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Old 07-12-2012, 03:17 PM
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Default Insurance RANT

I am the only son. I have 5 sisters. My mother is 84 years old. We divide things between us kids on looking out for my mother. My area I have been given is the Home and Car Insurance. Ever so often I look at my mother's insurance policies and evaluate them to see if they are proper. Five years ago I looked at my mom's insurances and they were way out of whack.

She owns a house that is valued at 62,000 and with the land the house/Land comes up to 85,500. Her home was being insured for 200,000 with contents. I called the agent to inquire. He called my mother's policy a Platinum Policy. Her deductible was at the lowest amount possible. She had never made a claim in her life. After I was done with speaking to the agent I lowered my mom's household policy by 60 percent and her car policy by 25 percent. I decided that the policy must have been a mistake that I passed off as my mother being elderly and signing off on something she didn't know a clue about.

I went for my weekly visit to my mother today and she handed me her insurance again and said it had gone up lots in the last 6 months. I gave her a hard time for not telling me sooner. I looked at the policies and they were way out of whack again. I called her agent and adjusted it. I saved my mother who is 84 living on Social Security 214 dollars in 6 months on one call.

I wonder how many old people are being taken advantage of out there?

I called the insurance home office and filed a formal complaint and had the agent removed.
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Old 07-12-2012, 03:26 PM
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Default Re: Insurance RANT

EVERYONE should check that stuff regularly. Just this week we went through the same thing. The coverages on our vehicles had been changed (increased) and we saved several hundred bucks every 6 months by reworking it...I don't understand how these companies can do this stuff and if it happens again we will follow up with more than just a flipping phone call...good post!
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Old 07-12-2012, 03:42 PM
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Default Re: Insurance RANT

Len, the answer is a lot .... remember 'Agents' are paid on a commission bases. The larger the policy (numerically) the more they make. That said, the HO policy may be (value wise) reasonable as the number is based upon 'replacement value,' not market value.

Insurance underwriters take into account the cost of replacement in a 'normal construction market place,' not what's going on in the real world. And, at the moment, we're not in a real world.

The General Contractor who built my new home (2 years ago) and I were chatting about this exact topic earlier this week. I knew what I paid, I see he's got three new starts on my street and one had the Realtor Info box out front. The gist of the conversation was the 'replacement insurance' was a realistic number 'in a normal market place.'

Which is exactly where were not.

Cringed when I looked at that ..... view lot (mine will go away when they build out the lots across the street), 200 square feet larger and selling for $2,500 LESS than what I paid for my (smaller) home 28 months ago.

The why? He's working for 'wages, not profit' to keep going.

As for 'contents,' this number is always just a percentage of the 'replacement cost.' 20% sticks in my mind, but don't "quote me" on that one.

The location of the property may also 'influence' the premium?

fae
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