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NAGICO Chairman Speaks #163118
06/11/2018 05:32 AM
06/11/2018 05:32 AM
Joined: Mar 2001
Posts: 17,585
Ohio
ruralcarrier Offline OP
Traveler
ruralcarrier  Offline OP
Traveler
Joined: Mar 2001
Posts: 17,585
Ohio


J.D.
SXM Sponsors
Re: NAGICO Chairman Speaks [Re: ruralcarrier] #163122
06/11/2018 07:06 AM
06/11/2018 07:06 AM
Joined: May 2007
Posts: 1,133
CaribLee Offline
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CaribLee  Offline
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Joined: May 2007
Posts: 1,133
Very informative article. Glad they went into such depth.

Re: NAGICO Chairman Speaks [Re: CaribLee] #163135
06/11/2018 10:28 AM
06/11/2018 10:28 AM
Joined: Mar 2007
Posts: 221
London,Ontario CDN
JMSH Offline
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JMSH  Offline
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Joined: Mar 2007
Posts: 221
London,Ontario CDN
The reduction in coverage based on the amount of claim paid must be unique to the Islands......that certainly is not the case in North America. Maybe it is a European way of providing insurance.

Re: NAGICO Chairman Speaks [Re: JMSH] #163151
06/11/2018 03:25 PM
06/11/2018 03:25 PM
Joined: Dec 2005
Posts: 698
Rhode Island
Bluesfan Offline
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Bluesfan  Offline
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Joined: Dec 2005
Posts: 698
Rhode Island
Originally Posted by JMSH
The reduction in coverage based on the amount of claim paid must be unique to the Islands......that certainly is not the case in North America. Maybe it is a European way of providing insurance.

This is common in the US. If the replacement cost of your home is $500,000 and you only insure it for $300,000, your claim will be reduced proportionately. Insurance companies want premiums for the full replacement cost of your home. Read your policies carefully.

Re: NAGICO Chairman Speaks [Re: ruralcarrier] #163152
06/11/2018 03:28 PM
06/11/2018 03:28 PM
Joined: Dec 2005
Posts: 698
Rhode Island
Bluesfan Offline
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Bluesfan  Offline
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Posts: 698
Rhode Island
Most policies require minimum coverage of 80% to qualify for full replacement cost claims.

Re: NAGICO Chairman Speaks [Re: ruralcarrier] #163154
06/11/2018 03:48 PM
06/11/2018 03:48 PM
Joined: Mar 2007
Posts: 221
London,Ontario CDN
JMSH Offline
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JMSH  Offline
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Joined: Mar 2007
Posts: 221
London,Ontario CDN
I understand that, this is not what he is talking about. He is referencing that if you had your home insured for $500,000 and had a $200,000 fire and a claim paid out for $200,000, after the claim your policy is now only worth $300,000 and you have to purchase the additional $200,000 again for the remainder of the term of the policy (they call this the reinstatement premium) . In actual fact what you are talking about is more less called co-insurance. On most home insurance policy the insurer warrants that you insure to 100%, on most commercial occupancies the co-insurance factor might be 80% or more likely 90% of the full rebuilding value...... the lower the requirement the higher the rate per $100 of insurance.


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