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Show ALL Forums  > Off Topic  > Insurance that is NO Insurance      Home login  
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 RazzleRoadRunner
Joined: 4/13/2007
Msg: 1
Insurance that is NO InsurancePage 1 of 1    
As I review my Canadian home and auto policy booklet, I have noticed several contradictions in the writing of them. As I call around to several brokers who are brokering the policies of insurance companies, I discover that all that I have reviewed are very similiar and are in my opinion, "NO Insurance, Insurance.

If your coverage is for water damage to your home, then they list the Exclusions for coverage with every possible means that water could enter your home, such as seapage into basements, water table rising, flood, open hole construction near your property or on your property, etc., etc.

If your coverage is for fire to your home, then they list the exclusions for coverage with every possible means that fire could destroy your home, such as rodent chewing through wiring causing damaged wiring which could start a fire, or a faulty appliance or cigarette smoking within the dwelling.

Has anyone else noticed this about their home or auto insurance policy?
 Lint Spotter
Joined: 8/27/2009
Msg: 2
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Insurance that is NO Insurance
Posted: 8/18/2011 2:56:00 PM
No, I have a great insurance policy for my home that covers pretty much everything except an act of war. The only stipulation is that upon discovery of water, I do everything within my reasonable power to minimize the damage.
 Molly Maude
Joined: 9/11/2008
Msg: 3
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Insurance that is NO Insurance
Posted: 8/19/2011 1:21:13 PM
I live in an area that has NEVER flooded in the recorded history of the area ... my ancestors lived here since the gold rush days and it hasn't flooded here ...

FEMA came in after the mess in New Orleans and REQUIRED we buy flood insurance ... they also required that the flood insurance I bought is in an amount higher than what the fire insurance was ... THEN the bank insisted on raising the fire insurance to make it compatible with the flood insurance ...

I had JUST paid $5,000 to refinance my house to lower the payments by over $200 a month ... but, with the extra unnecessary flood insurance and increased fire insurance, I'm now paying an extra $140 a month for unnecessary insurance ...

what's that country song about how I hate it when I think I'm winning but I'm losing again??

and I doubt they'd cover anything in the VERY unlikely event of flood anyway ... they'd not cover this and not cover that until it would result in useless insurance I was forced to buy ...

I am not happy with FEMA at all right now ...
 Molly Maude
Joined: 9/11/2008
Msg: 4
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Insurance that is NO Insurance
Posted: 8/19/2011 5:15:08 PM
ok ... based on a study FEMA did, the BANK made me buy flood insurance ... regardless of WHO made me buy the insurance, it was based on FEMA's decision ... an eroneous decision based on the fact that it's never flooded here before ... and my house is insured for far more than twice what I owe the bank ...
 IgorFrankensteen
Joined: 6/29/2009
Msg: 5
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Insurance that is NO Insurance
Posted: 8/19/2011 6:14:49 PM
I have no expertise in insurance, but I do know logic, so I understand most of why the good insurance companies do what they do.

This for example:

I can understand that easily enough but, what I don't get is, why would they offer me a reduced annual premium for the same dog, just for showing proof that he's trained, but then not agree to cover him in any liability that might arise? If they are going to exclude the dog from coverage in the case of liability, why offer the reduced annual premium in the first place? Just asking, cause it makes no sense to me.


That insurance company gave you a reduction in your THEFT coverage for having a trained guard dog, just as they will usually give you the same sort of reduction for having an active alarm system. Because you have the trained dog, the likelihood that you will be burgled is reduced, so their potential costs of doing business are reduced, and they pass some of that savings on to you.

Liability coverage is in no way related to theft coverage. By adding the dog, you have reduced your chances of being robbed, but you have INCREASED the probability of various other things at the same time. Comparing the dog to a alarm system, an alarm system wont bite any innocent people by mistake, and it wont pee on the floor and ruin your carpeting. Most of them don't anyway.

The insurance companies are NOT in business to "help us have a good time," they are in the business of making a profit in exchange for a product/service. They have a complicated bunch of data analysis and formulas that they use to decide costs, and those will change according to laws and court cases, and natural occurrences. When the world changes in a way that INCREASES the chance that something can go wrong, the cost of insurance coverage in case that thing happens, will go up. That includes changes in nature, such as Global Warming and its apparent results, and changes in laws, that alter who is legally held responsible for the cost of an event.

Insurance is almost identical to a professional gambling establishment. They bet that they can set up a system where they will collect more in premiums, than they will pay out in claims. ANYTHING that changes the chances of that happening will lead them to change their formulas for what they cover and what they charge.
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