Is the home insurance industry the biggest scam surrounded by the integrated states?
Upon viewing Spike Lee's documenatry on Hurricane Katrina, I was dismayed on how the insurance industry failed to live to their extremity of the bargain for the people who lost their homes. As a homeowner I enjoy to question whether to continue to hold insurance base on what I saw.
Answers:
if you have a mortgage contained by most states you have no choice but to have home owners insurance. read the fine print.
If you have a mortgae, not have insurance is probably not an option, since your bank will require it. If you own no mortgage there are several reasons why you may want to thieve the risk and go without it. If your home is solidly built, the probability of coming out ahead in the long run by not having insurance are vastly good. When you consider how much of your premium goes to commissions, marketing and supervision, self-insuring can be very profitable.
It depends on the insurance company you use. If it is a REPUTABLE company, the people had NO problem getting salaried. But the fly-by-night companies that offer insurance for practically no money DO NOT pay when it comes time to. I guess you bring back what you pay for.
You've got to be kidding me? When is it ok to individual hear one side of a story? When an insurance company pays claims that were not anticipated in the setting of their rates, they sacrifice the means to protect the rest of the insureds.
Contrary to what many people believe, insurance companies do NOT enjoy unlimited funds. They have budgets to balance freshly like we do at home. Of course the budgets are bigger but they also have thousands and millions more responsibilities to cover including thousands of workers, etc. I really get tired of hearing ancestors slam insurance companies based on NO INFORMATION. Go ahead and drop your insurance on your home. I'm sure that, if something happens to your home, adjectives your friends will donate $ to help you rebuild. Ha!
I meditate I'll build my home on the side of a mountain. When storms and tremors cause it to collapse, you'll all pitch contained by and pay for me to do it again, won't you?
no, the auto insurance scam is
NO - work comp insurance is the biggest scam in the WORLD.
98% of society that THINK they have carpel tunnel DON'T HAVE IT. Yet they still get compensated for it! Source(s): Former work comp case handler.
No insurance is not a scam. I will agree with you that infallible companies involved in Hurricane Katrina claims have done a poor charge. Insurance companies actually pay out an average of 98 cents for every dollar within premiums they collect to claims. Insurance companies make most of their money from investments. If you personally don't want insurance freshly ask yourself if you can retain all the risk if you do face a loss, because adjectives insurance is doing is transferring risk of financial loss from you to the insurance company. If you can't afford to rebuild your home if it burns down you might want to keep your insurance. Also beside regards to flooding such as Katrina, make sure you enjoy a flood policy if you live in a flood zone. Many of those homeowners did not. Homeowners policies don't cover flood. Source(s): Owner/Agent
Well, if you enjoy a mortgage on your home, you have no choice but to have homeowner's insurance. So it really doesn't event whether you think it's a scam or not.
Typically "acts of God" are not covered by homeowner's insurance. This shouldn't hold come as a surprise to the people in New Orleans. It's particularly unfortunate, but I am sure it was clearly disclosed contained by the policy language.
A lot of dissatisifaction here in Louisiana be due to the fact that people didn't buy FLOOD insurance. Then they expected their Homeowner's carter to pay for their flood damage, and NO homeowner's policy covers the risk for rising hose down. People didn't buy flood insurance, despite the fact that we all live contained by flood zones here, because it was cheaper not to buy flood. The individual reason most people even buy homeowner's insurance is because their mortgage company forces them to insure their risk for the appeal of the loan. Now we're all suffering because no one desires to write insurance in southeast Louisiana. For a $200,000 home you can expect to spend over $5000 a year in homeowner's premiums IF anyone will write your policy at adjectives. On top of the tremendous losses they incurred, if you also try to make those companies pay for something that they're homeowner's policy have always excluded, they will never write insurance here again (thank god they lost their law suit against homeowner's carrier, or we'd never have property insurance here again). If that's the case, within will be no way for us to protect our investment in our home. And you live surrounded by a place where property insurance is available to you and you don't WANT it anymore? That's crazy.
Christie- A Hurricane is not considered an Act of God in that the mover excludes it. Hurricane damage is covered on a HO under Wind & Wind Driven Rain. If the entwine ripped off your roof, then it rain on the second floor for 8 hours, your HO policy had your covered. HO policies in Louisiana didn't exclude curl prior to Katrina. However, most of the damage in New Orleans be rising water, no covered by the HO. And a massive amount of people be without flood insurance.
Claims didn't get settled as promptly as we all wanted them to. Mine took 13 months to be settled, later it had to be reopened for 4 months. But can you blame the company for being overwhelmed next to an unprecedented catastrophe? Good companies did pay honourably. Assisted Living Expenses couldn't be paid to insureds FOREVER. A lot of people didn't even realize what gentle of coverage they had before the storm. This is what cause so much dissatisfaction. It was a giant clusterf**k. But the worst part of Katrina be sitting around in the Stone Age for a WEEK listening to radio broadcasts that bodies are floating through the Bywater back the Red Cross, FEMA, and the President decided to show up. If "When the Levees Broke" moved you, I'm happy. But don't uninsure your home. If you want to do us a favor surrounded by Louisiana wait until the 2008 election. Source(s): 5 years Property & Casualty Experience contained by New Orleans
Related Questions:
Answers:
if you have a mortgage contained by most states you have no choice but to have home owners insurance. read the fine print.
If you have a mortgae, not have insurance is probably not an option, since your bank will require it. If you own no mortgage there are several reasons why you may want to thieve the risk and go without it. If your home is solidly built, the probability of coming out ahead in the long run by not having insurance are vastly good. When you consider how much of your premium goes to commissions, marketing and supervision, self-insuring can be very profitable.
It depends on the insurance company you use. If it is a REPUTABLE company, the people had NO problem getting salaried. But the fly-by-night companies that offer insurance for practically no money DO NOT pay when it comes time to. I guess you bring back what you pay for.
You've got to be kidding me? When is it ok to individual hear one side of a story? When an insurance company pays claims that were not anticipated in the setting of their rates, they sacrifice the means to protect the rest of the insureds.
Contrary to what many people believe, insurance companies do NOT enjoy unlimited funds. They have budgets to balance freshly like we do at home. Of course the budgets are bigger but they also have thousands and millions more responsibilities to cover including thousands of workers, etc. I really get tired of hearing ancestors slam insurance companies based on NO INFORMATION. Go ahead and drop your insurance on your home. I'm sure that, if something happens to your home, adjectives your friends will donate $ to help you rebuild. Ha!
I meditate I'll build my home on the side of a mountain. When storms and tremors cause it to collapse, you'll all pitch contained by and pay for me to do it again, won't you?
no, the auto insurance scam is
NO - work comp insurance is the biggest scam in the WORLD.
98% of society that THINK they have carpel tunnel DON'T HAVE IT. Yet they still get compensated for it! Source(s): Former work comp case handler.
No insurance is not a scam. I will agree with you that infallible companies involved in Hurricane Katrina claims have done a poor charge. Insurance companies actually pay out an average of 98 cents for every dollar within premiums they collect to claims. Insurance companies make most of their money from investments. If you personally don't want insurance freshly ask yourself if you can retain all the risk if you do face a loss, because adjectives insurance is doing is transferring risk of financial loss from you to the insurance company. If you can't afford to rebuild your home if it burns down you might want to keep your insurance. Also beside regards to flooding such as Katrina, make sure you enjoy a flood policy if you live in a flood zone. Many of those homeowners did not. Homeowners policies don't cover flood. Source(s): Owner/Agent
Well, if you enjoy a mortgage on your home, you have no choice but to have homeowner's insurance. So it really doesn't event whether you think it's a scam or not.
Typically "acts of God" are not covered by homeowner's insurance. This shouldn't hold come as a surprise to the people in New Orleans. It's particularly unfortunate, but I am sure it was clearly disclosed contained by the policy language.
A lot of dissatisifaction here in Louisiana be due to the fact that people didn't buy FLOOD insurance. Then they expected their Homeowner's carter to pay for their flood damage, and NO homeowner's policy covers the risk for rising hose down. People didn't buy flood insurance, despite the fact that we all live contained by flood zones here, because it was cheaper not to buy flood. The individual reason most people even buy homeowner's insurance is because their mortgage company forces them to insure their risk for the appeal of the loan. Now we're all suffering because no one desires to write insurance in southeast Louisiana. For a $200,000 home you can expect to spend over $5000 a year in homeowner's premiums IF anyone will write your policy at adjectives. On top of the tremendous losses they incurred, if you also try to make those companies pay for something that they're homeowner's policy have always excluded, they will never write insurance here again (thank god they lost their law suit against homeowner's carrier, or we'd never have property insurance here again). If that's the case, within will be no way for us to protect our investment in our home. And you live surrounded by a place where property insurance is available to you and you don't WANT it anymore? That's crazy.
Christie- A Hurricane is not considered an Act of God in that the mover excludes it. Hurricane damage is covered on a HO under Wind & Wind Driven Rain. If the entwine ripped off your roof, then it rain on the second floor for 8 hours, your HO policy had your covered. HO policies in Louisiana didn't exclude curl prior to Katrina. However, most of the damage in New Orleans be rising water, no covered by the HO. And a massive amount of people be without flood insurance.
Claims didn't get settled as promptly as we all wanted them to. Mine took 13 months to be settled, later it had to be reopened for 4 months. But can you blame the company for being overwhelmed next to an unprecedented catastrophe? Good companies did pay honourably. Assisted Living Expenses couldn't be paid to insureds FOREVER. A lot of people didn't even realize what gentle of coverage they had before the storm. This is what cause so much dissatisfaction. It was a giant clusterf**k. But the worst part of Katrina be sitting around in the Stone Age for a WEEK listening to radio broadcasts that bodies are floating through the Bywater back the Red Cross, FEMA, and the President decided to show up. If "When the Levees Broke" moved you, I'm happy. But don't uninsure your home. If you want to do us a favor surrounded by Louisiana wait until the 2008 election. Source(s): 5 years Property & Casualty Experience contained by New Orleans
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