So people pay for insurance for YEARSSSSS and when something happens after these companies collected tens of billions for years, now they don't want to pay up
@@Tryp-j9dso nationalize it? I'm not really sure what your point is. People need home owners insurance. If the private sector can't do it efficiently, then we should just make home owners insurance public. Effectively it makes sense to make all insurance public.
So, insurance companies are not just content to profit. They want to increase their profits annually, year after year and don't want to take any losses. As they dump the customers in higher risk areas, then they necessarily have to jack up rates in low risk areas...to maintain their ridiculous profit margins. Then customers in low risk areas can't afford to buy the insurance. Eventually the insurance campanies will price themselves out of business and expect taxpayers (aka: former customers) to bail them out.
Sick of Insurance. I opted out when mine expired. I own my home with no mortgage, but I cannot get a HELOC or loan against it without some crazy ass premium. I want to sell and move... never buy again... just rent... and when rent gets too high I will move to another country. Corporate rentals want 3x the rent in income and that is ridiculous in most areas. My hometown the average wage is about 1800 to 2500 a month, yet most rentals are at LEAST 1200 dollars!! that means they want you to make at least 3600 a month, which isn't going to be happening. I am not sure how people are qualifying for this crap. Thank goodness there are still individual landlords, although they are trying to gouge people based on the high rates that the corporations are pushing.
@gracetou8963 you never truly own your home. Taxes go up on homes all the time. Insurance costs too. Renters and home owners are suffering. Its not one or the other.
@@Carnutzjoe Elections have consequences. That’s the republicans plan. Big companies own the houses, people are priced out and forced to rent, cannot buy.
Insurance companies don’t want your house at all. They’re abandoning you to your own devices. It’s developers that are buying foreclosures to build mansions for the rich!
While I feel bad for these people I can't help but notice that this group is the same people who said there is no climate change. Why do we wait till it's to late?
How would you know these are the same people? Have you been tracking them individually? Do you remember them from other interviews where they said they don’t believe in climate change? Such a dumb comment for you to make.
I dumped insurance company years ago. I figured out that it was less for me to save up my money over the years for any unforeseen issues that may occur than to pay them for decades and not get covered at all if something did happen.
@@JebusHypocristosX I understand that and should have clarified that it does not apply to those that MUST carry insurance, but for those who can opt for or against it based on their circumstances. I opted out after mortgage was paid off.
@@karenm2043 Yes if you have the option its great. Most unfortunately don't have the option. Looks to me like they want the poor people to sell low so the wealthy can swoop in and buy it all using hedge funds. The fleecing of America is here, wait until you see what Felon Muskrat and cadet bone spurs are going to do to the US Treasury as they rob America blind.
Elections have consequences. Republicans deny climate change and refuse to address the issue. Insurance companies are making the right decision. Republicans favor the 1% who will buy real estate, and normal people will rent, cannot buy.
I wonder how many people realize that when he and his billionaire buddies are meeting at Mar a Lago it is to figure out how to rob the public and steal their stuff? LOL
@@neilkurzman4907 All insurance industries work the same way these days. A company refusing to rebuild your home after a disaster is just as life ruining.
how is this legal???? we agree to a service we pay for the service then when its time for them to provide said service they just say no HOW THE FK IS THIS LEGAL
@@davidowens1424 that is the most ignorant statement ever even "inland" they are not paying out Im from Colorado, had a hail storm, my insurance company does not want to pay for the damages not to mention, insurance companies are not NATION WIDE they are state by state maybe take some time to educate yourself for once
@@davidowens1424 How far is inland? Eastern Tennessee and western North Carolina are pretty inland and look what happen to them. Kansas and Iowa are pretty far inland but they get hammered with Tornadoes. Where is this safe inland you are talking about where insurance companies have no issue with paying?
Attention people: Insurance companies are not your friends, doesn’t matter if you were there customers for 20 or even 30 years. Sit on it and think about it
I happen to know that the computer modeling that determines risk for insurance companies was changed by allowing the assumption of future risks that could possibly happen due to the changes that MAY occur if the assumptions of climate change do occur. In other words you build a program based on guesses of only catastrophic change and it skews the risk only in one direction, up. This has only caused premiums to skyrocket in areas that would probably never see the perils in the distant future that they are paying for today. The insurance companies have seen they can appease the environmentalists and have a viable and believable reason to raise rates in areas that will never see the so called impact of climate change. Insurance was always based on past events. Today it’s based on some biased human input into a program that only shows worsening outcomes everywhere in the future.
If the bank owns the house via mortgage then they should help with insurance since it’s their asset. This whole process is a broken. You get screwed if u put in a basic claim. The industry needs an overhaul.
No legitimate reasons not to renew insurance in most of Maryland yet. They can't even dream up any believable reasons aside from greed for non renewals there.
If insurance is required for a mortgage then insurance companies should be required by law to insure them for a reasonable rate. Our government needs to pass this law.
@@timmick6911 Corporations get socialism from the government. Consumer protections are needed to protect people from greedy corporations. If we had no consumer protections corporations could create products that would regularly kill or injure people and face no consequences.
These darn insurance companies have been fat cats for way too long and now that they have to pay out they are whining! This is whether home owners or health insurance companies. What a racket! I've paid 5x what my house is worth in the 40 years living here and nearly the same in self employment health insurance costs. I could retire overseas more than comfortably with the nearly or just over $500,000 paid out. Insane! Not too mention shocking!
But those (insurance companies) willingly pay millions of $$$ to plaster ads on tv non stop. Some insurance companies are even paying multi-million dollar earning football "stars" and his coach millions as well, but they want to deny coverage or cancel coverage. It is nothing but a money grab for executives and their shareholders. It's not because of "climate change" it's because people aren't building fire, huricane or tornado proof homes. I lived on Guam in military (concrete) housing, they survive numerous typhoons there.
Yep, my sister lives in central Louisiana, property tax and insurance are now more than her mortgage. When she looked into it all the insurance companies said it was because construction cost to fix and repair had skyrocketed. They said although her home appraised in the low 600k it would cost almost 900k to rebuild it back.
What about the Chesapeake Journal that has repeatedly reported on the erosion of the Chesapeake? I haven’t seen the state of Maryland put up any erosion plans for that but yet here we are canceling homeowners.
So what's the answer? They already bought in high risk areas. I left Florida after Hurricane Andrew 30 years ago. What do these people do when they want to move other than sell to cash buyers which are not necessarily plentiful.
30 years with State Farm and they cancelled me after 30 years because they said i needed a new roof (i don't) and couldn't afford to have one put on in the 3 months timeline they gave me. NEVER filed ONE homeowner's claim in that 30 years. Got insurance with Westfield and after 1 year they cancelled me for that and a couple other things that were being addressed at the time they cancelled me. When they insured me there wasn't a problem with the roof but one year later and it was all of a sudden an issue. Only one place would insure me and they wanted $3000 a year when before i was only paying $600 a year. Great business models they're running - cancelling the people that never file a claim.🤦 Maybe State Farm should quit paying Jake and the high price celebrities in their commercials and focus on their customers.
@@neilkurzman4907in these areas tra, but insurance is a pool of many areas. Some areas always do better than others. Over all insurance companies and the underwriters are making tens of billions.
@@neilkurzman4907they lose money in some areas yes, but insurance of a pool of many areas. That's why when they lose say, in Florida, everyone elses rates increase to help offset the loss. Overall insurance companies and underwriters are making tens of billions a year.
@@neilkurzman4907here is a great example for you. State Farm said they lost $14.1 Billion in 2023. But they made $87.6 Billion. So even with the 14.1 loss, they still made $73.5 Billion. Oh the hardship they must be going through. State farms CEO made over $30 million.
@@mjblue84 Elections have consequences. Republicans deny climate change and refuse to address the issue. Insurance companies are making the right decision. Republicans favor the 1% who will buy real estate, and normal people will rent, cannot buy.
They had to change the propaganda term from global warming to climate change cause they were being disproven by their own predictions. Why do you believe them?
It is. Their claim that the prices have to go up because of climate change is a farce. Do so homework, you will find dollars adjusted, that they have not had ro to pay out any more than previous years. They actual costs (adusted) show that there is no significant weather related gross overhead. There might be some issues with CA because of their laws preventing insurance companies to appropriately price in an area and CA building up in areas where they know there are extreme fire hazards whnen they don't do proper forest management.
Why in the world were developers allowed to build in flood zones in the first place? It’s a roll of the dice, one day it WILL flood, then they are allowed to rebuild right back in the flood zone which the rest of us are paying for. Local officials allowing developers to build and rebuild in areas destroyed by hurricanes and flooding makes my blood boil. They take no responsibility for any of this mess.
New rule - Insurance companies have to pay back all the money someone contributes to a plan if the insurance company decides to cancel or deny you due to causes out of your control.
This is out of hand because paying hundreds or thousand month is not going to be anywhere near covering the repair cost to the average home. Add in big disasters with hundreds of claims and there are no longer funds to make payouts
I've been with USAA since 1997. They dropped my homeowners AND car insurance! 🤬 Home was fine, but I made claims on my fence and food that went bad. Hail damaged the truck. All this happened after the tornado came through my area in West Temple. Now I'm with Progressive for car insurance and Homesite for homeowners insurance. They are tremendously lower, with the same premiums I had with USAA. I still get angry every time I think about it!🤬 Blessings From Texas🤠
Insurance is a joke. A person's homeowners insurance, auto insurance and health insurance should not be more than a mortgage payment. It has gotten so out of control and something needs to change.
We really need to make insurance a type of business that is not allowed to make a profit only break even, and are required to pay out 99% of claims, without being allowed to deny coverage of certain individuals. It should be a public service not a business
Insurance should be removed from private companies and turned over to government who would guarantee payment when a disaster happens rather than deny claims. People who want insurance could pay their premiums at a federal level to spread the risk across all Americans. Let insurance be about protecting citizens rather than profit. As long as government is able to maintain/sustain a fund to support disasters across the country. Denial because of where you live would be a thing of the past.
In fire county in the Western United States, and trying to light a fire under our neighbors and local and state governments. There is a lot we can do to harden our properties and homes and communities to fire. But, thinning brush, trimming lower limbs of trees, mowing grass, creating defensible spaces, hardening houses are all expensive and hard work.
But some politicians don’t want to admit climate change is a problem. That’s a huge problem when politicians take a serious like climate change problem that needs to be addressed and they politicized it.
On an unrelated note, I think they are going to have a hard time finding an impartial group of people to serve on the jury for that trial in New York City.
If oonky we cared about climate change 20 years ago then we would maybe have a plan. But instead a bunch of old people said "its cold today! How is that global warming?" And here we are
If you want a market based system of private property insurance, this is what can happen. You can’t force a private insurer to accept your property risks.
As much as I hate insurance companies, if you buy or build in areas that get hit with natural disasters EVERY year since forever then don't act surprised.
Insurance companies are crooks. They always find an excuse not to pay when there is a problem. Everyone should ban them and not pay. Save the money you pay them to do the repairs when necessary, you will economize!
Funny, I just watched a video from Vice yesterday where they interviewed a former employee who worked for a us insurance company. The individual gave only a small portion of the shady BS things that company did.
That's BS. If you can't get insurance you can't have a house.. It should be illegal for insurance companies to back out. Time for new ideas, and solutions.
@neilkurzman4907 i never said who will absorb it. Its just going to be bad for the whole america and more people will be homeless. Home insurance is nationwide
So basically the Insurance companies are gladly enjoy the profits off you if there is no risk.... But as soon as they may have to pay out , well then you get ghosted.
Elections have consequences. Republicans deny climate change and refuse to address the issue. Insurance companies are making the right decision. Republicans favor the 1% who will buy real estate, and normal people will rent, cannot buy.
I own my home no payment , i was thinking if self insuring is way to go . Put that $1500 a year in account. Because if something does happen insurance finds a loop hole to get out of paying in full anyway.
ya know if we just got rid of the requirements and removed it from mortgage package sells when they trade securities then price would go down. I got a 314% increase! And the last hurricane to cause a single dollar of claimable damage was THREE DECADES AGO and it landed in the next county over. Wtf
So people pay for insurance for YEARSSSSS and when something happens after these companies collected tens of billions for years, now they don't want to pay up
SCAM
This is NOT WHOLE LIFE insurance. Your policy covers ONLY ONE year!!!! It does NOT matter whether you’ve had the same one for 20 years!!!!!!!!
@@michie-wt9lzSo go WITHOUT insurance, you’ll SAVE ALL those premium dollars!!! A BIG WIN for YOU!
@@Tryp-j9dthey don’t mind taking your money but when they have to pay out they cancel. Interesting🤔
@@Tryp-j9dso nationalize it? I'm not really sure what your point is. People need home owners insurance. If the private sector can't do it efficiently, then we should just make home owners insurance public. Effectively it makes sense to make all insurance public.
So, insurance companies are not just content to profit. They want to increase their profits annually, year after year and don't want to take any losses. As they dump the customers in higher risk areas, then they necessarily have to jack up rates in low risk areas...to maintain their ridiculous profit margins. Then customers in low risk areas can't afford to buy the insurance. Eventually the insurance campanies will price themselves out of business and expect taxpayers (aka: former customers) to bail them out.
Nationwide.
Funny, the insurance INDUSTRY recognizes climate change, but right-wing voters don't.
Yeah insurance companies expect a profit. Imagine that. I’m shocked.
That is capitalism.
@@dapple33 *unregulated Capitalism
Sick of Insurance. I opted out when mine expired. I own my home with no mortgage, but I cannot get a HELOC or loan against it without some crazy ass premium. I want to sell and move... never buy again... just rent... and when rent gets too high I will move to another country. Corporate rentals want 3x the rent in income and that is ridiculous in most areas. My hometown the average wage is about 1800 to 2500 a month, yet most rentals are at LEAST 1200 dollars!! that means they want you to make at least 3600 a month, which isn't going to be happening. I am not sure how people are qualifying for this crap. Thank goodness there are still individual landlords, although they are trying to gouge people based on the high rates that the corporations are pushing.
We citizens need to work together and develop owner insurance companies
So true! Agree 100%❤
That’s what they want, they want you to rent . You will own nothing and be happy .
@gracetou8963 you never truly own your home. Taxes go up on homes all the time. Insurance costs too. Renters and home owners are suffering. Its not one or the other.
@@AubreePortune Look up AGENDA 2030
So if venture capital starts conspiring with insurance companies to force foreclosures, they can get their hands on more properties... 🤔
But then they can’t sell it! Right now banks hold record amounts in unsold homes. Especially in the southeast. Florida.
@Carnutzjoe They will own more rental properties that way.
@@Carnutzjoe
Elections have consequences. That’s the republicans plan. Big companies own the houses, people are priced out and forced to rent, cannot buy.
Insurance companies don’t want your house at all. They’re abandoning you to your own devices. It’s developers that are buying foreclosures to build mansions for the rich!
@tringuyen7519 It's the venture capitalists, not the insurance companies who would want the homes/rentals.
Maybe we should ALL quit buying insurance. Do you think they'd take notice then.
Yes, that's a brilliant idea, then when your home burns down you can set up a GoFundMe to rebuild.
Or we nationalize home insurance
@@sirdiealot53 how about you put up your money to pay for any claims in your own neighborhood? No, why not?
@@sirdiealot53 Ususally the threat of that gets insurance companies to come to the table and talk.
Well your bank that owns your mortgage can take the house from you. Banger idea moron.
While I feel bad for these people I can't help but notice that this group is the same people who said there is no climate change. Why do we wait till it's to late?
Climate change is irreversible per IPCC
"Climate change" is caused by stratospheric aerosol injection and HAARP and radar guidance. It's a scam.
How would you know these are the same people? Have you been tracking them individually? Do you remember them from other interviews where they said they don’t believe in climate change? Such a dumb comment for you to make.
Define "Climate Change" and its causes. I want to know if you know what you are talking about.
@stevevasquez9178 go to a demographics website and you'll see.
I dumped insurance company years ago. I figured out that it was less for me to save up my money over the years for any unforeseen issues that may occur than to pay them for decades and not get covered at all if something did happen.
You have to have insurance when you have a mortgage.
@@JebusHypocristosX I understand that and should have clarified that it does not apply to those that MUST carry insurance, but for those who can opt for or against it based on their circumstances. I opted out after mortgage was paid off.
@@karenm2043 Yes if you have the option its great. Most unfortunately don't have the option. Looks to me like they want the poor people to sell low so the wealthy can swoop in and buy it all using hedge funds.
The fleecing of America is here, wait until you see what Felon Muskrat and cadet bone spurs are going to do to the US Treasury as they rob America blind.
Good idea. When your house burns down you can pay to rebuild it. Good luck.
I pay $85 a month. Should I self insure? So many questions.
😂
Florida is a mess
O yeah
The whole world is a mess.
Your mama's hair is a mess
Try California.
@@PianoMatronNeeNee your mama's hair is a whole mess
There has been no increase in frequency or severity of anything except bs. This is simply another way to price people out of ownership.
Elections have consequences. Republicans deny climate change and refuse to address the issue. Insurance companies are making the right decision. Republicans favor the 1% who will buy real estate, and normal people will rent, cannot buy.
Ocean City sounds like a flood just waiting to happen. 😊
LOL, underocean city?
Our insurance in north carolina has risen way before Helene because of coastal flooding. People insist on living near the ocean.
Our homes own us
What you own, owns you.
Relax, no one is owning each other
😂Never Fear! Donnie’s here!😂
Vice president Trump will fix everything.
😂
LOL 🤣🤣🤣
Forget Donnie, he not running for President. It's President Musk is here.
I wonder how many people realize that when he and his billionaire buddies are meeting at Mar a Lago it is to figure out how to rob the public and steal their stuff? LOL
I can see it now. Your house is floating away and Captain Bones Spurs announces is a big HOAX, don’t believe your lying eyes.
So who’s ensuring the bank on homes they gotta be buying an insurance too are they getting the finger?
Deny
Delay
Depose
And?
@@DaveAnderson-ic6oowhat rock are you under? He is saying another CEO needs to be taken out.
Wrong industry.
@neilkurzman4907 if it's an industry that makes an extra dollar if they can throw someone into misery, then they are not that different.
@@neilkurzman4907
All insurance industries work the same way these days. A company refusing to rebuild your home after a disaster is just as life ruining.
Well some areas are guaranteed to flood or have a massive fire. Ocean City is a disaster waiting to happen.
how is this legal????
we agree to a service
we pay for the service
then when its time for them to provide said service they just say no
HOW THE FK IS THIS LEGAL
100%
The rest of us who live inland don't want to subsidize your lifestyles or risk. You're on your own.
It’s legal. Move to Mexico. You’re better off.
@@davidowens1424 that is the most ignorant statement ever
even "inland" they are not paying out
Im from Colorado, had a hail storm, my insurance company does not want to pay for the damages
not to mention, insurance companies are not NATION WIDE
they are state by state
maybe take some time to educate yourself for once
@@davidowens1424 How far is inland? Eastern Tennessee and western North Carolina are pretty inland and look what happen to them. Kansas and Iowa are pretty far inland but they get hammered with Tornadoes. Where is this safe inland you are talking about where insurance companies have no issue with paying?
Attention people: Insurance companies are not your friends, doesn’t matter if you were there customers for 20 or even 30 years. Sit on it and think about it
Oh my god is my electric company not my friend either?
I know my cable company isn’t my friend, but are they supposed to be?
The one thing to ponder is if you can't afford the insurance this year, How will you afford it next year?
Same with car insurance, something need to be done about the greedy business 😢
Talk to your representatives.
Yes, the government should force companies to lose money, insuring things because that’s a thing
I happen to know that the computer modeling that determines risk for insurance companies was changed by allowing the assumption of future risks that could possibly happen due to the changes that MAY occur if the assumptions of climate change do occur.
In other words you build a program based on guesses of only catastrophic change and it skews the risk only in one direction, up.
This has only caused premiums to skyrocket in areas that would probably never see the perils in the distant future that they are paying for today.
The insurance companies have seen they can appease the environmentalists and have a viable and believable reason to raise rates in areas that will never see the so called impact of climate change.
Insurance was always based on past events. Today it’s based on some biased human input into a program that only shows worsening outcomes everywhere in the future.
You happen to know? Cool story bro....
Its the Sequal to the movie "Minority Report" called "Minority Insurance Report".
@@sidneyvandykeii3169 We can remember it wholesale
If the bank owns the house via mortgage then they should help with insurance since it’s their asset. This whole process is a broken. You get screwed if u put in a basic claim. The industry needs an overhaul.
Nah, its because the cost of repairs or replacement has gone through the roof!
Built or rebuilt homes in 2000, 2010 and 2020. Materials prices more than doubled every ten years.
Agree 💯
@@freeheeler09 Yeah, but the price of a 2x4 trippled during the pandemic!
Imagine that, costs went through the roof when you eliminated low cost workers from places like Mexico. 🤦♂🤔😂
@venom5809 I wasn't including labor.
No legitimate reasons not to renew insurance in most of Maryland yet. They can't even dream up any believable reasons aside from greed for non renewals there.
The legitimate reason is that they are a private company and can do business as they desire, exactly as all others.
If insurance is required for a mortgage then insurance companies should be required by law to insure them for a reasonable rate. Our government needs to pass this law.
That's socialism
@@timmick6911 No its not socialism it is consumer protection.
@AD-rl4jv Protecting consumers isn't capitalism
@@timmick6911 Corporations get socialism from the government. Consumer protections are needed to protect people from greedy corporations. If we had no consumer protections corporations could create products that would regularly kill or injure people and face no consequences.
At this point insurance should no longer be private companies
These darn insurance companies have been fat cats for way too long and now that they have to pay out they are whining! This is whether home owners or health insurance companies. What a racket! I've paid 5x what my house is worth in the 40 years living here and nearly the same in self employment health insurance costs. I could retire overseas more than comfortably with the nearly or just over $500,000 paid out. Insane! Not too mention shocking!
But those (insurance companies) willingly pay millions of $$$ to plaster ads on tv non stop. Some insurance companies are even paying multi-million dollar earning football "stars" and his coach millions as well, but they want to deny coverage or cancel coverage. It is nothing but a money grab for executives and their shareholders. It's not because of "climate change" it's because people aren't building fire, huricane or tornado proof homes. I lived on Guam in military (concrete) housing, they survive numerous typhoons there.
Insurance companies need reform. All the money people pay every month? It's shameful!
and who is going to enforce this reform? Oh you want the government? socialism 101.
Neither of the two major political parties are doing anything about this important issue.
All insurance companies should be sued!!!!! Period blank, no questions asked! CASE CLOSED!
Maybe it’s time for insurance on homes to be a non-for-profit business.
Another type of insurance industry people are fed up with.
So the pols have promised to talk about it? Boy I feel better already. NOT!
Maybe the insurance companies need to stop building their big fancy buildings and make insurance affordable again.
We need the new administration to get a hold of this insurance problem.
The challenge with this is, if no one can get a house insured then the banks won’t be able to sell the houses that they foreclose on.
Yep, my sister lives in central Louisiana, property tax and insurance are now more than her mortgage. When she looked into it all the insurance companies said it was because construction cost to fix and repair had skyrocketed. They said although her home appraised in the low 600k it would cost almost 900k to rebuild it back.
What about the Chesapeake Journal that has repeatedly reported on the erosion of the Chesapeake? I haven’t seen the state of Maryland put up any erosion plans for that but yet here we are canceling homeowners.
So what's the answer? They already bought in high risk areas. I left Florida after Hurricane Andrew 30 years ago. What do these people do when they want to move other than sell to cash buyers which are not necessarily plentiful.
The insurance companies should be charged with fraud
"You'll own nothing and you'll be happy."
Why do people keep repeating that meaningless phrase as if it means something
And even when you have insurance, they find reasons to not pay. See the 77% rejection of claims in fort myers /tampa after the hurricane
The rejection rate is based upon the fact that insurance doesn't cover flooding
And even with the high rejection rates insurance companies in these areas still can't remain profitable
30 years with State Farm and they cancelled me after 30 years because they said i needed a new roof (i don't) and couldn't afford to have one put on in the 3 months timeline they gave me. NEVER filed ONE homeowner's claim in that 30 years. Got insurance with Westfield and after 1 year they cancelled me for that and a couple other things that were being addressed at the time they cancelled me. When they insured me there wasn't a problem with the roof but one year later and it was all of a sudden an issue. Only one place would insure me and they wanted $3000 a year when before i was only paying $600 a year. Great business models they're running - cancelling the people that never file a claim.🤦
Maybe State Farm should quit paying Jake and the high price celebrities in their commercials and focus on their customers.
why take risk. when home owners dont probably maintain their homes and expect the companies to pay them. let the people self insure the assets.
Insurance companies will find any excuse to not insure homes and or raise premiums so high we can't afford it! Shame on them!
GOP is going to make all of this much much worse. FAFO
President Musk will fix everything.
😂
You got it!
Own nothing and be happy at work with insurance as the tool.
The only thing this has to do with is greed by the CEO's and the shareholders of the insurance companies.
"financial contagion", when an insurance company has over paid, poor management... "Take it all in, deny anything out, get a raise..."
What does the insurance companys profits look like ?
The profits in these areas are negative. That’s why they don’t want to insure them.
Businesses can’t continue to lose money.
@@neilkurzman4907in these areas tra, but insurance is a pool of many areas. Some areas always do better than others. Over all insurance companies and the underwriters are making tens of billions.
@@neilkurzman4907they lose money in some areas yes, but insurance of a pool of many areas. That's why when they lose say, in Florida, everyone elses rates increase to help offset the loss. Overall insurance companies and underwriters are making tens of billions a year.
@@neilkurzman4907here is a great example for you. State Farm said they lost $14.1 Billion in 2023. But they made $87.6 Billion. So even with the 14.1 loss, they still made $73.5 Billion. Oh the hardship they must be going through. State farms CEO made over $30 million.
But Trump says climate change is a hoax!😂
It is. The weather has been manipulated for years.
@@mjblue84 Elections have consequences. Republicans deny climate change and refuse to address the issue. Insurance companies are making the right decision. Republicans favor the 1% who will buy real estate, and normal people will rent, cannot buy.
They had to change the propaganda term from global warming to climate change cause they were being disproven by their own predictions. Why do you believe them?
It is. Their claim that the prices have to go up because of climate change is a farce. Do so homework, you will find dollars adjusted, that they have not had ro to pay out any more than previous years. They actual costs (adusted) show that there is no significant weather related gross overhead. There might be some issues with CA because of their laws preventing insurance companies to appropriately price in an area and CA building up in areas where they know there are extreme fire hazards whnen they don't do proper forest management.
@@mjblue84Your comment is contradictory.
Why in the world were developers allowed to build in flood zones in the first place? It’s a roll of the dice, one day it WILL flood, then they are allowed to rebuild right back in the flood zone which the rest of us are paying for. Local officials allowing developers to build and rebuild in areas destroyed by hurricanes and flooding makes my blood boil. They take no responsibility for any of this mess.
New rule - Insurance companies have to pay back all the money someone contributes to a plan if the insurance company decides to cancel or deny you due to causes out of your control.
The government should be stepping in on this bullshit
This should be illegal
If I was an insurance company I wouldn’t want to be responsible for a house by the beach!
Climate disasters? You mean weather.
This is out of hand because paying hundreds or thousand month is not going to be anywhere near covering the repair cost to the average home. Add in big disasters with hundreds of claims and there are no longer funds to make payouts
these companies need to be put in check
I've been with USAA since 1997. They dropped my homeowners AND car insurance! 🤬 Home was fine, but I made claims on my fence and food that went bad. Hail damaged the truck. All this happened after the tornado came through my area in West Temple. Now I'm with Progressive for car insurance and Homesite for homeowners insurance. They are tremendously lower, with the same premiums I had with USAA. I still get angry every time I think about it!🤬
Blessings From Texas🤠
Insurance is a joke. A person's homeowners insurance, auto insurance and health insurance should not be more than a mortgage payment. It has gotten so out of control and something needs to change.
First question, who did these people vote for all these years?
When are you all going to realize that capitalism is failing?
The vernacular is “manufactured housing”. Mobile homes is a 70’s label. Not all can be mobile.
We really need to make insurance a type of business that is not allowed to make a profit only break even, and are required to pay out 99% of claims, without being allowed to deny coverage of certain individuals. It should be a public service not a business
😂🎉But yearly insurance amount is so low, so even at double hike of payment, the amount is not impossible to pay up.
If government cannot provide insurance when there is no private insurance available, no property tax will be paid.
Insurance should be removed from private companies and turned over to government who would guarantee payment when a disaster happens rather than deny claims. People who want insurance could pay their premiums at a federal level to spread the risk across all Americans. Let insurance be about protecting citizens rather than profit. As long as government is able to maintain/sustain a fund to support disasters across the country. Denial because of where you live would be a thing of the past.
What a hoax. 😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅 go President Ellon and his wife Donnie. Theyll fix it 😅😅😅😅😅😅😅😅😅😅😅
My insurance went up again. I'm so over shady insurance companies. We don't have a choice. What makes me so mad. They will find a way not to pay.
Wouldn't put stock in your legislators. They've been bought and paid for by the insurance companies.
In fire county in the Western United States, and trying to light a fire under our neighbors and local and state governments. There is a lot we can do to harden our properties and homes and communities to fire. But, thinning brush, trimming lower limbs of trees, mowing grass, creating defensible spaces, hardening houses are all expensive and hard work.
You will own nothing and you will be happy
And you are a big wet blanket at every party aren't you.
Don't worry the investors and CEO's will take it all...
Tsar Elon will save us!
Insurance isn't required for the benefit of customers. Insurance is required as an investment vehicle. It's not supposed to pay out to customers.
But some politicians don’t want to admit climate change is a problem. That’s a huge problem when politicians take a serious like climate change problem that needs to be addressed and they politicized it.
If there's REAL risk, kick rocks.
On an unrelated note, I think they are going to have a hard time finding an impartial group of people to serve on the jury for that trial in New York City.
It’s not climate change. It’s the Economy. Reconstruction cost more.
"I ALONE CAN FIX IT" Donald J Trump He better get to work 🤭
Yeah right 😂
@reginafisher9919 😉
Insurance companies are killing their own business - period
If oonky we cared about climate change 20 years ago then we would maybe have a plan. But instead a bunch of old people said "its cold today! How is that global warming?" And here we are
The government will step in and regulate the insurance companies
If you want a market based system of private property insurance, this is what can happen. You can’t force a private insurer to accept your property risks.
Now insurance companies come out to the property and expect it every year and if you don't fix something they don't like they drop you.
As much as I hate insurance companies, if you buy or build in areas that get hit with natural disasters EVERY year since forever then don't act surprised.
Insurance companies are crooks. They always find an excuse not to pay when there is a problem. Everyone should ban them and not pay. Save the money you pay them to do the repairs when necessary, you will economize!
Funny, I just watched a video from Vice yesterday where they interviewed a former employee who worked for a us insurance company. The individual gave only a small portion of the shady BS things that company did.
I paid in my insurance for 40 years and never used it they just raised my hail and wind 3000 a year…someone needs to help us
It’s so that investors can complete the subscription economy!!!!! Organize before it’s too late!!!!!!!
That's BS. If you can't get insurance you can't have a house.. It should be illegal for insurance companies to back out. Time for new ideas, and solutions.
Keep ignoring, or denying at your own risk.
This is bad for renters also, landlord have to pay more for home insurance for apartment buildings, houses. That gets passed on to the renter
So who do you think should absorb all of these claims? The taxpayers?
@neilkurzman4907 i never said who will absorb it. Its just going to be bad for the whole america and more people will be homeless. Home insurance is nationwide
The fact that they can just fly a drone over your house and tell you that you have to fix your roof. Happened to s friend of mine🤬🤬🤬
Sounds like Trump people at work
So basically the Insurance companies are gladly enjoy the profits off you if there is no risk.... But as soon as they may have to pay out , well then you get ghosted.
State Farm cancelled my insurance after 40 plus years, because I have a slate roof.
Won’t they go out of business if they keep this up?
vid title is wrong.. should say " ...dumping local homeowners at accelerating rate due to corporate greed." ;)
Elections have consequences. Republicans deny climate change and refuse to address the issue. Insurance companies are making the right decision. Republicans favor the 1% who will buy real estate, and normal people will rent, cannot buy.
I own my home no payment , i was thinking if self insuring is way to go . Put that $1500 a year in account. Because if something does happen insurance finds a loop hole to get out of paying in full anyway.
ya know if we just got rid of the requirements and removed it from mortgage package sells when they trade securities then price would go down. I got a 314% increase! And the last hurricane to cause a single dollar of claimable damage was THREE DECADES AGO and it landed in the next county over. Wtf
Hey, remember how we pretended that climate change didn't exist.Let's just pretend that you have homeowner's insurance lol 😂