Please Help with This Question

[Josh]

I have one client that has a $10,000 deductible, and it's note even on a very expensive house. They insisted though. Apparently they saw some financial show somewhere that told them it was a good idea. The difference between the $10K and the $2,500 is only like $30 per year in premium though... The company has them sign something every year that confirms that's still what they want and I try to talk them out of it every year. I never would have written this policy, I inherited it from an agent that left the company.

That's a pretty awesome story. I like that they have them sign off on it every year.

 

[NCAgent]

Don't some policies have a deductible waiver if the damage is more than like 25k or something like that? It seems like you would almost NEVER have to pay your deductible then...

 

[Aram Fingal]

Some of the high value home policies do. Chubb is the only one I can think of off the top of my head. Their minimum deductibles are pretty high but then if your claim is over a certain amount (it's like $25K or $50K or something like that) then they waive the deductible all together.

This makes sense for people who are high net worth because they can afford to self insure up to the cut off point no problem. It saves them a bunch on their premiums. And if they ever do have a serious claim, the whole thing is covered.

I don't think the standard run of the mill companies offer that though. I know the one my client with the $10K deductible doesn't do that.

Don't some policies have a deductible waiver if the damage is more than like 25k or something like that? It seems like you would almost NEVER have to pay your deductible then...

 

[NCAgent]

I think Kemper does that, too, in NC. I recall seeing something like that on one of their comparison charts, I think it is for all their HO policies or it could just be the HE7.

 

[Guest]

Whats up with these dumb thread titles lately, basically FORCE you to open the thread to see whats its about.

 

[IEG12]

Calarice,

When I lived in Texas, there were dozens of roofing companies that, if you repaired the entire roof, would absorb your deductible so you paid no money out-of-pocket (the company would just make significantly smaller margins on the job). I'm assuming there are companies doing the same thing where you live.

I had a friend who worked for a roofing company, and I believe this is illegal, and the roofing company could be put out of business for this action. I'm not 100% sure if it is unethical/illegal from a consumer's standpoint. Does anyone have information on this?

Other than the above, I'm not sure what else you can do besides pay up. I don't think your insurance company would be too happy if you received the check then fixed the roof yourself.