Car sucked by tornado - GIF

[Christophe Mineau]

That's really impressive, such event are quite rare in Europe.
Are the insurance companies willing to pay the damages in such circumstances ?

[hemmjo]

That's really impressive, such event are quite rare in Europe.
Are the insurance companies willing to pay the damages in such circumstances ?

That depends on your level of insurance. Since insurance is "mandatory" some people only purchase the minimum requirement. Their coverage would only cover damage that they may cause to others. In that case, their insurance has no responsibility.

You have to choose the types of coverage you need for whatever you may be driving. As my vehicles age, I begin to drop various coverages, and assume that risk on my own. Comprehensive which would cover the storm damage and collision which would cover repairs to my car if it is wrecked, is the first to go.

Insurance is like gambling, you have to ask yourself if you can afford to take the risk yourself or if you want to pay someone else to take that risk for you.

[Frank S]

That depends on your level of insurance. Since insurance is "mandatory" some people only purchase the minimum requirement. Their coverage would only cover damage that they may cause to others. In that case, their insurance has no responsibility.

You have to choose the types of coverage you need for whatever you may be driving. As my vehicles age, I begin to drop various coverages, and assume that risk on my own. Comprehensive which would cover the storm damage and collision which would cover repairs to my car if it is wrecked, is the first to go.

Insurance is like gambling, you have to ask yourself if you can afford to take the risk yourself or if you want to pay someone else to take that risk for you.

Since my daily driver is old enough to still be made out of steel '31years' I only maintain double the State minimum plus un-insured motorist & towing. and that is only because the times when we do actually go anywhere we have to share the highways with city drivers, plus just because insurance is mandatory does not necessarily mean the other guy keeps their premiums paid. I keep a couple other vehicles insured in a non operational status for most of the year activating their status only if we plan on driving one of them this gives me full coverage on them for just a few dollars a year in the event of a severe storm. I pay my insurance in full at each renewal this saves me quite a bit over the payment plans

[Christophe Mineau]

Yes I understand about vehicules, I was more asking about the houses just blowned in the wind within seconds. People may have lost all they have...

[hemmjo]

Yes I understand about vehicules, I was more asking about the houses just blowned in the wind within seconds. People may have lost all they have...

Ah once again, that depends on the coverage you pay for. Depending on where you live the insurance for specific damages can be very inexpensive or very costly. The insurance companies are gamblers but they study odds and stack the deck in their favor. If there is a good chance your home will be flooded, due to proximity to a big river, flood insurance is expensive. If you live in the mountains, where there is little to no chance of being flooded, you can get flood insurance cheap, but fire insurance is very expensive. Same if you live in a hurricane zone, or, as in the video, tornado alley, insurance for those losses is expensive.

[Frank S]

Yes I understand about vehicules, I was more asking about the houses just blowned in the wind within seconds. People may have lost all they have...

One sad fact is far too many people do not even have a basic home owners or renters insurance policy. They may have one under their mortage but that would be mostly benificial to the lending institution not to the home owner.
OUr home insurance has a significant sized deductible but the policy coverage would replace the house every out building my collection of vehicles and equipment and the contents of just about everything we own Our umbrella policy protects us from someone becoming injured on the property. In my way of thinking the cost of the policies out weigh the remote possibilities of something happening

[hemmjo]

One sad fact is far too many people do not even have a basic home owners or renters insurance policy... snip

It is unfortunate that so many people do not have a basic understanding of insurance. I know that I certainly did not when I was younger. It took a couple of situations to get me to pay more attention to it. There are good companies, and bad companies. The cut rate companies that specialize in minimum coverage policies are the worst.

Basically, the more you have "at risk" the more you need to understand the coverage you are paying for. Be sure you look at the "exemptions" listed on your policy for things that are not covered. A GOOD agent is very worth while if you can find one.

[Frank S]

It is unfortunate that so many people do not have a basic understanding of insurance. I know that I certainly did not when I was younger. It took a couple of situations to get me to pay more attention to it. There are good companies, and bad companies. The cut rate companies that specialize in minimum coverage policies are the worst.

Basically, the more you have "at risk" the more you need to understand the coverage you are paying for. Be sure you look at the "exemptions" listed on your policy for things that are not covered. A GOOD agent is very worth while if you can find one.

Fortunately I have never had to file a claim but the coverage is there when something happens. I say when because I don't play the game of if. Just like you when I was younger I either didn't understand or chose to ignore the real possibilities of life's circumstances. My agent calls me anytime the crazy underwriter's decide they are going to arbitrarily make changes without informing people of their options. There have been times when his calls benefited me with much better coverages sometimes at no extra costs and due to the lower risk of myself and the lower amount of claims in my area my overall premiums have gone down on occasion. I have a separate business insurance with a good umbrella but since my shop is included in my homestead the building and content falls under that for any non business related event. for that reason I have a lease agreement between myself and my LLC to prevent any gap