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 Posted: Sun Dec 20, 2009 9:08 pm Post subject: HO3 HO6 HO8 DP-1 DP-3 |
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Why is it so hard to find these policies online? Why is it that you cannot find a simple sample policy online to compare coverages?
When you do actually buy these policies from your respective carriers why don't they provide examples and explanations of what incidents would actually trigger the coverage?
There are no standardized policies. In Florida alone there are 84 insurance companies with about 12 different policies in place. They each have their own language about exclusions and coverages.
Insurance companies do not want you to know what would trigger coverage. They save so much money each year by h/o who make an out of pocket expense and never file a claim.
Can any of the "experts" who post on this site provide a link to where we can find these policies?
How about what all those alphanumeric codes on the declarations page of the policy....oh yeah, those are endorsements. They change the way your policy applies and how much you are actually covered for.
I contacted a Citizens agent to send me the paperwork showing what each of those endorsements meant for one of my clients....that was 7.5 months ago.
Still think the insurance companies are on your side?? Still think Nationwide is on your side?? Still think your in "good hands" with State Farm? |
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PublicAdjuster
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| Posted: Sun Dec 20, 2009 11:05 pm Post subject: |
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At the end of the day, insurers have to be free to offer different products to create a competitive advantage in the market. If you standardise all policy offerings, you restrict the ability to innovate, which can be very bad for the market in general.
nothing worng with having many options, though the way they are presented is another issue and the potential for misrepresentation becomes greater with each minor variation of policy wording.
ultimately though more options are better for the market, it just means the consumer has more choices and needs to look carefully at what they are buying.
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heidrek
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| Posted: Mon Dec 21, 2009 12:37 am Post subject: |
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| Quote: | | Why is it so hard to find these policies online? Why is it that you cannot find a simple sample policy online to compare coverages? |
For the same reason you cannot find the latest Harry Potter book or Avatar movie.... it's copywrited material. Insurance forms are produced by ISO and it's copywrited.
| Quote: | | When you do actually buy these policies from your respective carriers why don't they provide examples and explanations of what incidents would actually trigger the coverage? |
Huh? List a few million examples of situations that are covered? The policy is a legal contract between two parties. I have seen some policies that give examples of how deductibles are applied in different situations. | Quote: | | There are no standardized policies. In Florida alone there are 84 insurance companies with about 12 different policies in place. They each have their own language about exclusions and coverages. |
Home manufactures don't all make the same homes. Plumbing companies all provide different level of services. Heck, there are even different types of applies to choose from. | Quote: | | Insurance companies do not want you to know what would trigger coverage. They save so much money each year by h/o who make an out of pocket expense and never file a claim |
If they did not want people to know, why do they provide everyone copies of their policies stating _exactly_ what they cover? Why do they pay agents to explain these things and answer questions? why do most provide 800 numbers and the ability for insured's to contact them 24/7? Insurance companies _do_ save money when someone does not file a claim. Surprised? It's not a rocket science statement. | Quote: | | Can any of the "experts" who post on this site provide a link to where we can find these policies? |
See the statement above. What I _can_ say is that each and every person who obtains an insurance policy is provided a copy of their policy. I can also say if they want to ask their carrier for a copy, their carrier will provide them with one. Good enough? (of course not... I'm guessing at some point you are going to try to make your point) | Quote: | | How about what all those alphanumeric codes on the declarations page of the policy....oh yeah, those are endorsements. They change the way your policy applies and how much you are actually covered for. |
Because everyone's needs are different. Would you rather always have fries with your steak? How about a choice of potatoes instead? Do you always want to pay more for coverage you don't need or would you rather be able to leave out coverage you don't need and pay less? | Quote: | | I contacted a Citizens agent to send me the paperwork showing what each of those endorsements meant for one of my clients....that was 7.5 months ago. |
It's true... some agents are better then others. I'm still missing any type of point. | Quote: | | Still think the insurance companies are on your side?? Still think Nationwide is on your side?? Still think your in "good hands" with State Farm? |
Now I feel let down.... all that and I see no point to the post... other then to sell your services to anyone who will listen.
How many people have filed a claim before? How many of those have been paid just as their policy states?
I'm sure a _vast_ majority of people have. I'm also sure a _vast_ majority of people think their carriers offered exactly what they promised.
Course, public adjusters can't have people think that... otherwise they'd have to find other jobs. Like being attorneys.
Geezzzz... at least your not promising people get paid 200% more when you help them then otherwise.  (i.e. a claim from another public adjuster)
If you are so interested in _helping_ people, how about posting some useful information in this forum that would help the posters? Or are you really here to drum up business for yourself? |
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tcope
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| Posted: Mon Dec 21, 2009 4:08 am Post subject: |
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| Quote: | | There are no standardized policies. In Florida alone there are 84 insurance companies with about 12 different policies in place. They each have their own language about exclusions and coverages. |
The majority of carriers use ISO forms which are standardized..some do not. The companies can then make changes to craft the policies to a product that they want to offer. I don't really see the problem. People that purchase a policy get a copy and normally have an agent. If people would read the policy and ask questions....
I'm told in FL that homeowners coverage is in the thousands per year for a basic house. If that is the case, why do people purchase something that expensive but not understand what they are purchasing?
I still believe that kids should have to take a course in high school that includes learning about insurance (health, auto, HO). They could couple it with econ ----you know, when they are teaching how you can afford a $300,000 house when you make $20 per hour.
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Dasfuk
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