Insurance

[Atfulldraw]

What’s a PA charge these days? I never met one worth 10pxt in 15 years of adjusting claims but folks loved to tell you they had a PA. That said I wouldn’t work claims anymore. If I catch NE Tx out of crappie I might do the same! Make 5x as much for doing the same thing sounds good.

nice to meetcha!

still just 10 percent

this is just my latest one from this morning.

my client is more than happy, especially since the carrier number was less than $10k on a hurricane claim.

the interest alone will just about pay for the appraiser and the PA

[Atfulldraw]

So what’s the breaking point with all of this? Skyrocketing auto insurance rates, home insurance rates, property tax (just to scratch the surface), and stagnant wages making life very unaffordable for a lot of people.

It’s easy to say “just self insure” but that’s not realistic for the vast majority of the population. Is it going to take mass loan defaults or something of the like? There has to be a breaking point. I’m seeing articles that insurance is costing more than mortgages in some cases.

I also loathe escrow accounts as they tend to “hide” the cost of insurance and property tax from people’s eyes. I wish everybody would required to cut a check for these every year so they’d understand how much it actually costs and create more push back. But that’s a whole different topic.

the real problem is that the ones that can self insure are usually the ones with the larger premiums and they do a lot more subsidizing of the pool than most people realize.

you lose 3-5 percent of the insured homes and the whole system looks badly different from the way it is presently.

we are moving in that direction and already self-insuring some of our properties, especially for flood.

dropped the last flood insurance policy this month, and we have three homes on the water in flood zones.

[CoolHandLuke]

the real problem is that the ones that can self insure are usually the ones with the larger premiums and they do a lot more subsidizing of the pool than most people realize.

you lose 3-5 percent of the insured homes and the whole system looks badly different from the way it is presently.

we are moving in that direction and already self-insuring some of our properties, especially for flood.

dropped the last flood insurance policy this month, and we have three homes on the water in flood zones.

This is spot on! My large commercial clients with high value real estate properties are self insuring for wind. They understand the need for hazard but with 5% deductibles on wind. Some would be half a million in before they saw a dollar to replace a roof they would cost half of that. I just give them the options.

[Slew]

nice to meetcha!

still just 10 percent

this is just my latest one from this morning.

my client is more than happy, especially since the carrier number was less than $10k on a hurricane claim.

the interest alone will just about pay for the appraiser and the PA

Lmao!! They left a lot on the table. I had a ladder in the back of my truck same as you when you did claims for Allstate. Glad your getting use from your law degree! Work the bill not the claim was some of the best advice I remember getting in 99. If I was gonna get back in that game I would go the same route! Why make a 1/5 of what you can make doing the same thing. A competent contractor can do the same for free. Getting into some commercial stuff I can see a PA being useful. I told a guy not long ago to call one cause his contractor wrote a $200k estimate on a sheet of paper while the adjusters was 30 pages long. He finally met with the adjuster and they worked it out. Saved him $20k.

If I was a PA I would bash insurance companies as well though. Same as attorneys!! Carry on!!

[Huntingfool]

You know what folks? Insurance companies (like any other company) exist to make a profit - to think they are there for "the good of the people" is being unrealistic. Yes they are huge corporations and can make alot of money. But in today's world they are getting hammered by unprecedented claims from hail, to fire, to hurricanes, to tornadoes ect. Like any other business if they are loosing money they make adjustments. I saw this go on in the health insurance industry where many companies simply quit offering policies because they were getting killed with claims. Insurance companies can certainly be bad but overall the real issue is what is discussed in the article below - what if you have NO insurance coverage options??

California's home insurance crisis: What went wrong, how it can be fixed and what owners can do (yahoo.com)

[toledo]

You people talking self insuring, where are yall finding liability coverage without property coverage?

Some of my rentals hold their full value in land. If the house burned, Id lose nothing. But, im not giving up liability coverage.

[flywise]

You people talking self insuring, where are yall finding liability coverage without property coverage?

Some of my rentals hold their full value in land. If the house burned, Id lose nothing. But, im not giving up liability coverage.

Any agent should be able to get you a few million in liability and pretty cheap. Since you already have a policy just cancel the property coverage

[toledo]

Any agent should be able to get you a few million in liability and pretty cheap. Since you already have a policy just cancel the property coverage

im currently with USAA and Travelers and they both said no. Ive been a part of this conversation on multiple forums and so far I haven't found one person that has named a company that they've used.

[Atfulldraw]

You people talking self insuring, where are yall finding liability coverage without property coverage?

Some of my rentals hold their full value in land. If the house burned, Id lose nothing. But, im not giving up liability coverage.

It's available everywhere - I just need 300k in coverage to get to my first 'floor' for our umbrella coverages to kick in.

[toledo]

It's available everywhere - I just need 300k in coverage to get to my first 'floor' for our umbrella coverages to kick in.

Who are you using?

[Atfulldraw]

Who are you using?

Westchester surplus for the Florida houses