Posted by oldtanker on June 30, 2014 at 22:53:03 from (66.228.255.183):
In Reply to: roofs (kind of long) posted by Mtractor on June 30, 2014 at 20:44:48:
Quoting Removed, click Modern View to see
Insurance is supposed to put you back to where you were before a loss. That means that if you install a steel roof and that sets your homes value at 100,000, and hail damage drops that to 90K you have a loss and the insurance company has the duty to put you back where you were before the loss. In other words they fix your roof minus the deductible.
You talked to your "insurance guy"? Who? The guy you bought the insurance from? That isn't who you should be talking to. An agent in most states may have none to about 6 weeks worth of training. That's because all they really have to know is the different policies and what to sell to whom. An adjuster on the other hand has to know the policies plus exclusions, coverage's, applicable law for the state, how to do an inspection, how to do an estimate, how to spot fraud and a lot of other things to do the job right. Now here is the catch. A guy can go to work as an adjuster with no training in some states. As long as they are an employee of the insurance company they are covered by the companies license to adjust. I insure through an national agency. My agent is an idiot. I know far more about insurance than he does. But my insurance is golden. I never contact him when I have a problem. I call the 800 number on my policy to get the ball rolling.
Everyone should remember that each state has it's own laws. Each company has to follow or exceed those laws to sell insurance in your state.
If you don't understand the legal speak in your policy you need to talk to your agent or a representative of you company.
Please, read your policies! Know what's covered and what isn't. For example. My homeowners policy covers my boat, as long as a loss doesn't occur on my property in accordance to state law. If I want coverage on my property then I have to have a separate policy just on the boat (I do). Same with my snowmobile and golf cart (poor mans ATV). Cost me about 8 bucks a month per to have full coverage on each. To me it's worth knowing that should something happen I'm covered, even if it's my fault. For you guys with a lot of guns/high value guns. Your homeowners is only going to cover a certain dollar limit. If the value exceeds that you need to have a rider covering the excess value. Same with your wife's jewelry. There is a limit to what the homeowners policy covers. READ YOUR POLICY! RCV. Replacement cost value. You have a kitchen fire. You don't have RCV on your homeowners. An adjuster is going to give you market value to replace the stove and fridge or maybe even have it painted if it isn't too bad (tornado or hurricane too). So if the value of your stove is 50 bucks that's what you get, minus deductible. With RCV they are going to pay you to buy new ones of they same type/size, minus deductible. Cost a buck or 2 a month. Remember, it's only after a loss that you are going to cry if you went the cheap route.
Guys you can buy a cut rate car or truck. You can buy a cut rate tractor. But if you buy cut rate insurance you are asking for trouble.
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