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CarlsbadMtnBiker
ParticipantNice Raybyrnes. That is great info and advice. Can you post your source and/or a web link for those interested.
This is a must do, even if only to stash it in a FDIC insured money market accout paying 5%. Thx.
ParticipantI agree with Drew. There were many high value homes lost in that area and those high net worth families may elect to simply repurchase elsewhere (but remain local) with the actual cash value settlement of their insurance policy. This may be less stressful than going through a lengthy rebuild effort.
I expected this sort of micro economics after this fire. I beleive rents have already spiked locally.
I also think many agree that this sector of the market has been less affected by the housing downturn as well.
ParticipantI agree with Drew. There were many high value homes lost in that area and those high net worth families may elect to simply repurchase elsewhere (but remain local) with the actual cash value settlement of their insurance policy. This may be less stressful than going through a lengthy rebuild effort.
I expected this sort of micro economics after this fire. I beleive rents have already spiked locally.
I also think many agree that this sector of the market has been less affected by the housing downturn as well.
ParticipantI agree with Drew. There were many high value homes lost in that area and those high net worth families may elect to simply repurchase elsewhere (but remain local) with the actual cash value settlement of their insurance policy. This may be less stressful than going through a lengthy rebuild effort.
I expected this sort of micro economics after this fire. I beleive rents have already spiked locally.
I also think many agree that this sector of the market has been less affected by the housing downturn as well.
ParticipantSome 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.
http://www.time.com/time/nation/article/0,8599,1675261,00.html?xid=feed-cnn-nation
Stay safe out there.
-CMB
ParticipantSome 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.
http://www.time.com/time/nation/article/0,8599,1675261,00.html?xid=feed-cnn-nation
Stay safe out there.
-CMB
ParticipantSome 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.
http://www.time.com/time/nation/article/0,8599,1675261,00.html?xid=feed-cnn-nation
Stay safe out there.
-CMB
ParticipantA lower cost alternative to purchasing a HEPA type stand alone filter would be to replace your cold air return filters on your homes HVAC system. Most of the stand alone HEPA (plug in appliance type) filters are ineffective for rooms or livable space exceeding 200 sq. ft.
I would recommend the filter under the trade name “Filtrete” manufactured by 3M with a performance rating of least 1250. Forget any of the fiberglass ones, they are worthless. Home Depot in Encinitas has them in stock as of yesterday for about $16 – $20 depending on the size and rating.
You can then run just the fan or AC to circulate the air within your home after you shut all windows and doors.
Stay safe out there.
-CMB
ParticipantA lower cost alternative to purchasing a HEPA type stand alone filter would be to replace your cold air return filters on your homes HVAC system. Most of the stand alone HEPA (plug in appliance type) filters are ineffective for rooms or livable space exceeding 200 sq. ft.
I would recommend the filter under the trade name “Filtrete” manufactured by 3M with a performance rating of least 1250. Forget any of the fiberglass ones, they are worthless. Home Depot in Encinitas has them in stock as of yesterday for about $16 – $20 depending on the size and rating.
You can then run just the fan or AC to circulate the air within your home after you shut all windows and doors.
Stay safe out there.
-CMB
ParticipantA lower cost alternative to purchasing a HEPA type stand alone filter would be to replace your cold air return filters on your homes HVAC system. Most of the stand alone HEPA (plug in appliance type) filters are ineffective for rooms or livable space exceeding 200 sq. ft.
I would recommend the filter under the trade name “Filtrete” manufactured by 3M with a performance rating of least 1250. Forget any of the fiberglass ones, they are worthless. Home Depot in Encinitas has them in stock as of yesterday for about $16 – $20 depending on the size and rating.
You can then run just the fan or AC to circulate the air within your home after you shut all windows and doors.
Stay safe out there.
-CMB
Participantbubblehead,
I am not in the insurance industry. You need to remember the original intent of my posts, which was to provide factual and useful information to those who may need it.
You decided to piggy back my original post on Insurance Company Info. with your anti-insurance company crusade, largely based on personal opinion and an article written by cut and paste authors with years of bad press at their finger tips.
There will always be a few mishandled claims, hopefully much less than 2003. However, this disaster remains very positive so far with the resources we have received from all over the country. I have lived in San Diego all my life and I am proud to see the efforts put out to make us an example of how things can be done right compared to the lessons learned from Katrina.
Most of the insurance representatives (some of which were evacuated or lost homes themselves) are truly good intentioned and will do the right thing. Give it a chance. Nobody needs your negative bulls*** I ask you, what value does it truly add to the readers here? Are you marketing for public adjusters who will run with 15% of their claim dollars? (real estate agents will do twice the work to sell the house for 3%)
Compare our posts. Which is more factually based? Skip the hype and go back to housing bubble commentary…
Done.
Participantbubblehead,
I am not in the insurance industry. You need to remember the original intent of my posts, which was to provide factual and useful information to those who may need it.
You decided to piggy back my original post on Insurance Company Info. with your anti-insurance company crusade, largely based on personal opinion and an article written by cut and paste authors with years of bad press at their finger tips.
There will always be a few mishandled claims, hopefully much less than 2003. However, this disaster remains very positive so far with the resources we have received from all over the country. I have lived in San Diego all my life and I am proud to see the efforts put out to make us an example of how things can be done right compared to the lessons learned from Katrina.
Most of the insurance representatives (some of which were evacuated or lost homes themselves) are truly good intentioned and will do the right thing. Give it a chance. Nobody needs your negative bulls*** I ask you, what value does it truly add to the readers here? Are you marketing for public adjusters who will run with 15% of their claim dollars? (real estate agents will do twice the work to sell the house for 3%)
Compare our posts. Which is more factually based? Skip the hype and go back to housing bubble commentary…
Done.
Participantbubblehead,
I am not in the insurance industry. You need to remember the original intent of my posts, which was to provide factual and useful information to those who may need it.
You decided to piggy back my original post on Insurance Company Info. with your anti-insurance company crusade, largely based on personal opinion and an article written by cut and paste authors with years of bad press at their finger tips.
There will always be a few mishandled claims, hopefully much less than 2003. However, this disaster remains very positive so far with the resources we have received from all over the country. I have lived in San Diego all my life and I am proud to see the efforts put out to make us an example of how things can be done right compared to the lessons learned from Katrina.
Most of the insurance representatives (some of which were evacuated or lost homes themselves) are truly good intentioned and will do the right thing. Give it a chance. Nobody needs your negative bulls*** I ask you, what value does it truly add to the readers here? Are you marketing for public adjusters who will run with 15% of their claim dollars? (real estate agents will do twice the work to sell the house for 3%)
Compare our posts. Which is more factually based? Skip the hype and go back to housing bubble commentary…
Done.
ParticipantRaybyrnes … I agree with you 100%. Thanks for providing balance to this.
Bubbleguy, you are clueless here and stirring the pot with much too much pessimism as usual. Your link provided insight to the worst side of the insurance industry that any major industry has on the record, if you spend the time to research in order to provide a biased report. By and large, as the CA DOI Commissioner Steve Poizner stated himself, only 10-15% of the carriers have negative trends in their claims practices worthy of his office looking into.
A least a part of the problem in 2003 (Cedar Fire in San Diego) rested on the dramatic increase in construction costs and the consumer for not questioning coverage levels for fear of having to pay additional premium.
On your comments regarding underwriting, the actual score driven database is C.L.U.E.® (Comprehensive Loss Underwriting Exchange) report (yes, this is owned by choicepoint) and this remains but only one aspect of risk evaluation and not always entirely accurate. It would be difficult to find anyone that was non-renewed for a single wildfire loss event.
Additionally, carriers cannot simply raise rates without first going through a lengthy rate increase filing with the CA DOI that is scrutinized at many levels.
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