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So I saw one of the dumbest posts I've ever seen on Poal earlier and I thought I might clarify a few things for people who might not know otherwise.

I am a building contractor, I specialize in disaster recovery. When your house burns or has a major ass flood or gets hit by a freightliner I am the guy that comes and fixes it. So hear me when I say that I am kind of an authority on the subject.

>the bank originating the loan (read making money out of nothing) is the one usually offering the insurance

This is not true, banks do not offer home insurance, insurance companies do. Banks can only offer mortgage insurance to pay off your loan if something happens to you or something. So, there is NO conflict of interest. Do you really think if insurance was not a requirement that people would pay off their mortgage to the bank after their house burned down?

>you have to pay homeowners insurance (which usually covers nothing)

Homeowners insurance covers virtually anything that can happen to your house. However there are some exceptions and you should be familiar with your policy to be sure that you have the appropriate coverage. Some things cannot be insured such as poor craftsmanship. If your home was built with no vapor barrier and water seeps into your walls and they rot away then it is not covered by insurance. If the builder used a shitty half sized beam to span across your "open floor plan" and it breaks in half and collapses then it is not covered by insurance. (I have seen exceptions to this rule however and in this particular case your contractor may be able to get this one covered)

Home owners insurance is to cover a "sudden and unexpected" loss. For example, tree strikes, fires, broken toilet valve leads to flooding of entire house while you are on vacation. It is up to you to be sure that your policy has adequate coverage for you needs.

I can't tell you how often people buy the cheapest policy they can find without looking at the coverage or the deductible and then have a shit fit when their policy does not cover something. If your policy expressly excludes something and that something happens then don't be surprised when your insurance denies your claim.

Read your policy people, you might be surprised.

Also, one final note, even if your insurance denies your claim it will still be in your file that you made the claim. So it can affect your rate. If you file a claim for some damaged flooring in your laundry it may be covered by your policy but it might be more beneficial in the long run for you to make that $300 repair yourself, rather than have that claim on your record.

I'm sure I didn't hit all the details here, this is just a general primer. If you have any specific questions I can try to answer them below.

So I saw one of the dumbest posts I've ever seen on Poal earlier and I thought I might clarify a few things for people who might not know otherwise. I am a building contractor, I specialize in disaster recovery. When your house burns or has a major ass flood or gets hit by a freightliner I am the guy that comes and fixes it. So hear me when I say that I am kind of an authority on the subject. >>the bank originating the loan (read making money out of nothing) is the one usually offering the insurance This is not true, banks do not offer home insurance, insurance companies do. Banks can only offer mortgage insurance to pay off your loan if something happens to you or something. So, there is NO conflict of interest. Do you really think if insurance was not a requirement that people would pay off their mortgage to the bank after their house burned down? >>you have to pay homeowners insurance (which usually covers nothing) Homeowners insurance covers virtually anything that can happen to your house. However there are some exceptions and you should be familiar with your policy to be sure that you have the appropriate coverage. Some things cannot be insured such as poor craftsmanship. If your home was built with no vapor barrier and water seeps into your walls and they rot away then it is not covered by insurance. If the builder used a shitty half sized beam to span across your "open floor plan" and it breaks in half and collapses then it is not covered by insurance. (I have seen exceptions to this rule however and in this particular case your contractor may be able to get this one covered) Home owners insurance is to cover a "sudden and unexpected" loss. For example, tree strikes, fires, broken toilet valve leads to flooding of entire house while you are on vacation. It is up to you to be sure that your policy has adequate coverage for you needs. I can't tell you how often people buy the cheapest policy they can find without looking at the coverage or the deductible and then have a shit fit when their policy does not cover something. If your policy expressly excludes something and that something happens then don't be surprised when your insurance denies your claim. Read your policy people, you might be surprised. Also, one final note, even if your insurance denies your claim it will still be in your file that you made the claim. So it can affect your rate. If you file a claim for some damaged flooring in your laundry it may be covered by your policy but it might be more beneficial in the long run for you to make that $300 repair yourself, rather than have that claim on your record. I'm sure I didn't hit all the details here, this is just a general primer. If you have any specific questions I can try to answer them below.

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[–] • 0 pt

Consequential damages is covered, ie work that is not your work is covered. General contractor hires subs, one subs work (vapor barrier in your example) damages another subs work (walls -framing, drywall, paint). The damaged trades get covered, the homeowner had no expectation that perfect walls would get rotted. Home insurance pays then goes after the vapor barrier and the general contractor to pay back for the consequential damage, plus the homeowner has to go after sub and general contractor for the non covered poor work (vapor barrier).

[–] • 0 pt

Okay, I believe what you are talking about here is going after the builder during the warranty period which is not what we are talking about here. This conversation is about home owners insurance, not your contractors insurance.

As far as home owners insurance goes, your wrong, your just wrong and no amount of telling me again and again is going to make you right.

[–] • 0 pt

No, I wasn't talking about warranty. Perhaps your state has different rules, but in the majority of states people can claim consequential damages to the work of other trades. The bad trade's workmanship is excluded, of course. The general contractor is screwed in all so has to get indemnity agreements into the subs' contracts to get them to pay for consequential damages.

[–] • 0 pt

Okay then. You never answered my question, are you an insurance adjuster or what? Where do you get this information?