Conversation

Notices

1. Embed this notice
   受不了包 (shibao@misskey.bubbletea.dev)'s status on Tuesday, 25-Jun-2024 01:48:35 JST 受不了包

   i just now realized that the actual reason behind house insurance spikes is because of people buying shitty properties that are extremely overvalued and insurance companies either super highly jacking up rates for everyone or just completely dropping states with extremely egregious overvaluations (re: florida). so naturally when a huge amount of them find issues that could affect their valuation (almost anything) insurance is left bagholding

   • Embed this notice
     9 (9@gh0st.live)'s status on Tuesday, 25-Jun-2024 05:19:30 JST 9

     in reply to
     @shibao In my experience, home insurance cost is based on "replacement value", the calculation of which is a complete black box. It doesn't matter what you purchased your property for, or what your state values your property to be for tax purposes- home insurance costs 1% of "replacement value" that as far as I can tell is a number the insurance company just make up.
     受不了包 likes this.
   • Embed this notice
     9 (9@gh0st.live)'s status on Tuesday, 25-Jun-2024 05:19:34 JST 9

     in reply to

     • 9
     @shibao Another interesting tidbit that may be helpful as you shop innawoods- the market of insurance companies willing to do business with you plummets when you buy farther than 10 miles from a fire department.
     受不了包 likes this.