The “Water Cooler” is a feature on Claycord.com where we will ask you a question or provide a topic, and you will talk about it.
The “Water Cooler” will be up Monday-Friday at noon.
Today’s question:
QUESTION: Who do you have for homeowners/renters insurance, and have you ever had to file a claim? If so – how did it go?
Talk about it….
Sorry, not gonna mention my carrier because as soon as I do they’ll pull their Calif policies. Been there, done that.
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Allstate.
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No claims whatsoever.
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Some people perceive homeowners insurance as a piggy bank like for a minor roof leak or blown down fence. It’s not.
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A claim should only be filed in case of significant damage like flooded floors, a fire, or structural damage like from a fallen tree.
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Think twice about filing a claim because it’s a blakck mark against your record.
Yes, that’s the sad situation. The leverage that insurance companies have on homeowners, means that you risk getting dropped if you filing any claim at all.
So the only time you should take that risk is after major damage – when you having nothing to lose.
Excellent advice.
I have CSAA insurance on my home as well as my automobiles. I also have earthquake insurance through CSAA with the California Earthquake Authority.
I have never filed a claim on my homeowner’s insurance.
Home insurance hiw about renters insurance,
Have had State Farm and was canceled after 30 years and no claims. Changed to Farmers and was cancelled again, No claims. We are now on Ca. Fair Plan at double the rate we were paying, So much for fair.
I’ve had mine/ours since I was 18 years old for my car, then added on for our house 45 years ago.
We had 2 claims over 32 years ago, about 5 years apart, … darn water pipes in the walls.
Claims were small. Done smooth & quick, … But now-a-days I would only do it for something major.
After 20+ years with them, when State Farm “Rip Off Rick” INSISTED that even with no mortgage, it was a State Farm imperative that I absolutely had to buy both Flood and CA Earthquake riders on top of basic Fire and Casualty ~~ I bet him his commission I didn’t have to do that😝.
In the years since I managed to pay off my mortgage, I have paid myself… banked “in-lieu” the full monthly P&I + Ins. and let it earn interest at best rate I could find.
At times it’s been hard to do without some ‘things’ while I leave that account untouched, but ~~~ it’s in MY bank…not State Farm’s. And someday, before long, I’ll see Machu Picchu, and/or Gisa. (or…….oops–at least I tried)
Was dropped by my carrier for trees, though I’m had no trees around my property. Tried Allstate, AAA, State Farm, Farmers, Progressive, Century….All refused to write a policy in California. Hired a drone operator to video my place, and appealed to my original carrier, and was renewed, as their airplane derived image (carriers will fly airplanes over your property to determine risks, etc) was dubious. But only one year…..I hate California.
Allstate. Incorporated into my loan. They are excellent. Have them for everything, and a great Agent.
Such a scam. You are required to get insurance for the full amount even if you only owe the mortgage company a small fraction of the amount. So both the insurance companies and the mortgage companies benefit from the relationship.
Now consider if Harris’s plan to give first time home buyers a credit towards a down payment went into effect. The cost of housing would not only rise, but we would be paying more for insurance and taxes as well. Let’s not inflate the value of housing anymore.