So many people here are speaking as if real estate insurance companies are doing something evil by pulling out of markets where it’s impossible for them to make a profit or even break even. The companies are not reneging on any obligations, just turning away customers they can’t afford to insure, and people here are responding by saying things like all insurance is a scam, and the insurance companies abusing their customers to enrich their shareholders.
I get the feeling they’re taking their opinions of the private health insurance market and applying them to insurance in general, and in doing so they’re demonstrating a lack of understanding of what insurance is for, why it’s required for certain purchases, and why people choose to do business with insurance companies even when they don’t have to
How so?
So many people here are speaking as if real estate insurance companies are doing something evil by pulling out of markets where it’s impossible for them to make a profit or even break even. The companies are not reneging on any obligations, just turning away customers they can’t afford to insure, and people here are responding by saying things like all insurance is a scam, and the insurance companies abusing their customers to enrich their shareholders.
I get the feeling they’re taking their opinions of the private health insurance market and applying them to insurance in general, and in doing so they’re demonstrating a lack of understanding of what insurance is for, why it’s required for certain purchases, and why people choose to do business with insurance companies even when they don’t have to
Yeah, this is why we shouldn’t allow for-profit insurance companies in the market.