[TowerTalk] New Homeowners insurance underwriting rules.

Tue Aug 30 07:37:44 PDT 2011

Agreed. I live in a house that is over 50 years old that could be rebuilt,
ground up, for $250k on a lot that's worth a lot more than that.

My homeowner's insurance is over $8k per year. The cost of construction has
fallen dramatically due to the economy, but do you think that's reflected in
my premium? No, no decreases in history.

Nope. Welcome to Florida!

If you have a mortgage, you must have insurance. I have a recent appraisal
that shows that my mortgage is less than the land value, but I must insure
my structure!

Go figure.

Mickey N4MB

On Tue, Aug 30, 2011 at 10:01 AM, Joe Subich, W4TV <lists at subich.com> wrote:

>
>
> > IT is a growing problem where ever there are increased risks and
> > particularly in the South where insurance companies have really taken
> > a beating with hurricane, flood, and tornado claims. However these
> > costs are getting spread through the industry nation wide and
> > companies are becoming extremely risk conscious.
>
> Costs are not "getting spread through the industry nation wide" - just
> ask any Florida home owner.  The "national" property and casualty
> insurers first established "Florida Only" subsidiaries and jacked rates
> for all hazard insurance in Florida substantially higher than rates in
> any other state, got the spineless Florida legislature to allow massive
> "hurricane deductibles" and then walked away from even long time policy
> holders in Florida.
>
> Homeowners' insurance - at least in Florida - is nothing more than
> legal extortion.
>
> 73,
>
>    ... Joe, W4TV
>
>
>
> On 8/30/2011 12:01 AM, K8RI on TT wrote:
> > On 8/29/2011 10:08 PM, David Thompson wrote:
> >> Recently a fellow showed up at my home to "measure" the outside of the
> >> house.  Two weeks later a representative of my Independent agent called
> me
> >> and said they were not going to renew my policy.  I have had the same
> policy
> >> for 31 years
> >> and one minor claim on my antennas about 1984.
> > <snip>
> >> I finished the repairs and got the Insurance renewed but the picture in
> the
> >> inspectors note of my tower and antennas bothers me.  The Insurance
> >> Commissioners office say they have the right to come out and inspect my
> >> house at any time.  The renewal came with a note that I had to send the
> >> local agent pictures in three years.
> >>
> >> Is this a known problem elsewhere?
> > IT is a growing problem where ever there are increased risks and
> > particularly in the South where insurance companies have really taken a
> > beating with hurricane, flood,  and tornado claims. However these costs
> > are getting spread through the industry nation wide and companies are
> > becoming extremely risk conscious. Many are getting rid of anything they
> > perceive as an increased risk over what they consider normal.  Up here
> > they might consider falling parts due to ice as an increased risk, or
> > possibly wind induced damage. This varies with company, location, and
> > type of risk.  This area has "so far" remained relatively low risk.  In
> > my case the antenna *system* is insured with a rider on the home owners
> > policy for enough it'd cover virtually any damage the tower could cause
> > even if it went down over the house.  BTW We've had ice storms that took
> > the power line down just to the North of our lot. (we have one square
> > acre), yet the antennas remained in tact even if the element tips were
> > pointing nearly straight down.  OTOH a group of Cormorants over nighted
> > on my 30' long 7L 6-meter yagi and broke the boom truss.  A 6' to 8'
> > long piece of that 1/2" Aluminum tube truss hit the ground (in the
> > Spring)  end on and went in nearly a foot.
> >
> > In my case I have a rider on the policy covering the 100' tower and
> > antennas for replacement cost including labor...which is not attached to
> > the house or garage, but only 10' from the NW corner of the garage.  In
> > my case they insisted the tower *not* be attached to the house or garage.
> >
> > But to reiterate;  Insurance companies are becoming far more risk
> > conscious (sometimes what they see as an increased  risk is really
> > unjustified) and in many areas (particularly coastal, Gulf and Atlantic)
> > insurance may be difficult or impossible to find.
> >
> >
> >>    We already have so many rules that
> >> restrict towers and even antennas.  The Banks won't lend to developers
> who
> >> won't incorporate CC&R's.
> >
> > I avoid those like the plague anyway.  Currently credit is very tight
> > due to the economy and the banks are holding onto their cash even with
> > the loss of interest earnings.  I think you will find that if the
> > individual has the collateral they will loan for individual
> > construction...if they are loaning at all.
> >
> >>     Are Insurance Companies next?
> >
> > They were leading the way! Remember they are in business to make money,
> > not save the customer money. They and the customer are playing the odds
> > plain and simple. In normal times the odds are in favor of only a few
> > customers needing to take advantage of that insurance while the vast
> > majority pay their premiums and never collect a dime. But over the last
> > decade or two the insurance companies have been paying out tremendous
> > claims.  There have been some very expensive hurricanes, floods, and
> > tornadoes in the past couple of decades that have raised the costs to
> > the insurance companies to astronomical levels.  Hurricane Irene may
> > cost them 30 Billion dollars or more. They have to recoup that cost
> > through increased premiums and reduced claims.  They can reduce claims
> > by limiting risk as best they can. OTOH they can only limit policies to
> > a point before the decrease in revenue hurts them.
> >
> > In the end this means it'd be a very good idea to check with the
> > insurance company before installing a large tower any where near the
> > house and possibly insure the antenna system on a rider.
> >
> > I've only had a couple claims in nearly 50 years and they were not
> > large, but they still have detailed records of both.  OTOH they were
> > large enough to call the insurance company rather than eat the cost.
> >
> > I could have claimed the two antennas I lost due to the Cormorants
> > breaking the boom truss on the 6-meter yagi and that damaging the
> > tribander, but chose not to.  I was able to take down and repair both
> > antennas.
> >
> > 73
> >
> > Roger (K8RI)
> >
> >
> > _______________________________________________
> >
> >
> >
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> >
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-- 
Mickey Baker
Fort Lauderdale, FL
“Tell me, and I will listen. Show me, and I will understand. Involve me, and
I will learn.” Teton Lakota, American Indian Saying.