Homeowner's Insurance

[oldrooster]

Funny I heard a local DJ who did a couple of "talk shows" on the local radio station (1 was an hour long show where they had a couple of local police officers and a county road manager who talked about road conditions/construction and other topics that fell into their per-views) and it was mentioned her insurance would not cover a trampoline so she couldn't get one and she encouraged people who were listening if they had one or wanted one to call their ins. agent about it....

 

[KS68]

It was time to update the insurance on the house. Boyfriend died so now the insurance is in my name only. Have made some changes such as a gas insert instead of a wood burning insert in fireplace. Have replaced some of the old windows. Had to make sure the insurance would cover rebuilding the house in case of fire.

One of the questions was what kind of animals I own. At one time boyfriend's daughter lived in here with horses and pigs and lambs. I truthfully told them there was nothing here except for chickens. Ooops. The insurance company that the agent was trying to get my insurance through won't allow chickens. You see, someone might eat an egg from my chickens and get sick. Then they would sue me and the insurance company would have to pay. I was stunned as I don't sell eggs. My chickens are pets, not for profit.

Ended up getting insurance. Am happy with the rate. The chicken issue was taken care of in a few hours. However, it was a few hours when I was afraid I woudn't get insurance. Just wanted to see if anyone else has dealt with being turned down for insurance due to having chickens.

How did you get around that and end up with insurance

 

[KS68]

Please tell me how you got around this because we actually just found out that the insurance may not cover if you have chickens and ducks as well please let me know how you managed to get around this and what did you have to do to keep your homeowners insurance

 

[saysfaa]

One way around it is to self insure.

 

[BarnyardChaos]

One way around it is to self insure.

Not when there's a mortgage.

 

[Folly's place]

This is an older thread, but very relevant right now too. Talk to your agent, and tell them exactly what you have! Not being covered for liability because your company 'doesn't do chickens', or whatever, is a very bad idea! And the more assets you have, the more likely a lawsuit, and loosing everything. 'Self insure'? No way! Only if you have at least millions...
Mary

 

[saysfaa]

... 'Self insure'? No way! Only if you have at least millions...
Mary

Why?

We started weaning ourselves off insurance when we were still dirt poor college students.

We started by skipping extended warranties, and getting high deductibles when we had to have insurance because of state laws or debt or whatever. Banking that money covered the few times we could have made a claim plus a good chunk for things that may come. In the meantime, we have use of that money.

Being able to end the PMI insurance was a powerful motivation to get the mortgage paid down below 20% down. Same concept applies to all insurance. Except health insurance because the price structures are punitive for individuals.

Edit it add "down" , PMI was required while the homeowner's equity was less than 20%; not that the mortgage had to paid down to owing only 20%.

 

[Folly's place]

Extended warranties are not worth the money, true. But homeowner's or farm insurance? Definitely necessary! We can't afford to have our house burn down, although that's small potatoes compared to someone seriously injured or dying in an accident here! It's liability that's the big thing, and when we are poor students, having nothing to lose, it's not the same as having property...
Mary

 

[saysfaa]

...We can't afford to have our house burn down...someone seriously injured...

One half of the consideration. The other half is how likely it is to happen.

Houses do sometimes burn down. Our uncle's house did from a drier fire while they were gone. There are stats somewhere, probably, or one can think of how many houses they know of that have burned down. And how many they know of that haven't. One can lower their own risk quite a bit below the average risk, too. Not all the way to zero but pretty close.

Using the example from early in the thread, if you eat all your eggs yourself, there isn't much chance of someone trying to sue you after they eat your eggs.

There is a place for insurance. I think too many people assume incorrectly that they can't afford to not have it.

 

[Folly's place]

I hope it works out for you.
I'm not much of a risk taker, so having it helps me sleep better at night.
Mary