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INSURANCE IS THE BIGGEST SCAM I have led too sheltered a life, it seems. I just found out today that with insurance, there is no point in making a claim unless it's HUGE. Otherwise, even if refused, it can actually hurt you. We had a bad 5 years. We had a flood and we had a leaking ceiling. This month, we had a freezer issue that required throwing out all our food. The claim was rejected but because we even called them, the insurance that was about to start shortly, was cancelled by the insurance company. We don't know what to do. They said we had 3 claims in 3 years so it's cancelled. They are wrong since the flood was 2010 and the leaking ceiling 2011. Regardless, we are worried since we do need home insurance. What's the point of insurance for anything but something major, when minor (relatively) issues won't be covered or can make one lose their insurance coverage? Elaine Shuel |
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4/23/2015 1:33 am |
Hi Elaine: It's the same with vandalism claims to your car insurance. Even though the car owner is totally blameless, after a few vandalism claims they cancel your car insurance and since all insurance companies have access to each other's info, the innocent car owner can't get insurance anywhere. I think that most people with expensive cars that people love to vandalize know that if they want to keep their car insurance, they have to pay for their own repairs rather than make insurance claims.
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Elaine that is the way insurance works. You make one too many claims and they aren't interested in your business. My sister who lives in southern Alberta where the big flood of 2013 took place said after they made all of their claims for damages of the flood were told by the insurance company they would no longer cover their building where they live. It is rather unfortunate as it is something completely out of their control.
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They thrive on fear. Best insurance is a 12 gauge.  Judgment Day will be interesting - and all paths lead there.
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I hate insurance companies, they lie to get you to sign up and after you pay out all your hard earned money, they deny your claim! My house is paid for, so I am no longer forced to pay for insurance that I only used one time in 20 years, add that all up. One claim which they paid out only $2,000 dollars for, half of what the repairs cost, and I paid them $20,000 dollars for 20 years, they made a cool profit of $18,000 dollars! Such a shame we are forced to have insurance, but the mortgage companies need their assets covered! Now multiply that by just a couple thousand other people that hold the same policies, adds up, doesn't it? I knew I should have started an insurance company, I'd be living like a queen by now, lol.
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Hi Elaine: It's the same with vandalism claims to your car insurance. Even though the car owner is totally blameless, after a few vandalism claims they cancel your car insurance and since all insurance companies have access to each other's info, the innocent car owner can't get insurance anywhere. I think that most people with expensive cars that people love to vandalize know that if they want to keep their car insurance, they have to pay for their own repairs rather than make insurance claims. Elaine Shuel
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Thanks Roxy. I'm sorry you've had troubles with your insurance too. Elaine Shuel
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I think it's important to have insurance because if something major happens, you don't want to lose your house. Thanks for your comment, ET. Elaine Shuel
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Loved your comment, Mott.  Thank you.Yes, it seems that they specialize in not paying claims and making silly excuses. Sorry for what happened with your roof. Elaine Shuel
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I've never heard of that happening in Canada, Pat, where portions of your insurance could be cut off. That really is terrible. Even though it's a business, where is the logic or fairness of not being able to collect what is due, without it counting against you? Thanks for your comment. Elaine Shuel
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Cute, _JKH54. Thanks for the laugh. Elaine Shuel
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Elaine that is the way insurance works. You make one too many claims and they aren't interested in your business. My sister who lives in southern Alberta where the big flood of 2013 took place said after they made all of their claims for damages of the flood were told by the insurance company they would no longer cover their building where they live. It is rather unfortunate as it is something completely out of their control. Elaine Shuel
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They thrive on fear. Best insurance is a 12 gauge. Elaine Shuel
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Very true, Bob. Elaine Shuel
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I hate insurance companies, they lie to get you to sign up and after you pay out all your hard earned money, they deny your claim! My house is paid for, so I am no longer forced to pay for insurance that I only used one time in 20 years, add that all up. One claim which they paid out only $2,000 dollars for, half of what the repairs cost, and I paid them $20,000 dollars for 20 years, they made a cool profit of $18,000 dollars! Such a shame we are forced to have insurance, but the mortgage companies need their assets covered! Now multiply that by just a couple thousand other people that hold the same policies, adds up, doesn't it? I knew I should have started an insurance company, I'd be living like a queen by now, lol. Elaine Shuel
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I immediately looked to see where you live, Maggie. I was hoping it was Toronto. I wanted the name and number of your insurance company. You've been very lucky it seems. I'm happy for you. Yes, personal liability is extremely important. Thanks for your comment. Elaine Shuel
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Insurance companies are in the business of making money for their shareholders. Some provinces have provincially run PLPD auto insurance. It operates as not for profit, but with paying for buildings, staffing, investigators, etc. etc. and paying claims, it's really not much less expensive than private auto coverage. It's a gamble. You are betting (if you don't buy home owner's insurance) that you'll never need it. Otherwise, you're buying the insurance just in case you do need to use it. The insurance companies are gambling that you'll never make a claim. Some companies are definitely better at paying claims than others. My husband was in the restoration business and most of their work was with fire, flood, wind damage insurance claims.....'interesting'. You are very right about being cancelled for too many claims.[/B]
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UPDATE: We got home insurance today from elsewhere. It was slightly higher, but worth it to be covered. We learned some valuable lessons. It seems that even if you just call your insurance to ask a question regarding something that happened, they can count it as a claim and it can hurt you. I find the whole thing rather distasteful. Thank you for your comments. I appreciate each and every one of them. Elaine Shuel
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Insurance companies are in the business of making money for their shareholders. Some provinces have provincially run PLPD auto insurance. It operates as not for profit, but with paying for buildings, staffing, investigators, etc. etc. and paying claims, it's really not much less expensive than private auto coverage. It's a gamble. You are betting (if you don't buy home owner's insurance) that you'll never need it. Otherwise, you're buying the insurance just in case you do need to use it. The insurance companies are gambling that you'll never make a claim. Some companies are definitely better at paying claims than others. My husband was in the restoration business and most of their work was with fire, flood, wind damage insurance claims.....'interesting'. You are very right about being cancelled for too many claims. Elaine Shuel
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Very true, but so are many insurance companies. Judgment Day will be interesting - and all paths lead there.
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Based on that acronym, I assume that's a US company. I'm glad for you that you've had no issues. Thanks for your comment, boogie. Elaine Shuel
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