Hurricanes: Lack Thereof

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

It's not just that I'm looking to save a few bucks on premiums, but the deductibles are so freaking high that you still pay a lot out of pocket when you have a claim. Our premiums are way to high for how high the deductibles are.

But we only had one choice of insurer.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

Wind insurance covers other things than hurricanes. It also includes tornadoes and straight line winds. In North Carolina, the historic loss records going back many years, do NOT justify the insurance companies rigged computer models that make the eastern part of the state pay a lot more for wind insurance. Indeed, the biggest insurance losses ever for a single hurricane on wind coverage in NC was hurricane Hugo, and NONE of that was in the eastern part of the state.

Computer modelling is digital alchemy and subject to manipulation. It should never be allowed as a basis for insurance rates when there is solid historical data on actual insurance losses.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

http://www.sun-sentinel.com/fl-flood...ry.html#page=1

http://www.tampabay.com/news/busines...-hikes/1245225

Even if "Hurricane" is actually "Wind" coverage, the deductible is so high that it would take a huge storm before the insurance pays anything. A tree limb falling on the roof, or a few windows blown out, for instance, would be things the homeowner has to pay for with or without insurance.

It would take virtually a hurricane to create enough damage, and then the higher hurricane deductible applies, so . . .

It's interesting that lenders will not escrow for flood insurance unless it is mandatory.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Is there special coverage needed for Tsunami damage ?

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

Is there special coverage needed for Tsunami damage ?

duplicate deleted

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

Is there special coverage needed for Tsunami damage ?

Interesting question, and I say that because of the way our NC Insurance Commissioner has ruled on splitting hairs on water damage for automobiles. If your car is parked and the water comes up into it, then that is covered by Comprehensive Insurance, but if you drive into it even at very slow speed, it is covered under Collision insurance on the theory that you collided with the water. Fewer drivers have Collision coverage than Comprehensive and the consequences of a claim there are more adverse for the insured.
In Virginia, on the other hand, either situation is covered under Comprehensive insurance.

What you might run into on real property insurance would be that they split hairs by saying a tsunami is part of an earthquake and unless you have earthquake insurance, you are out of luck.

Our current Insurance Commissioner is NOT the policyholders friend and I suspect that is true of similar officials in other states.