by hummingbird » Mon Dec 31, 2007 04:39 pm
My in-laws filed a claim with thier insurance company. The floor underneath their hot water heater had collasped. The insurance would not pay, said the floor would have to completely fall to the ground .Does homeowners insurance pay for termite damge? They claimed it was water damage although the hot water heater never leaked. I fill like like a lot of insurance company fail their customers.
Posted: Tue Mar 04, 2008 03:38 pm Post Subject: insurance Rip off
Insurance companies cncell now if you file a claim, where is the fairness in that? You pay 10K' over and over then file one or two claims and poof you are out., This bull mess about insurance companies is nothing but a scandal that legaslizes extsortion., Any time an Insurance Company pays out a claim the federal government gives them a big tax write off, So insurance companies that whine about paying a claim is nothing more that a hoax, Prime example I was in a car wreck not my fault and sustained multiple injuries, my health care insurance payed out on the medical bills, There where 2 different companies that paid one paid over 35k and the other only 6500 and the company that paid 6500 is demanding the return of the money that they paid due to 3rd party liability, Now before it is stated it was anothers fault and my insirance should not pay the limits of liability that the responsible party had was oh round about 75k less than my medical bills, there was not enough insurance to pay my loss of work, sick vacation leave pain suffering that I am still being treated for and have been for 7 years. So as far as I am concerned the insurance companies can stick it where the sun dont shine it is nothing more than a rip off, Just like lawyers and the federal Government, you call the fed Gov for help and they tell you to hire a lawyer, Get a ticket pay a lawyer to have it reduced when you can do that yourself, But that is swept under the carpet as the governement gets tax off what lawyers make, same with Medical and insurance. WHat all that means is the little guy gets stick and the money people get more money!!!!!!!!!!!!!!!!!!!!!! The more the Government helps the top three money making industries the more tax money they get to throw away; FYI for the Record I am (Was) a health care professional for 18 years still am however diabled due to car accident guesse what no help from Social security turned me down and told me to hire a lawyer, they knew the ins and outs of how to get it done, Now it will be prolonged for minimum 2 years to make the Lawyers take higher, which means taxes,,,,,,also my wife works in insurance and has for 17 years., She knows how I feel and is on the same boat,,,,,,,
Posted: Wed Mar 05, 2008 12:02 am Post Subject:
So sorry to hear of your misfortune. Insurance companies are like everythig else .There are good ones and bad ones is my feelings.
Posted: Wed Mar 05, 2008 12:22 am Post Subject:
Maverick, you're having a bad day huh? As hummingbird said there are good and bad in every industry. The word ''all'' rarely applies...There are many many insurance professionals on this forum, who's sole purpose is to provide help and assistance...not all bad....hope your health improves soon. :)
Posted: Thu Mar 06, 2008 10:33 pm Post Subject:
Any time an Insurance Company pays out a claim the federal government gives them a big tax write off, So insurance companies that whine about paying a claim is nothing more that a hoax, Prime example I was in a car wreck not my fault and sustained multiple injuries, my health care insurance payed out on the medical bills, There where 2 different companies that paid one paid over 35k and the other only 6500 and the company that paid 6500 is demanding the return of the money that they paid due to 3rd party liability, Now before it is stated it was anothers fault and my insirance should not pay the limits of liability that the responsible party had was oh round about 75k less than my medical bills, there was not enough insurance to pay my loss of work, sick vacation leave pain suffering that I am still being treated for and have been for 7 years
I must say, it's difficult to understand that "sentence".First, take off the foil hat, everyone is not out to get you.
Keep in mind that insurance companies are just _like every other company_. They are in _business_ to make a profit. Part of those profits are paid out to stock holders. Part of those profits are paid to people like myself who work hard and pay our bills. Despite what you may realize, insurance companies loose money _all the time_. It was not uncommon to see combined loss ratios in excess of 100% (operating expenses + claim expenses are higher then revenue. Carriers then make a slight profit off investments). Also, what happens when something like Andrew or Katrina happens?
I had a hard time understand what you were saying but it sounds like the issue you mentioned that happened to you was because of policy limits. This is certainly not the insurance companies fault. Also, what would have happened to you had there been no insurance?
Posted: Fri Mar 07, 2008 05:19 am Post Subject:
Here is the misconception of insurance and I don't know how many times I have heard it. I've paid a $1,000.00 per month premium for 20 years and now they are denying my claim and keeping my money. The thing is you are paying premiums for a year and getting coverage for that year. No claim, then the next year you pay your premiums and get another year of coverage. Most people look at insurance as an investment that they are paying into for that 20 years, and are just waiting to cash out. People don't look at an insurance policy as something they purchase every year, and it is most likely because it is not warm and fuzzy. Sure you can hold the wad of paper they send you (and if you do try reading it), but it is not like a new flat screen. It's a gamble. You pay money every year for a piece of mind and hope you never need to use it. If you don't use it, you still purchased something even though you didn't use it. Try not paying and read the posts on this site about not having coverage and an at fault accident happens.
Should 20 plus years get you something…. sure customer service from your agent, but that's about it. The insurance company doesn't care, at least for property insurance.
Posted: Sat Mar 08, 2008 01:47 pm Post Subject:
Would they care if people started dropping them as their agent? Thats an interesting way to look at it and I will certainly think about that.It is correct that you buy this for 6 months or a year,it is not continuous.Most of us tend to think of it that way even though it is wrong.Thanks for bringing that to our attention.
Posted: Sat Mar 08, 2008 02:13 pm Post Subject:
P&C insurance is one of the only things I know of (well maybe health too) that anyone pays for with the 'hope' they never use it.....try and think of another 'product' that is like that...I can't....also remember all these premiums are not only protecting your property but also there is liablity coverage....could you handle a 100k injury settlement because you left some stuff laying around and a visitor fell and got hurt?
Posted: Sat Mar 08, 2008 05:40 pm Post Subject:
I can remember when I was growing up, if that happen you would just apologize and that would be it.Now everyone see dollars signs in everything.Thats the problem anymore people have gotten greedy anymore and are looking at ways to make you pay and people are looking to protect themsleves from those people.Its a sad world today.What is P&C?
Posted: Sat Mar 08, 2008 06:18 pm Post Subject:
Its a sad world today
I agree, greed has really escalated in the past 20-30 years.....What is P&C?
(sorry :oops: I hate it when I do that) ''Property and Casualty''Posted: Sun Mar 09, 2008 06:51 pm Post Subject:
Seeing this industry from the inside from different jobs, it is my understanding that most insurance companies make thier money on auto and commercial policies, and not on homeowner's policies. (Not sure about life, but I would assume they make a killing). Larger commercial policies can have deductibles from 10K with some of them written as self insured up to 1mil. These businesses aren't turning in leaky roof claims that get submitted by homeowners. These policies also have 6 figure plus premiums. So when a homeowner says they will take their 500 to 1000 dollar premium elsewhere if their claim is not paid, do you think the insurance company blinks.
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