Forum Replies Created
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AuthorPosts
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Raybyrnes
ParticipantMajor Insurance companies such as Farmers Insurance stopped insuring homes with shake shingle roofing as far back as 7 years ago. I am not certain if they non renewed policies that were already covered.
Participantbsrsharma
The insurance premiums have already been paid with premiums collected and the stock market has been fantastic over the last 4 years so the insurance companies have done extremely well investing those premiums. They will continue to write policies as long as the Reinsurance markets continue to help mitigatte exposure to catastrophic loss.
The place to look for this is who is reinsuring the insurance companies. I would suggest that a Bershire Hathaway can easily eat this loss and go on writing policies. Insurance represents a very small amount in a housing transactions. Right now a Homewowners policy might run $1000 a year. Even if it doubled I would say it would be insignificant in terms of a buy decsion.
Participantbsrsharma
The insurance premiums have already been paid with premiums collected and the stock market has been fantastic over the last 4 years so the insurance companies have done extremely well investing those premiums. They will continue to write policies as long as the Reinsurance markets continue to help mitigatte exposure to catastrophic loss.
The place to look for this is who is reinsuring the insurance companies. I would suggest that a Bershire Hathaway can easily eat this loss and go on writing policies. Insurance represents a very small amount in a housing transactions. Right now a Homewowners policy might run $1000 a year. Even if it doubled I would say it would be insignificant in terms of a buy decsion.
Participantbsrsharma
The insurance premiums have already been paid with premiums collected and the stock market has been fantastic over the last 4 years so the insurance companies have done extremely well investing those premiums. They will continue to write policies as long as the Reinsurance markets continue to help mitigatte exposure to catastrophic loss.
The place to look for this is who is reinsuring the insurance companies. I would suggest that a Bershire Hathaway can easily eat this loss and go on writing policies. Insurance represents a very small amount in a housing transactions. Right now a Homewowners policy might run $1000 a year. Even if it doubled I would say it would be insignificant in terms of a buy decsion.
ParticipantYou are totally off on your assumptions about the insurance industry. The primary job of an adjuster is to close to file. They do not want to spend hours hemming and hawing over minor bullshit. Show them a reciept and they are going to pay. Use reasonable estimates and they are going to pay.
Start claiming that as a landscaper you have 10 Armani suits in your closet and they are going to red flag and say show me some reciepts or credit cards. The same criteria holds true for your taxes. You want want the write off, go ahead and take it. We ask for recipts, you better have them or yuo face penalties.The problesm that many older folks will run into is that they have old policies that do not have an inflation adjustment on them. This means that they become underinsured over time. It also means that they were not paying sufficient premiums for the coverage in this type of incident.
I would argue that this is one of the very reasons I choose to buy everything on credit card. I have a paper trail for all of my purchases. Additionally a digital camera or a camcorder is can be used to take pictures of your place. It take s less than an hour to do this and you can put this on a memory chip and hand it to your agent. Again insurance companies just want to keep the file moving forward.
ParticipantYou are totally off on your assumptions about the insurance industry. The primary job of an adjuster is to close to file. They do not want to spend hours hemming and hawing over minor bullshit. Show them a reciept and they are going to pay. Use reasonable estimates and they are going to pay.
Start claiming that as a landscaper you have 10 Armani suits in your closet and they are going to red flag and say show me some reciepts or credit cards. The same criteria holds true for your taxes. You want want the write off, go ahead and take it. We ask for recipts, you better have them or yuo face penalties.The problesm that many older folks will run into is that they have old policies that do not have an inflation adjustment on them. This means that they become underinsured over time. It also means that they were not paying sufficient premiums for the coverage in this type of incident.
I would argue that this is one of the very reasons I choose to buy everything on credit card. I have a paper trail for all of my purchases. Additionally a digital camera or a camcorder is can be used to take pictures of your place. It take s less than an hour to do this and you can put this on a memory chip and hand it to your agent. Again insurance companies just want to keep the file moving forward.
ParticipantYou are totally off on your assumptions about the insurance industry. The primary job of an adjuster is to close to file. They do not want to spend hours hemming and hawing over minor bullshit. Show them a reciept and they are going to pay. Use reasonable estimates and they are going to pay.
Start claiming that as a landscaper you have 10 Armani suits in your closet and they are going to red flag and say show me some reciepts or credit cards. The same criteria holds true for your taxes. You want want the write off, go ahead and take it. We ask for recipts, you better have them or yuo face penalties.The problesm that many older folks will run into is that they have old policies that do not have an inflation adjustment on them. This means that they become underinsured over time. It also means that they were not paying sufficient premiums for the coverage in this type of incident.
I would argue that this is one of the very reasons I choose to buy everything on credit card. I have a paper trail for all of my purchases. Additionally a digital camera or a camcorder is can be used to take pictures of your place. It take s less than an hour to do this and you can put this on a memory chip and hand it to your agent. Again insurance companies just want to keep the file moving forward.
ParticipantMatt,
I see sales of washing machines, refrigerators, furniture, etc coming into play. Figure 50K a house times 2000 homes and you are talkig about 100 million in sales. Can’t see how this is not going to stimulate the economy in the short run.
ParticipantMatt,
I see sales of washing machines, refrigerators, furniture, etc coming into play. Figure 50K a house times 2000 homes and you are talkig about 100 million in sales. Can’t see how this is not going to stimulate the economy in the short run.
ParticipantMatt,
I see sales of washing machines, refrigerators, furniture, etc coming into play. Figure 50K a house times 2000 homes and you are talkig about 100 million in sales. Can’t see how this is not going to stimulate the economy in the short run.
Participantesmith,
I am really missing the point that people do not want an empty lot in RB. I think the fact that there are a lot of people buying in del Sur is evidence that people want a new home of their own. The fact is that there were not too many options for good empty lots to build on in RB.
Additionally I think people are way overestimating the build out costs that insurers are going to pay out for properties. I would venture to say that when they calculate the insurance premium for rebuilding they are using 100$ to 150$ per square foot maximum.
The replace cost provision is really geared towards the contents of the property. For the added premium the Insurer will replace your 40 inch 1980 TV with a 40 inch 2007 TV as opposed to acv that would essentially take the 40 inch TV and dpreciate essentially leaving you wiht nothing.
The 150% vs 100% is a rider to your policy that essentially allows the rebuild to account for added costs such as new building codes for earthquake, electrical etc.
Just because you put new florros in the house or that you added Granite to the kitchen doesn’t mean you are going to be compensated for this. Especially if you had not discussed these renovation with your agent so that he could update the policy and charge a HIGHER premium for this added risk that they take on.
With respect to the empty lot, people are going to have to check their policies, but most of the time it begins with “Debris Removal.” A good insurance agent writing policies for a reputable company would make sure that this is included in your policy. Many of the more reputable compnaies will ahve pre-negotiated rates and direct billing wiht companies that speacialize in this area.
I have spoken to a few home owners effected by the fire and when asked if they would rent for a while the consensus seemed to be that they could never see themselves going abck to being renters. Was funny to hear, but was a reality check that people like to call themselves owners even when it is the bank that owns the home.
That being said I can only see this fire propping up the housing market. Many people who had considered moving up will see this as a reason to buy what they want or redo the house the way they want.
My question for the board is will these people who rebuild get to use their original tax base when their homes are reappraised? If they do, many people with older homes may make out on this. Sort of like getting a brand new car but having to pay the older licensing fee.
Participantesmith,
I am really missing the point that people do not want an empty lot in RB. I think the fact that there are a lot of people buying in del Sur is evidence that people want a new home of their own. The fact is that there were not too many options for good empty lots to build on in RB.
Additionally I think people are way overestimating the build out costs that insurers are going to pay out for properties. I would venture to say that when they calculate the insurance premium for rebuilding they are using 100$ to 150$ per square foot maximum.
The replace cost provision is really geared towards the contents of the property. For the added premium the Insurer will replace your 40 inch 1980 TV with a 40 inch 2007 TV as opposed to acv that would essentially take the 40 inch TV and dpreciate essentially leaving you wiht nothing.
The 150% vs 100% is a rider to your policy that essentially allows the rebuild to account for added costs such as new building codes for earthquake, electrical etc.
Just because you put new florros in the house or that you added Granite to the kitchen doesn’t mean you are going to be compensated for this. Especially if you had not discussed these renovation with your agent so that he could update the policy and charge a HIGHER premium for this added risk that they take on.
With respect to the empty lot, people are going to have to check their policies, but most of the time it begins with “Debris Removal.” A good insurance agent writing policies for a reputable company would make sure that this is included in your policy. Many of the more reputable compnaies will ahve pre-negotiated rates and direct billing wiht companies that speacialize in this area.
I have spoken to a few home owners effected by the fire and when asked if they would rent for a while the consensus seemed to be that they could never see themselves going abck to being renters. Was funny to hear, but was a reality check that people like to call themselves owners even when it is the bank that owns the home.
That being said I can only see this fire propping up the housing market. Many people who had considered moving up will see this as a reason to buy what they want or redo the house the way they want.
My question for the board is will these people who rebuild get to use their original tax base when their homes are reappraised? If they do, many people with older homes may make out on this. Sort of like getting a brand new car but having to pay the older licensing fee.
Participantesmith,
I am really missing the point that people do not want an empty lot in RB. I think the fact that there are a lot of people buying in del Sur is evidence that people want a new home of their own. The fact is that there were not too many options for good empty lots to build on in RB.
Additionally I think people are way overestimating the build out costs that insurers are going to pay out for properties. I would venture to say that when they calculate the insurance premium for rebuilding they are using 100$ to 150$ per square foot maximum.
The replace cost provision is really geared towards the contents of the property. For the added premium the Insurer will replace your 40 inch 1980 TV with a 40 inch 2007 TV as opposed to acv that would essentially take the 40 inch TV and dpreciate essentially leaving you wiht nothing.
The 150% vs 100% is a rider to your policy that essentially allows the rebuild to account for added costs such as new building codes for earthquake, electrical etc.
Just because you put new florros in the house or that you added Granite to the kitchen doesn’t mean you are going to be compensated for this. Especially if you had not discussed these renovation with your agent so that he could update the policy and charge a HIGHER premium for this added risk that they take on.
With respect to the empty lot, people are going to have to check their policies, but most of the time it begins with “Debris Removal.” A good insurance agent writing policies for a reputable company would make sure that this is included in your policy. Many of the more reputable compnaies will ahve pre-negotiated rates and direct billing wiht companies that speacialize in this area.
I have spoken to a few home owners effected by the fire and when asked if they would rent for a while the consensus seemed to be that they could never see themselves going abck to being renters. Was funny to hear, but was a reality check that people like to call themselves owners even when it is the bank that owns the home.
That being said I can only see this fire propping up the housing market. Many people who had considered moving up will see this as a reason to buy what they want or redo the house the way they want.
My question for the board is will these people who rebuild get to use their original tax base when their homes are reappraised? If they do, many people with older homes may make out on this. Sort of like getting a brand new car but having to pay the older licensing fee.
ParticipantI believe this is outlines in the “Loss of Use” section of your policy.
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