House insurance in the US

[walrus]

Hey, when you have a mortgage on a house here in the US we must have home insurance, I assume that's the same in most countries or at least western countries. We often need to put the money in escrow and a third party pays it monthly. Often, banks sell bundles of mortgages back and forth which we have no say in. My mortgage was recently sold. Problem is the buyer didn't pay my home insurance bill which led to my insurance canceling my policy and leaving my ass hanging. If something happened I would have had to do litigation and all that bullshit. There isn't even anyone to bitch at unless you can find a computer to yell at.

[Master]

We have home insurance for building and another for contents. If you have a mortgage, you have to have one too.

I try to minimise it by have years of no claim, high excess rate and other little ways to reduce it like 5 lever locks etc. You never know when you will need it like a fire, earthquake or gas leak blowing the house up. It has happened in the area.

[walrus]

We have home insurance for building and another for contents. If you have a mortgage, you have to have one too.

I try to minimise it by have years of no claim, high excess rate and other little ways to reduce it like 5 lever locks etc. You never know when you will need it like a fire, earthquake or gas leak blowing the house up. It has happened in the area.

Oh certainly, it's a must have for your largest investment but when the bill don't get paid by no fault of your own it's bullshit. Another thing I find nonsensical about insurance is you pay all this money on the regular but one claim and they drop you. I had one claim in 15 years, got dropped, refused by new companies and had to pay a shitload. It's a big scam.

[Master]

That is a scam.

[walrus]

That is a scam.

Holy cow I think that's the first time we agreed on anything

[Master]

That is a scam.

Holy cow I think that's the first time we agreed on anything

We have price comparison websites so can compare and then phone and haggle with them to get it down further. I do it for car insurance as well.

[brocktonblockbust]

I sleep on the floor in a rented house I have no idea what you people are talking about