explain
- Thread starter Gunfighter14e2
- Start date
Shitty return on bonds
You can't just buy "total loss" insurance. In the industry insurance is sold based on perils, essentially the causes of loss that you are insured for. After that you choose limits. You are essentially paying for coverage (perils) and limits.
You can buy single peril coverage, essentially flood or earthquake but after that it is "named or basic" peril, essentially it covers these 5 things they list and enumerate or special form, which is all perils but that which is excluded. They list and enumerate the exclusions. There is no function within the industry that allows you to buy any peril but only if the property is a total loss.
You might be able to get a Lloyd's syndicate to do something but it would be one of and expensive.
You can buy single peril coverage, essentially flood or earthquake but after that it is "named or basic" peril, essentially it covers these 5 things they list and enumerate or special form, which is all perils but that which is excluded. They list and enumerate the exclusions. There is no function within the industry that allows you to buy any peril but only if the property is a total loss.
You might be able to get a Lloyd's syndicate to do something but it would be one of and expensive.
And if you are unhappy with you rates as I am and as most people are, blame the reinsurance industry. That is what is driving the huge rate increases in the homeowners and business property markets. Huge rate increases to reinsurance premiums is what is driving rate increases
had neighbors and the like have this issue and worse, some companies stopped insuring homes older than 20 years. Insurance here also said no insurance other than "hazard" which basically is liability if the house burns down but no coverage other than that, no belongings, no rebuilding, nothing. Now the new thing is they "recommend", read force you, to get your rof replaced every 10 years regardless of need to mitigate risk, if you have a metal roof it's extended to 20-25, and you don't have to, but if you chose not to, your rate will be 6x what it was, and there is no requirement that they quote you, free market i'm ok with that, but it's a racket, people paying 5% of their home value per year just for insurance... it's breaking alot of people here. Given a choice I'd like to move and build from teh ground up, but I'm only half the vote on that one...
I chalk it up to heading towards socialism where no one can afford to own anything, therefore by default the government will have to step in, but i'm not sure if that will be before or after the private sector owns it all and becomes our landlords... luckily i don't think i will live that long, but you never know.
I chalk it up to heading towards socialism where no one can afford to own anything, therefore by default the government will have to step in, but i'm not sure if that will be before or after the private sector owns it all and becomes our landlords... luckily i don't think i will live that long, but you never know.
It was a racket 40 years ago, it's legalized thievery nowadays.
