- cross-posted to:
- nyt_gift_articles@sopuli.xyz
- climate@slrpnk.net
- cross-posted to:
- nyt_gift_articles@sopuli.xyz
- climate@slrpnk.net
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It is almost like we already have a home ownership crisis or or something. NYT in the clouds once again.
Clouds maybe, but they’re the ones talking about it, not many others.
What’s going on here is that Sheldon Whitehouse, the Democratic Senator, held a hearing which made data about insurance drops and rate increases public. That’s creating a news cycle about it
Hopefully it results in more Luigis.
I don’t wish misfortune on any person but, this is a good thing. Yes, there is a housing crisis, but part of that crisis is where and what we are constructing. If we are utilizing resources (whether it’s capital, labor, or materials) to reconstruct buildings every 3-10 years then those resources cannot be use to construct more sustainable housing.
Part of the problem is the way the flood insurance subsidization program works. Don’t get me wrong. Insurance needs to be affordable, but the program needs to adjusted so that when a claim is made in the highest risk areas, the payout is sufficient to relocate the insuree to less risky property, and the claimed property could be transferred to the department of the interior or other entity responsible for converting the land to a flood mitigation zone. (Likely reverting it back to the wetlands that were drained to build in the first place).
I wouldn’t even know where to start with fire risk zones…
Oh look, the hard unavoidable consequences of “it’s just a few degrees”
Insurance is a scam. Fuck them. I pay each fucking paycheck and they don’t want to pay. What if everyone dropped their insurance and then paid out of pocket. As long as you are paying something, they can not collect, and hospitals can’t turn you away.
This is literally what America is fine with health insurance CEOs being denied further life coverage.
Edit: The article is about health insurance, but it doesn’t matter. The goal of insurance is to take your money, use your money to invest, and then try not to pay you anything. Yes, people have had insurance cover some things in an emergency, but they should be doing more.
You probably can’t pay out of pocket to replace your house if it burns down.
This article is about homeowners insurance, not health insurance
ALL insurance is a scam. They are ALL the same. Insurance companies do nothing but pay less than what has been given. That’s how they make money.
Meh, most insurance does what it says on the tin, just read your policies carefully before you sign. Car insurance has absolutely saved my financial ass twice and life insurance has protected numerous families financially after the death of a loved one
Health insurance is a bunch of bullshit though because it shouldn’t exist at all and the words Healthcare industry should have never been brought together.
That’s what I mean. We pay so much in taxes that everything should be taken care of for us. We have been deceived into thinking that we can’t possibly pay for all of this. Money is nothing to the US government.
Don’t know why they think their anecdotal experience means homeowners insurance isn’t a scam. Ask those homeowners in Staten island after hurricane sandy how great their insurance was
Well, insurance itself isn’t a scam. There are just a lot of shitty insurance companies who have found a way to profit by not actually following through. Conceptually, it makes sense. But it shouldn’t be a profit driven business.
Conceptually, it makes sense. But it shouldn’t be a profit driven business.
You’re not required to use a profit driven insurance company (for things like home, life). You can choose to use Mutual Insurance company.
What are mutual insurance companies?
“An insurance company owned by its policyholders is a mutual insurance company. A mutual insurance company provides insurance coverage to its members and policyholders at or near cost. Any profits from premiums and investments are distributed to its members via dividends or a reduction in premiums.”
Some of the big name companies are mutual insurance companies.
Comparing “routine” claims, like your house burning down to random chance, to a disaster zone affecting hundreds of homes all at the same time is comparing apples to oranges.
Realistically, it should be the government taking care of claims in this situation for freak disasters and covering for people to relocate if the area is deteriorating and expected to have more and more disasters due to things like climate change.
Might be true but if it was collectivized and not for profit, perhaps home ownership insurance would be worthwhile. It might have also exerted some regulation over the cancerous development of the suburbs, especially in places where growth and development was known to be a systemic problem decades ago. Like Florida, Arizona, Nevada, etc.
Ultimately, insurance is a bucket of money we all pay into to help the few who go through an emergency
Obviously you need administration to handle the bureaucracy and make sure no one is stealing from the emergency pot fraudulently
That being said, what I take exception to is the profit. Why, the ever loving fuck, is it ok to take more than your costs for this? Why is money intended for the public good funneled up to the ownership class?
Pay your people, pay out the coverage. The rest of the money has no business leaving the pot… Not to run ads, or to lobby lawmakers. Definitely not to end up in an unrelated person’s pocket.
It’s a case for a government run entity if I’ve ever seen one
Guy in the article, Richard D. Zimmel, has a 725K property, add maybe 300K of what’s inside and you reach a million $. Not everyone has that in his pocket account :-/
And there’s another part of the problem: artificially inflated house and property prices.
“They may cuss us out,” Mr. Taylor said. “But they never stop building.”
One of the problem is new properties should not be allowed to be built in such areas. Others should be kind of grand-fathered, but I understand if insurers are being bankrupted, there is a problem somewhere.
That’s alright. Megacorp™, who incidentally also owns an insurance company, will buy it and gladly rent it to you.
