WHAT YOUR INSURANCE AGENT WON'T SAY - Former Insurance Exec Tells All
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- Опубліковано 4 тра 2024
- Insurance is skyrocketing, prevent being crippled financially! If you own a home, car, or business, don't miss this show. Learn how to beat insurance fraudsters by understanding the racket.
#homeownersinsurance #autoinsurance #housingmarketnews
Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
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What ever happened to rewarding people for good choices & good behavior?What ever happened to true accountability?What ever happened to “modest profit margins “ instead of “greedy profit margins”??!!!???!!!🙄🙄😳😳😳😳😳😳
FBI August 2023 murdered American disabled veteran 75 year old Craig Robertson. He typed anti on computer. Tragic unacceptable
Its the downfall of America, we are morally bankrupt and its destroying the country.
When I was growing up people wanted to be millionaires but they want to be billionaires that's what happened -greed
This was wonderful- can’t thank each of you enough for taking the time to go through these items. I was reluctant for a 2 hr video- but if it helps others to know- that was a well spent 2 hrs and a list full of go-do’s to look at my home insurance! So thankful for the honesty 🙏
folks making $56k-$65K can’t afford these luxury apartments lease rates or new homes @ $300k-$500k in #Texas or #Florida!!!!!!!…..just wait & see!!!!!!
This is not for American. Wealthy foreign taking USA. Hook or by open borders crooked
That's right, wait and see.
my fav lawyer firm.....Dewy, Screwem, and Howe
My truck insurance company left the state last year and the next cheapest company was 50% more! Increased in September.
Not right. Insurance companies should be regulated just like they did to the mortgage industry.
Which State?
@@MissBabalu102 we RV full time so our insurance is out of South Dakota.
@@erinsweet8147SD has a post office that can get your mail and send you pics of it. Then you can get your DL and be a resident of SD. Life is a whole lot cheaper in some states.
Excellent guest, Todd and team. I could listen to this guest all day long. Learned so much in such a short time. Definitely going to take fine tooth comb to my homeowner’s insurance policy now to ensure all my coverages are sufficient.
Thank you for bringing this gentleman on. Hopefully, you can have him again. Btw, listening from central Texas.
I just sold my impendent insurance agency 3 weeks ago after doing insurance for nearly 20 years. The last couple were the hardest due to all of the changes in the insurance market, increasing rates, etc. The stress and risk was not worth it any more. Scott is right on for his information!
We tried to buy a home in MD this past summer- full approval and fully funded. But the sellers disclosed after the fact that the fence was on 2 neighbors' properties. Much to our surprise- the lender didn't didn't care, the appraiser didn't care, BUT the home insurer sure as heck did! They told us that we'd have to get a specialized policy to have adequate coverage. Deal ended up falling through when the title company pushed easements and neither side wanted them.
All that wasted time, the fence should have been taken out.
@@monicalee9659 We didn't want the fence removed. That was a big reason we put a bid on that particular house and there was a retaining wall in the back that would have had to be redone. The sellers breached the contract since they knew the fence was an issue but they disclosed it 10 days into a 30 day contract.
I have insurance on a little ~ 1,000sqft rental house in Oklahoma City, worth less than $200,000. 1st year was ~ $1,500/year, next year ~ $2,000, new renewal is $2,500. Oklahoma is expensive because of the hail damage to roofs, along with tornado damage. Insane!
Yeah but Hail storms and tornadoes are nothing new
There been happening from year Dot especially there
So how can they justify Increases like that, Makes no Sense
In Australia here after them bush Fire 🔥 a few years back
Insurance Tripled, Fire's are nothing new
I've gone with out Insurance too expensive, Half the places they never pay out on any way
Well I’m a handyman for 20 years and I do it all. Carpentry, light welding metal fab, flooring, electrical, plumbing and on and on. The reason is that the roofs cost so much to rebuild now.
Even just in 2017 I could do a 14 sq roof with 3 tab architectural shingle 15 year. Allowance for up to 6 new sheets of osb if there’s damage. And that was 8k with tear off and all that out the door. I’d make about half that after paying everyone. Those are 15k roofs all day now.
Thanks fo4 the truth. Stay strong brother!@matthewsmith2362
This gentleman reminds me of my dad. 😊 My father started his agency in Metro-Detroit in 1976, I’ve been there ten years as an ind. agent. Everything this guest said was spot-on, all tricks/advice/warnings we give our clients on EVERY call! Get w/ an independent agency who has EXPERIENCE and has seen gobs of situations and claims.
Laura could you kindly summarize the tricks/advice/warnings with regards to homeowners insurance
@@johnalexander5328 wheew…good question, & I’m sorry for not having a short answer. 😉
Listening to things like this video puts you ahead of the majority of homeowners, so you’re in a good place already.
Second, read your declarations every year. Know what each coverage is for and if you don’t know, ask your agent and/or Google.
If you don’t have an agent, or your agent doesn’t talk to you, call an independent agent like myself for comparative quotes w/ multiple companies…but get an agent who is less interested in making a sale and more interested in protecting you/your home and is HONEST! It’s a crazy sales-tactic, but it makes people trust me and actually works. Having eight carriers to shop helps too. 😊
I quote everybody for worst-case scenario: then if they ask “Do I really need Service Line”, or “What is Ord. & Law”, I can explain & they can decide.
Just remember, agencies are very-short staffed and agents are EXTREMELY overwhelmed w/ new clients calling-in and current clients wanting to know why rates increased 30%. Be VERY NICE to who you talked to. I get screamed at, SWORN at daily. Last week I almost walked out. Don’t be that caller. It’s not the agent’s fault rates have gone up, coverages are being changed, carriers are leaving the state. Don’t let your agent be rude/short w/ you (call around if they do), but please remember we’ve had our rates jacked too, & NO, we don’t get a discount. 😉
Third, if the replacement cost is more than your liability, raise your liability! Even if RC is BELOW market Value, just do it. Liability is cheap but inadequate coverages can cost you your home and future wage earnings!
I have a young-client w/ a home on a Great Lake w/ an RC of 2M and who market value higher still! His Allstate agent sold him a policy w/ a repl. cost of 800K and liability of 300K. Horrifying for me to see that! A liability claim alone could have financially devastated this family!
Fourth, as you read your declarations, look at the endorsements. If you don’t see water backup, you don’t have it. Or Service Line, or Seepage and Leakage, or you grandfather’s watch insured for stated value.
If you don’t see your boat or your classic car, it’s not covered (I get that question too: “What do you mean my 80K-classic isn’t covered?! It’s in the garage!” 🤦♀️) Carriers are ALSO making things that USED to be covered now extra-endorsements. Not always on existing policies (grandfathered-in), but if you switch carriers, the new company may not cover Matching Roofing & Siding or Seepage and Leakage.
So yeah, long answer…. Find a good agent w/ a good agency (because Sales Agents aren’t always your Servicing Agents) is my best advice.
@@johnalexander5328 Oh gosh!…I forgot to tell you to ask for account-discounts: AARO/AMAC, or credit union memberships or alumni, teacher, veteran, etc. One of my carriers has a discount for The Bear Hunters Association of MI!
Also let them know if you’ve replaced your roof/furnace, added an alarm…. These each can save you premium-dollars.
Lobbying obviously allowed for going public instead of a mutual insurance institution........prices could be lowered if they all just quit spending billions on advertising with sports stars and movie stars.
As it is now ...as usual......stock holders are the winners.
Insurance brought to us by the same folks who ran banks ,i call them banksters , worst of the worst
Yep
Publicly traded.
Wasted money on constant advertising
Sales price has never had anything to do with a home insurance policy. Market values fluctuate! Replacement cost is the driver - hence meet the inflation devil.
My son worked for one of those roof replacement companies, and he recently got out and now is an insurance adjuster. He mostly does local but they pay for them to go to disaster zones as well. They are all independent contractors too. He saw the writing on the wall with the hail damage roofs.
The house that I'm living in now had knob and tube wiring. I bought it in 2017 and totally fixed it up. I flip houses all the time, and I don't see live knob and tube much these days.
Here in California, I wouldn't get an umbrella policy with less than a 2Mil limit. Not the 1Mil that he suggests. My sister's agent in the Austin Texas area said the same thing.
Yeah that's true I don't know if that's enough for the inflated prices out there.
Minimum $2 million for California
@@thedetective8150 I recommend no less than 3 Mil if you own property.
Usually the shysters only sue or settle for whatever your max on the policy states. 2 million has a higher premium.
@@johndrago8370@johndrago8370 This is generally true, but depending on where you live and your net worth, getting the highest liability coverage you can afford is best. I was sued by a neighbor who attacked me, and I immediately stopped his attack. I have a brown belt in Kyokushin Karate and also do boxing and BJJ. He was injured when he fell to the ground. I called for paramedics, and he was okay with a bruised ego. He sued me for $500k, and the case went to a jury trial. I prevailed in court. My homeowner's insurance paid for my legal expenses, and they were extremely happy with the win in court, as my neighbor's attorneys were shysters. I then sued him, and he settled the case for $100k. He also had to pay his attorney fees, which were over $70K. He sold his house and moved. If you live in California, especially Southern California, I highly recommend having the highest uninsured/underinsured motorist coverage because many have no insurance or minimum liability coverage.
I am a Senior business analyst at a Property Insurer in Florida and the guest did a decent job in explaining some reasons why premiums have been rising. To his point about complexity of policies, the main reason for this is companies trying to protect themselves from harmful trends. Contractors, Public Adjusters, and attorneys will do their best to use our policies to extract as much money as possible and there are unfortunately many situations that can become clear why additional language was added to tighten coverage. Our goal is to pay what we owe and when we owe it. A lot of adjusters get a lot of accusations of “not wanting to pay claims” but as someone who also worked as a claim adjuster i promise it’s much easier to write a check and say have a nice day than to deny and fight so most adjusters do try to stick to interpreting coverage as the policy reads.
Only big problem now is that insurance companies here in Florida bribed our governor and legislators to pass new laws so they csn now disregard the on site local adjustor's review and opinion of the amount needed to make the customer whole again after paying for all needed repairs, and they can now legally get away with horribly low-ball payouts!! They can choose any lowball amount they like and override the onsite adjustor's recommendations, and have been shorting customers regularly now, leaving customers unable to afford all needed repairs, and that is now basically legal, as they passed new laws so customers can only use arbitration to fight a low payout issue, not the courts, and must be able to afford to pay for their lawyer all on their own, as they can no longer ever get those fees reimbursed by their insurance company, even if they win in arbitration and the company is forced to pay out a higher, more appropriate payout to cover the customer's true replacement costs!! Since they know few will be able to afford to fully pay for a lawyer to go fight for them, the companies will feel free to lowball all payouts now, as they know they won't be called out very often if customers are too broke after some big disaster destroys their house and possibly business too, and so their income drops... This is how DeSantis is "helping solve the insurance crisis for the citizens of Florida", you know, by passing laws to make it much harder for those citizens to sue their insurance companies when they screw us, because we all know insurance companies are all angels who would never try to pad their profits by finding any and every way possible to pay out as little as they can possible get away with, right????
I was hit by hurricane Ian. $100,000 in damages. My insurance only paid 27,000 so I'm fighting it. The offered 23,000 to finish my claim and I said no. So now it goes to an independent umpire. Insurance Co. canceled me and now I can't get home owners insurance because I have an open claim....any advice?
@@christinewimer5523 i’ve never been an agent but i’m guessing that it’s difficult to obtain new insurance due to the ongoing current claim. I think insurance companies do this because they want to ensure that all prior damages are addressed prior to taking on a risk. However, if the difference between contractor quotes you have received and the companies settlement are that large i don’t blame you for invoking mediation. Unfortunately, that can take a while. I would also try and verify that it is specifically a pricing disagreement and not also a coverage disagreement. For example, maybe the price difference is so large because they believe the roof is repairable and the contractor is arguing that it needs to be replaced. Sorry i couldn’t be more help but there is a lot of nuance and i don’t know the exact details but i do wish you the best in your endeavors and hope you get the help you need.
Todd I think you and him have unleashed a new topic. I recently read a book on infinite banking. Which talks about using life insurance as your banking system for loans and for self-insuring. I think it'd be a great topic
It would be a great topic because most people do not understand permanent life insurance and they think using products like whole life in an alternative way (like infinite banking) is a great idea.
Oversimplification is misleading.
The path to hell is paved with good intentions.
Edifying i tell you! Wow! What a show Todder!!! BRAVO! GREAT SET MAN! GREAT GUEST! I FEEL EDUCATED ONNINSURAMCE FOR HOUSING AND I FEEL MY BRAIN GETTING BIGGER!
Appreciate Scott’s time and expertise - thank you 👏❤️
Having worked in US insurance industry the problems today a combination of fault on all sides. Lawsuits should be avoided as they drag on for years. On one point regarding a property loss with deduction for the replacement cost of roof contradicts the rule of replacement cost with a depreciation equaling actual cash value; three different figures. In other words replacement should not be adjusted for depreciation. Insurance represents indemnification to restore the value as before the loss. The other point of two deductibles for two perceived losses overruled in the case of the World Trade Centre 2001 loss. The court ruled in favour of Swiss primary carrier. The insured should not profit from loss.
The only way to avoid profit based insurance companies trade associations to self-insure either by captive insurance companies. Mutual insurance companies for selected groups that get rebates if no claims made during three year period. In France all property claims approved with cash settlement by insurance company for the insured to sort out the repair themselves in their time. Time saving solution?
I am having a hard time tracking. Fifteen dollar an hour is $31,200 a year. How does that equate to $100,000 to $130,000 salary because the Govt requires a company to pay a working wage. A six figure salary is $48.00 an hour. Please someone plesse explain.
Probably because of you were making $15 an hour doing insurance in an office and now the people stocking at Walmart get $15 you’ll have more competition and wage pressure up.
Good point
If the employer is paying $15 then the employers actual cost is $21 with workers comp and SS contributions. The arbitrary fiat increase makes all goods go up in price until there is no net gain to the person who was legislated more money than the goods they produce. This in turn makes the guy earning $100,000 per year demand $130,000 because a Coffey that costed $4 now costs $9. The point is there is no gain to legislate a person be paid an arbitrary non-free market salary.
*To purchase a home and probably rent the DTI the banks want to see if at 35% or less in order to purchase a home. Car loans DTI 35% to 45%. Those DTI numbers would have to change to less DTI in order to get financing from a bank. Crazy, no one will own anything. That's what Klaus Schwab says, "You will own nothing and be happy."*
@@monicalee9659truth
The goddamn insurance company's spend over $60 billion on Advertising in one year, don’t fucking try to tell me that their biggest expense is either claims or payroll...
Mine went from 550 a year a new build 2nd year 1550 with a 10% deductible. Thanks lennar.
*Lenin 😂
@@Nigriff You do realize that a "10% Deductible" means 10% of the total Dwelling Limit? Not 10% of the amount of the claim.
@@kenb5279That’s insane. So that means the roof is coming out of the insured pocket. Not even worth having regular insurance anymore. Just carry a catastrophic policy.
@@MplsMaven It is something that many are not aware of.
Aside from comps, property values should be determined by what it costs insurance companies to rebuild. 2006-2010, we saw home appraisal experts in the pockets of sellers. Again during recent runups, appraisers are once again going along to get along. The insurance look could be a counter balance to market over valuation.
Appraisers are contracted by lenders who are their clients. Hiring an independent appraiser is a smart decision for a buyer. Taking any type of waiver for a loan on a purchase l, refinance or heloc leads to a false sense of value. This is so much more intricate than what people understand. In a nutshell your theory is wrong. Appraiser’s supply a data point in a lending transaction which is underwritten and reviewed they do not have the power you think. They are the only entity in the transaction charged with upholding public trust. All other parties are in it for financial gain.
@@ssmith29122001 Wishful thinking. The lender doesn’t contact the appraiser. There is a reason agents utilize certain appraisers. While purchasing and selling homes, I’ve had appraisers meet me on property and ask what I needed it appraised at
Great conversation, would love to see more experts like this on the channel. Always valuable to hear from an actual person who’s been on the ground rather than someone just trying to get clicks or sell gold
My son said all the homes are going up for sale in his town of Belle Plaine MN, ex-hurb, due to insane property tax increases
All the burbs of Minneapolis are becoming ridiculous to insure a car or house. My house insurance and taxes doubled the last 2 years.
Yes the American dream is gone mortgages 7 8 times earnings interest rates are higher than normal and insurance corruption. This stuff needs to be posted everywhere especially to illegal immigrants if they think they're going to have a good time here they're just going to be homeless
Enjoyed this interview thoroughly! Will be reviewing my HO policy ASAP
We live in Ocala Florida, luckily we are inland. 1.5 hrs to either coast. We are ok, you just can't live on the coast. However, we have no mortgage so if our insurance becomes too high, we will just self insure.
My wife and I are contemplating moving to Ocala Florida, any advice? good areas bad areas etc? Thanks
Insurance I’m aware of is Tower insurance, Slide insurance. I live in Florida on the water
@@johnalexander5328 such a hot place to live and I am from South FL. I remember thinking that the heat came from above, below and even the wind was hot and I moved up there from South FL but near the coast. Also extremely crowded roads. I lived there two years back in 2006. Couldn't wait to leave.
It seems that most are HOA neighborhoods. My 2 cents
Thank you for this incredibly informative interview! I learned so much and will be listening to it a few more times.
"Coaster Scott" is a stickler for relevant info even during retirement. Great video.
Excellent topic!!! Thank you so much!
I live in Cape Coral near Fort Myers Florida and we got hit bad by Ian. Most people got a new roof, new fences and of course our premiums went higher. My insurance company treated me well and my house looks better than ever. Yes my premium went up some but it is payable. Tower Hill is a good insurance company in Florida .
The solution to moving to Florida when you buy the house you put 80% down or pay it outright so that you can afford the insurance because the insurance is going to act as your mortgage
A lot of good information about insurance, thank you! Great show!
Thank you Scott. 👏👏👏
I was a math major too, and the number 1 ticket for graduates was actuarial number crunching for the insurance industry melting down liquid cooled super computers 24/7 to make damn sure that payment is a one way street
This was a great episode!! Thank you.
Thanks again Todd. You are the BEST - keep em coming.
I had a friend who was a doctor the top in the country and she had her own practice she insured her hands for twenty million because you made a lot of money doing surgeries. When she became injured after paying her insurance for thirty years she had to get a lawyer to fight for her twenty million I learned then and there what you pay for from insurance companies is not what you get.
Thank you for your videos Todd!! Around an hour and 35 minutes I heard you say that you are getting calls cause people cannot make their mortgage payments.
I was wondering if someone gets a line of credit and add it to the principal, would that reduce the damage of interest payments or reduce months of payments?
Thank you!
Great show! I learned so much! Thank you!
I am also an insurance agent/ financially services professional. I will listen to the entire show. My early comments are: insurance rates reflect the inflation devil.
Great guest, great video. Also some awesome questions, this channel has one of the best audiences out there! The squatter damage question was especially interesting and good.
You all rock! Love our audience 🙏
INVALUABLE! Great show and guest.
@51:20 - Detroit. Just quoted a 2,800 sq. ft., 110 year-old home w/ high-end finishes/flooring/moldings/high-ceilings, etc. Purchase price is 300K, Replace. Cost is (conservatively) is 870K. Even 80% of RCE is going to trigger an interior inspection by ANY reputable carrier, and I ABSOLUTELY see the home having a true RCE over 1M.
The LENDER told these sweet-Millennials the insurance would be $1500 a year. 😂 Try 1.5K a month!
Same things is happening in California. My insurance went from $783 to almost $2600 and then after 20 years I'm put in a fire area I'm told I am still under insured when I live in a manufactured house in an unincorporated area down the street from a fire department.
Your channel is absolutely the best
If appliance flooding isn't covered, the homeowner has shopped price instead of coverage. Or he didn't want to use a trusted local agent and used an online company. So if you're using strangers to quote you a great HO price, you'd better read the stinking contract and have deep savings. You have to think, read and pay or get somebody to help you do it.
To the question of “will Florida become uninsurable”, in the coming years premiums should begin to fall in Florida. Legislation was recently passed helping to remove some of the issues which were incentivizing high rates of litigation and crazy contractor bids. FL bill SB-2A. The environment is already improving but actuaries need a lot of data to build a case to update rates. So essentially we’re already seeing improvements in the environment but it takes time to get the data to properly quantify the impact on rates
Texas property insurance is absolutely ridiculous and unaffordable now. Starting to consider selling and just renting now. Renters insurance is so much more affordable! Also factor in car insurance prices too. Barely able to survive today. Don’t get me started on food prices too.
This was a good one. Thanks!!
Don’t forget that FJB is trying to pass laws that charge you on unrealized gains.
Our CEO told us we lose just as much as to crooked lawsuits as we do to real claims.
What they don't talk about is the one law that screws everybody. I is the McCarran- Ferguson act of 1947 that makes it ILLEGAL for the government to investigate insurance companies for fraud. Instead it is up to each state to police the insurance companies and they will not. Why? It costs a lot of campaign money to run for office of the State Insurance Director and where does that money come from? You got it. Insurance Companies. The State Insurance Department Director MUST do what the companies tell them or they not get the "free will" campaign donations they need for Reelection. In the real world Lobbyists of each state control who that Insurance Director will be. Will a Director ever be an advocate for consumers? Never!
@@crimestoppers1877 thats what someone told me about the Florida market. All the lobbyists live in expensive ocean front properties and dont want to pay the outrageous prices they should be paying so they fork it off to everyone else but when the storms come through they need their multi million dollar homes fixed thus Florida is now bankrupt.
Repairs should be billed to the state,
You can show the inspection report to the insurance guy as a negotiation tactic. The seller may be forced to correct certain things if the property is uninsurable. Or it allows for an out if the insurance rate is unreasonable to the buyer
You guys are awesome!❤
#ScottHenderson is 100% correct!!!…but most of us already felt this in our guts!!#CommonSense
Scott is AWESOME please have him on again soon!
What exactly HOA covers vs insurance?
Here in my province in Canada its 15yrs for roofing with insurance claims. It was 20 not long ago. They keep f ing the little man! It will be 13yrs ina few years unless you pay for the extended package … 🤷🏻♂️
I just had a 1000sq’ bungalow and 2 car garage done that were damaged in hail storm and it was $12k cad. How are people paying $35k usd?
great topic
If you are cancelled you are NOT in default. The mortgage company will placed forced insurance unless you solve the problem. The forced coverage is insanely expensive because now the insurance is a profit center for the mortgage company
To piggyback, THEY are also the ONLY one that gets paid in a loss. You have no rights to their policy, but you pay for it. Don't get me started on forced placed policies.
from what I've heard is the state of florida picks up the housing insurance.
I have a walkout basement with septic tank, should/do I need the sewage backup coverage?
Yes, what you can afford, but it’s pricey. W/ a walk-out, between 5K & 10K limit to start.
Water Backup and Drain Overflow (WBU) covers overflow of water from any drain up to your selected limit, regardless of which drain.
Have a client on a slab whose sewer-service line collapsed and sewage backed-up into her shower. She did NOT have WBU, but DID have the Service Line Endorsement: the line was covered under the latter but as she didn’t have WBU, the clean-up for the shower was not…no big deal there and she was aware of this prior to policy-issuance.
WBU would have covered the cost to clean her house IF she needed it. The Service Line End. covered the collapsed-line up to her 10K-limit.
W/ a septic, your lines could STILL collapse & back-up. Ask after Service Line too (super cheap): it won’t cover the septic field but will lines going TO the field as well as water from the city/your well to your home.
This is only covered if you buy the additional "poop" coverage which has its own deductible. You will also be required to offer a lab analysis of the materials to assure they were from your septic system and not from a different source.
Yes. Its the clean up of a REAL sewer back up that is super expensive. Imagine 250 gallons of raw sewage coming up out of a toilet and going out you walk out slider. Again. I put the coverage on anyone with any type of basement
Insurance is a scam, because you can use 1099a forms for what you want, if you have a contract in place as the commercial lien on the bc, that is used as a security with the united states treasury , the bc is a American banknote known as the certificate of live birth
1:38:23 I love it!
Is BLACKROCK involved in any of this?
We own a home built in 1969 in Texas with cast iron sewage pipe from the house to the street. No problems yet, but we know it’s only a matter of time. Is there coverage available that would reduce the cost of replacement when a problem does occur?
Yes, call your agent and aske for Underground Utilities coverage endorsement. $60 to $125 a year. 1969, heck yes, do it tomorrow.
Well folks tell the bank to use the 1099c to cancel the debt,
So if you continue paying your mortgage, do not have an escrow then have beef with the town and stop paying you taxes + insurance… the bank will then reposess the home even though they getting paid?
Seems like bad business to me for the bank since good chance that home gets very damaged before being repossessed plus your going from being paid to having to cover costs associated with the home. Also it’s likely at a time lots of evicictions are happening the underlying asset is worth less.
Would IUL Life Insurance policies be able to supplement home insurance coverage?
Would only do as last resort, but it's YOUR money, you can do whatever you want. Think it would have to be a financial calculation. Pay $1,000 to get $300,000 (made up example) if house burns down. Say you are 60. Put money in that IUL for your whole adult life, hoping to use some in retirement. You were proud that you have $400,000 in that IUL, even brag. But, you say Hell my house is paid for, not spending that $1,000. Then the Christmas fire when the grandchild decides to light candles under the tree. Now you have $100,000 for that retirement.
The FEMA backed Flood Insurance policies are transferable between property owners. Flood Insurance is the only type of Property Insurance which is transferable.
Correct and I was going to say that. Especially important on that example I gave where elevation went from 4 to 7 feet.
@@ScottHenderson-Ins1 BTW, good talk Scott. The public needs inside information like this.
Can you comment on Rentals which are LLC Owned and insured
100% the right idea. Keep the rentals out of your personal name. Protects your personal assets from legal action. Insurance is not much more or different for the LLC. Most polices even have the owner of the LLC in their defiinition of "Who is an Insured" in the policy language. Look in the Definitions page of your policy under Who is Insured. I have some customers to LLC for each one. 123 Main St. LLC 224 Main St. LLC. Just ask your accountant how much more it will be to do your taxes with 10 different LLCs. I had 1 LLC when I had 30 rentals. Bay East Investments, LLC
The Florida insurance issues are political. No reason any of these 'issues' should arise now.
Why are desalination plants soo expensive?
Isn't Insurance supposed to cover the unknown or the not predictable. Otherwise why would you need it if it doesn't cover flood insurance you shouldn't have to have it. You get insurance to cover the rare events that's what it was meant for that's what you're paying for so it blows me away that you say that no insurance policy covers flood
I’d like to know how having a metal roof impacts HO insurance??? Please!
So I have not seen a rating mechanism associated to Metal roof. I believe there should be a credit. It does however qualify you for underwriting in the Preferred rating Tiers. Lots of companies have 2-4 tiers of rating. Insurance Scores which are like credit scores, age of home, age of mechanics, location (Geocoding they call it now), etc. put you in different rating tiers. You can't go wrong with a Metal Roof insurance wise.
@@ScottHenderson-Ins1
Thank you very much! Hope to s you back with Todd soon.
This chat had 200 plus comments - where did those go?
UA-cam ag deletes my comments all the time
Access to comment replys not available.
@User122-qi6md Check at the top of the Comments section - it's probably set to show you only the "TOP" comments. Click on "Newest", which will show all comments
What contents of homes are not/cannot be insured?? Jewelry, firearms, collectibles ??
In a Fire its all included. The Jewelry, firearms, collectibles sub-limits are for THEFT. You can schedule them. I use $1,000 per item as rule. But my clients with guns, jewelry etc. usually get a Preferred or GOLD or ELITE endorsement that bumps the limts to $10,000 or $5,000. Ask your agent for any Elite or Plus endorsements.
Can you put time stamps in your videos please?
Why isn't this information discussed before you contract a mortgage, smh...
my house 1998 insurance in 2018 2500.00 2020
3500.00
2021
4000.00
2022
4500.00
2023 5200.00
so this year 2024 i replaced my windows and roof and my insurance went down to 3100.00
Do all the Tricks. Look at the amount of coverage on the dwelling. Probably rediculous. Lower the contents to 50% or a reasonable number. Get 2 deductible options after they lower some stuff $2,500 and $5,000. If you have made updates, heat pumps, Roof, etc get them to update it. Look at the price of endorsements?? Some agents through everything available to cover their tails and make more money.
BINGO!! KNOW YOUR AGENT!
Change the lender, to the United States treasury, instead folks...
Hey everybody! Party over Todd's house! I want to swim in the 30 foot deep hand dug pool! 😂
I paid cash for my first home in fl in 2015 and never insured it from day one. Have one now I paid 430 for Randy moss style, and never insured it. I live a 8 min walk to the ocean. But I can floor and drywall so when my shit floods I’ll live in a camper in the back yard and rebuild this bitch. All before I give them bloodsuckers a buck
Dishonesty and greed it never ends well
Don't buy homes on coastline..it's pointless folks,
Get her a black box Dominican Cohiba❤🐥
17:42 😂
Your health insurance is going to go up for smoking 🚬 on air.
Todd according to your insurance guy you must have an amazing pool. 😂😂😂😂.
But Todd told me to cancel my insurance policy
Fuuny how american completely have confused socialism and communism. Communism creates dictatorships, yes, but democratic socialism (free healthcare, free education) as we have in my country, Denmark, creates happy, free and rich people!
I would say we are almost there with you in Denmark. Can I come visit to see the good sides? Always been intrigued by Denmark and Sweeden.
Not involving realestate in particular, but how about whistle-blower insurance pool involving a voluntary countrywide fund? We (hopefully) all pay a couple of bucks a year to look out for people risking and looking out for us? Cheap probably compared to letting people be all but eaten by the ever increasing elite cancel culture. Truth is, few people risk. Does this sound wise?
AARP is the middle man for Democrat politicians and insurance companies
True
Jesus Saves.
Great guest!