12-04-2023, 03:11 AM
(12-04-2023, 02:52 AM)Obie Wrote: "They interviewed a man whose policy premium increased 500%."
I have a friend living in Florida. His insurance company inspected his house and even though he kept his bar tile roof in excellent condition they told him he would have to get it replaced.
It cost him $30,000 to have the roof replaced.
A friend of mine here had insurance that has assigned by his lender. In 2018 the insurance protected the lender's interest and my friend ended up owing thousands because he had wrapped the closing costs into the loan. He was still making a mortgage payment on a house that was destroyed until he got his county buy out money this year.
That sucks.
I wonder if any of the companies only cover things beyond the lenders interest. My lender requires us to have hurricane insurance, but my agent explained it doesn't have to be from the same company my regular homeowners insurance is with. People are used to "bundling" insurance products to save money but that isn't always the case. My original homeowners insurance was going to be too expensive with the hurricane rider, but I found out I could buy the hurricane portion elsewhere and the two together would be a lot cheaper. I wound up going with Dongbu because it came with hurricane insurance.