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+--- Thread: Notice from my H.O. insurance company (/showthread.php?tid=14414)
Notice from my H.O. insurance company - Rob Tucker - 09-04-2014
Just got this in an email today....
Does my homeowner's policy cover lava flow?
I do not sell any Homeowner or Dwelling Fire policy that exclude lava or volcanic eruption. However, shock or earth tremors related to volcanic eruption are excluded.
Typically if your home is made inaccessible by lava covering the road your policy will not provide coverage. There usually has to be damage to covered property before the policy provides coverage.
If your home is destroyed your policy may pay for you to rebuild elsewhere but it will not pay any more than it would cost to rebuild your home at the insured location. The policy also does not pay for the value of your land.
Please carefully review your policy and coverage limits. Make sure you can rebuild your home for the stated coverage limit and anticipate higher contractor and material cost due to increased demand after a catastrophe. Contact me ASAP to adjust coverage limits as insurers will place a moratorium on changes once the threat is apparent.
If you suffer a loss on your homeowner or dwelling fire policy be sure to submit a claim and let the adjusters determine coverage.
RE: Notice from my H.O. insurance company - pahoated - 09-04-2014
Slimy insurance companies. It is better than nothing but not by much. All insurance companies have a policy of denying coverage for anything with the initial claim, betting the insured will give up and go away. If they persist, then some coverage will start to be offered but at much less than restoration costs. The tragi-comedy is if conditions in an area require more payouts, the insurance company just folds or stops offering coverage in that area. This is happening all over the US with tornado alleys, hurricane magnets, grand theft auto areas, medical malpractice (some like obstetrics just can't get insurance anymore). There aren't any insurance companies that will cover flood anymore, so the government has had to take over flood insurance. And as the probabilities increase, so do the rates.
"We come in peace!" - First thing said by missionaries and extraterrestrials
RE: Notice from my H.O. insurance company - Kapohocat - 09-04-2014
The storm (and now the possibility of lava flow) have made us review our coverage although we did not need it for the storm.
We upped our rebuilding costs - we had kept it low because at the time, my hubby could do most of it. Now he cant.
We also added "loss of use" meaning if our property was covered and we couldnt stay here, there is a amount we have for lodging.
We added lava insurance - covers everything but explosive events and the fee was fairly nominal - in fact it was $147/yr.
It is up to each of us to review our policies beforehand. Some companies will hassle you when you actually make a claim, and some like one mentioned here in another thread, take care of it right away.
RE: Notice from my H.O. insurance company - ericlp - 09-04-2014
ALL insurance companies have this clause. Good Luck with it! I would NOT rely on what "someone" told you over the phone. "READ" your own policy. Insurance companies will gladly take your cash... Look for the words like MAY... That means. Maybe but most likely NOT. Most will not cover anything or do anything if you house and property are OK but you can't get access to it because the lava cut off your path. 99% of the time this will be the case, as getting hit "directly" isn't likely.
I can do the work still, but, I also don't trust insurance companies very much. There is always "exclusions" in the fine print. It's all a scam.
I've never had anything burn down or anything happen to me that "insurance" was suppose to cover when I bought into the scam. Hopefully my luck will continue on into the future as I don't play the odds and no longer carry insurance. The only thing covered at my home is my new washer from home depot... I wonder if they will fix it when the lava comes?
Then again I hear all the horror stories from people dealing with super long waits for repairs and gasp... I hope I never have to use it. Roll the dice with it or without it...
-------------------------
To email me click on Link http://is.gd/QMfVEX
RE: Notice from my H.O. insurance company - OrchidIslander - 09-04-2014
Seems to me that Rob's insurance agent is aware of the potential lava situation and is giving his customer a head's up about what is covered, what is not and how the policy covers loss by lava.
In essence he or she is advising that Rob review his coverage and make sure it is adequate for the value of his property.
There is nothing "slimy" about a proactive insurance agent educating and advising his client in advance of a potential catastrophe.
RE: Notice from my H.O. insurance company - missydog1 - 09-04-2014
Agree, considering the current situation, a good reminder to review coverage.
You have a choice with your home coverage to limit coverage to a dollar amount or to insure for replacement cost at whatever is current for labor and materials. It costs more for the latter, but you won't be left short. Your choice.
If you have a mortgage, you have to insure a reasonable amount to protect the lien holder's interest. Your choice to go for more and protect yourself.
Loss of use is important because it covers your displacement.
I have some real life examples for eric.
My neighbors' house burned down and was a total loss, and they were able to rebuild a house twice the size with the money. It took them three years to rebuild the house, and during that time, they had a 4 bedroom rental house that cost $2,000 a month completely paid for by their insurance. Right there that is over $70K for loss of use, not counting other loss of use benefits.
My house was damaged in their fire, and because I was insured, but it was their fire, our damage was covered with no deductible and no hassle. We had a window in the kitchen that was estimated $1500 to replace (put in by a prior owner), and they covered that.
The neighbor's contractor broke our driveway when he demolished their house; the insurance agreed the whole driveway had to be replaced and that was $1600 (they billed the contractor).
At another house, I had renter's insurance and when my landlady let water ruin the roof and water turned the plaster to mush, we were compensated for hotel costs because the rental was unlivable, and a variety of things that were ruined by the water coming in, including art and clothing, of more than $1000, for a policy that cost about $100.
Years ago my house burned down and I did not have a penny of insurance, and it completely sucked. It took years to recover the losses of the most basic things. My kids didn't even have clothes to wear or shoes when it first happened. We had nothing, had lost everything, and had no money to live anywhere else. It was terrible, and was in the middle of winter. I never wanted to be uninsured again.
So yeah, if you think you are at risk, check your coverage!
Kathy
RE: Notice from my H.O. insurance company - redefinehappy - 09-08-2014
I believe I have the same insurance agent/agency as Rob and for me the email made me think about what I needed to do in order to prepare for the worst (while hoping for the best!) It was very nice to have him reach out to US instead of us having to go to him or try and figure everything out after the (potential) disaster.
It prompted us to review our policy and understand exactly what is or is not covered and what additional coverage we may need to purchase. We had done it before the hurricane as well, so I feel as if I owe our policy a dinner or something, the amount of time I spent staring at its pages. =/
The agent has been answering my (endless) questions quickly and clearly, without pressuring us to buy coverage that won't be of benefit.
Cheers
-Allison
I do not fear computers, I fear the lack of them.
- Isaac Asimov
RE: Notice from my H.O. insurance company - macuu222 - 09-09-2014
Probably should also note that "if" lava crosses Hwy 130 and lets say heads to Hawaiian Beaches or HPP....our lava zone designation will no doubt change from the current 3 to 1. And good luck finding a company to insure you on a homeowners policy. You may even loose the coverage you have depending on the insurer.
RE: Notice from my H.O. insurance company - dakine - 09-09-2014
Probably should also note that "if" lava crosses Hwy 130 and lets say heads to Hawaiian Beaches or HPP....our lava zone designation will no doubt change from the current 3 to 1. And good luck finding a company to insure you on a homeowners policy. You may even loose the coverage you have depending on the insurer.
Please get your facts right. The lava zone maps are clearly explained at:
http://hvo.wr.usgs.gov/hazards/FAQ_LavaFlowHazardZone/P1.html
And there it is noted that:
The map is intended to communicate long-term lava-flow hazards, rather than short-term hazards, which can change daily during periods of eruptive activity.
Hazard assessments are based on the assumption that future eruptions will be similar to those in the past. For the past 200 years, eruptions of Kilauea and Mauna Loa have occurred at their summits and/or along one of their rift zones—and future eruptions on these volcanoes are likely to occur in the same areas...
There is much more about the lava zone maps at the link above.
RE: Notice from my H.O. insurance company - macuu222 - 09-09-2014
I stand corrected. Thank You. It's also very comforting to know!