Grumpy's just send me your money and pray insurance company
There's a lot wrong with the insurance industry. I just read that State Farm is refusing to write policies in Mississippi. Florida should send a sympathy note, and a welcome to the club. I can only see that sort of thing spreading even further. Before long they'll need to change the name from So-and-So's Insurance Company to "Just write us a check for no reason at all" or "Just send me your money and pray" Insurance used to be about Risk Assessment and Risk Management. Now it seems it's becoming all about Risk Avoidance. Oh look, a big storm "might" hit there again. I know, I know it is just a matter of time, but how long that'll be is anyone's supposin'. Guess what! Life is risk. Business is risk. Insurance, well that's risk. It's a way to gamble on bad things happening. You look at the numbers and if you can write so many policies and only so many bad things happen that you have to pay out, well then you pocket the difference. I'm sure there's a real good explanation, but I've never quite understood why they don't just spread the "cost of doing business" throughout their full customer base. If the price of wheat goes up in Iowa, we all pay more for our bread, not just those in the Midwest. Starting my own insurance company just might work, just send me your checks and pray nothing ever happens. Seems to be working for those other guys.
posted by Grumpy at 2/15/2007 06:10:00 AM
2 Comments:
Let me tell you my recent insurance story. When I moved here 11 years ago, the only insurance I could get was Citizens. A few years later, they placed me with the newly-created Florida Select, which was all customers shed by Citizens. Seems somone in the state insurance department dropped the ball, because bad oversight has caused the state to have recently forced Florida Select into receivership. That means that I got a letter last month telling me that my policy is cancelled effective the end of March. (meanwhile, I have never had a claim, and I just keep sending them my money). Now to tell you the bad news: Citizens has placed me with an offer from a substitue company, Southern Fidelity. Of course, the same coverage will now cost me $1,000 more a year. The rates for Citizens is actually less, but they will not take me. I can either take Southern Fidelity or nothing. Bastards! I would self insure if I did not have a mortgage.
I sympathize with you Luckytop, it's gonna get to where none of us can afford to live here if we're not careful.
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