North Central OH | ag4life - 12/24/2024 07:36
I have a co-worker who got a notice from his company that any structure over 20 years old is no longer eligible for replacement cost coverage, only cash value. I said well the point of insurance is to be made whole in the event of a loss. Also, I hope your premium went down in reflection of loss of replacement cost coverage, it went up 20%.
He hasn't had a claim in the 10 years he has been in business. Needless to say he is insurance shopping, as I would be too. I get tired of my annual audits and them disagreeing with my exposure.
I get protecting yourself but how many of us are insurance poor, meaning the cost of insuring every last thing has become not worth it. I know I have high deductible to try and help, but that doesn't make as much difference as it used to.
That's normal anymore can't remember if our agents had any company that would do replacement anymore and hadn't realized our had switched to cash value. Needless to say i will be dropping building values significantly and probably shopping in the future, only residences can be covered at replacement if older that 20-25yr in most cases. As far as the OP premium increase that's happened to all of them. Really questioning the building coverage at this point, might be just as well off insuring the equipment in them and forgetting about the old pole barns. |
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