Quote:
Originally Posted by dlish
rely on the owner to tell them if something is wrong even if they may not be qualified to make that judgement
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Yep, the proposal of insurance will usually ask if there is anything wrong with the property - a dodgy 27 year old wooden deck held together with pins/pegs/spikes for example - it's up to the property owner to inform the insurers of their risk, if they are in any doubt they should disclose it, that's what forms the contract (which is usually renewed every year without a thought) this is exactly where the little guy goes wrong - he doesn't care about contracts or insurance.... until he needs it.
The company will assume the property is in normal 'up to code' condition, until told otherwise, and charge/cover accordingly - hence the 'oh we didn't know' classic.
Unfortunately, with ownership comes the responsibility of ownership, but personal finance is so alien to too many people so little guys keep getting reamed by the big guys, it will carry on 'til we wise up.
'Ah well it's only money'.
Finance and insurance should be taught at school - it's big business.