David Saks: Are You Being Stiffed By Your Homeowners Insurance Underwriter ???

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Are You Being Stiffed By Your Homeowners Insurance Underwriter ???



I received a letter recently from my homeowner's insurance provider with an increase in my premium.

I contacted my insurance agent and he began explaining how "the economy has affected their business and they had to increase the premium for everyone in order to have the much needed revenue to process new claims."

I didn't buy that stupid garbage at all. Arrrrgh !!!!

I've been with the same underwriter for years and have never filed a claim.

I also noticed that the insured value of my home was inflated in the policy and out of step with the current market values for homes in my neighborhood.

I questioned this and pointed out that the market values of homes have declined nationwide, and the declines are dramatic in foreclosure-ravaged communities.

I compared my current county property assessment of fair market value to what my homeowner's policy claimed that the fair market value was and I discovered several thousands of dollars of difference in value.

I demanded an adjustment based on the county assessments and existing appraisal data.

I got it, and that adjustment amounts to several hundreds of dollars in annual savings to me.

I encourage every homeowner to do due diligence and to compare their homeowner's policy statement of value to the current trends. The value on my policy was over five years old.

Agents, discuss this with clients, too !!! They'll thank you for it later.

If your home and property is worth less than the policy states, you're paying too much money for your coverage.

Don't allow anyone to inflate and misrepresent the true value of your home, or allow your underwriter to overcharge you for your policy.

David Saks

Time&Temp Memphis

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Comment balloon 4 commentsDavid Saks • July 19 2010 01:05AM


David, unscrupulous business people exist in every profession. They are counting on policy-holders not looking at the details … and simply paying the premium. This is a great reminder to us all … the devil and deception lies in the details.

Posted by Kathleen Daniels, Probate & Trust Specialist, Probate Real Estate (KD Realty - 408.972.1822) about 10 years ago

Tragically they do, Kathleen ! Modern day villains, sheesh !!!

By the way...I'm blown away by your profile, and it's great to see that you support the humane society. I'm a vegetarian, and a cat owns me :-)

I'd be honored if you'd listen to my radio show on the web (or on the radio in Memphis 91.7fm) on Saturday nights from 9pm till midnight Memphis time (7 to 10pm your time) at Http://memphis.edu/wumr or http://memphis.edu/wumr/profile_saks.php I'll give you a "shout out" Saturday night.


Posted by David Saks ((retired)) about 10 years ago

David - My homeowners insurance have increased 40% in the last two years. The insurance company robbing me legally, to accommodate high salaried employees.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) about 10 years ago

Good grief, John. They're being run by the Corleone's. :-)

Posted by David Saks ((retired)) about 10 years ago

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