Homeowners Insurance

[Samoerai]

I hope you keep all receipts, because they will only pay what you can justify with a receipt (minus a depreciation charge)

Yes, I keep all the receipts outside my house in a safe. Also realizing one would never get paid out the full amount of money you once paid for your stuff.
E.g. if the current value is only 40% of the new value, then one will be paid the daily value. Insurers use a table to calculate the percentage by which one's belongings lose their value.

 

[snpark]

Yes don't think you will be getting 500juta if your house falls down.
Maybe 5 if you're lucky. After a year in court
Do you have fire alarms? Smoke detector? Sprinkler? Hoses? Outside water access. Etc.

 

[Samoerai]

Yes don't think you will be getting 500juta if your house falls down.
Maybe 5 if you're lucky. After a year in court
Do you have fire alarms? Smoke detector? Sprinkler? Hoses? Outside water access. Etc.

Well, every juta is 1 in the pocket

 

[Samoerai]

Yes don't think you will be getting 500juta if your house falls down.
Maybe 5 if you're lucky. After a year in court
Do you have fire alarms? Smoke detector? Sprinkler? Hoses? Outside water access. Etc.

It would be interesting, in the situation a fire breaks out in the house of the neighbor and destroys my house and belongings. Would the insurer pay out more easily and to the max, knowing they (meaning: my insurer) will sue my neighbor for the money?

 

[fastpitch17]

Yeah if you are renting ... in other countries you can get renter insurance (for your properties).

But TBH as a homeowner I chose not to insure the content of the house either. It's just ... stuff.

Once we furnish our basement then maybe, since that part is more likely to get water damage.

In the US we had home owners insurance and after selling and renting for awhile we had renters insurance. We always insured with replacement cost and made sure we had everything in a video. We also kept any electronic and appliance serial numbers safe outside the home. One can get renters insurance as I understand it here but we just can't justify it. We have too much stuff any way. Not that my wife agrees but we do.

 

[Hawk256]

In the US we had home owners insurance and after selling and renting for awhile we had renters insurance. We always insured with replacement cost and made sure we had everything in a video. We also kept any electronic and appliance serial numbers safe outside the home. One can get renters insurance as I understand it here but we just can't justify it. We have too much stuff any way. Not that my wife agrees but we do.

I had a loss one time from a lighting stike in the US. Damaged the fence, dropped a tree limb and fried most of the elecronics in the house. Had to fight for months with the insurance company because they claimed that I was using my computer to run a business (which I wasn't) and they didn't want to pay the cost of an Apple Mac Pro. I finally settled with them but was never paid full replacement cost. Even in the US with all the regulations does not mean the insurance company will pay.

 

[Pak Tani]

It would be interesting, in the situation a fire breaks out in the house of the neighbor and destroys my house and belongings. Would the insurer pay out more easily and to the max, knowing they (meaning: my insurer) will sue my neighbor for the money?

Are you sure they are going to sue your neighbour for that? Even if they do, they will wait to pay you until they have gotten the money off of him.
But as they say: you can't pick any feathers from a bald chicken. So if the poor guy already lost his house and belongings...

 

[Samoerai]

Are you sure they are going to sue your neighbour for that? Even if they do, they will wait to pay you until they have gotten the money off of him.
But as they say: you can't pick any feathers from a bald chicken. So if the poor guy already lost his house and belongings...

Well. That is how business is done in Holland. My insurance company will sue the insurance company of my neighbor. And sue is a strong word .. they will ask for their money.

 

[flavus]

I had a loss one time from a lighting stike in the US. Damaged the fence, dropped a tree limb and fried most of the elecronics in the house. Had to fight for months with the insurance company because they claimed that I was using my computer to run a business (which I wasn't) and they didn't want to pay the cost of an Apple Mac Pro. I finally settled with them but was never paid full replacement cost. Even in the US with all the regulations does not mean the insurance company will pay.

Oh absolutely. Different kind of insurance but this recent investigative piece is damning

How Cigna Saves Millions by Having Its Doctors Reject Claims Without Reading Them

Internal documents and former company executives reveal how Cigna doctors reject patients’ claims without opening their files. “We literally click and submit,” one former company doctor said.

www.propublica.org

 

[Samoerai]

The Indonesian Meteorology, Climatology, and Geophysics Agency (BMKG) reported an earthquake with a magnitude of 5.1 Richter scale hits South Kuta, Badung Regency, Bali, on Monday, 7th of August 2023, in the early hours of Western Indonesian time. BMKG stated that the earthquake has no potential for a tsunami so far.

Gempabumi Terkini | BMKG

Gempa terkini di wilayah Indonesia dengan magnitudo lebih dari atau sama dengan 5.0

www.bmkg.go.id

 

[Rellek]

I'm starting to gather information for home insurance and would gladly accept any advice/experiences/etc.


makasih

I've got a homeowners insurance policy with Allianz. I don't expect to get much back if disaster strikes but it's cheap coverage regardless.

 

[Samoerai]

I've got a homeowners insurance policy with Allianz. I don't expect to get much back if disaster strikes but it's cheap coverage regardless.

Well, as mentioned in post#5 not a lot of people here have insurances. So, when a disaster strikes, the probability that you are the only one with a home insurance in that area is high. So, why would the insurance company not pay out?

 

[Rellek]

Well, as mentioned in post#5 not a lot of people here have insurances. So, when a disaster strikes, the probability that you are the only one with a home insurance in that area is high. So, why would the insurance company not pay out?

Because it's Bali.

 

[Hawk256]

Well, as mentioned in post#5 not a lot of people here have insurances. So, when a disaster strikes, the probability that you are the only one with a home insurance in that area is high. So, why would the insurance company not pay out?

Because nobody is going to make them? Taking in money is easy, paying it out is the hard part.

 

[pantaiema]

Well, as mentioned in post#5 not a lot of people here have insurances. So, when a disaster strikes, the probability that you are the only one with a home insurance in that area is high. So, why would the insurance company not pay out?

Good reasoning, considering that bad publicity is the last thing the insurance company would want to have.

However, this is the other side of the argument. Think about:

• Some insurance companies in Indonesia are giving out huge amount of commissions to their agents, paying influencers. Many of their agents are actually independent self-employed agents. So, they survive on a commission-based model. Reasonable percentage of the money has gone to commissions.
• Some are using the well-known pyramid ponzi scheme. They might also be direct product users. The insurance companies are taking advantage of their personal networks such as friends, close relatives, family members, and pay huge commission to them in return.
• It could be that Allianz in Indonesia is not directly owned by the Allianz SE group, one of the world's largest insurers and financial services groups, but it is using a franchise, partnership, etc. If this were true, then just hoping that when you are about to make a major claim, the company in Indonesia will still exist. But to be fair, I am not familiar with the various partnerships and business structures in insurance companies.
• Not to mention if they dismiss the genuine claim there is a still a legal bill barrier to fight in the court. If it is easier and cheaper to win in the court by bribing everyone even until the supreme court rather than paying out the claim, any sensible unethical person who conduct the business will use this route. This is especially true if there will not be a huge holes left on their reputation. Keep in mind winning a court case will not be seen as unfair treatment by the the public.

Advance Fee Payment itself is already a huge incentive to conduct a speculative unethical business, let alone if it is enhanced with a pyramid Ponzi scheme.

Please note, this is not to argue that all of them are bad. But in my opinion, unless you have an insider informant, it is very difficult to screen it from the surface.

Anyway, if the premiums are not expensive, people have little to lose if they just pay and forget. It is like people who purchased the COVID-19 Indonesian insurance as part of the entry requirement. I do not think people who purchased this insurance were expecting to get covered.

 

[Rellek]

For me, I've grown accustomed to expecting very little to nothing in return for my money here and that way I'm pleasantly surprised when something actually works or is worth what I paid.

 

[pantaiema]

For me, I've grown accustomed to expecting very little to nothing in return for my money here and that way I'm pleasantly surprised when something actually works or is worth what I paid.

BPJS if you could get is a no brainer in my opinion.