What good is home insurance that excludes damage caused by kids, dogs, wind, water, mold, earthquakes, etc.? If virtually everything that can cause damage to a home is excluded, what are consumers paying for with their insurance dollars?
Unlike other industries, information on the quality of the products sold by insurers is unavailable. Making matters worse, understandable information about the product offered is also hard to get. As a case in point, have you tried reading your policy? After getting a copy of the full document, a magnifying glass to see it and a lawyer to interpret it, you come to the sad realization that you pay an insurance company roughly $1,000 per year to cover, well, basically nothing.
The two posts below are examples of policies that do not provide coverage. The first post begins with the story of a Louisiana woman, beaten by a child, and now confined to a wheelchair. Insurance would not cover the costs because the policy specifically excluded actions by minor children.
The second post is a homeowner whose coverage is cancelled because he owns dogs. Stories like these go on and on. The reality of the situation is consumers need a quality rating on insurance products they purchase. There is no reason for these products to be difficult to understand. Like virtually all other products sold in consumer markets, insurance products need to be measured for quality.
Home Insurers Don’t Like Kids
Link to the original story was removed by the publisher
It was a seminal moment in the case when attorneys for both sides discovered that in the homeowners’ policy, the fine print specifically excluded the intentional actions of the family’s children. Thomas and Denise Breazeale, of St. Tammany Parish, said they were surprised to learn a homeowners’ insurance policy would […]
Click here to view original web page at Rottweiler owner has hard time getting home insurance
Patterson said his headaches began when an inspector checking his new farm said he’d have to inform the insurance company about his two Rottweilers. A week later, the company cancelled his policy without giving him time to get a new one. Promutuel confirms to CJAD 800 News that they do not insure homeowners with certain breeds of dogs such as Rottweiler, Doberman, Pit Bull and Mastiff, saying they represent a risk.
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