Denied Insurance because of pellet stove??

[dac122]

This thread reminded my to call my agent, so I juust contacted my Metlife agent about my basement install this last winter/fall. He verified they have me down for the 2 wood stoves, the one converted wood stove to pellet stove, and said I was good to go with the new pellet stove. He gave me the impression it wasn't a big deal, but just reminded me to clean them regularly.

I have a fire hydrant on the corner of my property and have had Metlife for 12 years.

 

[Topshelf]

i had a similar issue quite a few years ago. I was residing my older house with vinyl siding. Took off the old aluminum, added an addition and while I was at it I installed stryofoam foil backed insullation over the existing plywood. Well because I was doing the job on weekends and at night and was waiting for a aluminum trim guy to come out, it looked like heck for a couple of weeks. In the mean time they must have come out and took a picture of it looking like a demo ready house. Well I get a letter in the mail saying they are upping my insurance to like 4 times what I was paying or just dropping me if I didnt like it. At the time I didnt understand why, so I called the agent. I explained what was going and that it would be back together in a week or so and look all spify again. He said there was nothing they could do.

Best part, So I called around, got some quotes and then called my agent back less than an hour later. When I told him to go ahead and cancel the policy on my house along with my boat and 3 cars he just about died. Then he back pedeled and try to sell me a better low cost policy. No thanks :0 Insurance is such a scam IMO.

Allstate for that that were wondering

 

[nhdblfan]

USAA, they have expanded availability to more people.Great customer service,best price and they did not care one bit about the pellet stove being added.

If you or someone in your family has been in the service,I would give USAA a call and see if they can get you in the fold.

 

[rona]

We have been brainwashed into thinking we absolutely have to have ins. Look at the people that make a living off ins and the big fancy office buildings etc. If the odds were that bad about a claim they wouldn't have a business.
People may say that's a big risk but its a bigger risk not reading the fine print and finding out after the fact the ins doesn't cover.
They keep raising premiums - If enough people cancelled their ins premiums would drop but instead the gov requires you to have ins. I wonder how many politicians got cash under the table for that?

 

[CarbonNeutral]

We have been brainwashed into thinking we absolutely have to have ins. Look at the people that make a living off ins and the big fancy office buildings etc. If the odds were that bad about a claim they wouldn't have a business.
People may say that's a big risk but its a bigger risk not reading the fine print and finding out after the fact the ins doesn't cover.
They keep raising premiums - If enough people cancelled their ins premiums would drop but instead the gov requires you to have ins. I wonder how many politicians got cash under the table for that?

Your mortgage company requires you to have insurance, not the big bad government.

 

[drewsome]

We have been brainwashed into thinking we absolutely have to have ins. Look at the people that make a living off ins and the big fancy office buildings etc. If the odds were that bad about a claim they wouldn't have a business.
People may say that's a big risk but its a bigger risk not reading the fine print and finding out after the fact the ins doesn't cover.
They keep raising premiums - If enough people cancelled their ins premiums would drop but instead the gov requires you to have ins. I wonder how many politicians got cash under the table for that?

If you look at the financials, a good number of property/casualty insurance companies have high loss ratios -- meaning they pay out close to all the premium they in. The way they make their money is mostly via investment income. In other words, they invest the premium payments, until such time as they need to liquidate to pay claims. Not saying there aren't mediocre insurance companies and shady claim adjusters.

Also, the gov't doesn't require that you buy Homeowners Insurance -- it's your mortgage holder (i.e. your bank). I would definitely recommend that people do not drop their insurance, even if they no longer have a mortgage. Don't forget that homeowners insurance doesn't just protect against property losses, but provides defense and indemnity from suits against the homeowner (slip-and-fall, etc).

 

[CarbonNeutral]

We have been brainwashed into thinking we absolutely have to have ins. Look at the people that make a living off ins and the big fancy office buildings etc. If the odds were that bad about a claim they wouldn't have a business.
People may say that's a big risk but its a bigger risk not reading the fine print and finding out after the fact the ins doesn't cover.
They keep raising premiums - If enough people cancelled their ins premiums would drop but instead the gov requires you to have ins. I wonder how many politicians got cash under the table for that?

If you look at the financials, a good number of property/casualty insurance companies have high loss ratios -- meaning they pay out close to all the premium they in. The way they make their money is mostly via investment income. In other words, they invest the premium payments, until such time as they need to liquidate to pay claims. Not saying there aren't mediocre insurance companies and shady claim adjusters.

Also, the gov't doesn't require that you buy Homeowners Insurance -- it's your mortgage holder (i.e. your bank). I would definitely recommend that people do not drop their insurance, even if they no longer have a mortgage. Don't forget that homeowners insurance doesn't just protect against property losses, but provides defense and indemnity from suits against the homeowner (slip-and-fall, etc).

When the stock market was better, insurers were paying out more than premiums collected. I pay a little more for my insurance because Amica is rated well by people who make a claim - I figure that's some insurance right there...