insurance goes up for home owners every year or 2? is this true in COS?

[mtngigi]

Originally Posted by Wittgenstein's Ghost

Virtually every product in existence goes up in price regularly because inflation makes a dollar tomorrow worth less than a dollar today. Some products, such as a bottle of water, only see infrequent yet proportionally large price increases, such as a jump from a dollar to $1.25 (25% increase). Others, such as insurance and automobiles, see proportionally small yet frequent increases.

Insurance is like any other product in that prices go up because a buck is worth less than it was yesterday.

Only difference is that it's a product you never actually see or get to use - unless something happens. Many of us have paid out thousands over a lifetime for what? Protection supposedly, but we all know that's not always the case. In the end, insurance is nothing but a necessary evil.

[Wittgenstein's Ghost]

Originally Posted by mtngigi

Only difference is that it's a product you never actually see or get to use - unless something happens. Many of us have paid out thousands over a lifetime for what? Protection supposedly, but we all know that's not always the case. In the end, insurance is nothing but a necessary evil.

Of course it's a necessary evil, but that doesn't mean that you have been paying for nothing. I buy cars with airbags and other safety features, but the fact that I've never needed them doesn't make them any less legitimate of a product.

[mtngigi]

Sorry, but I'm never going to have the warm and fuzzies for insurance companies, nor would I call it a legitimate product, but rather something that in most instances is forced upon me. Of course I understand the need, but I don't have to like it.

[Vision67]

Originally Posted by mtngigi

Sorry, but I'm never going to have the warm and fuzzies for insurance companies, nor would I call it a legitimate product, but rather something that in most instances is forced upon me. Of course I understand the need, but I don't have to like it.

If your house is paid off you can choose to drop your insurance.

In the recent Black Forest fire, some home owners had done that. Unfortunately, they lost the bet.

I read that some home owners had damages exceeding $30K in the most recent hail storm near the airport. It is for that rare event that I continue to insure my house even though it's paid off.

But shop around. You will likely be able to find a lower premium from a new carrier.

[JohnCurtisEstes]

Originally Posted by mtngigi

Sorry, but I'm never going to have the warm and fuzzies for insurance companies, nor would I call it a legitimate product, but rather something that in most instances is forced upon me. Of course I understand the need, but I don't have to like it.

I was a Commercial Underwriter for Farmers here for a few years after working at the Progressive call center for a few years before that. It was a step up from a call center job but not much.


I left the insurance business because it left a bad taste in my mouth.


Insurance companies are in business to DENY CLAIMS (no matter what they tell you).

[JohnCurtisEstes]

Originally Posted by Vision67

If your house is paid off you can choose to drop your insurance.

In the recent Black Forest fire, some home owners had done that. Unfortunately, they lost the bet.

I read that some home owners had damages exceeding $30K in the most recent hail storm near the airport. It is for that rare event that I continue to insure my house even though it's paid off.

But shop around. You will likely be able to find a lower premium from a new carrier.

No company will even quote you unless you have a new PERMITTED roof.

[Wittgenstein's Ghost]

Originally Posted by mtngigi

Sorry, but I'm never going to have the warm and fuzzies for insurance companies, nor would I call it a legitimate product, but rather something that in most instances is forced upon me. Of course I understand the need, but I don't have to like it.

Who said anything about warm and fuzzies? My post wasn't implying that you should have warm and fuzzies. I was simply pointing out that the mere facts that you can't see insurance and it is often paid for but not needed don't imply it isn't a legitimate product or that its prices shouldn't be subject to the same economic consequences of inflation as other products.

[mtngigi]

Originally Posted by JohnCurtisEstes

I was a Commercial Underwriter for Farmers here for a few years after working at the Progressive call center for a few years before that. It was a step up from a call center job but not much.

I left the insurance business because it left a bad taste in my mouth.

Insurance companies are in business to DENY CLAIMS (no matter what they tell you).

Thank you for making my point. The one experience I had in my entire life, was when my car was totaled, the other driver's fault (and the only accident I've ever had).

Dealing with my insurance company who I'd been with for years, brought me to tears. They were nasty. What they were offering for my car was a travesty - luckily my mechanic informed me I didn't have to take their first offer (which I wasn't aware of), so I stood my ground and after much back and forth with one of the crappiest customer service rep I've ever had the misfortune of dealing with, I finally got the blue book value - which in the end was a fraction of the money I'd shelled out to them for years.

No one will ever convince me that insurance companies need to have the same increases due to inflation or whatever. I imagine they have insane profit margins.

[luvallmydogs]

I dont feel bad for the insurance companies AT ALL. They take our money, millions and millions every day, and then when something happens and its time for something to get fixed with all that money from OUR pockets, they give you a hard time, raise rates and put all kinds of stipulations on your policies which gets down to your paying thousands each year and GET NOTHING COVERED. It's a colossal RIP OFF, to normal, regular people who work hard for each dollar.

[mtngigi]

Originally Posted by luvallmydogs

I dont feel bad for the insurance companies AT ALL. They take our money, millions and millions every day, and then when something happens and its time for something to get fixed with all that money from OUR pockets, they give you a hard time, raise rates and put all kinds of stipulations on your policies which gets down to your paying thousands each year and GET NOTHING COVERED. It's a colossal RIP OFF, to normal, regular people who work hard for each dollar.

Right? I can't imagine ever getting my violin out for insurance companies. What a business model they have going for themselves.