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  #11  
Old 07-27-2010, 10:08 PM
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Hoosier Bob Hoosier Bob is offline
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How does any insurance company make money? By not paying claims! God forbid it is by assessing risk, pricing and customers accordingly. My point was regardless of verbiage fight until paid. Let them **** someone else.
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Originally Posted by JimN View Post
They avoid claims because they often have shareholders and those people like dividends. OTOH, EVERYONE'S insurance went up in the late '80s because of the bad investments by the insurance industry. I suspect that's why most of the insurance companies around here have big, new headquarters.

Last time I talked with a friend about insurance and what a scam it is, I walked outside of the club to find that my car had been stolen. Insurance is the policyholder betting that they will have an incident and the insurer betting that the insured won't. For a fee. The rub is that the insurer can deny claims, even though they risk losing my business, I have never filed a claim with this company and I have several policies. What I have paid in premiums is far more than this claim will cost, if they pay it.

Last edited by Hoosier Bob; 07-27-2010 at 10:10 PM.
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  #12  
Old 07-27-2010, 10:15 PM
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Originally Posted by Hoosier Bob View Post
How does any insurance company make money? Bu not paying claims! God forbid it is by assessing risk and customers accordingly. My point was regardless of verbiage fight until paid. Let them **** someone else.
Fortunately, I have a customer whose family has several big-time lawyers. There are several potential targets for my suit, if needed. My agent, whom I have known for over 30 years, the agency, the company, Milwaukee County (two lawyers are exploring whether a lawsuit has merit, since they were flooded twice last week and also the week before, because of the pisss-poor sewerage district we have). Not only do I have material loss (it's not a lot of valuable things, but still,...), the drywall was damaged and now has mold growth and will require materials & labor to replace/paint and because the area was flooded due to the negligence of Milwaukee County WRT their dam, my property value will drop. I hate the thought of going through a lawsuit but I'm not gonna let them screw me, either. Fortunately, I can claim up to $500 for food that was damaged by a power outage and you can be that I will.
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  #13  
Old 07-27-2010, 10:19 PM
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Hoosier Bob Hoosier Bob is offline
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Nice! The Insurance company's lack of quick and appropraite response compounded the damages! I like the way you work Jimmy!
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Fortunately, I have a customer whose family has several big-time lawyers. There are several potential targets for my suit, if needed. My agent, whom I have known for over 30 years, the agency, the company, Milwaukee County (two lawyers are exploring whether a lawsuit has merit, since they were flooded twice last week and also the week before, because of the pisss-poor sewerage district we have). Not only do I have material loss (it's not a lot of valuable things, but still,...), the drywall was damaged and now has mold growth and will require materials & labor to replace/paint and because the area was flooded due to the negligence of Milwaukee County WRT their dam, my property value will drop.
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  #14  
Old 07-27-2010, 10:28 PM
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Originally Posted by Hoosier Bob View Post
Nice! The Insurance company's lack of quick and appropraite response compounded the damages! I like the way you work Jimmy!
Actually, the power went out twice- Thursday night in the first storm and Friday night, at about 1:30AM, during another night of constant rain. How they expect my sump pump to keep up with that, especially WHEN IT'S NOT GETTING ANY POWER, is beyond me. Also, my insurance covers damage from sump overflow even if the pump itself fails.

As the Tom Waits song says, "The large print giveth and the small print taketh away".
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  #15  
Old 07-27-2010, 10:55 PM
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ttu ttu is offline
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Originally Posted by Hoosier Bob View Post
May not apply but the fact is most if not all insurance companies will be looking for ways to avoid claims. Think people are only dropping health coverage? Facts are false claims are up and income is down. This being said my guess is all claims are being scrutinized beyond the norm. Insurance is nothing more that measured risk. They can also measure odds that you will walk instead of fight. Keep pushing and tell them Hoosier said he would kick their a**!
hoosier bob, i will agree and disagree with your statement. yes the big "3" have been known for this but not all companies. in 08 we had a very large hail storm in the area that i write a majority of my property business that i have on the books. we paid 3.3 million in roof claims alone with a 6% denial ratio. two of the big three denied 32% percent of the claims that were called in. the other was around 16%.

i will look into this in the am and get back with jim after i talked with my home office claims vp to give him a better understanding if his is a covered loss or not.
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  #16  
Old 07-27-2010, 11:04 PM
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Hoosier Bob Hoosier Bob is offline
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But you half agreed right? I can definately live with that! I was just bs'ing anyway!
PS! Do not believe anything you read on the internet or I say!
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Originally Posted by ttu View Post
hoosier bob, i will agree and disagree with your statement. yes the big "3" have been known for this but not all companies. in 08 we had a very large hail storm in the area that i write a majority of my property business that i have on the books. we paid 3.3 million in roof claims alone with a 6% denial ratio. two of the big three denied 32% percent of the claims that were called in. the other was around 16%.

i will look into this in the am and get back with jim after i talked with my home office claims vp to give him a better understanding if his is a covered loss or not.
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  #17  
Old 07-28-2010, 12:04 AM
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Originally Posted by ttu View Post
hoosier bob, i will agree and disagree with your statement. yes the big "3" have been known for this but not all companies. in 08 we had a very large hail storm in the area that i write a majority of my property business that i have on the books. we paid 3.3 million in roof claims alone with a 6% denial ratio. two of the big three denied 32% percent of the claims that were called in. the other was around 16%.

i will look into this in the am and get back with jim after i talked with my home office claims vp to give him a better understanding if his is a covered loss or not.
If I was trying to scam them and pad my claim, I'd list a couple of expensive things and probably have a string of claims, creating a long paper trail and a pattern of fraud. It already cost me because I felt it necessary to try to clean up the mess instead of doing some of the work I have lined up and by dong that, trying to keep the wood from rotting. The seepage wasn't the major amount of water- at most, it got to 1" because that small part of the floor is uneven but when I had seen it several inches deep because the water wasn't going down the drain, I called the agency later that day. If I have a little water seeping in, boo hoo. I can clean it up and go on my merry way but when I see inches and it's up the drywall, I want to be covered.

What about power outage- is that usually covered? They pay for damaged food- why not water coming in due to the sump pump not going on? I have never had the power go out for more than maybe a half hour, ever. This time, it was almost 7 hours the first night and over 2 hours the next.
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  #18  
Old 07-28-2010, 10:26 AM
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ahhudgins ahhudgins is offline
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My wife said that the best thing to do is wait until your agent gives you some thing in writing. If they deny your claim, they will have to site some specific clause in your policy. I hear these types of events on a weekly basis and a lot of times the adjustor that comes out to look at the damage doesn't have a clue about your policy. I didn't know until today that even if you purchase "flood insurance", there has to be a certain number of houses involved (or acreage) before you are covered.
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  #19  
Old 07-28-2010, 10:36 AM
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Thrall Thrall is offline
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Sorry to hear about this BS Jim, but on a semi related note the flood insurance that dmminfla talekd about, is all govt sponsored, through the insurane carriers. To my knowledge you cannot buy flood insurance that is sponsored privately and the govt has set a cap on what you could be insured for and it's LOW! Like $250k tops IIRC.
I looked into it when buying our last house, near a river, but way above the 100 yr flood level and found out that the flood insurance isn't worth a [email protected] if you have an expensive home.
Any insurance agents, please correct me if I'm wrong as I may be getting xferred to FL soon and will need to be up on the flood insurance gig.
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  #20  
Old 07-28-2010, 11:42 AM
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Originally Posted by Thrall View Post
Sorry to hear about this BS Jim, but on a semi related note the flood insurance that dmminfla talekd about, is all govt sponsored, through the insurane carriers. To my knowledge you cannot buy flood insurance that is sponsored privately and the govt has set a cap on what you could be insured for and it's LOW! Like $250k tops IIRC.
I looked into it when buying our last house, near a river, but way above the 100 yr flood level and found out that the flood insurance isn't worth a [email protected] if you have an expensive home.
Any insurance agents, please correct me if I'm wrong as I may be getting xferred to FL soon and will need to be up on the flood insurance gig.
$250K cap- just another example of a government telling people what they can and can't have. I guarantee that if a Senator or other high-ranking member of our government is flooded out, they'll be covered.
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