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Thread: Yes, read your insurance policy

  1. #1
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    Yes, read your insurance policy

    I have never read an insurance policy in my life. I recently got an email from my insurance company thanking me for having my homeowners policy with them. In the email was a passing reference to a discount for a generator. I have a generator, told the company and they reduced my policy cost by $94/year. I asked were there any other discounts available and they sent me a list of about 15 other discounts and in that list was a discount if you don't have a mortgage, I don't have a mortgage so I got another discount of $242/year, so my policy went down by $336/year !
    READ YOUR INSURANCE POLICY!
    Last edited by dennis thompson; 04-24-2021 at 5:07 PM.
    Dennis

  2. #2
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    Probably pretty obvious to some, but my mileage has dropped considerably (<6,000 miles last year) which gets me a discount on auto insurance.

  3. #3
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    The combination of being aware by the recommended reading as well as having an experienced and thoughtful agent can save a ton of money on property and casualty insurance products. My agent with AAA "found another one" a couple weeks ago that applied for our new home. Merely pre-paying before closing added an additional discount, too.
    --

    The most expensive tool is the one you buy "cheaply" and often...

  4. #4
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    Good advice all around. I'm suffering the after effects of having had "an experienced and thoughtful agent" for 30 years. When she sold her business and retired I was cast into the waiting shark pool of the current offerings. I still cast about a couple times a year hoping to find some decent outfit. I content myself by appreciating all the years of random phone calls of "Hi Glenn, I can save you some money by doing this or that". All the money she saved me helps offset the present. It really is the agent more than the insurance carrier that makes the difference.
    I always forget . . . Is it the letter "S" or the letter "C" that is silent in the word scent?
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  5. #5
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    We moved 1.4 miles to a better area. Our car insurance dropped $200 while the bigger nicer house insurance, with a pool, went up $200. I undersatnd this town is the car theft capital of the USA.
    I need to watch American Graffiti again.
    Bill D

  6. #6
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    My insurance company gives discounts for things like proximity to fire hall and fire hydrants or having fire extinguishers and smoke detectors. All these reduce your fire risk. Not sure I understand why having a generator or not having a mortgage would reduce your risk and thus earn a discount.
    Agree with your recommendation to read your policy, just puzzled by those discounts.

  7. #7
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    Quote Originally Posted by Doug Garson View Post
    . Not sure I understand why having a generator or not having a mortgage would reduce your risk and thus earn a discount.
    Agree with your recommendation to read your policy, just puzzled by those discounts.
    A generator keeps your heat, refrigerator and freezer operating, so you don't have pipes freeze or food spoil. It also keeps sump pumps working.

  8. #8
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    Quote Originally Posted by Lee Schierer View Post
    A generator keeps your heat, refrigerator and freezer operating, so you don't have pipes freeze or food spoil. It also keeps sump pumps working.
    OK, assuming your insurance covers food spoilage, flooding and frozen pipes but why discount for no mortgage?

  9. #9
    Quote Originally Posted by Doug Garson View Post
    OK, assuming your insurance covers food spoilage, flooding and frozen pipes but why discount for no mortgage?
    Perhaps there's less overhead if they dont have a mortgage company in the middle? For example, some roll their insurance into their mortgae payments, adding a little more work. Likewise, if I file a claim, the check has sometimes had the mortgage company name on it and they also had to endorse it. Perhaps there's more interactions that consumers dont see. Also remember, Dennis got a discount but we dont know how big a discount that actually is - $20, $50, $100?
    "All that is necessary for the triumph of evil is that good men do nothing."
    - Sir Edmund Burke

  10. #10
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    Quote Originally Posted by Frederick Skelly View Post
    Perhaps there's less overhead if they dont have a mortgage company in the middle? For example, some roll their insurance into their mortgae payments, adding a little more work. Likewise, if I file a claim, the check has sometimes had the mortgage company name on it and they also had to endorse it. Perhaps there's more interactions that consumers dont see. Also remember, Dennis got a discount but we dont know how big a discount that actually is - $20, $50, $100?
    Good points, hadn't thought of them. I think Dennis said he got a $242 discount for not having a mortgage.

  11. #11
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    In taking out policies, I recall being asked if the home has a trampoline and or a swimming pool. I assume those items raise the cost of a policy. I've never had either. I wonder if trampoline includes portable trampolines or only permanently installed trampolines - if there are such things.

  12. #12
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    My agent asked about trampolines... It seems ANY trampoline, especially the ones about 8-10 feet in diameter, even with the nets around them have a high incident rate of injuries.
    So probably a lot of claims.....

    On rentals, many companies will not insure if they have a trampoline.

  13. #13
    Quote Originally Posted by Doug Garson View Post
    Good points, hadn't thought of them. I think Dennis said he got a $242 discount for not having a mortgage.
    Yes he did, didnt he? That's real money.
    "All that is necessary for the triumph of evil is that good men do nothing."
    - Sir Edmund Burke

  14. #14
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    What company is it that gives a discount for no mortgage?

  15. #15
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    My guess is insurers know that when dealing with a lender there's no short cuts. A lender is going to know exactly how to deal with an insurance company and will fight them to make sure the property is fully restored. They also will not put up with an insurer dragging their feet.

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