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Perhaps the most interesting part of the article:
The insurance companies had an obligation to maximize shareholder value. That is the sole purpose of insurance companies.
This is a really dumb take. Pulling out of a market where it's impossible to even break even is not greedy or corrupt.
Man insurance is such a scam. They'll only actually offer hypothetical coverage if they know you won't need it 😅
Actually need it? "Well, we have to make a profit! Why would we pay for that thing you're paying us to cover?"
Man insurance is such a scam. They'll only actually offer hypothetical coverage if they know you won't need it 😅
Actually need it? "Well, we have to make a profit! Why would we pay for that thing you're paying us to cover?"
An insurance company takes the data it has about whatever someone wants to insure, uses its actuarial system to find out what its risk value is, and then charges you slightly more than that value over time.
You will probably never need the service, but if you do, they’ll help you out. Because they’re charging more than the actual risk value, over time and over a large enough subset of clients, they’ll make some profit, even while paying to replace or fix people’s houses. Which is fine, they are providing a service and there’s absolutely nothing wrong with profiting from providing a service. You win, they win, everyone benefits.
In return, you get the peace of mind of knowing that if the worst happens, you’ll be at least somewhat better off and able to afford to rebuild.
If the risk of event X gets too high in an area, and the company isn’t allowed to say, “You’re covered for everything but X,” the company would either need to charge enough to cover essentially the value of the house on such a short timeframe as to be untenable, or stop providing coverage. They don’t have infinite money, so if they‘re forced to provide coverage at a lower rate than the risk level, and something like a massive hurricane or flood or fire happens, they go bankrupt. Now no one gets their house rebuilt.
Just because a company only operates where they make a profit doesn’t make them a scam. They aren’t a charity or a public service.
The map below shows rates of home insurance nonrenewals in recent years. You can explore your state and areas with the highest rates in the country, including California and Western states facing wildfires and Eastern Seaboard states like Florida and the Carolinas with elevated hurricane risk.
Climate change makes risk unpredictable; risk makes insurance unaffordable or unavailable; no insurance makes mortgages unavailable; without mortgages property values crash
Why is it without mortgages property values crash? Is it because sellers are forced to sell to only people who can pay cash? I suppose that makes sense. And of course those won’t be “people”, those will be banks and investment companies, looking to rent the property out to tenants. So more large chunks of money are siphoned away from the middle class.
Man, this thread is reminding me that Lemmy is even worse than Reddit when it comes to being populated by people who have strong opinions about things they don't understand at all.
I FUCKING LOVE MAGNETS