which I will not name here for reasons I won't get into. Maybe later.
As some of you know I had a fire a couple of years ago.
The insurance company was nothing short of incredible. I've never seen anything like it in my life. I was amazed. They covered everything and gave me an interesting option for the stuff lost in the garage. I could have a check and replace things on my own or they could replace the stuff itself. All I had to do was submit a list. I took a chance and submitted the list. Within a week I was getting calls from Lowe's, Home Depot, and a few other places to arrange deliveries.
Everything they replaced was of either the same make and model or better. Every. Single. Thing. No junk whatsoever. None. I was stunned.
Most of it went directly into storage which was fine. Actually all of these vendors offered to hold the stuff for me until I got back on my feet but I opted to have it delivered because I wanted to check the stuff out.
The remediator I hired had submitted a bid and the insurance people accepted it and instantly cut me a check, excluding mechanicals, plumbing, electric and HVAC. When I submitted the bids of these tradespeople a check arrived inside a couple of days.
We also had a discussion with my adjusted. My wife and I figured that this would be a golden opportunity to bring everything up to code. After all, the place was build in 1948 and could use it.
We agreed that the insurance company would pay for what we lost and we would pay for the upgrades. More than fair enough. I got two bids from the plumber and electrician and the insurance company paid full replacement.
Both of these subs gave me a very reasonable deal on the upgrades because the walls were already open and it would be a simple add-on to what they were already doing.
In short the insurance company stood by me and did the right thing, actually to a fault. When things were completed everything was replaced perfectly and we were in better shape than we were before the fire.
I was truly impressed.
I made this post in light of the recent murder of the CEO of an insurance company that by many accounts has been withholding claims and apparently trying to deny coverage to those that can't afford to fight back.
First of all I won't condone murder although I can understand why the CEO got whacked.
What I WILL say is that everyone in my insurance company is on my personal protected list. When I needed it most they came charging through with flying colors and people like that deserve to be protected. Anyone that wants to hurt anyone in that company, from the CEO to the guy that sweeps the floor has to get past me.
Again, I refuse to condone the murder but have to say that historically most murder victims like that tend to bring it on themselves by treating other people poorly one way or the other.
While my homeowners insurance covered my home and that really means a lot to me, it is second only to my health. My health insurance company seems to be adequate and has performed well. I (as of yet) have been treated well although I had to get the HR people to goad them once. Still, they're halfway decent.
I am no financial genius but I do know simple math.
Income (premiums)- Outgo(Claims)= Profit (or loss)
Needless to say, the object is to make income exceed outgo.
Granted it would he a perfect deal to have it all coming in and nothing going out and personally I wish I had never had to file a single insurance claim but when something happens it's time for the company to pony up and hold up their end of the deal. Cheaping out usually winds up with companies losing money in the long run.
There's also the human side to things. Damage or loss of a person's home is a shattering experience to most people. While there are cold, hard facts and accounting to be seriously considered, there's also the human and emotional side of things. A good adjuster (I think that's what it's called) has to understand this and realize that he's not only dealing with numbers and money. They're also dealing with a human being who is probably upset. You absolutely have to remember this if you want to run a successful business. Your customers come first. Insurance is a service business and you are serving your customer base.
From a business standpoint it's good business to make things as easy as possible for a policyholder. Policyholders have mouths and talk to other people. Lord only knows how many questions I was asked about how the insurance company was treating me and I know for a fact that a couple of people switched based on what I told them.
I know I have done something to help the company that helped me by sending them new customers.
My wife handles a lot of financial stuff and I have to be honest and say I don't know what our rates are compared to other companies.
If I know my wife she didn't cheap out and go with the lowest premiums, nor did she instantly go to the most expensive, either. She's a researcher and I'm sure she dug around and checked everything out and asked around before she found our company.
She's wise enough to know that an insurance company isn't measured by low rates. It's measured by the service it provides in the event of a casualty.
She belted one out of the park when she chose ours.
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