Saturday, 18 May 2013

7 Thing's Home Insurers Won't Say

                       There are few things that your home insurance company don't want you to know. Here are
few of them -

1) Things Which Are Out Of Ordinary :-
                          If your home is near by earthquake, flooding prone area  everyone knows that insurance company will persistently ignore you. Where as some of the insurers use illegal underwriting guidelines -  the industry term for discriminate against certain groups or locations.

2)  One Step Against Us And You Are Gone :-
                          Now a days insurance companies are even more selective about whom they will insure and whom they won't. If you file a single claim and get tossed out, and once you have been dropped, there wont be many insurance company that want to touch you.  

3) How Much You Are Entitled To :-
                         If your policy includes replacement cost, then you are entitled to complete replacement of damaged property. But insurance companies may try to find a a middle solution and will try to fix it back in the condition it was before the loss instead of replacing it.

4) We Are Secretive :-
                         Try it out when ever you are going to ask your insures about how many claims it would take for the company to drop you or take you as a risk. And chances are you won't get much of answer. 

5) Are You Over Insured :-
                         When it comes to home insurance you don't want to be under insured. But could you be actually be over-insured?  It happens many times, and when it does happen its mostly the mortgage lender's fault.

6) We Play Favoritism :-
                          Any authorized agent is a good agent that's what insurance companies will tell you. But in reality they play favorites, by giving preferential treatment to those who brings the most business. 

7) We Preffer New Homes :-
                         If you wanted to buy a beautiful home build in the 1960s, with original state roofs and fluted ceilings that look like they are right out of Architectural Digest. It sound lovely, but when you will try getting insurance they are going to avoid you because of mature homes, even when they are only 30 or 40 years old.

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