Insurance Gripe!!

[LKB3rd]

Originally Posted by afterhours

ex lives on water and they also tripled her premiums...seems to me that insurance co's run a risk free profit gloming business- no claims they make out, claims- they raise premiums to make up for payouts......

I've always said that your base insurance premium is for nothing in return, because if you file a claim, there is a new higher rate as they punish you for taking advantage of the service you paid for.

[Mr. Sandman]

Last year I got a notice saying they dropped me. Not an increase in rates, just goodbye! I never made a claim on any insurance policy of any kind in over 30 years. I just pay my preimums. I called them and they said they were dropping everyone that lives within 2 miles of the coast. I told them I am 64 ft' above sea level, even if the polar ice cap melts, I still will be dry. They didn't care.
My insurance agent said she is getting 60 of these per month.
She had a hard time finding someone but in the last days she did. The rate went up a lot (like double) and there was a insane (20K) wind damage deductable that covers their butt.

This is where IMO isurance companies get away with too much. The theory of insurance is based on numbers, the more you cover the lower your risk. Now they are allowed to cull out what they deem higher risk to boost their profits. This is where the gov't should step in. IF THEY WANT ALL THESE FAT TAX BREAKS AND OTHER INVESTMENT INCENTIVES, THEY NEED BE RESTRICED FROM CULLING OUT SEGMENTS OF THE MARKET. It happens in medical insurance as well. Companies will do all they can to exclude you from covering whatever they can if they think you have a higher risk to get cancer even if your phycsial if fine.

Their lobby is huge. They think insurance is the foundation of this country...I swear. I have been to DC and listend to these goons.

What other business do you know that gets to say... I took your money for 30 years and you never made a claim, but I am going to drop you now because I think you are a high risk. Look, you can't change your mind if I make the payments !!!!

[Backbeach Jake]

You're right, Mr.Sandman. If a bookie did that he'd lose his kneecaps and never place another bet. Why is it insurance was more legit as gambling than as an investment business?

[kevin d]

BC,
were you insured with the good hands people? They just dropped almost everyone in SC that lives anywhere near the water. Now if someone would get the "good hands" off the knife they are sticking in their customers.......

[afterhours]

i hate ins. co's - BIG 'effin ripoffs! they can sure take it in, but don't want to give it out.

[sok]

My insurance got canceled for no apparent reason four years ago.
Restored since.
Got a hand written note from the ins. agent. saying the policy was canceled because ?????????????
Wouldn't have been that bad outside of the fact that my father graduated from the same H.S. WITH the person that wrote the note.
They were friends.
I called. The old man called. Neither one of us could get a straight answer.
And neither one of us could read the writing on the note.
Still don't know to this day why.

[spence]

My parents had a house fire 8 or so years ago, did about 90 grand in damage. My father had a very large umbrella policy with one of the major insurance companies for decades.

Like a good neighbor, they nickeled and dimed my parents as much as they could.

"oh, that truss don't look that burnt"

What a joke.

I'm sure you could make an argument about what they need to do to maintain their margin, it is a for profit business after all...

But when you're required to have coverage by one set of rules, yet the coverage is set by another, there's sure to be problems.

I feel for ya though. Given the average price of home owners insurance a 2X or 3X impact to the rate would really hurt most people.

-spence