"Well stated"? Geez Luise. Fire isn't a major rate driver. It's the perils of wind, hail and water leaks. Totaling someone's home in the event of a fire has little to do with explaining why premiums are where they are. Funny, somes on here claim they get shorted at time of claim, but when adjusters total out the home and pay the sum of the dwelling, and contents, then they are wrong also. Earth to you guys, they don't do it because it costs them more money.
"insurance companies are complaining how they are "losing" money while clearly posting profits" - let that there digest a little. Pretty sure the heavily regulated insurance industry has severely restrictive accounting regimens which have to be followed. Somes have spoken about money earned on investments all while reserves have gone down and sometimes decimated.
Insurance is something that is lttle complained about when economic times are good. It's just another canary in the coal mine chirping about how the economy is really performing.
Someone woke up Monday morning with their panties wedged too tight.
I’ll take one WAG what your business is and would place a significant sum of money that I get it right on the first try. Reminds me of a pharmaceutical rep defending their industry to justify their livelihood. No one is attacking a position, it’s the industry as a whole.
Overpaying on one claim won’t make a difference, over paying on multiple will. Especially when combined with the other waste within the insurance industry. And I agree, there are plenty of times that adjusters under pay too or insurance denies obvious claims. That’s when PA’s and lawyers get involved…saving everyone money of course.
I appreciate how you skipped over the rest of the discussions concerning third parties, lawyers, and etc. I didn’t even hit on the “preferred contractors” and how they are exempt from the laws put in place by insurance lobbyist.
I’m not here for an in depth argument but more than happy to oblige simply because I find it entertaining.
My point is that insurance is a necessity for most, a requirement for all in some instances, and is riddled with waste and inefficiency like many other industries. Having a good agent is priceless, especially in the economic disaster that we are living in but they are restricted by rules and regulations.
I disagree that insurance is only attacked when the economy drops. I have had issue with it from the first time I was forced to buy it and would have some of the same arguments ten years ago that I do today.