Do you think insurance is a scam

GM Nitemare

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OP, have you ever had to file a claim? Example: Insuring your home and contents, say a value of $500,000.00. Your insurance premiums are say, $4000.00 per year. Claim free for 10 years. Then tragedy strikes, your house and contents burn to the ground. No fault of yours. The insurance company pays you out $500,000.00 Can you are someone else tell me how this is a scam? The same can be applied to medical insurance or life insurance. You will NEVER pay more than what the value of that policy covers. I have been an insurance broker for 28 years(life, disability and healthcare insurance). A business client recently died. She had $4.8m of life insurance. Her monthly premium for that was $1100.00. She had paid into this for just over 2 years. I can go on and on and on.
 

blk02edge

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Quick google search shows that 374,000 houses in the US catch fire every year. Ive actually had two close calls in my 2.5 years of home ownership.
 

AustinSN

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"over a lifetime of driving — age 16 to 78 — the average person will spend about $94,000 on insurance. "

that's 94 grand straight down the shitter my friends. Let that number sink in.
That's one decent sized kitchen fire with smoke remediation.

I think the cheapest kitchen fire I we have seen was $70k, and we had one on the upper end of $300k.

This isn't just the cost to repair the kitchen, it's for smoke removal, paying to put you up in a hotel (or make your mortgage payments if it's a landlords policy), bring anything up to code that isn't already (ordinance and law) and buy you brand new appliances because almost every single home policy includes replacement cost contents.
 

Jefe

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I worked at Farmers Insurance from 07-09 and if I recall correctly the company was not as profitable as you would think. Given, that was the peak of the housing crisis but from my understanding while working there was that profit margins were thin.
Farmers hasn't been profitable in a long time here in AZ. It is finally starting to level out though.

Sorry for the facts, this is clearly the clueless insurance bashing thread
 

tistan

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OP, have you ever had to file a claim? Example: Insuring your home and contents, say a value of $500,000.00. Your insurance premiums are say, $4000.00 per year. Claim free for 10 years. Then tragedy strikes, your house and contents burn to the ground. No fault of yours. The insurance company pays you out $500,000.00 Can you are someone else tell me how this is a scam? The same can be applied to medical insurance or life insurance. You will NEVER pay more than what the value of that policy covers. I have been an insurance broker for 28 years(life, disability and healthcare insurance). A business client recently died. She had $4.8m of life insurance. Her monthly premium for that was $1100.00. She had paid into this for just over 2 years. I can go on and on and on.
People rarely use the value of the policy. If they did then insurance wouldn't be a profitable business.
 

svtfocus2cobra

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Farmers hasn't been profitable in a long time here in AZ. It is finally starting to level out though.

Sorry for the facts, this is clearly the clueless insurance bashing thread

They were the second largest insurance company behind USAA at the time, but dont know if they still are.
 

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