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Insurance is failing hurricane survivors: ‘People thought they were covered’
(www.theguardian.com)
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this post was submitted on 12 Oct 2024
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Nah, in this case I blame the government for not having clearer regulations and a lack of informational programs.
Maybe all insurance should cover floods - but if we wanted that we'd need to regulate it... these policies were sold without flood insurance and it's quite likely the sellers tried to aggressively upsell them to also get flood insurance.
Maybe the insurance should be government run but we need insurance - health insurance is a scam because it's a fucking fake market, but housing insurance has a healthy market and insurers that reneg on their contract get taken to court and pursued by some truly asshole lawyers... you might argue that falsely denying a claim should come with higher penalties (and I'd agree) but half our government thinks regulations are the fucking devil.
Insurance is an inherently good idea - if we shuffled things up so that none of these people had any insurance then we'd have foreclosures and homelessness across the south right now - insurance companies are dicks but insurance is a good thing to have.
How can insurances make billions of profit if it isn't a scam?
Isn't it supposed to be a system to share the cost of damage, not to rip off people?
Yup, it certainly rakes in excessive profits - but the core concept of insurance isn't a scam. It's a good idea that gets abused in the American market.
I live in a place with essentially zero chance of major flooding, but of course there are local floods. In addition to my homeowners policy, I would have to buy three separate coverages for various type of water damage, and at what seems like ridiculous cost for my area and relative to the rest of coverage. I Believe I can’t even get one of the coverages unless I have a sump pump, but my basement is almost always dry so that makes no sense: if I get water in the basement once every decade, what are the chances of a sump pump working after sitting a decade?