The Home Ownership Thread

[double00]

It makes me chuquele every time Piob spells checks, cheques.

ftfy.

 

[otc]

When I reviewed my policy at the time of the completion of our outdoor paradise I had to push to get my policy increased the amount I wanted. The agent asked if I had any proof the improvements would cost as much as I wanted to replace so I asked him, "You understand I just had this work completed, right?" "Yes." "Do you think I paid for them?" "Yes." "Do you think I possibly have cancelled cheques and invoices marked paid?" "Oh."

I know you haven't passed your exam yet, but are these people not compensated (or at least evaluated) in part based on the size of their book of business?

I was trying to reason this out a while back for some work I was doing. I understand how people's policies fall behind, but I don't really understand why both the agents and the insurers aren't incentivized to correct it. Say a property is at risk of $750k replacement cost--wouldn't the insurer rather write a $1m policy and receive $1m-policy premiums only to end up having to pay out $750k in a total loss vs writing a $500k policy, collecting smaller premiums, and then having to pay out the full $500k AND have a customer fighting to claw back more value? Especially in something like a wildfire where there will be political pressure to make people whole even they were under-insured.

Ditto for the salesmen--if it is well publicized that people are under-insured and they have the ability to pull comps and convince existing customers to expand their policy, why wouldn't they be making those calls?

Maybe $1m is too extreme and they'd get in trouble for selling insurance people don't need or they are worried about moral hazard problems--though that's a bigger issue for things like disability insurance, not property insurance where you are limited by things like actual cash value/rebuilding cost/or independent assessments--but wouldn't they at least want to sell people on the $750k policy?

Is it just competitive pressure? They don't want to push the $750k policy premiums and drive the customer away to a competitor who will tell them a $500k policy is enough and charge them less?

 

[Piobaire]

You Yanks. I always cringe when I hear the crass sounding "zee" vs. the more refined "zed."

 

[brokencycle]

You Yanks. I always cringe when I hear the crass sounding "zee" vs. the more refined "zed."

Counterpoint, loud obnoxious Aussies say zed.

 

[Piobaire]

Good point. Also, for transparency, I have practiced and now say "sked-u-el" vs. "sched-u-el."

 

[FlyingMonkey]

It makes me chuckle every time Piob spells checks, cheques.

Using the correct spelling ('cheques' BTW) saves any possible ambiguity, doesn't it?

 

[RedLantern]

yeah, clears up any question of whether you are a real american or not, AMIRITE?

edit: Real American

 

[Biscotti]

Good point. Also, for transparency, I have practiced and now say "sked-u-el" vs. "sched-u-el."

I have always said "sked-yule".

 

[Numbernine]

ske-jul

 

[Gibonius]

Counterpoint, loud obnoxious Aussies say zed.

I had a Aussie safari guide who made fun of how Americans say "zee-bra."

You don't say Dee-bra, you say Deb-ra. So it's Zeb-ra.

 

[double00]

You Yanks. I always cringe when I hear the crass sounding "zee" vs. the more refined "zed."

sure but do you cross your legs like a '4' shape; or euro-style, with all the thigh contact?

 

[Piobaire]

Not sure how to tell you this but real men don't cross their legs.

 

[jbarwick]

sure but do you cross your legs like a '4' shape; or euro-style, with all the thigh contact?

I thought that was personal preference and not location based?

 

[beargonefishing]

I only manspread and put my feet up on everything.

 

[jbarwick]

Out of left field today came a cash offer at list price and no contingencies. Went from bickering over $10K in an offer to accepting quite a bit more than that!