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I bet you got a car and insurance.

Sorry for the smart booty remark but its true you got to have a car and insurance in todays world.

Insurance is like the police many people don't like them untill they need them.


Just my two cents, I will not have time to keep up with this post because I am back writing property its high but that is insurance a spread of risk over a area and the area is Mississippi.

timberjack wrote:Where do I start? You must be an insurance man. Here goes:

I absolutely think $100 increase in my premium is high when I had no damage and I had no claims. Why should I have to pay for the insurance companies bad luck? Because that's the way they work?? I don't think so. The only ones that gambled here was the ins. company----and they lost......pay up.

If a co. was forced to pay and went belly up I guarantee you there would be another just waiting to jump in and collect all those easy premiums. Think about it.......what's the chances of having another katrina in the next several years?? Pretty slim and these ins co's know that or they would have pulled out after the first one. But they want us to be scared. they say "we'll go out of business if you make us pay judge, and nobody'll be able to buy a house cause they can't get insurance", what a crock........scare tactics.

This is the funniest thing I've heard today. You talk about how much money your company lost, what was it 140 mil over 11 years? Underwriting profit?? Whats that, ins speak for regular profit?? Somebody up the ladder's lying to you. No company in the world would have that dismal a bottom line and continue to operate. If you lost $14 to every dollar you made you wouldn't still be in business. Do you really believe what you just wrote?? Didn't you play on bigwater's flag football team?? Did you take a shot to the head or what??

Your wife's family didn't gamble. They're probably just nice folks who are scared of the ins companies and their deep pockets. The ins companies took the gamble and they lost. Now they're trying to welch and thanks to a federal judge just might get away with it. F 'em.........I don't owe any money.........I think I'll self insure.

Done.

Timber jack, according to your risk management acturarial calculation, How would you determine someones premium? According to you, since you have had no claims, why should you have to pay anyting?

The theory behind insurance is that we all pay into a pool and those that have covered claims take money out of the pool. The amount you pay into the pool is relative to the risk of your particular residence. As your exposure goes up( either claim frequency or amount needed to cover house) so does your premium. $100 increase is not terrible. Do you think it would cost more to rebuild your house if it burned to the ground today verses what it would have cost last year? Doyu think it cost companies more $ to handle a claim now verses last year? Have they had more claims tohandle this past year verses years past? All that is taking money out of the pool that has to be replenished. Also, before you go bashing insurance companies for having a bunch of cast stock piled, wouldn't you want your company to have that cash inthe event of a major disastor unlike some of the smaller companies the Katrina bankrupted? I'll bet there policy holders wish there company had had a bunch of cash reserved.

You are also wrong about companies standing inline to insure homes on the coast. In fact a bunch are pulling out altogether. Use some common sense for a second, If company after company went belly up, why would another one be lining up to come in only to do the same.

It is simple math really, a company has to take in enough $ to handle operating expenses and pay claims and build a reserve for disasters. If they are not collecting enough to do that, premiums must go up. If the reasonthey are not collecting enough to do this, it is either an isolated exposure area causing it or the climate as a whole for everybody, or a combinationof both. The bottom line, whether you agree or not, you have a choice, and like you said, based on your opinion you should probably self insure. Let the dice roll, but be prepared for the 7 ot 11. The insurance comapnies will be.

Lastly, Underwriting loss is dollars taken in verses dollars paid out not accounting for investment profits or loss. The way comapnies are able to lose money in homeowners and keep going are 2 fold, 1) investment gains. The comapny uses the poliyholder protection fund $ to invest to grow the fund. 2) Most comapnies sell more thatn just homeowners insurance, and other lines can offset losses or even homeowners from other less loss proan areas can help offset the losses from the coast.

Right is Right, your exactly right, and every individual claim has its own set of circumstances, and im sure some will go in favor of the homeowner and some will not. It is not a question of if they are good people or not. THe contract says nothing about taking care of the good people and not the bad. In the end each situation will be handled on its own merits, and hopefully those that contracturally are right will win in each individual situation. These comapnies have an obligation to look at each situation individually, so you can not just blanket the whole industry. Also, dont forget the obligation the companies have to the other policyholders through out the nation not to pay more money out of the pool than they are contracturally obligated to pay. (Something to ponder)

Skeeter wrote:I have a question, if hurricane insurance doesnt cover WIND or FLOOD, then what the hell does hurricane insurance cover?

insurance companies are the scum of the earth and i categorize them with car dealers...

D

There's no such thing as "hurricane insurance" There is however flood insurance sold only by the government. No insurance company sells it

well for my 2 cents...that contract and that particular case were about as open and shut as you get....

what I'm eager to find out (and I haven't been following the situation that closely I admit), is what is done about the families that purchased all the available flood insurance, but he value of their home exceeded $250,000. These folks didn't have any option to buy additional insurance, so are the courts gonna make the little guy take the loss, the banks, or the government (who doesn't have a history of handling the flood insurance pool in the most effective manner)....

but, come on where your policy excludes the damage, and you had the option to buy coverage that would have covered you, and for some reason you decide that you're money is well spent doing otherwise, please don't ask somebody else to pick up your mess....

this is like a teenager going to the gas station with $10 and instead of buying $10 in gas he elects to pick up a couple of packs of smokes and only put $4 in gas into his car...if he runs out of gas the next day on the way to school nobody is gonna let him blame the gas station for his running out of gas (the cigarette company maybe, but thats another story altogether)....

Skeeter wrote:

timberjack wrote:Where do I start? You must be an insurance man. Here goes:

I absolutely think $100 increase in my premium is high when I had no damage and I had no claims. Why should I have to pay for the insurance companies bad luck? Because that's the way they work?? I don't think so. The only ones that gambled here was the ins. company----and they lost......pay up.

If a co. was forced to pay and went belly up I guarantee you there would be another just waiting to jump in and collect all those easy premiums. Think about it.......what's the chances of having another katrina in the next several years?? Pretty slim and these ins co's know that or they would have pulled out after the first one. But they want us to be scared. they say "we'll go out of business if you make us pay judge, and nobody'll be able to buy a house cause they can't get insurance", what a crock........scare tactics.

This is the funniest thing I've heard today. You talk about how much money your company lost, what was it 140 mil over 11 years? Underwriting profit?? Whats that, ins speak for regular profit?? Somebody up the ladder's lying to you. No company in the world would have that dismal a bottom line and continue to operate. If you lost $14 to every dollar you made you wouldn't still be in business. Do you really believe what you just wrote?? Didn't you play on bigwater's flag football team?? Did you take a shot to the head or what??

Your wife's family didn't gamble. They're probably just nice folks who are scared of the ins companies and their deep pockets. The ins companies took the gamble and they lost. Now they're trying to welch and thanks to a federal judge just might get away with it. F 'em.........I don't owe any money.........I think I'll self insure.

Done.

I couldnt have said it any better....now answer my question from above..

D

take it easy gentlemen. All I'm saying is you can't change a contract. It states direct wind damage is covered but surface water is speciafically excluded whether or not driven by wind. No homeowners policy covers rising water. It's the same thing everyone went thru during Camille. You know why no one had flood insurnace? Cause no one thought there would ever be a storm this size. Ask 80% of the people on the coast why they didn't have flood insurance and they'll tell you that's the reason. Who would have thought.


It's easy for someone who knows nothing about how insurance works to think that no matter what happens to a house, the insurnace company should pay, whether a the contract covers it or not. When you buy a house, you assume a risk and you transfer the majority of that risk to your insurance company. An insurance contract doesn't cover everything.

TJ, does your Homeowners policy cover damage from an earthquake? unless you purchased extra coverage for that, it doesn't and probably don't know it. When the new madrid fault shifts, mark my word, we'll be talking about the same thing. There will be millions of people that don't have coverage for it cause they don't want to pay the premium. And I'll be one of them without the coverage. I am taking that risk.

I'm done talking about it casue I know I can't change your/ya'lls mind and don't want to.

The reason your policy went up TJ is cause the state of MS insures all the homes on the water down there and they didn't have any money to pay the claims so they assess every insurance company in the state.

By the way, my company paid every single claim that went over the deductible.

Peace

over a $250,000 house is not the little guy. Remember, the consumer decides to have a big old house worth more than $250K knowing he can only get that much in coverage is a risk that person has to take. Not willing, buy a smaller house.

The people fo this country have gotten into an entitlement mode that when ever something goes wrong it is always someone elses responsibility, and in my opinion that is one of the major fundamental problems with the way our culture is gong these days.

DW

well if there is no such thing as hurricane insurance, then what is all the fuss over the people claiming to have 'hurricane coverage' but not flood coverage.....

Is there some other technical name? my brother in law has a condo is West Palm Beach, and the other day he told me his 'hurricane insurance or coverage or whatever the fkuc you want to call it was almost 15K.....now, is that flood, wind, hurricane, all of the above, or what?

D

skeeter, He is probably talking about the Wind Pool Association they have in FLa becasue insurance companies were losing there shirts so bad down there, they exclude that from there policy and there is a Wind pool associatoin to cover wind losses. At least that is the way I understand it.

DW

I'm gonna say the biggest problem with this whole fiasco of flood insurance is that it is run by the government rather than private industry...if the insurance company's ran the flood insurance you can bet your bottom dollar that someone who wanted to build a house over say 2500 sq. feet (which would be about $250,000) could get insurance for it for whatever the value is, but the system doesn't work that way right now....

also...if you think $250,000 isn't the little guy...the median home price in the US the last time I checked was a little over $170,000...$250,000 ain't that far away....

If you want to see something crazy look at the premiums on flood insurance. You live on the coast and there is water all around you. Correct me if i'm wrong agents( I am not one, YET) but you can get roughly 100,000 dollars worth of coverage for around 400 dollars a years. Your ignorant not to. My uncle lives on Gulfport Bay and didn't have flood coverage. His floor in his "hurricane proof" house was 3 feet above Camille and water got 6 feet in his house. Guess what? You can bet your sweet booty he has it now.

50% more is farily substantial in my opinion,I guess it depends on who you ask, Id ventrue to say that Mississippi's median is signifgantly less, but regardless, we have choices and risks that we take in life and when things dont go our way, it is not always because there is someone else to blame.

Skeeter wrote:well if there is no such thing as hurricane insurance, then what is all the fuss over the people claiming to have 'hurricane coverage' but not flood coverage.....

Is there some other technical name? my brother in law has a condo is West Palm Beach, and the other day he told me his 'hurricane insurance or coverage or whatever the fkuc you want to call it was almost 15K.....now, is that flood, wind, hurricane, all of the above, or what?

D

In all seriuosness, the policy doesn't contain the word "hurricane". They are written by an attorney for an attorney and are difficult to read. Most HO polices cover wind but exlude flood. When you have a hurricane, sometimes you have both. that is why you need a HO policy and flood insurnace also. It all boils down to the policy/contract.

There is a simple answer for those of you who hate insurance companies. Cancel your insurance and take your chances without it and quit bitching. Plain and simple.

And by the way timberjack, I can make just as strong of a case against the industry that your are in taking advantage of people. And skeeter is in medical sales. What about high medical bills? I am a banker and people say we rip people off because of interest rates and overdraft fees, ect. We are all in business to make a profit plain and simple.

You ins. boys tell yourselves whatever you need to. If ya'll can live with it I can too. I don't have to pay it and I probably won't but there are others out there who don't have that choice. The fact is those folks down there that thought their ins co. would take care of 'em got took..........the consumer got screwed again. I bet it felt kinda like I feel every time I fill my truck up with gas ($61 today). Insurance companies/oil companies taking advantage of the situation?????? Never

Oak tree there's a big difference between the timber business and the insurance business. When you pay your ins premium you know you're getting f'd......and it hurts to write that check........basically you're paying to get screwed and you didn't even get kissed in the process. At least when I put the screws to somebody they feel good about it cause they got a big fat check from me. Oak trees..............I cut 'em down every day. Bring it.

The profits you sometime make is not fair.... Look at the guy that retired from Exxon, is he really worth all that money. My point is yall say these insurance companies are not making much money, thats bullshat. Apparently you aint looked around and seen the houses they live in and the cars they drive (Insurance Co persons)???? And actually you do have to have some insurances, such as your car and home if its not paid for!!!!!