by Again and Again » Wed Jun 30, 2010 07:55 pm
Hi all, With the economy like it is and building values going down. Some 3o% or more. Shouldn't he cost of flood insurance also follow suit? The coverage is based on the value and should, with the new technology out here, automatically adjust lower. It does if values go up.
Posted: Wed Jun 30, 2010 08:46 pm Post Subject:
So you want a 3rd party to change the amount of insurance you have? Personally, I want to be in control of how much my policy covers. That is, it's not your insurance companies place to know when all of their policy holders property values go up or down or when they might or might not need to change their limits.
With that said, I think State Farm should be sued over automatically increasing rates and not allowing people to option out (or any other carrier that does this).
Posted: Thu Jul 01, 2010 12:26 am Post Subject:
I second that Todd! I even offered to sign something saying, "ok! stop it at 200k, no way my house is worth this much!" can't do it...ticks me off EVERY year I see the limits increase WITHOUT my requesting it!
Posted: Thu Jul 01, 2010 05:17 am Post Subject:
While I think legally you _should_ be able to do this.. SF makes it next to impossible to do. For me, they said I had to get the okay from some regional person who ended up telling me I had to submit something in writing and them perhaps they might do something.
I simply changed carriers.
It's a scam... as they add in the price of the land. Tell me how I'm going to suffer a total loss of my land. :cry:
Posted: Thu Jul 01, 2010 11:32 am Post Subject:
They just bump my dwelling (which bumps my PP, and addl. structures), some percentage every year..mine, though I believe to be a state inacted law...I checked with three other carriers, and EVERY one of them told me the same thing...it just flats ticks me off..
Posted: Thu Jul 01, 2010 12:18 pm Post Subject: building values Insurance rates
I think it is a scam between govt, mortgage cos and insurance. There seems it be some kind of a takeover in our future. It's a mandate is what I'm getting from the people i speak with. I don't think it's Republicans either.
Posted: Thu Jul 01, 2010 11:21 pm Post Subject:
I don't think it's Republicans either.
IMO, donkey, or elephant, doesn't matter, they are just the heads...big business is the neck.. :roll:Posted: Thu Jul 01, 2010 11:28 pm Post Subject:
Too big to falal? Oh, I get it
Posted: Wed Jul 07, 2010 05:29 am Post Subject:
Sure, building/property values are going down... but building values are not the same thing as reconstruction costs.
The house you bought in 2003 for 200K is now only worth 150K. It doesn't mean that it won't cost 190K to rebuild.
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