Thursday, August 02, 2007

Higher Deductibles Sting Homeowners - MarketWatch

While the person who sent this to me wanted me to criticize it, I can not find anything wrong with it. Indeed it seems a good way to keep premiums down.

Higher Deductibles Sting Homeowners - MarketWatch:
"...more insurers change how they calculate deductibles, especially for damage caused by windstorms and other natural events. The newer method of figuring deductibles is based on a percentage of the insured value of your home -- typically between 1% and 5%, and even higher in earthquake zones. With home prices having soared in many areas in recent years, this often works out to be far more costly to the homeowner than the traditional flat-dollar method of figuring deductibles, by which you pay the first $1,000 or so of home repairs"
Speaking of insurance, did you see that the insurance companies won again on appeal in teh case of flood damage from Katrina.

From the Washington Post:
"Hurricane Katrina victims whose homes and businesses were destroyed when floodwaters breached levees in the 2005 storm cannot recover money from their insurance companies for the damages, a federal appeals court ruled Thursday.
Sad, and I feel awful for the victims, but not very unexpected.

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