to take the chance that nothing is going to happen to your home or car that you can't take care of.  As far as life insurance goes, I know a lot of people who do not have life insurance, some by choice, some because they can't afford it.  Fact is, the only insurance you will be "required" to have is health insurance or pay a "penalty/tax" if you don't have it.



 
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Offline Pete

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Re: Homeowners Insurance
« Reply #14 on: July 13, 2012, 03:43:03 AM »
Sorry but if you own a car and drive it, you are required to have insurance. You will get fined if found driving without.
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Offline Coyote

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Re: Homeowners Insurance
« Reply #15 on: July 13, 2012, 03:28:59 PM »
I don't think you have to have insurance on your car if you get a certificate stating that you have $100,000 at your disposal.  Or whatever the minimum coverage is.

Sorry but if you own a car and drive it, you are required to have insurance. You will get fined if found driving without.
....and that night as the moon crossed the mountain, one more Coyote was heard...

Offline 48fan

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Re: Homeowners Insurance
« Reply #16 on: July 13, 2012, 03:54:48 PM »
Here this is the LAW:
Statutory reference: Section 303.160, RSMo.

Missouri Residents

There are three ways you can meet the requirements of the insurance law. For each type of insurance, you will receive an insurance identification card that must be kept in the vehicle at all times. You must have one of the following in effect on each motor vehicle you own or operate:

A motor vehicle liability insurance policy that meets the minimum liability insurance limits of ď25/50/10Ē. Contact an insurance agent for further details.

Proof of financial responsibility filed with the Department of Revenue.

A certificate of self-insurance (for a Company or Religious Organization) issued by the Missouri Department of Revenue.

Nonresidents

You must maintain insurance that meets the requirements of the laws of your state.


Offline merrymutts

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Re: Homeowners Insurance
« Reply #17 on: July 13, 2012, 04:10:24 PM »
 Please read the below and click on the link to see the entire article:
 
 ***** ***** ***** ***** ***** ***** ***** **
Larsen estimates that the Joplin twister, the deadliest in the United States in more than six decades, and the tornadoes in late April that damaged parts of Alabama and six other Southern states could cause more than $8 billion in losses.
 
Still, insurance companies aren't saying whether they will raise rates on homeowner policies, which cover tornado damage, as many are still assessing damage from the storm that devastated Joplin last week.
 
"Because of the unusual circumstances with the lack of communication and folks' ability to file clams as quickly as normal, we won't be able to estimate (the amount of claims) until we have two weeks of data," said Sandra Spann, a spokeswoman from American Family Insurance.
An industry spokesman says the catastrophic losses don't necessarily mean an increase.
 
"Premiums from several years can pay for one event," said Michael Barry, spokesman for the Insurance Information Institute, an insurance trade organization based in New York.
 
Storm damage from hurricanes, which hit expensive coastal properties and on average affect a greater number of people, tend to have a bigger impact on rate increase than tornadoes, he added.
 
Insurers can't push through premium hikes without the state's approval. Missouri insurance regulators must sign off on rate increases, and they put some limitations on what kind of data companies can use to assess risk.
 
For instance, storm damage outside of Missouri can't be used as a basis for raising rates in the state, said Travis Ford, a spokesman for the Missouri Department of Insurance, Financial Institutions and Professional Registration.
 
 
"We don't have a right to tell (insurance) companies what their rates can be," Ford said. "But the rates have to be actuarially sound. They can't just make up a number."
 
 
Meanwhile, an executive order signed by Gov. Jay Nixon on Thursday forbids insurance companies from raising rates on customers in southwest Missouri's Jasper and Newton counties. The order expires on June 20, but it can be extended, Ford said.
 
Insurers typically calculate tornado risk by using a rolling, 25-year average, which dilutes the impact of a particular year, said Consumer Federation's Hunter.
 
For consumers, that's both good and bad news.
 
This year's storms won't cause rates to skyrocket in the short term, but consumers will be paying slightly more because of the recent storms for the next quarter century, said Hunter, a former Texas insurance commissioner who ran the national flood-insurance program in the 1970s.
 
Still, Robert Klein, director of the Center for Risk Management and Insurance Research at Georgia State University in Atlanta, believes premiums might see a rise if insurers believe the recent disasters to be part of a trend.
 
"If the insurance companies think the pattern of increased storm activity is likely to be sustained in the future, and there's an elevation of probability of severe losses, they could add an additional kicker in the rate structure."
 
The Associated Press contributed to this report
 


Read more: http://www.stltoday.com/business/local/tornadoes-may-push-up-insurance-rates/article_a05afa6b-55fb-5eb0-a9a0-3e76bad8eeb1.html#ixzz20WEsMXbh
 
Susan Aspeotes
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Offline fknarmyguyretired

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Re: Homeowners Insurance
« Reply #18 on: July 13, 2012, 08:38:15 PM »
To me insurance is one of the biggest scams ever invented, what other business (other than the lottery) do the customers pay and then most get nothing in return, imagine buying gas at your local station that requires pay before pumping and only 2 of 10 customer actually get the fuel.

Offline merrymutts

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Re: Homeowners Insurance
« Reply #19 on: July 13, 2012, 11:12:27 PM »
Like the Earthquake scare of the late 1980's....we were told by Seismologists and other"experts" that the New Madrid fault in SE Missouri was going to "blow" ...hell, they even pinned it down to a probable date...and all the Insurance companies rushed to tell everyone that if they didn't buy Earthquake insurance right away...like right NOW...when the quake hit and your home was damaged...well, you were just S.O.L. Of course, the Insurance was not cheap and  had a rather high deductible and like the other "sheep" I went ahead and bought it...and guess what....the Doom date came and went....and went...and went...and not even a rumble. Now, of course, one doesn't get a refund...and in many ways, this almost felt like a HUGE scam...the companies raked in mucho $$$$ and paid out...NOTHING....

Susan Aspeotes
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Offline Fafrd

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Re: Homeowners Insurance
« Reply #20 on: July 14, 2012, 02:43:05 AM »
Sorry but if you own a car and drive it, you are required to have insurance. You will get fined if found driving without.

yes but you dont have to have a car, so you are only required to have it if you have a car. 

Offline tpgunbiz

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Re: Homeowners Insurance
« Reply #21 on: July 14, 2012, 09:25:52 AM »
Insurance is a big scam. pay us.....pay us....pay us.......we dont give back unless of course you pay us more...then if in the event you have an accident worthy of a payoff, you gotta pay us a deductable........ I find this robbery. I have paid in thousands of dollars in my lifetime so far , enough to have 4 brand new cars. never had an accident, or claim.....yet I still have a deductable......and Im sure I will never get back what Ive paid in.....if this was life insurance I could borrow against the claim, but not with car insurance. its bull crap.....many dollars go in ...not many come out
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Offline stiffcat76

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Re: Homeowners Insurance
« Reply #22 on: July 14, 2012, 01:34:02 PM »
Insurance is a big scam. pay us.....pay us....pay us.......we dont give back unless of course you pay us more...then if in the event you have an accident worthy of a payoff, you gotta pay us a deductable........ I find this robbery. I have paid in thousands of dollars in my lifetime so far , enough to have 4 brand new cars. never had an accident, or claim.....yet I still have a deductable......and Im sure I will never get back what Ive paid in.....if this was life insurance I could borrow against the claim, but not with car insurance. its bull crap.....many dollars go in ...not many come out

i am right there with you. i think are elected crooks have got or are getting their kickbacks and we paid for it. it is not for protecting the people it is just another way to bleed us dry

Offline igahmah at work

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Re: Homeowners Insurance
« Reply #23 on: July 14, 2012, 08:42:34 PM »
I only have $250 deductible on my car.  My car is paid for so I could  just have liability, but it is my only means of transportation so if something happens to it (like being sideswiped down at Christmas on the Square) it is worth the the insurance premiums I pay and the few dollars extra I pay for a lower deductible so I can get my car fixed.  I also have insurance so if my car is wrecked I can get a rental car.  All this together runs me about $400 a year and if something happens to my car, it will be worth every penny.  What I don't understand is, why when your car is worth less, do you still have to pay for $10,000 in collision coverage on the car.  If my car is totaled, the most I will get is $1500.00.  Why am I paying for $10,000.  It's a good car, but according to the blue book, that is what it is worth.  Seems my collision rate should drop according to the money they would pay if I totaled it.
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Offline 2CardJohnE

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Re: Homeowners Insurance
« Reply #24 on: July 15, 2012, 12:46:36 AM »
There is not government agency that requires you to have home, car or life insurance.  Your mortgage company or your bank may require insurance on your home and car, but once it is paid for you can choose to not have insurance if you want.  You just have to be willing to take the chance that nothing is going to happen to your home or car that you can't take care of.  As far as life insurance goes, I know a lot of people who do not have life insurance, some by choice, some because they can't afford it.  Fact is, the only insurance you will be "required" to have is health insurance or pay a "penalty/tax" if you don't have it.



 
THE DEPT OF REVENUE DOES.............. Financial Responsibility (Proof of Insurance) Every motor vehicle owner MUST present a current insurance identification card, or copy thereof, or other proof of financial responsibility and sign an affidavit certifying that the owner or the authorized agent has and will maintain financial responsibility during the registration period.
NOTE: The owner or authorized agent MUST sign the self-certification of financial responsibility on the application to satisfy the requirement for an affidavit, unless the application is for a trailer.
 
 
without it you are breaking the law and subject to fines and lose of your driving privledges
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Offline 2CardJohnE

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Re: Homeowners Insurance
« Reply #25 on: July 15, 2012, 12:59:29 AM »
Drivers' Responsibilities It is illegal to drive a motor vehicle in Missouri without automobile liability insurance. The vehicle driver must show proof of insurance to any law enforcement official, upon request, or a traffic ticket may be issued to the driver. Three things may occur for failing to show proof of insurance:
 
  • The court will send the conviction to the Driver License Bureau. The conviction will be entered on the driverís driving record and four points will be assessed. It only takes a total of eight points within an 18-month period to lose your driving privilege in Missouri.
  • The court may enter an order of supervision. This order is sent to the Driver License Bureau so that the driver can be monitored to ensure automobile liability insurance is being maintained.
  • The court may enter an order suspending the driverís driver license for failing to show proof of insurance. This order is sent to the Driver License Bureau at which time the driver is notified of the suspension of his or her driver license.
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Re: Homeowners Insurance
« Reply #26 on: July 15, 2012, 01:46:35 AM »
But, as someone else said, you don't have to own a car!!!
When I was young, I wanted to be older.  This is not what I expected!

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Re: Homeowners Insurance
« Reply #27 on: July 15, 2012, 04:02:16 AM »
But, as someone else said, you don't have to own a car!!!
try to get to work without one...or to the store...or a family vacation.  point is a goverment agency is telling you you must be insured to be able to drive one
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Offline Auctioneer Ed

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Re: Homeowners Insurance
« Reply #28 on: July 16, 2012, 04:45:18 PM »
since this thread has changed from Homeowner's to auto, does anybody want to discuss health insurance and the gov't dictating you buy it or "pay a tax(not fine)"

Offline Chas

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Re: Homeowners Insurance
« Reply #29 on: July 16, 2012, 05:26:20 PM »
There should be a law that says they canít cancel you if make a claim. There wonít be because then the insurance companies would quit donating to those that run for office.
Letís leave the health insurance on the other threads there are about it.