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View Diary: Romney forced to clarify 'immoral' disaster relief comments (184 comments)

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  •  Please, much of this is FLOOD insurance, a Feddy (25+ / 0-)

    activity because the private market won't do it. Remember all those cases after Katrina where people recovered if the wind did damage but not if it was water.  Feddies do floods because no one else will. So much for the private sector.

    •  much like medicare? (4+ / 0-)

      Good grief, these imbeciles make no sense at all.

      Did Rmoney actually clarify anything here?  If anything he (at least his spokesperson) seemed to say the same thing, without adding the "private sector" caveat.

      WEASEL ALERT!

    •  Fun fact: (6+ / 0-)

      The private insurers are out of the earthquake insurance business in CA too.

      Private market rocks, until it turns tail and runs, eh?

      © grover


      So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

      by grover on Mon Oct 29, 2012 at 12:51:24 PM PDT

      [ Parent ]

      •  A friend of mine is the liaison (2+ / 0-)
        Recommended by:
        NonnyO, schnecke21

        to insurance companies for his homeowners' association. They had been getting earthquake insurance from the same company for decades, but that company finally decided to drop earthquake insurance, now that "The Big One" is almost assuredly upon us. To sum up, the insurer received who knows how many tens of thousands of $ from these homeowners and now won't have to pay a dime of it in claims. Nice racket.

        "Lone catch of the moon, the roots of the sigh of an idea there will be the outcome may be why?"--from a spam diary entitled "The Vast World."

        by bryduck on Mon Oct 29, 2012 at 02:04:19 PM PDT

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        •  Insurance has ALWAYS... (0+ / 0-)

          ... been a racket.  No one thinks about that.

          If they did, they'd start savings accounts to draw a modest interest rate toward any natural disasters that might hit them... instead of paying insurance premiums they'll never get back whether they make a claim or not.

          To prevent that, insurance companies had to lobby lawmakers to force people to buy insurance as part of the package deal when they take out loans for homes, cars, whatever - all money never returned to the people who paid the insurance premiums for 25-50 years before dying and never making a claim against said insurance corporations.

          That yields more profits for insurance corporations, of course.

          [If I had the sum total of monies I've paid to insurance companies from my early 20s to my current age of 66 and have never received back in the form of claims, I'd be rich.]

          I'm sick of attempts to steer this nation from principles evolved in The Age of Reason to hallucinations derived from illiterate herdsmen. ~ Crashing Vor

          by NonnyO on Mon Oct 29, 2012 at 02:25:05 PM PDT

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          •  This is a misconception. (0+ / 0-)
            If they did, they'd start savings accounts to draw a modest interest rate toward any natural disasters that might hit them... instead of paying insurance premiums they'll never get back whether they make a claim or not.
            First of all -- and most dangerously -- if you sustain a huge loss in year one, you're screwed. A friend of mine swears by the "savings account" approach to cover her pet veterinary expenses.  Great idea, except that my dog needed a $7,200 surgery and associated costs before his second birthday. His total premiums during that time? About $800. They paid $6800.

            For most people, paying their whole lifetimes, they're never going to pay $150,000 which is still insufficient to rebuild a home and replace even the barest of contents. They don't have the means to pay for additional living expenses too (a hotel, restaurant costs, etc on top of their regular mortgage payments).  To rebuild a $300K home and $200K in contents? Forget it. A savings account will never cut it, unless you're Mitt Romney.

            And by going without insurance on your home, you don't have liability insurance. If your dog bites someone, if the postal carrier trips on your cracked sidewalk, if your tree falls on the neighbor's house, you're screwed. Forget whether you're not responsible. Homeowners insurance provides you with attorneys and covers defense costs. You can't afford those with your savings account, much less the actual costs because without professional assistance, you ARE going to be held responsible.

            And that's just your home. The same goes for your auto too.

            Generally, policyholders get paid for covered claims. An insurance policy is a contract, and most policy holders don't read the contract to see what isn't covered.  Not all insurance companies are good ethical companies. I know this well and good.

            The point is to find a good company, stick with them, so you earn the discounts that come with being a loyal customer (especially a claims-free customer) and figure that you're paying for protection and peace of mind.

            We also pay premiums so that when those in our communities have losses, the company is solvent and can pay claims. We often forget that we're members of a larger community, and our policy premiums support more than just our policies.

            YMMV

            © grover


            So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

            by grover on Mon Oct 29, 2012 at 03:37:42 PM PDT

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            •  Coming soon to a theatre near you. (0+ / 0-)

              I"m waiting for the other shoe to drop on the New York disaster.  Next we'll hear that insurers need disaster relief from the Feds, and that they will have to pass on costs as higher premiums, and that they will have to stop selling insurance in New York city, etc., etc.  

              Same old song and dance.

            •  Until they decide to drop you, that is, (0+ / 0-)

              right? Which was the point of my little story . . .

              "Lone catch of the moon, the roots of the sigh of an idea there will be the outcome may be why?"--from a spam diary entitled "The Vast World."

              by bryduck on Tue Oct 30, 2012 at 11:49:54 AM PDT

              [ Parent ]

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