Talk:Home insurance

Untitled

There are different types of policy forms used in the state of Texas: the HO-A, HO-A+, and the HO-B. Shouldn't these policy descriptions be added here? TobyzMama 22:24, 17 October 2007 (UTC)TobyzMama, Cheryl Carroll

Language

"intentional injuries for guests" is an amusing way of putting it.

NPOV Question

Is the use of "highly recommended" for some of the types of coverage indicative of a non-NPOV? Avi 15:40, 13 January 2006 (UTC)

I added the "highly" reference to help the reader understand what that kind of insurance is best suited for. Not all level of HO insurance are applicable to all types of domicile. An adjective does not necessarily mean that an sentence is no longer neutral.Piko 22:18, 23 January 2006 (UTC)

Underinsurance

Further information: Replacement value

Perhaps the most common problem that insurers face is underinsurance, and the industry hasn't done all that great of a job at tackling it, as illustrated by survey finding 60% underinsured by an average of 17%. There was a time when I was working in this area (no longer), so I can't say I'll be that tuned in - but I have a bunch of resources from earlier research if anyone wants to pick it up and work on it:

• California is a bit a leader in tackling the problem, with new regulations in 2011 which are titled REGULATION FILE REG-2010-00001 Standards and Training for Estimating ReplacementValue on Homeowners' Insurance. See New Regulations for Replacement Cost Estimating in Homeowners' Insurance approved by California Office of Administrative Law for a summary. Came about in the wake of San Diego and Oakland Hills wildfires, think it was pushed by commissioner Steve Poizner. However, the industry fought and it got struck down by a judge for procedural issues in Judge Invalidates California Regulation on Estimating ReplacementCosts for Homeowners Insurance. Not sure where it is now.
• I added the major industry calculation vendors, but not consumer-based vendors such as AccuCoverage and Home Smart Reports. Not sure there's sourcing on them.
• It is always difficult to say things about the U.S. insurance world because it is state-based. But generally the states are similar as they try to coordinate.
• Who is Liable if You Find Yourself Underinsured in Texas? (2012) - by the way, this propertyinsurancecoveragelaw.com blog is the best out there for consumer insurance.

II | (t - c) 20:39, 17 January 2016 (UTC)

Lender liability for underinsurance

Interesting subtopic. In theory, since insurers have calculators and recommend a valuation, there has been an argument that they should be at fault if there is underinsurance. But it hasn't turned out to be the case. My notes point to this publication:

• Collateral Replacement Cost Risk: What Every Lender and Investor Needs to Know by Silvia San Nicolas. It says that in 2005, Fannie mandated the Uniform Residential Appraisal Report (URAR) and removed the Cost Approach to Value and required lender to "be able to recreate the appraisers cost approach calculations" which also notes that the "issue of collateral replacement cost is significant given that the latest industry statistics indicate that 59% of homes are underinsured by an average of 22%". Cites Gibson v. Geico (1984) 162 Cal.App.3d 441, 447 with the statement that "insurers have successfully litigated the industry wide position that they do not have liability for coverage amounts they recommend to a homeowner".

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