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Started By
Message
re: Insurance companies have to be the biggest scams running
Posted on 7/12/23 at 11:33 am to Salmon
Posted on 7/12/23 at 11:33 am to Salmon
quote:
It just feels like such a slog.
Insurance says this. We say no its this. Insurance says prove it. We prove it. And then a month or 2 later we get to actually start.
Thats yet another thing that gives an insurance company so much profit. Red Tape and time value of money.
They know they may eventually have to pay. But each month they can delay you and 1000 other people is another month they earn interest on the money they eventually pay you with. That $5,000 they get to hold on to for an extra month or two from 1000 people adds up with the quickness.
0
Posted on 7/12/23 at 11:33 am to lsudat10
quote:
Doesn’t mean you were paying for good coverage on business property damage
quote:
or you just wanted the cheapest coverage to keep your insurance expense low. There are typically 2 sides to these issues
Like I told the other dismissive insurance salesman, we didn't go cheap. Seeing as my business is my life, insurance is extremely important. So much so that I pay tens of thousands per month.
If I were cheaping out on insurance, then I wouldn't be paying for healthcare for my employees.
Just because y'all sell it, doesn't mean we're all stupid/poor and don't understand it.
Posted on 7/12/23 at 11:34 am to nicholastiger
Insurance - the bet against yourself.
Posted on 7/12/23 at 11:55 am to Henry Jones Jr
quote:
Don’t go cheap on your insurance and you won’t have this issue. So many people will just buy the minimum from shady insurance companies because they are cheap and then they are shocked when they don’t get covered properly when they need it
You joking?. It’s usually the big well known brands that refuse to pay out.
Posted on 7/12/23 at 12:57 pm to Porter Osborne Jr
quote:
What's this?
Pooling of risk among insureds with the same policy type under the same company in a certain state
This post was edited on 7/12/23 at 12:59 pm
Posted on 7/12/23 at 12:59 pm to nicholastiger
Yes most businesses will continue operating in an unprofitable environment forever or until they are completely ruined. CA, FL and LA have long been P&C losers for years. The environment has now become some financially toxic, many want to bolt.
These changes are in response to the environments they are working.
You can always self insure or let the mortgage/automobile lien holder find coverage for you.
These changes are in response to the environments they are working.
You can always self insure or let the mortgage/automobile lien holder find coverage for you.
Posted on 7/12/23 at 1:14 pm to ShermanTxTiger
75% of claims litigation in the nation originates from Florida. Of the 16 billion or so paid out for property claims over the last 8-10 years, only 8% of that has gone to actual claimants. The rest goes to the lawyers and public adjusters.
Reinsurance rates in FL are also astronomical. I completely understand the frustration. I see claim payouts that make zero sense and some that make perfect sense. I try to advocate for my customers despite the challenges we face.
There’s always been a lot of conversation on this board about deductibles and what is and isn’t covered which results in pissed of customers.
Hell, I’m not sure how much longer we will be able to write home and auto in FL. What I do know is there are bad outcomes, but there are also 100s of great outcomes I personally handled after hurricane Michael here in PCB. I’m not sure it’s different than any other service industry.
Reinsurance rates in FL are also astronomical. I completely understand the frustration. I see claim payouts that make zero sense and some that make perfect sense. I try to advocate for my customers despite the challenges we face.
There’s always been a lot of conversation on this board about deductibles and what is and isn’t covered which results in pissed of customers.
Hell, I’m not sure how much longer we will be able to write home and auto in FL. What I do know is there are bad outcomes, but there are also 100s of great outcomes I personally handled after hurricane Michael here in PCB. I’m not sure it’s different than any other service industry.
Posted on 7/12/23 at 1:20 pm to JetsetNuggs
Ok, sounds like you have a terrible insurance company.
Posted on 7/12/23 at 1:29 pm to DownshiftAndFloorIt
Homeowners insurance is there to cover you after a devastating loss, not an aggravating loss. Unless your insurance company offers added endorsements for an extra cost that will pay you for aggravating losses. You would have to check your policy.
Sounds like you have a plan and good understanding of self-insuring your house after your mortgage is paid off.
Sounds like you have a plan and good understanding of self-insuring your house after your mortgage is paid off.
Posted on 7/12/23 at 1:50 pm to boddagetta
Ole Miss..Checks out
Posted on 7/12/23 at 1:52 pm to nicholastiger
How is it a scam? They are a business, not a charity. Their goal is to make money. They charge you more in premiums than they expect to pay in claims and also have a built in buffer to return profit to the shareholders who took a financial risk to fund the company. It is a very simple concept.
Posted on 7/12/23 at 1:57 pm to lsudat10
That’s part of what has caused claims severity and frequency to spike, especially with roofs.
Insurance is to indemnify, not replace. If a roof covering has partial damage but the rest is in good condition, the roofing companies convince the insureds that the WHOLE roof must be replaced. It’s a lose lose for the insurance carrier because you’re either going to litigation or pay the claim.
Insurance is to indemnify, not replace. If a roof covering has partial damage but the rest is in good condition, the roofing companies convince the insureds that the WHOLE roof must be replaced. It’s a lose lose for the insurance carrier because you’re either going to litigation or pay the claim.
Posted on 7/12/23 at 1:58 pm to tigercross
quote:
How is it a scam? They are a business, not a charity. Their goal is to make money. They charge you more in premiums than they expect to pay in claims and also have a built in buffer to return profit to the shareholders who took a financial risk to fund the company. It is a very simple concept.
I think there’s quite a few that don’t understand how their policy truly works, they constantly shop and think all policies are the same, and don’t understand insurance is a two way contract. There’s also no real tangible benefit until you have a claim.
Posted on 7/12/23 at 2:02 pm to nicholastiger
Ya not wrong. Biggest racket going
Posted on 7/12/23 at 2:02 pm to nicholastiger
I’ve paid a monthly premium on car insurance for the last 25 years and have never made a claim. Luckily I pay cash for vehicles so only carry the bare minimum to be legal. Still sucks.
Have paid a premium on home insurance for 20 years. Never made a claim.
Until idiots stop living in fear we’ll be trapped esp by the government to buy it.
Have paid a premium on home insurance for 20 years. Never made a claim.
Until idiots stop living in fear we’ll be trapped esp by the government to buy it.
This post was edited on 7/12/23 at 2:04 pm
Posted on 7/12/23 at 2:07 pm to nicholastiger
Everything is a fricking scam. Everyone industry has one goal, to get as much money out of those who use what they provide.
The medical industry is a scam, insurance is a scam... furniture stores are a came. The markup price on the shite they sell is insane and these are things that people need (furniture I guess its a need to a certain degree).
The medical industry is a scam, insurance is a scam... furniture stores are a came. The markup price on the shite they sell is insane and these are things that people need (furniture I guess its a need to a certain degree).
Posted on 7/12/23 at 2:08 pm to DCtiger1
quote:
Of the 16 billion or so paid out for property claims over the last 8-10 years, only 8% of that has gone to actual claimants.
Hold on a sec, moving to Florida so I can start charging a 92% contingency fee
Posted on 7/12/23 at 2:08 pm to BabyTac
quote:
I pay cash for vehicles so only carry the bare minimum to be legal.
A self proclaimed wealthy individual thinks insurance is to protect his own shite vehicle and Carries bare minimum liability coverage
You never cease to amaze
Posted on 7/12/23 at 2:09 pm to Cold Cous Cous
quote:
Hold on a sec, moving to Florida so I can start charging a 92% contingency fee
You can look up the data yourself, your ignorance doesn’t make it incorrect.
Posted on 7/12/23 at 2:18 pm to Henry Jones Jr
quote:
The only people who thing insurance is a scam are the ones that have never had to actually use their policy
Henry, with all due respect, and I mean with all due respect, you are a dolt. that is as clean as I can keep this.
I have made one claim in 18 years of living in my home. never been flooded. even before i purchased it, it has never flooded. and my one claim was actually a claim that was being reimbursed by my neighbors insurance. IE NO money out of my insurance company's pockets.
their first offer to me was $12K. The final bill was a few dollars short of $60K. I pay them because I have to. F them. Soulless m'fers.
my rates have jumped in the last two years. about 100% total. and I am a "lucky" one regarding these rates.
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