Home Insurance Companies are a scam

[kenimpzoom]

In my county this year ALL insurance companies decided to drop coverage for winstorm, hail and hurricane damage.

Uh, I live about 10 miles away from the bay, 30 miles from the Gulf, so that kind of coverage is required.

I can't understand how the gov lets these Insurance companies get away with this. Then again, they have a huge lobbying force.

I could understand them raising thier rates, but dropping specific damages is really out of control.

Now I have to go into a state "pool" to get coverage.

Ken

 

[SpinnerBait_Nut]

Re: Home Insurance Companies are a scam

Yes Ken, the insurance companies have a monopoly on this.
They charge what they want and if you just look like your going to have a claim, they cancel you.
It really sux.

 

[bjcsc]

Re: Home Insurance Companies are a scam

I wouldn't single out home insurance companies, that's how all insurance companies operate. Think about what heath insurance has done to health care...

 

[Haut Medoc]

Re: Home Insurance Companies are a scam

HMMMMMMM......
Kinda like BIG OIL's monopoly......
I agree with ya Ken.....
They should either sell all insurance or none......
Not cherry picking the most profitable......
& the Gubmint should make it so.......​

 

[rndn]

Re: Home Insurance Companies are a scam

Personally living in upstate NY, I don't enjoy subsidizing people who live along the coast. Look at all of my federal tax dollars going to help people rebuild in hurricane and flood prone areas. I have no issues helping somebody rebuild somewhere else but not along the disaster prone areas. I think someone should pay through the nose for insurance if they decide to rebuild in areas that are more prone to natural disasters. I know it's an unpopular opinion and I'm sure people will blast me for this opinion, but why should my federal tax dollars support this?

 

[studlymandingo]

Re: Home Insurance Companies are a scam

I think someone should pay through the nose for insurance if they decide to rebuild in areas that are more prone to natural disasters. I know it's an unpopular opinion and I'm sure people will blast me for this opinion, but why should my federal tax dollars support this?

Hmmm....... so you mean prone to natural disasters like flooding, tornadoes, etc.? Doesn't leave many places to build now does it?


Our state is considering forcing insurance companies to provide homeowner's insurance if they want to sell auto and health in the state; I personally think it is a good idea, causes the companies to spread the risk a bit more. That way they can't just come in and sell the most profitable insurance and refuse to take on any risk.​

 

[Haut Medoc]

Re: Home Insurance Companies are a scam

For example, New Orleans is one of the biggest shipping ports in the U.S.....
You have to have an exterior to have an interior.....
I doubt if there is a place in the U.S. (except Penn Yan) that is not susceptible to some kind of natural diaster....
The areas are populated because they need to be.....
I do agree that hurricane insurance should be higher in these areas....
As should tornado insurance in the mid west & earthquake in the west......​

 

[treedancer]

Re: Home Insurance Companies are a scam

Come on Ken ,your BS,ing us aren't you?


Seems as I’ve heard this a few times in the last few years from another very profitable industry.

http://www.latimes.com/news/nationw...5apr05,0,3061059.story?coll=la-home-headlines



Insurers Saw Record Gains in Year of Catastrophic Loss

They say the profits are a fluke, but the industry has worked to shift risk to clients and the public.
By Peter G. Gosselin, Times Staff Writer
April 5, 2006

The companies that provide Americans with their homeowners and auto insurance made a record $44.8-billion profit last year even after accounting for the claims of policyholders wiped out by Hurricane Katrina and the other big storms of 2005, according to the firms' filings with state regulators.

Top executives described the profit — an 18.7% increase over the previous year — as a fluke, the product of gains in other lines of insurance besides homeowners and a very good year for their investments.

They said that even with the increase, insurers face deep problems that can be fixed only by substantial premium hikes, a scaling back of commitments by several firms to the most disaster-prone portions of the country and, according to some, a greatly expanded role for the state and federal governments in insuring individuals against the largest of catastrophes.

"Unless insurers can get relief, you're going to see a pullback by the private industry," warned Robert P. Hartwig, chief economist of the industry-funded Insurance Information Institute.

 

[rolmops]

Re: Home Insurance Companies are a scam

Pardon my cynicism,but all you "small government" and "keep government out of our day to day lives" seem to want government to regulate yet another industry,which you would normally want government to stay out of.
Be careful you guys,you might end up voting against your principals ,but for your wallet.

 

[Vlad D Impeller]

Re: Home Insurance Companies are a scam

I tend to vote for my wallet, so i can afford to pay for another's principal.

 

[RubberFrog]

Re: Home Insurance Companies are a scam

Maybe Big Oil can help out Big Insurance.

 

[OldMercsRule]

Re: Home Insurance Companies are a scam

Personally living in upstate NY, I don't enjoy subsidizing people who live along the coast. Look at all of my federal tax dollars going to help people rebuild in hurricane and flood prone areas. I have no issues helping somebody rebuild somewhere else but not along the disaster prone areas. I think someone should pay through the nose for insurance if they decide to rebuild in areas that are more prone to natural disasters. I know it's an unpopular opinion and I'm sure people will blast me for this opinion, but why should my federal tax dollars support this?

I Totally agree with you. JR

 

[OldMercsRule]

Re: Home Insurance Companies are a scam

Pardon my cynicism,but all you "small government" and "keep government out of our day to day lives" seem to want government to regulate yet another industry,which you would normally want government to stay out of.
Be careful you guys,you might end up voting against your principals ,but for your wallet.

Unfortunately money n' selfishness can trump personal/political philosophies from time to time. It happens on both sides, (not equally) as the Libs n' Dems always look to Corntrol n' profit thereby from said corntrol. Valid point! Respectfully, JR

 

[Haut Medoc]

Re: Home Insurance Companies are a scam

I Totally agree with you. JR

That is a bit short sighted there, Murky......
What are we gonna do?.....
Leave the land within 100 miles of the shore barren?......
So that someone who lives in Bumphuck, can feel his tax dollars are not getting wasted.....
I think not!......
This is off topic anyway.....
If ya wanna sell insurance, then ya gotta offer all of it or don't do business......​

 

[OldMercsRule]

Re: Home Insurance Companies are a scam

That is a bit short sighted there, Murky......
What are we gonna do?.....
Leave the land within 100 miles of the shore barren?......
So that someone who lives in Bumphuck, can feel his tax dollars are not getting wasted.....
I think not!......
This is off topic anyway.....
If ya wanna sell insurance, then ya gotta offer all of it or don't do business......​

Price insurance according to THE ACTUAL risks me Bro!! REAL SIMPLE.

Socialists throughout the 50 states force insurance companies to subsidize certian types of unprofitable coverage from the profitable lines within the States to appease their dim wit or blood sucking cornstituants that want all of us to subsidize their risky little place in paridise, n' THAT IS REAL WRONG, just like the other aspects of Socialism.

Then: the Socialist influance, (mainly from dim wit Dems n' Libs, but some wobbly or disingenious Republicans), force all of us to rebuild corrupt places like New Orleans. Insurance is quite rational, BIG GOVERNMENT NEVER IS.

PAY THE APPROPRIATE PREMIUM to compinsate the insurance company the proper amount to cover the loss experience plus cost of capital/profit. If yer wiped out n' don't have adequate unsubsidized insurance, (ALL PROFITABLE INSURANCE CO's WOULD INSURE EVERYWHERE IF THE GOVERNMENT SOCIALIST MINDERS LET THEM CHARGE THE APPROPRIATE RATES TO COMPINSATE THEIR RISKS), let the uninsured structures wash away, n' charge the owner to clean up the mess n' NEVER REBUILD if ya can't handle the risk.

Sorry for the hard arse reply, but this is ALL ABOUT NANNY GOVERNMENT if you folks try to be intelectually honest n' think a little bit. Hate to defend Insurance, after gettin' beat up defending the rights of Big Oil, but business really is BUSINESS, n' Socialism IS JUNK whether yer a LIB who usually luvs Socialism, or a Cornservative who generally hates it unless it helps their own little selfish interest. My $.02; Fire away, I'm in me bomb shelter today!! Respectfully,JR

 

[Haut Medoc]

Re: Home Insurance Companies are a scam

I ain't talking about subsidy.....
I'm talking about equity....
If you want to sell insurance, then you must offer all kinds, not just the stuff that is mandated by law,.IE, auto, etc......
Or that which you deem profitable.....
You must take the good with the bad, for the good of the public as a whole.......
Or don't, but then go find another place to do bidness....
The insurance business by it's very nature, should not be risk free....
Don't expect the Gubmint to subsidize business in exactly the way that Ken says, 'cuz the INS. industry wants to reap the profit of mandated insurance on one hand & slough off the unprofitable side of it to the Gubmint.....
I can think of nothing more repugnant or underhanded, & that sort of carp should not be tolerated from them greedy SOB's......​

 

[OldMercsRule]

Re: Home Insurance Companies are a scam

I ain't talking about subsidy.....
I'm talking about equity....

Hmmm, A fancy way to rationalize CORNTROLLIN' OTHERS EH? Words are words: Bro, (n' I know you are very sharp with yer words), but ol' Murky is on to ya here!! (You have taught me way too well)!

If you want to sell insurance, then you must offer all kinds, not just the stuff that is mandated by law,.IE, auto, etc......

When an outside entity, (like BIG NANNY GUBMINT: Bro, the choice of the LIBS) forces a private enterprize to do what the outside entity wants the enterprize to do, (where the enterprize would normally pass on the "opportunity" to provide said service); SOMETHING IS VERY WRONG; ME BRO!! Likely the root of many of our proplems: SOCIALISM, or in other words: LIBERAL CORNTROL OF ALL THINGS FER ALL PEOPLE!!

Or that which you deem profitable.....
You must take the good with the bad, for the good of the public as a whole.......

So YA BETTER LIKE ME BRAND OF SOCIALISM then as it's fer me own good,......... I get it: Bro!!!! Can we all play that game n' force others to loose money to provide the perks to help all our little pet projects fer the "good of the public"? Hmmmmmm?

I fer one: don't think it is good fer the public to force ol' WillybWright to pay extra taxes while he is shoveling snow up north, to help out the rich LIBERAL who has a waterfront home in a warm place that has to be rebuilt every few decades at Willy's expense due to some well known reocurring natural cause. I don't think it is good to force a private Insurance Co to provide subsidized insurance AGAINST THEIR WILL either. Must be the limitations of the single brain cell.

Or don't, but then go find another place to do bidness....

Says who: BRO? LIBERALS?

The insurance business by it's very nature, should not be risk free....

IT is not RISK FREE: BRO!! Far from it!!

Don't expect the Gubmint to subsidize business in exactly the way that Ken says, 'cuz the INS. industry wants to reap the profit of mandated insurance

Oxymoronic term here BRO, "mandated" insurance IS NOT PROFITABLE, it is subsidized, (forced=mandated), if it was profitable the industry would voluntarily provide it as part of their offerings!!!!!!!!!!! Real simple to a dim wit with a single FUNCTIONAL brain cell!

on one hand & slough off the unprofitable side of it to the Gubmint.....

Forced socialism via BIG GUBMINT LEANIN' ON UNPOPULAR PROXIES: (Big Oil, Insurance, Pharma et al), hated by experts on homosexuality n' other VICTIMS, or direct Socialism from the *** of BIG GOVERNMENT = SAME DEAL!! Yer slow Bro has this scam all figured out: Bro!!!

I can think of nothing more repugnant or underhanded, & that sort of carp should not be tolerated from them greedy SOB's......​

Unpopular Industries should be forced outa business I guess???? Don't like insurance on yer toys I guess? Fuel in yer boat, drugs to save yer life? Oh well!! Respectfully, JR

 

[Haut Medoc]

Re: Home Insurance Companies are a scam

Your not reading me right, Murky.....
The state says you must have auto insurance.....
Therefore, the insurance companies now have a 'captured clientele".....
Nowhere did I say that any kind of homeowners insurance should be subsidized, in fact, I am against it......
I'm just saying that it should be offered......
Bad drivers pay more than good drivers for insurance.....
Someone who lives in Keuka Lake should not pay as much homeowner's as say in Fort Myers or N.O.......
No where did I say the rate should be corntrolled or subsidized.....
In fact the creation of a 'state pool' is subsidizing BIG INSURANCE by it's very existance......
Because it allows BIG INSURANCE to reap the profits of MANDATED business, while eschewing the bad stuff....
Again, if you want to sell insurance, sell it all or don't sell any.....
The BIG INSURANCE companies force public action onto themselves through their own greed.....
I can't feel sorry for them......
& I'd go as far to say that in the beginning, it was BIG INSURANCE who lobbied for mandated auto insurance.....
Along with mortgage insurance....
Anything that has no great risk suits them just fine.....
Once again, take the good with the bad....
Frankly, I think the world would be far better off with no insurance, or at least no mandated insurance.....
People would act much more responsibly & cautious....IMHO....
The real scam is mandated insurance......​

 

[OldMercsRule]

Re: Home Insurance Companies are a scam

Your not reading me right, Murky.....
The state says you must have auto insurance.....

Agreed, and necessary to avoid hurting others!!

Therefore, the insurance companies now have a 'captured clientele".....

NO WAY BRO, where is the GOD GIVEN, (from the Creator) right to drive stated anywhere in a Cornstatution or anywhere else? It is a privledge!! If ya don't have insurance to cover yer risks ya walk or take the bus: Real simple!!

Nowhere did I say that any kind of homeowners insurance should be subsidized, in fact, I am against it......

Good, Me tooooooooo!!!

I'm just saying that it should be offered......

Bro, you may mean well, but I was an agent fer years, n' used me brain cell to understand that business, (as I invested in it too). Socialists in the 50 states routinely FORCE insurance, (very unpopular with dim wits so very popular fer 'em to think they are gettin' a 'free lunch' from BIG BAD INSURANCE courtesy of their favorite Liberal Pol) to offer SUBSIDIZED insurance ALL THE TIME. Ya don't think the lunch is really free do ya? If ya look anywhere that insurance policies are not available there is a SOCIALIST requiring unprofitable coverage: I'm not kidding here, me Bro!!

Bad drivers pay more than good drivers for insurance.....

True, n' drivin' is a privledge some dim wits can't afford!!

Someone who lives in Keuka Lake should not pay as much homeowner's as say in Fort Myers or N.O.......
No where did I say the rate should be corntrolled or subsidized.....

Yes ya did by wantin' it forced: Bro. If they (Insurance Co's) voluntarily provide the coverage, (n' compete to keep the policy premiums in line), the market is healthy n' Socialism is not messin' things up. Forcing private business to do things they don't want to do NEVER works BRO!! EVER.

In fact the creation of a 'state pool' is subsidizing BIG INSURANCE by it's very existance......

NO, it is the direct NANNY GOVERNMENT *** BRO, due to Socialist policies driving out healthy cormpatition. Happens ALL the time. Experts on Homosexuality never get the corncept; VICTIMS don't either!!

Because it allows BIG INSURANCE to reap the profits of MANDATED business, while eschewing the bad stuff....
Again, if you want to sell insurance, sell it all or don't sell any.....

No Bro sell what ya want to sell.

The BIG INSURANCE companies force public action onto themselves through their own greed.....

No Bro, Socialists are greedy fer power n' CORNTROL n' force unpopular businesses into trouble so they can take credit fer bailin' out the problem they caused in the first place. KEEP GOVERNMENT out of business, (AS MUCH AS POSSIBLE).

I can't feel sorry for them......

I don't feel sorry fer them, I feel sorry fer us liven' under the OPRESSIVE NANNY GOVERNMENT YER WISHIN' FER HERE WHETHER YA REALIZE IT, (likely in yer case: Bro) OR NOT!!!!

& I'd go as far to say that in the beginning, it was BIG INSURANCE who lobbied for mandated auto insurance.....
Along with mortgage insurance....
Anything that has no great risk suits them just fine.....
Once again, take the good with the bad....

Don't force 'em BRO!

Frankly, I think the world would be far better off with no insurance, or at least no mandated insurance.....

Don't agree, but yer jus' playin' with yer slow Bro here n' ya already hooked me on the primary point.

People would act much more responsibly & cautious....IMHO....
The real scam is mandated insurance......​

Don't agree, but ya are likely jus playin' with me as usual!! Respectfully, JR

 

[Haut Medoc]

Re: Home Insurance Companies are a scam

No, I'm not kidding.....
Who says that driving is a priviledge anyway?....
I'll tell ya who :
The big nanny gubmint that you fear so.....
Is gun ownership a right or a priviledge?
A piece of paper does not give me the ability to drive a boat or a car or shoot a gun.....
Some would argue that the ability is God given.....
But I digress.......
Once again, the insurance biz is about risk.....
If ya want to harvest the easy pickens, ya gotta shovel some sh!t & pull the weeds.....
I'm just trying to simplify the process & level the playing field......
Either ya sell insurance or ya don't....
It's that simple......
PS it's a cornspiracy, I tell ya!....​