Question for the guys in the insurance biz

[Aspencreek]

Originally Posted by vteye3

The companies will not pay to remove overhanging trees but will cover it when the tree lands on your home. Ask the agent to confirm you have no duty to remove the trees and confirm State Farm is insuring you on a H03 or H05 an then sleep well.

Not sure about State Farm, but many of the Insurance companies I deal with will tell insured's to remove limbs or trees that MIGHT fall on the homes/buildings, give them a bit of time to get it done, and if they are not removed will either remove that coverage or cancel the policy. When I do insurance inspections that is one of the items I have to look for.

[Baseline]

Read your policy and find out what it says about known hazards. Your agent is probably right about the tree falling on your house, but you are going to be out whatever deductible the policy has. You and/or a family member might also be injured. Then there is the out of pocket costs and inconvenience that occurs if you have to leave the house for repair. It might be that for the cost of the deductible you would have to pay might be enough to remove enough trees to at least make the structure safe. I'm fairly sure that unless there is semi-truck load of wood to be had the chances of getting a logger to remove the trees would be slim and you would still have to deal with the slash.

[Custom Eyes]

Originally Posted by Aspencreek

I would only concern myself with the ones that could possibly fall on the buildings, the rest....call a logger. Too Bad!

I wasn't even counting the tress that are too far away to fall on a structure! I counted 23 effected trees that are within striking distance of the home or structure. As you can see, my lot and adjoining lots are just kinda heavily wooded! lol

[Aspencreek]

Originally Posted by Custom Eyes

I wasn't even counting the tress that are too far away to fall on a structure! I counted 23 effected trees that are within striking distance of the home or structure. As you can see, my lot and adjoining lots are just kinda heavily wooded! lol

Alrighty then! yes, I see what you mean....I too would have concerns. There should be some small custom logger up there that can help you out, but if this infestation is as bad as it sounds, and trees are dying everywhere, he just got real busy. I suggest you sharpen up your chainsaw skills....and try not to show up on one of those "redneck's with chainsaws" youtube videos.

[Custom Eyes]

Originally Posted by Aspencreek

Alrighty then! yes, I see what you mean....I too would have concerns. There should be some small custom logger up there that can help you out, but if this infestation is as bad as it sounds, and trees are dying everywhere, he just got real busy. I suggest you sharpen up your chainsaw skills....and try not to show up on one of those "redneck's with chainsaws" youtube videos.

Yeah, some of those videos are great! lol Chainsaw and dropping tree skills are pretty darn good, but when it comes to dropping one by the house, I leave that to the insured experts! I've heard of too many cases where homeowners insurance won't cover you dropping a tree on your own house accidentally.

[vteye3]

At the new policy stage, yes I have seen carriers cancel new policies due to overhanging trees.
Liberty Mutual is crazy about this. Once policies renew the companies typically don't do inspections.

[red reno]

Your policy won't pay for debris (tree removal) unless you have a covered loss or claim. If the tree falls on your house or other structure then it will pay for the damage to the structure as well as debris removal. This is usually capped at like 10% of what your home coverage is, so a 100k house would have 10k of coverage for that. And no, it doesn't pay for the cost of a tree. Some people want to be compensated because they no longer have a tree there. Doesn't work like that.

[Aspencreek]

Originally Posted by vteye3

At the new policy stage, yes I have seen carriers cancel new policies due to overhanging trees.
Liberty Mutual is crazy about this. Once policies renew the companies typically don't do inspections.

I do inspections for over 30 Mutual companies here in WI. Most do inspections on a 3-5 yr rotating basis, and they should. This keeps loss ratios down and allows the companies to make sure they know the conditions and liability issues with each policy. This helps keep rates lower. You would not believe what we find at some properties that the ins. co. has no idea existed. From wood burners, swimming pools, hot tubs, trampolines, buildings that have been torn down to buildings that have been put up and never reported. Dog breeding operations (Pit Bull, Doberman, German shepherd, etc), horse boarding, hoarding conditions, to down right neglect. And even the property that is insured for 1/2 million bucks, but is an abandoned farmhouse that has the windows busted out, the first floor is in the basement and is uninhabitable.....had one of those last week. If insurance companies are not doing regular inspections of the properties they insure, I'm going to bet their loss ratio is higher than it should be.

Aspencreek,..can you find out WHY your rates are high? I'm paying 17,000 a year for a brick 4 plex in good shape a 1/10 of a mile from a firehouse,.with 1000 deductible.do they print a rationale on the properties they insure?

[Aspencreek]

Originally Posted by bud222

Aspencreek,..can you find out WHY your rates are high? I'm paying 17,000 a year for a brick 4 plex in good shape a 1/10 of a mile from a firehouse,.with 1000 deductible.do they print a rationale on the properties they insure?

Rates are dependent upon a multitude of factors, and every insurance company grades a property accordingly. Factors can be, location, use, proximity to firehouses/police stations, credit score, type of construction, conditions, liability issues, (and I'm going to tread on some unsteady ground here) section 8 housing, past claims history, past property history etc. etc.

The only person who can tell you why your rates are as much as they are is your agent. They can find out your score and classification and what determining factors are at play. But to really find out if you are overpaying, you are going to have to do some shopping. Yes, do the thing you want to do the least. But at $17,000 a year, I'd be shopping every other year. How? Simple....call a couple INDEPENDENT agents and then go ahead and call whoever you want, BUT, make sure they are well versed in commercial rental properties. Tell them the truth to any questions they have about the property and any other properties you might have or want to include. Except what you are paying now and who you have as a carrier now. It's none of their business, if they want your business. Let them visit the property, determine what coverages is best and fits with what you want, and see what they come back with. My rule is at least 3 choices to pick from, but the more the better. It's particularly fun, when the bidder comes back with a quote cheaper from your existing company, yes this happens. If this takes 5 hours to get done and it saves you $2-$5,000 a year, yes it's worth the time and effort. Let the bidders know you are shopping, and will continue to shop in the years to come.

It is amazing how many people I talk to that have had the same insurance carrier for years, even decades. They wear it like a badge of honor, it's NOT. You are not married to your agent no matter who he/she is. If you have not shopped your Homeowners, Commercial or vehicle insurance within the last few years you are paying too much, and I am 80% certain of that. I shop mine every 5 years, I just cut my HO policy by a bit under $300/yr and vehicle by just over $550/yr, I talked to 1 agent who sells for 4 of the Ins. Companies I work for. Total time spent was about and hour. $850+ /hr, that's a good hour!