I can see it now, State Farm, Allstate et al withdrawing from insuring homes in wooded areas, like they have from the coasts. States setting up “Firestorm” associations and State insurers of last resort to avoid an availibility crisis. Coastal residents of the states refusing to subsidize the artificially low premiums of the “woodies”, saying if they choose to live among the forests they should not be subsidized with higher premiums in coastal areas. Dickie Scruggs arguing whatever position that is opposite common sense and contract law….
i think you make a very valid point. how does one get an insurance company to insure to value when the cost of rebuilding in different areas vary so much. the cost per square foot is so much more in san francisco than it is in fresno that there is no comparison yet the one policy fits all. there does not seem to be a answer. i guess we just have to make sure our e&o is up to date.
sO TELL PEOPLE YOU WILL NOT SELL THEM A pOLICY IN GOOD FAITH,BACKWAY IF PEOPLE WILL NOT HEAR YOU . iF YOU WORK FOR sTATE fARM LET PEOPLE KNOW YOU WILL NOT- PAY OUT ……. AND IF YOU DO PAY OUT ITS CALLED LOWBALLING BE SURE AND TELL PEOPLE THE TRUTH.
Although your own statement seems to disagree with itself by saying “don’t listen to the rich” then “agents have this responsibility” thing I rather agree with you.
However, you can bet dollars to doughnuts that the majority have had recent appraisals and heavy mortgages so they know they’re underinsured to start with.
Also, what company worth their soap doesn’t have location multipliers to adequately insure you no matter where you live?
The bottom line is that many carriers rates can not adequately insure to value because their rates are tooooo high. Farmers, Statefarm, and Allstate agents have no choice, grossly underinsure or charge a premium that is soooo high that their PIF will look like an avalanche. The DOI with a little bit knowledge/experience would recognize this as underinsuring, rather than allegations of overcharging. Company reps at Farmers Insurance have pretended this problem did not exist, and have told their agents that it is their fault. I also heard that past CEO of Farmers Insurance canceled his home policy shortly after resigning. HMMMMMMMMM
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I can see it now, State Farm, Allstate et al withdrawing from insuring homes in wooded areas, like they have from the coasts. States setting up “Firestorm” associations and State insurers of last resort to avoid an availibility crisis. Coastal residents of the states refusing to subsidize the artificially low premiums of the “woodies”, saying if they choose to live among the forests they should not be subsidized with higher premiums in coastal areas. Dickie Scruggs arguing whatever position that is opposite common sense and contract law….
Sounds ridiculous doesn’t it?
i think you make a very valid point. how does one get an insurance company to insure to value when the cost of rebuilding in different areas vary so much. the cost per square foot is so much more in san francisco than it is in fresno that there is no comparison yet the one policy fits all. there does not seem to be a answer. i guess we just have to make sure our e&o is up to date.
sO TELL PEOPLE YOU WILL NOT SELL THEM A pOLICY IN GOOD FAITH,BACKWAY IF PEOPLE WILL NOT HEAR YOU . iF YOU WORK FOR sTATE fARM LET PEOPLE KNOW YOU WILL NOT- PAY OUT ……. AND IF YOU DO PAY OUT ITS CALLED LOWBALLING BE SURE AND TELL PEOPLE THE TRUTH.
Although your own statement seems to disagree with itself by saying “don’t listen to the rich” then “agents have this responsibility” thing I rather agree with you.
However, you can bet dollars to doughnuts that the majority have had recent appraisals and heavy mortgages so they know they’re underinsured to start with.
Also, what company worth their soap doesn’t have location multipliers to adequately insure you no matter where you live?
The bottom line is that many carriers rates can not adequately insure to value because their rates are tooooo high. Farmers, Statefarm, and Allstate agents have no choice, grossly underinsure or charge a premium that is soooo high that their PIF will look like an avalanche. The DOI with a little bit knowledge/experience would recognize this as underinsuring, rather than allegations of overcharging. Company reps at Farmers Insurance have pretended this problem did not exist, and have told their agents that it is their fault. I also heard that past CEO of Farmers Insurance canceled his home policy shortly after resigning. HMMMMMMMMM