Most people will only buy flood ins if their mtg co forces them. As soon as they pay off the mtg, it’s adios to flood.
Can anyone explain the mentality of these people?
Where’s the rest of the story? Is the home insured to value or are they being depreciated due to the coinsurance rules? Is there a visible water line? If so, maybe there is another claim being settled under the HO policy for items above the water line. Also, there is a tremendously unfair discrepancy between what the HO would have paid out over the flood if the HO policy had replacement cost on the contents. Flood policies don’t offer replacement cost on contents. And last but not least, anyone within walking distance from any body of water should have been clamboring to their agent after Charley, Frances, Ivan and Jeanne. And if you didn’t, shame on you! And if you haven’t done a thorough sit down appointment with your agent to learn what you have and what is and isn’t covered, doing so after a loss is too darn late. If your agent won’t make time for you, then move your policies to one that will! For those that think insurance is just a commodity and the agent doesn’t count, you get what you paid for. And for those agents reading, if you don’t offer an annual review to all of your customers, AND DOCUMENT IT, you better start today! And don’t forget to pay your E&O while your at it.
I find it hard to believe that a properly licensed insurance agent would ever say “your homeowner’s policy covers flood”. However, I can believe that a CSR with the burden of a sales quota would say anything to close a sale. You wouldn’t believe how many sales I’ve lost to another “agent” because the insured was told he was getting something I wasn’t able to offer. I knew better.
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Most people will only buy flood ins if their mtg co forces them. As soon as they pay off the mtg, it’s adios to flood.
Can anyone explain the mentality of these people?
Where’s the rest of the story? Is the home insured to value or are they being depreciated due to the coinsurance rules? Is there a visible water line? If so, maybe there is another claim being settled under the HO policy for items above the water line. Also, there is a tremendously unfair discrepancy between what the HO would have paid out over the flood if the HO policy had replacement cost on the contents. Flood policies don’t offer replacement cost on contents. And last but not least, anyone within walking distance from any body of water should have been clamboring to their agent after Charley, Frances, Ivan and Jeanne. And if you didn’t, shame on you! And if you haven’t done a thorough sit down appointment with your agent to learn what you have and what is and isn’t covered, doing so after a loss is too darn late. If your agent won’t make time for you, then move your policies to one that will! For those that think insurance is just a commodity and the agent doesn’t count, you get what you paid for. And for those agents reading, if you don’t offer an annual review to all of your customers, AND DOCUMENT IT, you better start today! And don’t forget to pay your E&O while your at it.
What do you do when your agent lead you to believe that the contents of the home were covered on HO in the case of a flood?
I find it hard to believe that a properly licensed insurance agent would ever say “your homeowner’s policy covers flood”. However, I can believe that a CSR with the burden of a sales quota would say anything to close a sale. You wouldn’t believe how many sales I’ve lost to another “agent” because the insured was told he was getting something I wasn’t able to offer. I knew better.