Show HN: Software to give insurance advice like an agent would • Hacker News Board

Re: Show HN: Software to give insurance advice like an agent would

#21

Post by chrisplotz » Thu, Jul 05, 2018, 7:50 PM UTC

dyim wrote: post #7

sfbay wrote: post #3

Earlier quoted context omitted.

Hi Chris, This is a great service for almost 70% of the population who don't know what events are not covered and the fine print gotchas from the insurance companies. This should be a really helpful service, kudos on the idea. The only concern I have here is, privacy. Most of the home owners are not comfortable to upload docs that includes their names or property details (easy to know their net worth) from this. Also…

Man, I bet it's even higher than 70%. I was in the hospital in February, and I asked the nurse how much it would cost to drain a subungual hematoma. Nobody knew! Maybe it would've been free; maybe it would've cost $1,000 - it definitely doesn't feel good to decline a procedure because you have no idea how much it'll cost.

I've seen "haven't read my policy" numbers in the 80s and 90s depending on the survey. And yes - we're property insurance people but know that health can be even crazier. I understand a lot of the times the price for the procedure isn't really decided until they find out who's paying for it.

Re: Show HN: Software to give insurance advice like an agent would

#22

Post by toomuchtodo » Thu, Jul 05, 2018, 7:58 PM UTC

PaulHoule wrote: post #20

DoreenMichele wrote: post #12

I think it would be good to specify what kind of policy you are talking about. You are apparently doing just renters and homeowners policies, but comments even within this discussion are talking about medical insurance. I don't know what a good, succinct term would be for both renters and homeowners coverage. I know that various kinds of real estate related magazines fall under the umbrella term of shelter magazines.…

I don't know if it makes sense to get renter's coverage. I had a friend who had his apartment burn, the first thing the cops asked him was if he had insurance, and the they told him they were very relieved, otherwise he would have been an arson suspect automatically. Homeowners generally do have insurance, so they don't face this stigma, but renter's coverage is rare enough that having it and using it makes you look…

Some landlords require renter's insurance as part of a lease agreement.

Re: Show HN: Software to give insurance advice like an agent would

#23

Post by DoreenMichele » Thu, Jul 05, 2018, 7:59 PM UTC

PaulHoule wrote: post #20

DoreenMichele wrote: post #12

I think it would be good to specify what kind of policy you are talking about. You are apparently doing just renters and homeowners policies, but comments even within this discussion are talking about medical insurance. I don't know what a good, succinct term would be for both renters and homeowners coverage. I know that various kinds of real estate related magazines fall under the umbrella term of shelter magazines.…

I don't know if it makes sense to get renter's coverage. I had a friend who had his apartment burn, the first thing the cops asked him was if he had insurance, and the they told him they were very relieved, otherwise he would have been an arson suspect automatically. Homeowners generally do have insurance, so they don't face this stigma, but renter's coverage is rare enough that having it and using it makes you look…

That's anecdata. I have no idea if it is generally true that trying to make a claim on renter's insurance is inherently suspicious activity. You would need to provide more evidence than one anecdote to support such a broad claim.

I'm pretty anti-insurance. If you can find some means to meet your needs that doesn't involve insurance, I say go with that. But the reality is that insurance is a necessity for many people and makes sense in many cases.

I really wish the US would move to single payer health care for the nation. I think major medical insurance is inherently problematic and I hate that the US handles things that way.

Nonetheless, I'm happy to support the development of good services in the insurance industry, especially in areas outside of major medical coverage.

Re: Show HN: Software to give insurance advice like an agent would

#24

Post by crefflar » Thu, Jul 05, 2018, 8:10 PM UTC

PaulHoule wrote: post #20

DoreenMichele wrote: post #12

I think it would be good to specify what kind of policy you are talking about. You are apparently doing just renters and homeowners policies, but comments even within this discussion are talking about medical insurance. I don't know what a good, succinct term would be for both renters and homeowners coverage. I know that various kinds of real estate related magazines fall under the umbrella term of shelter magazines.…

I don't know if it makes sense to get renter's coverage. I had a friend who had his apartment burn, the first thing the cops asked him was if he had insurance, and the they told him they were very relieved, otherwise he would have been an arson suspect automatically. Homeowners generally do have insurance, so they don't face this stigma, but renter's coverage is rare enough that having it and using it makes you look…

If you have any assets (401k, savings, stocks, car, etc) you should consider renter's insurance because it will offer liability protection. If a visitor is injured in your home and you are found legally responsible you could lose everything.

Re: Show HN: Software to give insurance advice like an agent would

#25

Post by jharger » Thu, Jul 05, 2018, 8:12 PM UTC

toomuchtodo wrote: post #22

PaulHoule wrote: post #20

Earlier quoted context omitted.

I don't know if it makes sense to get renter's coverage. I had a friend who had his apartment burn, the first thing the cops asked him was if he had insurance, and the they told him they were very relieved, otherwise he would have been an arson suspect automatically. Homeowners generally do have insurance, so they don't face this stigma, but renter's coverage is rare enough that having it and using it makes you look…

Some landlords require renter's insurance as part of a lease agreement.

Doesn't renter's insurance only cover the stuff you have inside your residence, not the actual unit itself? Why would the landlord care if you had that coverage?

Re: Show HN: Software to give insurance advice like an agent would

#26

Post by ddispaltro » Thu, Jul 05, 2018, 8:17 PM UTC

jharger wrote: post #25

toomuchtodo wrote: post #22

Earlier quoted context omitted.

Some landlords require renter's insurance as part of a lease agreement.

Doesn't renter's insurance only cover the stuff you have inside your residence, not the actual unit itself? Why would the landlord care if you had that coverage?

Liability, which is basically protection from lawsuits (slipping and falling)

Re: Show HN: Software to give insurance advice like an agent would

#27

Post by nickphx » Thu, Jul 05, 2018, 8:23 PM UTC

After uploading pdf from farmers I was told to click a link to verify my email address. I clicked the link and was taken to a page that told me to check my email and click the link. :D I refreshed the same page and the instructions updated.

Re: Show HN: Software to give insurance advice like an agent would

#28

Post by ddispaltro » Thu, Jul 05, 2018, 8:27 PM UTC

nickphx wrote: post #27

After uploading pdf from farmers I was told to click a link to verify my email address. I clicked the link and was taken to a page that told me to check my email and click the link. :D I refreshed the same page and the instructions updated.

It's eventually consistent :) I'll add it as a bug, thanks!

Re: Show HN: Software to give insurance advice like an agent would

#29

Post by cosmie » Thu, Jul 05, 2018, 8:36 PM UTC

PaulHoule wrote: post #20

DoreenMichele wrote: post #12

I think it would be good to specify what kind of policy you are talking about. You are apparently doing just renters and homeowners policies, but comments even within this discussion are talking about medical insurance. I don't know what a good, succinct term would be for both renters and homeowners coverage. I know that various kinds of real estate related magazines fall under the umbrella term of shelter magazines.…

I don't know if it makes sense to get renter's coverage. I had a friend who had his apartment burn, the first thing the cops asked him was if he had insurance, and the they told him they were very relieved, otherwise he would have been an arson suspect automatically. Homeowners generally do have insurance, so they don't face this stigma, but renter's coverage is rare enough that having it and using it makes you look…

I've moved about a dozen times over the last decade, and all but one rental required me to have a renter's insurance policy as part of the lease terms - most of whom also required me to list them as an interested party[1].

A renter's policy is ridiculously inexpensive for what you get. Because it only covers liability and personal property, and not the full breadth of coverage a homeowner's policy would have, it's easy to get a really comprehensive policy for less than ~$15 a month. I've only had to use my renter's policy once after a break in, and the payout for personal property coverage was more than my entire decade worth of premiums[2]. Especially if you're a techie, electronics/computing stuff[3] really starts to add up if you take a look at all the little gadgets and computers and home office[4] style stuff you have around.

[1] It basically sets it up so that your landlord gets notified of any policy changes (non-renewal, cancelations, limit changes, etc) and can know for sure that you're continually insured, and don't let the policy lapse after you've shown your proof of insurance at lease signing.

[2] Paying a few extra bucks for "replacement cost" coverage vs. "market value" coverage is well worth it. It's the difference between "here's $100 for your 5 year old MacBook Pro" and "here's $1000 to cover the replacement cost for another entry level MacBook Pro".

[3] If you have personal property replacement, you'll generally have per-category limits. If you don't explicitly request a rider for it, your e.g. $20k personal property replacement coverage may cap out electronics at $1k.

[4] If you have company-owned equipment at your house, your personal renter's policy would likely not cover it. If you work for yourself from home, your "for work" equipment is probably not technically covered under a standard renter's insurance policy, so you may want to explicitly clarify if you need a separate policy with your insurance company if you don't want to chance a claim with it getting denied.

Re: Show HN: Software to give insurance advice like an agent would

#30

Post by cosmie » Thu, Jul 05, 2018, 8:51 PM UTC

jharger wrote: post #25

toomuchtodo wrote: post #22

Earlier quoted context omitted.

Some landlords require renter's insurance as part of a lease agreement.

Doesn't renter's insurance only cover the stuff you have inside your residence, not the actual unit itself? Why would the landlord care if you had that coverage?

There are two primary coverage types under renter's insurance policies: liability and personal property.

The liability coverage triggers for anything from people getting hurt on the property to (other) people's stuff accidentally getting damaged on the property. Basically anything anyone could sue you to pay for if it occurs on the property.

The personal property coverage is what covers your stuff if anything happens to it.

A landlord's policy will generally cover two things as well: liability and structure (and possibly property, e.g. major appliances that are supplied with the unit).

Landlord's requiring that tenants have a renter's policy specifically require liability coverage (usually a minimum amount, such as $100k), and don't care if you have personal property coverage. By doing so, they ensure their own premiums stay low because liability claims will go against the tenant's policy first, and only fall back to the landlord if the liability claim goes over what the tenant's policy will cover. So if a tenant has a $100k liability limit, and someone wins a $120k liability claim, then $100k of that gets covered by the tenant's policy before the landlord's insurance even comes into play. If someone wins a $50k claim, then the landlord's insurance never has to deal with it.