Understanding why people would choose not to insure their home...
February 11th 2007 16:26
Wow, I never understood who would take the risk of not insuring their home. Well, I think I do understand now.
I've been updating you on the State Farm dilemma here on the Gulf Coast. The last update I told you the court ruled in favor of the home owner and told State Farm to pay up and penalized them as well.
Of course they are appealing because they have so many lawsuits against them, including a class action suit. Well, they are trying to settle. They want to pay all policy holders 50% of the value they were insured for! They claim (and so do their attorneys) that this is a very fair offer.
Very fair offer! What the hell???!!!! I pay you for 20 or 30 years the premium for coverage of the full value of my home in case of loss...I lose it and I'm supposed to be happy with 50%! Why is this not against the law? First they tried to pay NOTHING...then its proven that they hired and paid off engineers to fake paperwork so they wouldn't have to pay and now they think that is fair! Why are these people not in jail. If you or I tried to do that in our business, I believe it would be called fraud and theft by deception and we'd go to prison. Why are insurance companies exempt for the law?
I am so disgusted I am thinking of not insuring my home...what's the point? You pay and get nothng in the end anyway. I think I'll just put what would equal a premium payment in the bank and pray that nothing too bad ever happens to my home....that's what policy holders have to pray...so why pay?
I've been updating you on the State Farm dilemma here on the Gulf Coast. The last update I told you the court ruled in favor of the home owner and told State Farm to pay up and penalized them as well.
Of course they are appealing because they have so many lawsuits against them, including a class action suit. Well, they are trying to settle. They want to pay all policy holders 50% of the value they were insured for! They claim (and so do their attorneys) that this is a very fair offer.
Very fair offer! What the hell???!!!! I pay you for 20 or 30 years the premium for coverage of the full value of my home in case of loss...I lose it and I'm supposed to be happy with 50%! Why is this not against the law? First they tried to pay NOTHING...then its proven that they hired and paid off engineers to fake paperwork so they wouldn't have to pay and now they think that is fair! Why are these people not in jail. If you or I tried to do that in our business, I believe it would be called fraud and theft by deception and we'd go to prison. Why are insurance companies exempt for the law?
I am so disgusted I am thinking of not insuring my home...what's the point? You pay and get nothng in the end anyway. I think I'll just put what would equal a premium payment in the bank and pray that nothing too bad ever happens to my home....that's what policy holders have to pray...so why pay?
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