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"Insurance Time Bomb!" - California Wildfires Push Homeowners To The Brink Of Losing EVERYTHING
acceptance
Well-known member
Kind of reminds me of Lahaina. Who knows what's going on.
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VonBonfire
Well-known member
acceptance
Well-known member
The part that caught my ear in the interview was them saying that the insurance companies pulled out just recently. It is very valuable land, like Lahaina.Lahaina=directed energy
Los Angeles=directed incompetency
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VonBonfire
Well-known member
Yes very convenient timing. One or two big elite corps offer the burnt out residents an offer they can't really refuse since they are no longer insured and CA red tape and bureaucracy will be a giant stone in their pathway to rebuilding. You might as well call them Austinites.The part that caught my ear in the interview was them saying that the insurance companies pulled out just recently. It is very valuable land, like Lahaina.
JohnnyGtar
Well-known member
Erock
Well-known member
70 Mach 1
Well-known member
I been an agent almost 40 yrs.
It's a total shit show.
The remaining 49 states will get massive increases to reimburse the companies losses in LA
It's a total shit show.
The remaining 49 states will get massive increases to reimburse the companies losses in LA
Monkey Man
Super Moderator
Yup; that's how it works.
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VonBonfire
Well-known member
I quit carrying insurance in '13 cause I thought it was enough of a ripoff back then.
Matt300ZXT
Well-known member
Bro, you're gonna have to change your user name. It's a bit insensitive in light of recent events *wags finger*
70 Mach 1
Well-known member
Ok
its your choice.
i have no idea what your home or property is worth.
other factors to consider
do you have enough in savings to find temporary living for say 6 months or bring in a trailer and hook up utilities.
enough saved for debris removal, deposits for contractors, permits, architects, upgrading to code.
suppose you have a fire and the smoke damages your neighbor's house or vice versa
at any rate you should have personal liability insurance.
if someone gets hurt on your property it will cost you thousands just to get an attorney to answer the summons
Its not that all expensive. Probably cost you $750 for $1 mill coverage
I have a client with a 27 family rat trap apartment house in Brooklyn. Fire insurance alone went from $15k to $50K
he cant afford it. doing without for 2 yrs now. in this case its his own fucking fault for not up keeping the building.
no one wants it
billsbigego
Well-known member
Insurance= Huge Scam
But I do have house insurance. When selecting a company/agent/policy, I ask them for an itemized list of what is "NOT" covered.
But I do have house insurance. When selecting a company/agent/policy, I ask them for an itemized list of what is "NOT" covered.
acceptance
Well-known member
Is personal liability the same as "Umbrella"?
70 Mach 1
Well-known member
noooooo. not by itself
personal liability is the first layer. umbrella is the second
the first layer would have to be completely exhausted b4 the umbrella kicks in
they normally mirror each other with some slight oddball exceptions. so if the first layer covers it the umbrella will
Floyd Eye
Well-known member
Guess how much my flood insurance paid for me to find a place for my family and me to live for 6 months while I rebuilt ? Zero. They didn’t pay the total cost for the rebuild either. I had to take out a 40k loan to cover it. And dude, that was with me doing all the work.
So guess what the first thing I’m doing when that note is paid is ? Canceling my flood insurance. Or at least lowering the coverage. They make me insure it for the full amount of the mortgage even though A) it’s not a valued policy and they will never pay that amount or even close and B) my house will be paid off in less than a year.
Thumbpicker
Well-known member
That makes me so angry I'd think about a lawyer. If insurance doesn't pay out it's basically theft or fraud on their part for taking your premiums.
70 Mach 1
Well-known member
Flood insurance is a gimmick to satisfy banks/mortgagees. I hate FEMA and i hate selling that bullshit
in your case, no. they don't pay addl living expenses or anything remotely close.
as a matter of fact they're only about 12 things they do pay for
did you know they only pay for sheetrock up to the water level. No taping ,spackling or paint in included.
who the fuck needs them for that
no contents coverage below grade. I had a client put a hit out on me over that.
his front entrance went down 1 inch. it wasn't even close to being a step
they sent an engineer out to measure with those tripod things the surveyors use
they considered him below grade and paid nothing
had another case. brand new washer and dryer in the basement still in the boxes. Client was waiting for the installation guys to come.
they wouldn't pay for it b/c it wasn't hooked up or attached to the building yet.
only thing FEMA is good for is pumping out, boilers and water heaters. that they will pay for less your deductible lol
Floyd Eye
Well-known member
I absolutely did know that. Not only did they only pay for the bottom 1' of drywall, they wouldn't pay for the subfloor or floor joists. I took out a 40k loan and gutted the house. Interior load bearing stud walls were held up by bottle jacks while I replaced the floor joists and subfloor. Everything was replaced. Every pipe, every piece of wire, main and sub panels. Every piece of drywall, insulation. My plumbing system from the septic tank in, literally everything. I was a carpenter/contractor for 25 years so my wife and I did all the work. Stayed in a friend's house up near the city. Every night after work and every weekend we spent working on the house. Moved back in 6 months to the day after the flood. The same month the house flooded my best friend and another laborer were shot to death in N. St. Louis on a job I would have been at except I was out on bereavement because my little brother had just died of a drug overdose. 2 weeks later my daughter gave birth to a baby girl who lived 36 hours and then died. It was a really fucked up 6 weeks.
Back on point, we had no contents coverage because even though the house never flooded before and was built in 1956 my premiums were higher than my homeowners insurance premiums ( and still are). So we got totally fucked. Now we have 160k worth of contents coverage so we figure we're as safe as we can be for the moment. In a few months when the note is paid off we'll drop the coverage for the house back down to something more reasonable. And you're right, flood insurance is absolutely a scam. Unfortunately my back yard ends at a river and I am in what is called a "Special flood way". I would have moved out after the flood but the problem is I would still have to pay for it whether I lived in it or not. And at 50 ( at the time) years old I wasn't looking to have a mortgage for the next 15 years.
Floyd Eye
Well-known member
It gets worse. We actually waited a month to start rebuilding because the insurance company is supposed to pay 66% of the cost of raising the house out of the "Flood way". After a month they told us they wouldn't. They would only pay like 10% because the county levels were more than theirs. Which would have cost me about 50k out of pocket just to have the house raised. Turns out they were lying, but we didn't have anything from them in writing and by the time we figured it out I had the house rebuilt. Mother fuckers.