Some very good points by Raybyrnes on the fraud issue.
Difficult to gauge but some experts say up to 15-20% of P&C indemnity dollars paid, are on straight fraud or the more common “padded” type claims (legitimate loss but inflated by fraud.) Of course, we all pay for this, as it is built into the actuarial calculations.
I am sorry to hear of your property loss on the Brazil trip Raybyrnes. Most would have simply claimed theft to get the coverage but you obviously have more integrity than that. I plan on going to Chile on a snowboarding trip next summer, so this is a valuable tip for me. I’ll have to make sure I get good travel insurance if available.
Do not under estimate the value of insurance. The general rule of thumb is that it should coverall all major tangible assets and your liability coverage should be equal or greater than your overall personal net worth.
I did not want this thread to become a debate about how good or bad insurance companies are, but wanted this to remain focused on general tips for those that are now dealing with their insurance companies for maybe the first time in their lives. I was hoping for more relevant and useful info, especially from the industry insiders.
Our fellow San Diegans who have lost everything need to make careful choices and know all the benefits they have coming to them. I think that insurance companies are more likely to overlook benefits not claimed but available and due to their customers, than to “systematically” reduce their payouts.
Here is a relevant article published in TIME “this week,” since we are still in cut and paste mode.
