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It's no big deal really
 
Dhampy  posted on May 06, 2013 3:01:52 PM - Report post

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Obviously, you don't burn your house down. There isn't any kind of insurance on the planet that covers intentional acts.

Claiming on anything small (a few thousand or less) isn't worth it because they get more out of you in premiums than you get in a claim.

If you can't afford a few thousand out of pocket in a pinch, then you simply can't afford to own a home and should be renting. Harsh, yes. Judgmental, yes. But also absolutely true.

The same thing for car insurance. Yes, you CAN claim on a minor repair. But you don't because the premiums will be more than what you'd pay out of pocket. You claim on catastrophic damage.

Another thing to consider is that when you make a claim, the insurance company has free run of your property to find faults which you then have to repair or you lose your insurance plus pay a termination penalty.

And if they can find something which relates to your claim...lets say your water heater is out of warranty...well, a water heater is supposed to be replaced when it's factory warranty expires. It's usually 10 years. Look, it's your own fault. And we're terminating your policy. So you get to repair your own water damage, you're now uninsured and have to find a new policy quick (good luck with this on your file) and you have to pay a termination fee because the insurance term wasn't complete.

Or you installed it yourself, and you aren't state certified. Well, that's a penalty from the state as well.

 
benduhova  posted on May 06, 2013 3:13:27 PM - Report post

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If your premiums are more than a couple of thousand and your excess is huge as well then you have the wrong insurance or you live in a cesspool of a country as insurance is for covering anything unexpected that can happen regardless of cost or time or circumstance what is the point of paying for insurance if you dont use it paying 2 grand for 10 years and then not claiming for damage is stupid as they have got over twenty grand off you for nothing
 
Dhampy  posted on May 07, 2013 3:48:24 PM - Report post

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Absolutely, if you pay for insurance for your whole life and never claim on it you wasted your money.

But if you didn't have it, you would have been ruined if you didn't.

Insurance is there for when you need it. Not for when it is convenient.

That DOES entail wasting large amounts of money throughout your life.

You essentially have a choice between two really horrible alternatives.

1. You risk paying a lot of money and getting nothing from it.
2. You risk losing everything and having no means to recover from it.

I've been a homeowner for almost ten years and I've never gone a day without my property insured. It's just not worth the risk.

Consider it a variation of Pascal's Wager.

 
Neo7  posted on May 07, 2013 8:16:39 PM - Report post

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I live in an area with dangerous weather frequently during the spring and summer months. Going without property insurance is an extremely foolish choice where I live.

Fixing Replacing the water heater was not as bad as I would have expected it to. The water invasion of the room might be a difficult task to overcome. What really confuses me is that it's certain parts of the carpet that got soaked but the rest is dry (the soaked part was the parts you usually walk on). Additionally all the edges of the carpet are also dry. I have no idea where the water is incoming from.

[Edited by Neo7, 5/7/2013 11:34:59 PM]

 
Shibby  posted on May 08, 2013 5:21:49 AM - Report post

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Perhaps the floor naturally slopes down where you walk so the water pooled in those areas hence the soaked carpet.
 
Dhampy  posted on May 08, 2013 10:18:49 AM - Report post

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Do you own or rent?

If you own, cut a square of carpet out and see what's underneath. You can always put it back once it's dry. Carpet patches easy.

If you rent, get your landlord to do it.

 
Mirraluka  posted on May 08, 2013 12:58:34 PM - Report post

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quote:
originally posted by Dhampy

Obviously, you don't burn your house down. There isn't any kind of insurance on the planet that covers intentional acts.

Claiming on anything small (a few thousand or less) isn't worth it because they get more out of you in premiums than you get in a claim.

If you can't afford a few thousand out of pocket in a pinch, then you simply can't afford to own a home and should be renting. Harsh, yes. Judgmental, yes. But also absolutely true.

The same thing for car insurance. Yes, you CAN claim on a minor repair. But you don't because the premiums will be more than what you'd pay out of pocket. You claim on catastrophic damage.

Another thing to consider is that when you make a claim, the insurance company has free run of your property to find faults which you then have to repair or you lose your insurance plus pay a termination penalty.

And if they can find something which relates to your claim...lets say your water heater is out of warranty...well, a water heater is supposed to be replaced when it's factory warranty expires. It's usually 10 years. Look, it's your own fault. And we're terminating your policy. So you get to repair your own water damage, you're now uninsured and have to find a new policy quick (good luck with this on your file) and you have to pay a termination fee because the insurance term wasn't complete.

Or you installed it yourself, and you aren't state certified. Well, that's a penalty from the state as well.

Luckily for us Dhampy in the UK contents and building insurance is not all that expensive "its not cheap either but also its not expensive" especially what is covered some people claim on their insurance every 4 or 5 years so they recover the premiums,I AM NOT one of those people.

Insurance today is a must in most cases and the insurance people take a fortune from our premiums, also vehicle insurance is daylight robbery.

 
Neo7  posted on May 09, 2013 6:16:48 PM - Report post

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quote:
originally posted by Dhampy

Do you own or rent?

If you own, cut a square of carpet out and see what's underneath. You can always put it back once it's dry. Carpet patches easy.

If you rent, get your landlord to do it.

Found a slab leak. Hello insurance claim.

Edit: I'm actually full of surprises to the point I surprise myself. I forgot that I actually elected to have a small portion of my paychecks go into investment into the company I work for since I started. Nice chunk of money to be gained by withdrawing all my stock to help pay for that instead of an insurance claim.

[Edited by Neo7, 5/9/2013 10:13:58 PM]

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