Quote:
Originally Posted by Jezer
The POTD is;
Cost of insurance policies.
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Don't get me started! I paid my homeowner's insurance premium this week and it just about killed me. I'm still dealing with paying medical bills not covered by my insurer, and this month had to also pay car and homeowner's insurance. Good grief!
The insurance company calculated the replacement value of my home at more than 5 times the amount it would actually cost to rebuild if it were a total loss. They told me the reason is because my old house has plaster walls and ceilings and the cost to build a new house with plaster would be extremely expensive. In actuality, my house is a small, 2-bedroom frame that will be 100 years old in 2015. It's kind of a crappy little house, though it has a certain they-don't-make-'em-like-they-used-to charm. The insurer values it at more than my sister's house, which is twice the size and in a fancy schmancy gated community.
The insurer also calculated the replacement value of my "out building" at almost $30K. IT'S A 6 X 8' WOOD TOOL SHED!
The insurer says any out building, regardless of its size or style, is valued at 10% of the house value. Same thing with contents. I own nothing of great value, yet the insurance value of the contents is estimated at 30% of the value of the house value. How stupid it that? With a couple of phone calls and begging, I got them to lower my premium a little.
I've gotten estimates from two other insurers and, believe it or not, the price I'm getting from my current insurer is quite a bit lower than the others. Go figure. No wonder some people try to get away with torching their own houses for the insurance money.
Ha - I'll stop ranting now!
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