Well, When They Actually Pay People

…the $57+ billion they say they’re out, then I’ll cry a river of crocodile tears for them. So far, in our Gulf neck of the woods, that premium you pay every month is more about the privilege of getting another insurance invoice in the mail next month, rather than for protecting your assets.

Hurricane insurance losses $57.6 bln: Advisen
NEW YORK (Reuters) – Advisen Ltd. on Tuesday estimated worldwide insurance and reinsurance losses related to the three major hurricanes that hit the United States this year would amount to $57.6 billion, making the cumulative catastrophe losses the largest on record.

One spiff little trick I’ve learned they’re pulling; Say you’ve got Casa de Bingster insured for $250K. That’s the dollar amount you pay for every single month AND what they’ve agreed replacing your house would cost. We’re all square. Then along comes Gertrude and wipes Casa de Bingster to a slab. No worries, as we’ve got $250K to rebuild with, right? Not exactly, says the adjuster. We’re holding back a portion of that insured value when we write you the check because, as you can clearly see since it’s gone, it’s no longer WORTH the $250K you’ve been paying for.
Slab + missing house = depreciation, duh.

One Response to “Well, When They Actually Pay People”

1. The_Real_JeffS says:

   December 27, 2005 at 3:28 pm

   slab + missing house = depreciation, duh.
   Until the county assessor comes along, and ramps up the value of the property so that you pay more property taxes.