If an agent or broker is involved, they have a malpractice exposure for not performing a good RC valuation and recommending an inflation guard endorsement. If the insured chose to deal with a direct writer to save a few bucks, heshe is S.O.L. That’s the risk you assume when you play in a sanbox you’re unfamiliar with. If there’s a mortgage company involved, shame on them for not checking the Coverage A. limits. Of course all they care about is their interest. ANY homeowner should seek out information regarding insurance. Too many people want to “go cheap” or don’t think it’s that important.
Ok so a first time home owner who has no idea on the mumble jumble that is written on the renewal policy that takes a attorney to read. Oh wait lets talk about your Auto policy…..unless a agent the commen folk have NO idea. You must be agent. Put the shoe on your foot,……..lose of everything you have worked your 42 years of life for, NO SUPRISE, I simpley disagree
Yes, I am an agent and I’m sorry you lost everything in the Tahoe fire. But you missed the premise of my previous post. In that case the homeowner knew they were underinsured based on their own statement. If someone knows they are underinsured and doesn’t take steps to rectify it, shame on them.
It amazes me how many people will take the issue of insuring what is in most cases the single largest investment they will make in their life so casually and put price above all other concerns. Far too many consumers don’t want to learn about their insurance coverage, they just want their mortgage company off their back at the least expense. I contact every one of my clients at the very least, twice a year to invite them to come to the office to review their coverage and make sure we are up to date on changes in their life that may affect their insurance needs. Funny how less than 10% of my clients take me up on the invitation and review their insurance. Yet let something happen and they not have the rosy outcome they feel entitled to and it is now somehow my fault that they are uninsured or underinsured. It is YOUR life, your memories your investment we try to protect but a huge majority of people don;t have time to be bothered to learn what they are buying and what would happen in a loss. My best example is the client who cancels their life insurance because the bills are tight this month and they think to themselves, “why am I paying for life insurance? After all, I haven’t died yet.”
People in this country need to take personal responsibility for the decisions they make. If you don’t understand the language written in a policy, ASK QUESTIONS until you do understand. If you r agent can’t or won’t explain it to you in a way you understand then get a new agent. People will spend hundreds of thousands of dollars on a home and not bother to spend an hour learning how to properly protect. Remember, agents are paid on a commission basis so you’d be hard pressed to find one who would not be willing to increase coverage in an instance where it is justified.
If you bought your insurance online through EinsureeverythingIownin liferealcheap.com or 1-800-russianrouletteinsurance then you are on your own from start to finish and just cross your fingers and go for the ride when you have a loss.
As a photographer who conducts home and business asset inventories, I am amazed by the number of home and business owners who fail through procrastination to adequately protect their assets against loss. What is most distressing is the failure of these same people to recognize that when a disaster occurs, underinsurance or non-insurance penalizes the community as a whole. This lack of individual accountability within a community results in lost property tax and sales tax revenue upon which the whole community is dependent. When rebuilding and the purchase of goods and services are slow to occur or do not occur at all everyone is impacted.
My take on the situation is two-fold. The litigious climate in this country has enabled home and business owners a fallback position when they fail to be accountable for their own actions or inactions as the case may be. The insurance industry isn’t entirely blameless either. Instead of just pocketing the annual commission, agents should be required to conduct annual policy reviews. Then to make matters worse, the insurance industry as a whole seems hell-bent on further tarnishing its less than stellar reputation. They draw out the claims process, find any means possible to deny payment which forces litigation and further burdens the legal system, and instead of combating fraudulent claims tack on extra dollars to every policy underwritten across the board.
Education on both sides of the fence is a rampant problem, too. An alarming number of agents fail to educate the consumer on basics such as the difference between replacement value and actual cash value policy provisions. Consumers fail to read their policies, ask questions, and educate themselves on their risk to coverage ratio. While most insurers recommend an inventory of property in their literature, few actually request one from the consumer. And finally, if 1-800 insurance companies are such a big problem, why don’t the reputable companies band together to educate the consumer with a nationwide advertising campaign? Until accountability is addressed on both sides nothing will change. I welcome comments to this and my other blogs at http://www.PhotoAssetArchival.com.
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If an agent or broker is involved, they have a malpractice exposure for not performing a good RC valuation and recommending an inflation guard endorsement. If the insured chose to deal with a direct writer to save a few bucks, heshe is S.O.L. That’s the risk you assume when you play in a sanbox you’re unfamiliar with. If there’s a mortgage company involved, shame on them for not checking the Coverage A. limits. Of course all they care about is their interest. ANY homeowner should seek out information regarding insurance. Too many people want to “go cheap” or don’t think it’s that important.
Ok so a first time home owner who has no idea on the mumble jumble that is written on the renewal policy that takes a attorney to read. Oh wait lets talk about your Auto policy…..unless a agent the commen folk have NO idea. You must be agent. Put the shoe on your foot,……..lose of everything you have worked your 42 years of life for, NO SUPRISE, I simpley disagree
Yes, I am an agent and I’m sorry you lost everything in the Tahoe fire. But you missed the premise of my previous post. In that case the homeowner knew they were underinsured based on their own statement. If someone knows they are underinsured and doesn’t take steps to rectify it, shame on them.
It amazes me how many people will take the issue of insuring what is in most cases the single largest investment they will make in their life so casually and put price above all other concerns. Far too many consumers don’t want to learn about their insurance coverage, they just want their mortgage company off their back at the least expense. I contact every one of my clients at the very least, twice a year to invite them to come to the office to review their coverage and make sure we are up to date on changes in their life that may affect their insurance needs. Funny how less than 10% of my clients take me up on the invitation and review their insurance. Yet let something happen and they not have the rosy outcome they feel entitled to and it is now somehow my fault that they are uninsured or underinsured. It is YOUR life, your memories your investment we try to protect but a huge majority of people don;t have time to be bothered to learn what they are buying and what would happen in a loss. My best example is the client who cancels their life insurance because the bills are tight this month and they think to themselves, “why am I paying for life insurance? After all, I haven’t died yet.”
People in this country need to take personal responsibility for the decisions they make. If you don’t understand the language written in a policy, ASK QUESTIONS until you do understand. If you r agent can’t or won’t explain it to you in a way you understand then get a new agent. People will spend hundreds of thousands of dollars on a home and not bother to spend an hour learning how to properly protect. Remember, agents are paid on a commission basis so you’d be hard pressed to find one who would not be willing to increase coverage in an instance where it is justified.
If you bought your insurance online through EinsureeverythingIownin liferealcheap.com or 1-800-russianrouletteinsurance then you are on your own from start to finish and just cross your fingers and go for the ride when you have a loss.
As a photographer who conducts home and business asset inventories, I am amazed by the number of home and business owners who fail through procrastination to adequately protect their assets against loss. What is most distressing is the failure of these same people to recognize that when a disaster occurs, underinsurance or non-insurance penalizes the community as a whole. This lack of individual accountability within a community results in lost property tax and sales tax revenue upon which the whole community is dependent. When rebuilding and the purchase of goods and services are slow to occur or do not occur at all everyone is impacted.
My take on the situation is two-fold. The litigious climate in this country has enabled home and business owners a fallback position when they fail to be accountable for their own actions or inactions as the case may be. The insurance industry isn’t entirely blameless either. Instead of just pocketing the annual commission, agents should be required to conduct annual policy reviews. Then to make matters worse, the insurance industry as a whole seems hell-bent on further tarnishing its less than stellar reputation. They draw out the claims process, find any means possible to deny payment which forces litigation and further burdens the legal system, and instead of combating fraudulent claims tack on extra dollars to every policy underwritten across the board.
Education on both sides of the fence is a rampant problem, too. An alarming number of agents fail to educate the consumer on basics such as the difference between replacement value and actual cash value policy provisions. Consumers fail to read their policies, ask questions, and educate themselves on their risk to coverage ratio. While most insurers recommend an inventory of property in their literature, few actually request one from the consumer. And finally, if 1-800 insurance companies are such a big problem, why don’t the reputable companies band together to educate the consumer with a nationwide advertising campaign? Until accountability is addressed on both sides nothing will change. I welcome comments to this and my other blogs at http://www.PhotoAssetArchival.com.