Deleted
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Post by Deleted on Jul 31, 2019 20:52:53 GMT -5
MPL - any idea what the average life expectancy for a pump is? The fact that your pump went out at the same time neighbor was hit really makes me think it was lightning related. He says 10-15 years, but most people around here have pumps much older. Of course, most have shallower wells too. That's another reason I'm worried about turning it into insurance. I'm afraid even if they approve it they'll reduce the value so much for being old that it won't pay out much and still cause my rates to go up.
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haapai
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Post by haapai on Jul 31, 2019 21:07:34 GMT -5
I'm surprised that you aren't worried about the insurance not being renewed or having your premiums or deductibles jacked up.
There's some rules of thumb out there regarding when making a claim or even inquiring regarding coverage makes sense and when it should be avoided and an insured individual would be well-advised to simply eat the repairs that are covered by homeowners' or farmowners' insurance. Unfortunately, I have forgotten what those suggestions were and how to find them.
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CCL
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Post by CCL on Jul 31, 2019 21:37:30 GMT -5
Could you talk to your agent and get info on how it might affect your rate and likely outcome? Maybe they've got experience with these types of claims?
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Post by Deleted on Jul 31, 2019 22:09:42 GMT -5
I'm surprised that you aren't worried about the insurance not being renewed or having your premiums or deductibles jacked up.
There's some rules of thumb out there regarding when making a claim or even inquiring regarding coverage makes sense and when it should be avoided and an insured individual would be well-advised to simply eat the repairs that are covered by homeowners' or farmowners' insurance. Unfortunately, I have forgotten what those suggestions were and how to find them.
We had one claim in 15 years . . . Longer than that if you include pre-divorce. It was a minor house fire in the kitchen. I left a smouldering oven mitt on the counter. Alfa paid out about $5000. They then jacked up the deductible AND the premium. I know our deductible was too low at $500, but It was what it was when I bought my first house after the divorce. They never increased it. They jacked it up to 1% of the insured value, which rose year after year. When it got to $2300, I balked and asked to freeze it at $2000. That cost more, but I could see the possibility as a senior on a fixed income of it getting totally beyond my ability to pay. They also placed a surcharge on our premiums. That went away after 3 years, but they got most of their money back. A loss would have to be catastrophic to make another claim. There is also something called a CLUE report that tracks your claims.
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Deleted
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Post by Deleted on Jul 31, 2019 22:31:51 GMT -5
I've made two homeowners claims. One for flooding for just a few thousand in 2002 and another for hail in 2009. That one was for like 25K. Those were both different insurance companies than I have now though.
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countrygirl2
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Post by countrygirl2 on Jul 31, 2019 23:02:38 GMT -5
They still know about them. There is some central processing place that gives them all that info.
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countrygirl2
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Post by countrygirl2 on Jul 31, 2019 23:05:30 GMT -5
I have a couple extra credit cards, good thing lost the ATM card, Ordered a new one, but I'm using it. I have a Sears, Pennys, and one from hubs bank. I have been out with the motorhome before, where neither card would work! And luckily I had cash for a $600 diesel fuel fill up. Since then I have a card on hubs, the Sears is my oldest card, don't use it much anymore. I have Bank of America, had it for years
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Post by Deleted on Jul 31, 2019 23:13:43 GMT -5
They still know about them. There is some central processing place that gives them all that info. The CLUE reports only go back 7 years, so nothing older than 2012 would show up. I just found out you can get a copy of your reports for free annually. Just ordered mine, but they send by mail so it will be awhile. personalreports.lexisnexis.com/fact_act_disclosure.jsp
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Post by Deleted on Jul 31, 2019 23:18:42 GMT -5
Could you talk to your agent and get info on how it might affect your rate and likely outcome? Maybe they've got experience with these types of claims? I emailed him tonight. I TRIED talking to him today, but whoever answered the phone at his office was all, "I can help you with anything".
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Deleted
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Post by Deleted on Aug 1, 2019 9:47:05 GMT -5
So State Farm agent called me. He said if the claim paid out I would lose my 13% discount and go to a 2% surcharge. That amounts to about an extra $240 year premium. He also said I can back out of the claim at any time and it wouldn't affect my rates and just show up on my record as a $0 payout. His advice was to wait to find out what the claims adjuster says. He said once I have an idea of what they'll pay (if anything) I can decide whether or not to move forward. But, he said if they were going to pay him over 5K at the cost of $240/year he'd take it, especially since the surcharge drops after more years of no claims.
So, at least I didn't shoot myself in the foot by opening the claim.
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laterbloomer
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Post by laterbloomer on Aug 1, 2019 10:41:51 GMT -5
So State Farm agent called me. He said if the claim paid out I would lose my 13% discount and go to a 2% surcharge. That amounts to about an extra $240 year premium. He also said I can back out of the claim at any time and it wouldn't affect my rates and just show up on my record as a $0 payout. His advice was to wait to find out what the claims adjuster says. He said once I have an idea of what they'll pay (if anything) I can decide whether or not to move forward. But, he said if they were going to pay him over 5K at the cost of $240/year he'd take it, especially since the surcharge drops after more years of no claims.
So, at least I didn't shoot myself in the foot by opening the claim.
That would be my logic as well. I had to do a $19,000 auto claim a couple of years ago. My rates did go up but it takes a lot of years of $200 to reach $19,000
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Aug 1, 2019 11:21:32 GMT -5
Hugs. I’d seriously be hyperventilating.
I have a $45,000 LOC at one of my banks. It’s a $35 annual fee. I can go in there and take out cash any time. That’s what I would have to do in this situation.
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Deleted
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Post by Deleted on Aug 1, 2019 12:22:20 GMT -5
INSURANCE IS PAYING 6K!!!! Holy crap, that was the easiest claim ever. They didn't even ask for a receipt or the number of the well guy! Just wiring the money to my account (and increasing my premiums $240 ish dollars a year starting next Feb). So. Relieved.
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geenamercile
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Post by geenamercile on Aug 1, 2019 12:51:01 GMT -5
Yea and what a relief
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CCL
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Post by CCL on Aug 1, 2019 14:12:05 GMT -5
Yay!
Did they tell you why it wasn't $7500? Maybe a portion was your deductible?
Years ago, we had a couple claims. At that time, if it was $5000 or less they sent us a check. If over $5000, the check was written to us and our mortgage company. We had to sign it and send to them. Which was OK, but we had to wait for the disbursement before we could pay our contractor and mortgage company would not disperse the $$$ until the work was done. In the meantime, we had to at least come up with a deposit from our own funds. I hope they don't do that anymore. Plenty of people wouldn't have had the $$$ for the deposit to the contractor.
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TheOtherMe
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Post by TheOtherMe on Aug 1, 2019 15:44:12 GMT -5
Good news!
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Post by Deleted on Aug 1, 2019 15:44:43 GMT -5
They still know about them. There is some central processing place that gives them all that info. The CLUE reports only go back 7 years, so nothing older than 2012 would show up. I just found out you can get a copy of your reports for free annually. Just ordered mine, but they send by mail so it will be awhile. personalreports.lexisnexis.com/fact_act_disclosure.jspSomewhere there was an option to view it online. I know because I still have the user name/password saved for mine. But I don't remember how I did that so it's no help.
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finnime
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Post by finnime on Aug 1, 2019 16:18:30 GMT -5
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Post by Deleted on Aug 1, 2019 19:23:54 GMT -5
Yay! Did they tell you why it wasn't $7500? Maybe a portion was your deductible? Years ago, we had a couple claims. At that time, if it was $5000 or less they sent us a check. If over $5000, the check was written to us and our mortgage company. We had to sign it and send to them. Which was OK, but we had to wait for the disbursement before we could pay our contractor and mortgage company would not disperse the $$$ until the work was done. In the meantime, we had to at least come up with a deposit from our own funds. I hope they don't do that anymore. Plenty of people wouldn't have had the $$$ for the deposit to the contractor. I was just doing the math myself. I figured $7500, minus $1600 for the deductible. But, for some reason they sent me an email with the direct deposit info and it's $7500. What the heck? Then do I have to turn around and pay them the deductible back out of that?
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CCL
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Post by CCL on Aug 1, 2019 19:59:30 GMT -5
Any time I've had an insurance claim they subtracted the deductible off the top. Ie: $7500-$1600 (in your case) = $5900, so a check/deposit for $5900.
I've also had contractors tell me they could inflate the estimate to cover my deductible.🤤 Nope. No chance of me doing that! (I'm sure you didn't do that either)
I'd wait a few days to see what the actual numbers turn out to be. It may all work itself out and make more sense.
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Deleted
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Post by Deleted on Aug 2, 2019 6:29:29 GMT -5
So, the deposit is in my bank account. $7578.
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giramomma
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Post by giramomma on Aug 2, 2019 10:16:01 GMT -5
I'm glad it worked out for you. You needed something to go in your direction.
One thing I didn't see mentioned at all is the fact that you are putting so much of your money into retirement. Can you put a pause on that for a few months, build up some cash, and get back on it again? Will putting away, say 3-4K less in your retirement this year, really put you at a disadvantage long term? If you feel it does, do you think that 3-4K disadvantage in the future will cause you more stress than you are currently facing in the short term?
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Post by Deleted on Aug 2, 2019 10:55:59 GMT -5
Will putting away, say 3-4K less in your retirement this year, really put you at a disadvantage long term? If you feel it does, do you think that 3-4K disadvantage in the future will cause you more stress than you are currently facing in the short term?
Unfortunately, yes. I'm playing the stupid FAFSA game right now and reducing 3-4K takes me over a major cliff where EFC goes from 0 to about 8K. That basically takes us from full Pell and full state grant to no Pell and I'm not sure on the state...we'd still get one there, but it would be reduced. I wish I didn't know this, but I do! Having said that, I should be able to get to having all I need to have in by early to mid November and have the rest of the year with nothing withheld.
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Deleted
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Post by Deleted on Aug 2, 2019 11:07:52 GMT -5
Anyone know what I should do about them overpaying me? Just sit on it and wait? Turn myself in? Leave the country?
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geenamercile
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Post by geenamercile on Aug 2, 2019 11:37:23 GMT -5
Whenever I have had an insurance paid out I have always gotten paper work showing how everything was calculated. I would wait for that and see how they calculated it. They may have added something in there to cover the inconvenience. For example if they decided that the house was unlivable while it was being fixed they may have given you something to cover staying somewhere other then the house. Kind of like when they pay for you to have a rental car while your car is being fixed. Or they may have things they cover without you paying your deductible. For example on my car insurance glass is covered at 100 percent. In other words make sure they did actually overpay you.
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Post by Deleted on Aug 2, 2019 11:44:41 GMT -5
They emailed all the paperwork yesterday. The invoice with the deposit has the exact amount of the well bill. There is nothing else added, nor a subtraction for the deductible.
I swear this chick is going to get fired and they're going to investigate all the claims she handled and mine will end up being denied after the fact. I told someone yesterday that it was like she was just dying to give me money.
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finnime
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Post by finnime on Aug 2, 2019 16:59:50 GMT -5
Like geenamercile said, it's probably the sort of loss for which the deductible does not apply. And congratulations.
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Aug 3, 2019 7:14:33 GMT -5
I’m sorry that Murphy is such a frequent visitor, but I must say that I am very impressed at your financial ingenuity. You had the cash to pay for the repairs, but didn’t simply write a check, which most of us would do. Instead, you sought out ways to cover the bill without drawing down your own funds. Brava!!
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Post by Deleted on Aug 3, 2019 9:43:59 GMT -5
Like geenamercile said, it's probably the sort of loss for which the deductible does not apply. And congratulations. I don't know...all three people I talked to at the insurance agency pulled up my policy and talked to me about my deductible. The agent used an example of them paying me 5K after deductible and the claims adjuster mentioned how awesome it was that my deductible was so low and that many have theirs at 5K and wouldn't get much of a payout on a $7500 claim. I really think they screwed up.
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bookkeeper
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Post by bookkeeper on Aug 3, 2019 10:07:50 GMT -5
I would just accept the payment and move on. Keep a little back if you think they might correct an error.
We had a similar situation after a hail claim on our home. When the check came, there was no deductible subtracted from the amount. After we read the claim paperwork, the insurance company waived our deductible because the amount of the claim was over $10,000. Who has ever heard of such a thing? This same insurance company raised my rates by quite a bit, so I had to move on to someone else. I compare premiums quite often. You have to be competitive to keep me as a customer.
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