View Single Post
Old 25th December 2012
  #40
Lives for gear
Quote:
Originally Posted by LoFi_By_Choice View Post
At risk of being banned, I have to chime in on this:

This is intended to be basic info, not a bash against anyone, especially disaster victims. This is all just from my personal experience:

I used to sell insurance. Mostly auto, but some homeowners and renters also. No life or health.

The number one mistake that most people make when buying insurance is going for the lowest possible premium. Some people seem to think that "It will never happen to me" so why pay a higher premium than absolutely necessary? A few people seem to think that insurance is like the lottery ($1 in for a $1Mil payout).

I cannot stress enough that when your agent/underwriter tries to explain the benefits of NOT going with the bottom tier plan, you as a paying customer should listen and request ALL information in writing.

Most policies cover items on a "replacement cost" basis. Depreciation is in the formula. It is generally irrelevant how much you paid for an item. This is why two items that are identical can be valued differently with two different policies. If the company can find records of being able to replace a Massive Passive for $1000, that is what they will pay you. If your gear is 6 months older than the neighbor's gear, it will be valued accordingly.

Always over-shoot your coverage when it comes to gear. If you think it will cost $30K to replace your stuff, insure it for $50k. The difference in premium will usually surprise you with how little it really is.

Most importantly, express your concerns when getting the policy issued. Think of all of the worst case scenarios. Ask direct questions. Get it in writing.

Good luck to everyone.

If you sell something in ebay and it is different from the description or omit defects, your buyer opens a claim with paypal to get the money back, if you,seller, agree, then that's ok, if you don't.. then you are violating the law

Insurance companies and bankers constantly omit important things, while doing reassuring faces, big smiles, hoping that you'll be ignorant enough to trust them. Usually they appear the most respectable men, reassuring you in any way they can to dissuade you from reading the contract

First time you need something you are on your own (moving lawyers, paying other money to get what's yours)

Using ebays rules and laws applied to who scam people, their behavior is simply illegal

At least that's my opinion

Then you, considering you sold insurance, are you actually proud of yourself about having done that?

To me it is a question of conscience

I'd prefer to be a thief, at least it would mean I have the guts to take my responsibilities if I get caught, instead being protected by the law for a much bigger fraud: taking advantage of people whom have lost their houses, their loves, jobs, precious things, human beings

I'd never be able to watch myself to the mirror