Insurance Questions To A Broker


$200 Site Donor 2022
May 5, 2018
Fairhill Maryland
I was in a hospital waiting room and I met this guy Eric who has his own insurance agency.
We started talking about insurance after we exchanged names 42 times. :)
So, I started with some questions that come up once in a while in my overloaded noggin.

Throwing this at you folks for conversation only-his answers later.

* I told him I sold a building lot to a guy many years ago. A few months after the house was built
the house burned to the ground due to electrical issues. After it was rebuilt, it was about twice the size.
I asked the owner about all of this, and he said the insurance paid so well he about doubled the size of his
house. On my own house the cheapest plan I had actually is over insured and I wanted a deduction in coverage but the insurance
company refused so I took the plan as is.

If your house burns to the ground is there any Tax burden because of capital gain (his words) or not??????

* If your neighbor's uninsured house burns down as a result of your house burning down will the insurance protect you
from any legal action? That said if your neighbor's house has no insurance assume it has no mortgage.
Naturally the fire was not caused by any negligence on your part. He answered and I said but I would think the first thing
your neighbor would do is lawyer up??????

*If my house burns down, I wouldn't want to rebuild it at the same location. Bad vibes...........
Would you pay me and let me go elsewhere?????? If not-WHY?

*Told me a few stories of a Ford and Tesla parked in the garage that caught on fire and burned the house down.
Who paid for what???????

* Would your company go after a tradesperson who did shoddy work that ended up in being the sole cause of loss?????

Interesting questions and on a few he got locked up a bit and I learned a lot, but I am not sure a few
of his answers are 100% accurate. Nothing negative but I just really don't know, and I suspect he wasn't a 100% sure either.

Your thoughts?