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194 votes

Tenant claims they paid rent in cash and that it was stolen from a mailbox. What should I do?

I'd say your tenant is out $750, not you. How you handle it is totally personal preference. If you want to be the super-nice landlord and eat the loss this one time, then you might gain some karma ...
BobbyScon's user avatar
  • 14k
176 votes
Accepted

Are small insurances worth it?

In terms of pure expectation of return, taking out insurance is always a losing proposition - by which I mean on average people who take insurance lose money on it. Simplistically the amount you get ...
DJClayworth's user avatar
  • 33.4k
135 votes
Accepted

Insurance company sent me huge check instead of pharmacy. Now what?

The insurance company issued the check. I'd contact the insurance company to have the current check voided and a new one issued to the pharmacy.
quid's user avatar
  • 49k
109 votes
Accepted

Is life insurance a financially sound safety net?

as a safety net for emergencies, is purchasing life insurance a practical investment? Life insurance is not an investment. It is a necessary expense if anyone depends on your income. You should ...
D Stanley's user avatar
  • 136k
107 votes

For very high-net worth individuals, does it make sense to not have insurance?

I think the key to this question is your last sentence, because it's applicable to everyone, high net-worth or not: How would one determine whether they are better off without insurance? In ...
Grade 'Eh' Bacon's user avatar
106 votes

Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?

Negotiation 101, never be the first to say a number. You tell them you have a $300,000 limit and magically they want $300,000. Alternatively, they may just assume you carry the minimum.
quid's user avatar
  • 49k
99 votes

1 year old car is dead, called the car dealer they can fix it only if I can bring it, what should I do?

The garage probably hasn't understood from your description that the car isn't driveable. Contact them again and tell them the car is under warranty, it is not driveable, and you want it fixed or ...
Vicky's user avatar
  • 24k
86 votes

Tenant claims they paid rent in cash and that it was stolen from a mailbox. What should I do?

Cash should never have been placed in the mailbox in the first place; this is what checks are for. I would be a bit surprised if that constitutes your accepting payment, but I Am Not A Lawyer. You ...
keshlam's user avatar
  • 47.6k
85 votes
Accepted

Did my insurance company scam me when they paid less for my car than I saw it selling for at a used car dealership later?

It does not sound like a scam to me, and actually quite normal. Assuming you did not overpay for the car, receiving 50% of the purchase price for a 5 year old car is pretty generous. If you actually ...
Pete B.'s user avatar
  • 76.7k
78 votes
Accepted

Does it make sense to insure something when you could financially bear its loss?

Some brief research suggest that boat insurance is ~1.5% of boat cost/year. So a $10,000 boat might be about $150. Other sites say average boat insurance is $300-500/year. So a bit of a range to work ...
Hart CO's user avatar
  • 70.5k
76 votes

The mortgage company is trying to force us to make repairs after an insurance claim

You submitted a claim for damage to the deck. The insurance company notified the mortgage company. Now the mortgage company wants to make sure that the collateral for the loan is still in good ...
mhoran_psprep's user avatar
76 votes
Accepted

For very high-net worth individuals, does it make sense to not have insurance?

Yes, and the math that tells you when is called the Kelly Criterion. The Kelly Criterion is on its face about how much you should bet on a positive-sum game. Imagine you have a game where you flip a ...
Yakk's user avatar
  • 3,243
72 votes

Car insurance (UK) excludes commute to and from work, will not pay on claim during non-commute

Having worked in insurance, I can give you a few pointers. Firstly, state that you "may have to complain". Insurers hate complaints because they really complicate matters, are loads of work and must ...
Miller86's user avatar
  • 640
66 votes

Tenant claims they paid rent in cash and that it was stolen from a mailbox. What should I do?

This is fairly simple, actually. You should insist on payment for the rent payment you never received and stop accepting cash payments. If you want to be nice, and believe the story, allow the ...
HopelessN00b's user avatar
  • 1,521
65 votes

Are small insurances worth it?

An insurance is a gamble with the insurance company where you bet that something bad will happen to you and they bet that everything will be fine. The insurance company decides the odds for that bet, ...
Philipp's user avatar
  • 23.9k
63 votes

Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?

It isn't just GEICO that tells you this, every US car insurance company instructs their customers to not mention the amount of coverage. Your job is not to negotiate. Your job is to collect the ...
mhoran_psprep's user avatar
59 votes
Accepted

Is it rational to buy insurance if I have the same sum in a savings account?

It will generally be true that the expectation value of insurance is negative (so that the insurer makes a profit). This is true regardless of whether you have X (or any amount) in savings. If you ...
nanoman's user avatar
  • 29.7k
57 votes

Is there any reason a person would voluntarily choose to have PMI?

Private mortgage insurance protects the lender if you stop making your mortgage payments. It does not benefit the borrower, aside from the fact that many lenders require it if your down payment isn't ...
Nuclear Hoagie's user avatar
56 votes
Accepted

Who pays the premium for bank deposit insurance?

If you are asking who sends the insurance payment to the (presumably) government insurer, the bank does. You'll never see a "deposit insurance" fee. In economics, however, there is the concept of "...
Justin Cave's user avatar
  • 27.3k
53 votes
Accepted

Auto premium increasing with aging vehicle and no new tickets

I assume this happens to everyone in the US, and I believe the reason is simply due to competition. Here are my data points: I was with Allstate for 17 years, and the rates were pretty consistent for ...
TTT's user avatar
  • 47.2k
51 votes

For very high-net worth individuals, does it make sense to not have insurance?

There are 2 maxims that help make sense of insurance: never insure anything you can afford to replace always insure anything you can't afford to lose Following those 2 rules, "normal" insurance ...
teldon james turner's user avatar
46 votes

The mortgage company is trying to force us to make repairs after an insurance claim

Your mortgage agreement probably gives you three options: Pay off your mortgage in full. Use the insurance company's deck-repair payment to fix your deck to be similar in quality to what it was when ...
Jasper's user avatar
  • 3,497
45 votes

Do I need life insurance if I can cover my own funeral costs?

Life insurance should be used to replace your income for someone that depends on it. Since that is not the case, and you have enough in your estate to cover funeral costs, it sounds like you do not ...
D Stanley's user avatar
  • 136k
45 votes

What is the point of term life insurance?

I think the part you are missing is that the insurance isn't there to replace your husband, it is to replace his income. The implicit assumption is that when your husband is 80 he is no longer earning ...
JohnFx's user avatar
  • 53k
45 votes

Can a roofing company charge me more money for the cost of the roof 2.5 years after they were paid and job completed?

This could be a scam. This could be unrelated to the original project. It could be a continuation of the original series of events. Or at least that is what they want you to think. There is also a ...
mhoran_psprep's user avatar
44 votes

Does it make sense to insure something when you could financially bear its loss?

Insurance is a financial product to control risk. The fact that a loss would not be catastrophic simply makes the decision to carry insurance less critical. It is perfectly reasonable to be "self-...
jkuz's user avatar
  • 3,970
44 votes
Accepted

1 year old car is dead, called the car dealer they can fix it only if I can bring it, what should I do?

Under EU law: within the legal guarantee period of two years, defective products must be repaired or replaced without any cost to the consumer. This includes shipping costs. This means that you ...
WoJ's user avatar
  • 1,210
41 votes
Accepted

I got a USPS insurance check today for a package I got yesterday

USPS will most likely expect to be re-paid, from USPS FAQ: What is the process to repay the Postal Service when a claim has been paid but the package was later delivered?If you receive a package ...
Hart CO's user avatar
  • 70.5k
39 votes
Accepted

Why is the mandated minimal liability car insurance coverage so high?

I think you underestimate the costs of being found liable in an accident where someone is killed or seriously injured. You may be held responsible for the lifetime cost of care of someone on a ...
Charles E. Grant's user avatar
38 votes

Is life insurance a financially sound safety net?

Life insurance is the perfect emergency safety net if your family would need a safety net in the emergency of your death.
quid's user avatar
  • 49k

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