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Davey
USA
38 Posts |
 Posted - 04/05/2004 : 11:54:22
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Recon Man:
Are you aware that all insurance companies have underwriting criteria that will not allow an agent to write a RC policy on a dump. Many of those ACV policies are probably on rental properties and owner occupied dwellings that don't fit the RCV profile. However, there are still people out there that buy price and an ACV policy is certainly cheaper than a RCV one.
Don't blame the agents. It's the risks they insure. If the mortgage companies don't require RCV, it's their problem, not the insurance company. |
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trader
USA
236 Posts |
Posted - 04/05/2004 : 12:10:14
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| I have an ACV policy on my home and contents. The cost is 1/3 of a HO-A in the great state of Texas. If I had a major fire I would probably have less than 15% unrecoverabe depreciation on the structure and less than 30% on the contents. But, the bad news is I dont have any fence coverage, and my tree's are not covered for lightning. Give the buying public some credit! My mortgage company complained and I said NO WAY on a Homeowners Policy. Read the definition of hazard insurance in your mortgage. |
Edited by - trader on 04/05/2004 12:27:17 |
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katadj
USA
315 Posts |
Posted - 04/05/2004 : 12:24:16
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I wonder in the Recon-man can pass the commercial advanced quiz on the first try? It is located on the home page on this site.
After all he is a contractor. |
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trader
USA
236 Posts |
Posted - 04/05/2004 : 12:34:22
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| Its just the times. He remembers the good old days of the "Texas Maintenance Policy" (HO-B) and $250.00 wind deductible, that he did not collect if the owner would let him place a yard sign. I misemto. |
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katadj
USA
315 Posts |
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KileAnderson
USA
875 Posts |
Posted - 04/05/2004 : 18:04:25
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| Simply amazing. In 2001 T.S. Alison hovered over Houston for 48 hours and dropped 2-3 FEET of water. Thousands were flooded. Congress never so much as batted an eye. 2002 Within a week T.S. Isidore and Hurricane Lily roared onto the Louisiana coast. Once again, thousands were flooded. Most not for the first time. Not a peep was heard from Washington D.C. A hurricane hits some of the most expensive beach front property on the East Coast and swamps parts of politically well connected Maryland in the shadow of Capitol Hill and suddenly Congress and everyone with a constituency is calling for reform of this crazy NFIP system. The double standard is incredible. |
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Johnd
USA
110 Posts |
Posted - 04/05/2004 : 18:14:00
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AND..... who is willing to go re-work all their claims pro bono? In fact, who is willing to go re-work all the claims at the rates paid on the additional payments? Can you just imagine how cooperative the insureds will be after this news cycle.....
If you like the post office, you got to love Government Insurance!! |
John Durham
sui cuique fingunt fortunam |
Edited by - Johnd on 04/05/2004 18:15:44 |
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Reconstruction Man
124 Posts |
Posted - 04/05/2004 : 23:57:58
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Senator Sarbanes office is staffed with some very pleasant and very concerned people.
Would any one care to (voluntarily) share with Senator Sarbanes some CAT "carrier instructions" they have "struggled" with? |
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TomS
USA
32 Posts |
Posted - 04/06/2004 : 05:04:30
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This situation from Isabel will require FEMA to let a "contract" to an independent adjustment service like they did during the Fires in Las Alamos, New Mexico in 2000. Bidding war and payment on a daily basis by vendors.
That is just a prediction, but I think this is the only way to get 25,000+ claims off the books.
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ALANJ
USA
159 Posts |
Posted - 04/06/2004 : 06:00:09
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| This is an election year. GW is fighting for ever vote. Thus, all the flood claims will be repaid. |
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johnpostava
USA
35 Posts |
Posted - 04/06/2004 : 08:08:52
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Many thousands of Isabel flood victims have been paid fairly and their properties have been repaired. It will be interesting to see just how many of the 24K claims actually re-open and are due additional monies for valid reasons.
I find it disturbing that 3 or 4 years ago ABC's John Stossel (sp), who owned a beach house on Dune Road on Long Island did an "expose" on the fleecing of America and how flood insurance allowed wealthy folk to build million dolloar homes on the water and have the taxpayers pay when they are damaged. Now it turns out that a few hundred middle class flood insurance policyholders may turn the standard flood policy into a bigger entitlment program allowing the wealthy to get better coverage on their homes (using taxpayer dollars). Allowing for more coverage under the SFIP will only increase the cost of the policy and lead to more development along the coastlines of America. The federal flood policy was designed by Congress to get the average American family "back on its feet" after a disaster, not make rich people whole after their two-month-a-year-house-in-the-Hamptons gets washed away.
If Congress re-writes the flood policy or has federal actuaries calculate additiona premiums for basements and lower unelevated floors in A and V zones I wonder how many people will pay the extra premiums for the coverage? Many agents have told me in the past that their clients complain about having to pay for flood insurance in the first place. And with the average premium at around $250 - $350, it will surely double or triple if basements, the contents in them and unelevated floors are added to the policy.
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ALANJ
USA
159 Posts |
Posted - 04/06/2004 : 08:17:58
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| I see alot of just regular homeowner claims being reopened. Just wait till the NFIP additional money starts to flow and people start to talk. |
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Reconstruction Man
124 Posts |
Posted - 04/06/2004 : 09:37:25
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Question:
-Regarding the Isabel [flood] issue.
Why in the world would an educated decision be made to use new construction processes / pricing software in leu of well known reconstruction processes / pricing software?
Wonder who all knew, and why it was a good thing to promote / practice? |
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catnapper
USA
3 Posts |
Posted - 04/06/2004 : 11:24:26
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| This is a matter of the flood policy and only involves the coverage issues incorporated into the policy - the methods of the 'adjuster' are not in question...only coverage, or shall I say lack of coverage the flood policy states...we are 'adjusters' key word in that is 'adjust' - we adjust to each loss as it we see fit...you can hand 10 scopes to 10 different 'adjusters' and you will get 10 different estimates...all of them would prove to be accurate...I guarantee it! |
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katadj
USA
315 Posts |
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"Isabel", is a Hot Potato headed behind?
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