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Started By
Message
So what do insurance companies do after catastrophes like we've seen lately?
Posted on 9/21/17 at 11:07 am
Posted on 9/21/17 at 11:07 am
Do any of them just file for bankruptcy and close up shop? Do they pay out without incident? Do they work with government aid stuff?
26
Posted on 9/21/17 at 11:07 am to JuiceTerry
I'm sure most of them attempt to get out of paying as much as they possibly can.
Posted on 9/21/17 at 11:08 am to JuiceTerry
quote:
So what do insurance companies do after catastrophes like we've seen lately?
Usually screw over their policy holders.
Posted on 9/21/17 at 11:09 am to JuiceTerry
Whine
Posted on 9/21/17 at 11:09 am to JuiceTerry
Reinsurance
Posted on 9/21/17 at 11:09 am to JuiceTerry
Blame the greedy lawyers
Posted on 9/21/17 at 11:10 am to JuiceTerry
quote:
Do any of them just file for bankruptcy and close up shop? Do they pay out without incident?
First they see if you were flooded or not, if not, they pretty much cut a limits check and move on to the next house.
Posted on 9/21/17 at 11:12 am to JuiceTerry
Insurance companies buy insurance on their insurance (called Reinsurance) for times like these last few weeks.
Problem is, just like our rates go up after claims, their reinsurance rates go up when the insurance company makes a reinsurance claim, and that extra cost is passed down to you and me.
Although some of them truly are shitty, most are decent and some are great. Insurance companies just have some of the same problems with insurance that we all do.
Problem is, just like our rates go up after claims, their reinsurance rates go up when the insurance company makes a reinsurance claim, and that extra cost is passed down to you and me.
Although some of them truly are shitty, most are decent and some are great. Insurance companies just have some of the same problems with insurance that we all do.
This post was edited on 9/21/17 at 11:40 am
Posted on 9/21/17 at 11:12 am to JuiceTerry
They pay the easy small claims first so they can say they have completed X% of claims in a timely manner. Then, the people with a total loss, they find a way out of not paying. Last, they increase the rates for all.
This post was edited on 9/21/17 at 11:13 am
Posted on 9/21/17 at 11:16 am to TDsngumbo
quote:
Insurance companies buy insurance on their insurance (called Reinsurance) for times like these last few weeks.
Do reinsurance companies buy rereinsurance? And if so, do rereinsurance companies buy rerereinsurance? And if so . . .
Posted on 9/21/17 at 11:17 am to JuiceTerry
Raise rates
Posted on 9/21/17 at 11:18 am to JuiceTerry
quote:
So what do insurance companies do after catastrophes like we've seen lately?
Raise premiums
Posted on 9/21/17 at 11:18 am to JuiceTerry
Premiums: stacked
Homeowners: fricked
Homeowners: fricked
Posted on 9/21/17 at 11:20 am to JuiceTerry
"Act of God"
Posted on 9/21/17 at 11:21 am to Boudreaux35
quote:
Raise premiums
for their customers nationwide.
Posted on 9/21/17 at 11:22 am to JuiceTerry
quote:
Do any of them just file for bankruptcy and close up shop?
Reinsurance baw... A lot of reinsurance.
Posted on 9/21/17 at 11:23 am to lnomm34
quote:
Do reinsurance companies buy rereinsurance? And if so, do rereinsurance companies buy rerereinsurance? And if so . . .
You're going too far down the rabbit hole
Posted on 9/21/17 at 11:26 am to lnomm34
quote:
Do reinsurance companies buy rereinsurance? And if so, do rereinsurance companies buy rerereinsurance? And if so . . .
Eventually we just call it a government bailout and bitch about socialism.
Posted on 9/21/17 at 11:27 am to JuiceTerry
Hope that your home was flooded 2 hours before the wind destroyed your house so that they can devalue the house by the amount of the flood damage.
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