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ins. co is dropping mold coverage - should I try to make claim?

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K

Ken Marceau

Guest
What is the name of your state? I had a little water damage in my home about a year ago. I made a claim and now the Insurance company is dropping mold coverage. Should I try to make a claim before the policy is up?
I see black mold on the outside of the house that is unrelated to the internal damage I experienced last year. I think the adjuster may have noticed it dropped a memo to discontinue our mold and mildew coverage. Please advise.
 


K

knotcops

Guest
The company is not dropping mold coverage because of your claim. Mold coverage is becoming an exclusion with most insurers nationwide.

I'm concerned with insureds such as your self that appear to use their insurance as maintenance policies for their homes.

You as well as all insureds need to understand that the insurance industry is in transition. You will no longer be able to make minor claims against your homeowners policies without consequences. Namely, being cancelled. Then, after being cancelled for excessive claims, go try to get insured somewhere else! If you can get it at all, the policy will cost big bucks.

My advice to you is, look at the cost of fixing the problem yourself and balance that against being cancelled alltogether.
 

lkc15507

Member
knotcops:

I love your tag lines at the bottom. Although not a very popular idea, I truly believe that people need to take a much more active role in knowing about their insurance coverage and premium costs--be it life, health, home, auto or otherwise. If you know what you are buying, there will be no unpleasant surprises. I work in health insurance now and there is rarely a person I ever speak to that understands even the most basic of principles such as deductible, co-insurance, and co-payments, much less the more difficult aspects of a health plan such as networks, PPO vs. HMO vs. POS etc., or Usual Customary & Reasonable charges. In no way do I think that the insurance industry is without its problems but, much unhappiness, wasted effort, and attorneys fees can be avoided if one educates him/herself to their coverage and utilizes it appropriately. "I have insurance" does not mean "I have no personal responsibility".

lkc15507
 
K

Ken Marceau

Guest
Knotcops,
Thanks for defending Insurance Industry's philosophy on higher premiums and lower payouts. I mean don't waste time trying to get me to see their side. I pay high premiums already and they have increased every year that I have had the policy. The claim I put in for the water damage was the 1st claim I have ever made and the next communication I receive from them is the drop in mold coverage. You're trying to tell me it's a coincidence?
Please. They are just trying to protect themselves and their profits - not the home owners that support them. They see I may become a very costly risk so they want to cut that risk. I agree with your comment that "If you make a claim they drop you" That's what they are effectively trying to do to me

Now - Is there any advice out there for the little guy?
 
K

knotcops

Guest
Ken Marceau said:
Knotcops,
Thanks for defending Insurance Industry's philosophy on higher premiums and lower payouts. I mean don't waste time trying to get me to see their side. I pay high premiums already and they have increased every year that I have had the policy. The claim I put in for the water damage was the 1st claim I have ever made and the next communication I receive from them is the drop in mold coverage. You're trying to tell me it's a coincidence?
Please. They are just trying to protect themselves and their profits - not the home owners that support them. They see I may become a very costly risk so they want to cut that risk. I agree with your comment that "If you make a claim they drop you" That's what they are effectively trying to do to me

Now - Is there any advice out there for the little guy?


If you don't like the advice you received, oh well. I am telling you like it is, like it or not!

I may be an insurance agent, but I am also a consumer just like everyone else. I do not get any discount for being an agent. Like it or not, homeowners rates will continue to rise. For every $1.00 the industry has taken in in HO premium, they have paid out $1.17 in claims.

Your mold exclusion was more than likely a coincidence and had nothing to do with your claim. If you don't like the situation your in with your present company, quit your griping, pick up the phone and call around.
 

tammy8

Senior Member
knotcops said:
If you don't like the advice you received, oh well. I am telling you like it is, like it or not!

I may be an insurance agent, but I am also a consumer just like everyone else. I do not get any discount for being an agent. Like it or not, homeowners rates will continue to rise. For every $1.00 the industry has taken in in HO premium, they have paid out $1.17 in claims.

Your mold exclusion was more than likely a coincidence and had nothing to do with your claim. If you don't like the situation your in with your present company, quit your griping, pick up the phone and call around.

YOU GO KNOT!!!!!!!

My rates also increased just like everyone else's. I and image Knotcops do NOT get our insurance for free!

I am famous for the $1 to $1.17 statement myself!
 
K

knotcops

Guest
tammy8 said:
YOU GO KNOT!!!!!!!

My rates also increased just like everyone else's. I and image Knotcops do NOT get our insurance for free!

I am famous for the $1 to $1.17 statement myself!


Tammy8,
Credit does go to you for the above statement. My own company wasn't quite that bad, but we took it in the shorts the past few years.
 

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