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Insurance companies don't build shit. They just collect money from people, and sometimes give some of it back.
They're actually required to give 85% of everything back, so they give back most of it. It seems like Florida is becoming too much of a hassle to insure, though. Some companies have pulled out of florida.
Everyone in FL should have pulled out.
This joke works on multiple levels and I'm happy about that.
Holy shit a triple entendre!
https://www.youtube.com/watch?v=d8GR0KDYtNQ
Does that 85% include their costs or is that the full amount returned to policy holders?
Full amount that is legally required to pay back out in insurer coverage every year. The other 15% covers pay roll, rent, buildings, bonus', overhead, etc. Literally everything else. Same deal for medical insurance.
Begrudgingly cover*
unless they can find a way to screw you over for profit, then they absolutely will no matter how ridiculous the "reasoning"*
I believe it was Katrina where the insurance said it was wind damage when you only had flood insurance, but if you're neighbor only had wind coverage they'd tell them it was water damage.
Right storm. Wrong details.
They (insurance companies) were claiming it as flood/surge damage, even if wind ripped off your roof to let the water inside. Wind was covered, water wasn't. Companies were sued for trying to blanket deny an area based on one generic engineering report, or denying coverage if flood waters came through after wind destroyed a place. Insurance com0anies don't typically offer flood insurance to a lot of places and if homeowners want it, they have to buy it through the federal government.