This topic contains 4 replies, has 2 voices, and was last updated by Anonymous 6 years, 7 months ago.
- May 14, 2011 at 6:48 am #210747
I need a guaranteed credit card, no minimum balance, no checking/saving/credit card to apply. I have bad credit, but I’m a mom in need of some money quickly, but can pay it back. I need an actual CREDIT card with a credit line tho, not a prepaid credit card. HELP?!
- June 23, 2011 at 9:55 am #327099
Flood insurance is administered by the federal government. They don’t punish you for filing a claim. You should look up the meaning of FLOOD and contact to agent to ensure you are covered for that, if necessary. It sounds like you DO NOT have home insurance, just renter’s or condo unit owner’s insurance. The cost to insure a home is several hundred dollars per year and flood insurance is several hundred dollars more.
Talk to a qualified insurance person.
- June 23, 2011 at 10:36 am #327100
If you have an occurrence that is caused by a third party then your rates should not go up. The Insurance Co will handle the claim and subrogate against the liable party or their Insurance.
- June 23, 2011 at 11:03 am #327101
I’m going to give you a detailed answer because there’s so much to say about this question.
First: Flood is defined as the sudden and unexpected rising or overflow of waters. Therefore, you can have a flood by other means than the examples of tsunami, hurricane or heavy rains. Flood is not covered by homeowners or renters insurance. Flood is covered by flood insurance administered by FEMA. It’s a separate coverage and costs extra.
The subseqent water damage that occurs from burst pipes is covered under a standard homeowners policy, a condo unit owners policy and/or a renters policy. If the water comes from the unit above or beside, it is covered the same way. If it was intentional or negligent by the owner of the unit above or beside, your items would be covered by their liability portion of their homeowners, condo unit owners or dwelling policy. You could make a claim against your policy and your company would subrogate against their company for return of your deductible and the amount your company lost.
If the water came from the back up or overflow of sewage or plumbing that didn’t involve a burst pipe, that would be covered by back up of sewage or drain coverage. That’s not automatic, it’s a specific endorsement that must be purchased and added to the standard homeowners, condo unit owners or renters policy and usually has a larger deductible and a limit to how much will be covered.
Now, as for your real question: Will my premiums increase? That totally depends on who you’re insured with, how long you’ve been insured with them, how many total claims you have had and how frequent your claims were. Statiscally, most homeowners have one claim every 10 years. If you’ve been insured with a particular company for 4 years and have already had two claims, well, you’re on the hot list and very well may be cancelled. You’ll certainly be cancelled with the next claim. Even with one claim, yes, you’re premiums can be increased because you will lose your claim free discount and yes, if you have more than one claim in a short period of time (3 or four years) the company will most likely ask that you raise your deductible.
My advice, buy insurance for the catastrophe, not the small claim. Carry a large deductible (you’ll save tons in premiums) and don’t even think about making a claim for less than $ 2,500.
- January 7, 2013 at 5:58 pm #327102
OK, what if subrogation fails? As in my case, I knew the family smoked and found cigarettes on our tree line, but their house fire that ruined our siding was ruled an accident and not only did I not get my deductible back, but I was advised my rates will go up next year. But here is the scary part… I don’t know how much yet. Also keep in mind that in 20 years I have never made a claim.
I have decided to increase my deductible and cross my fingers.
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