When there’s a disaster, the companies homeowners count on to protect them from financial ruin routinely pay less than what policies promise. Insurers often pay 30-60 percent of the cost of rebuilding a damaged home–even when carriers assure homeowners they’re fully covered, thousands of complaints with state insurance departments and civil court cases show.
Paying out less to victims of catastrophes has helped produce record profits. In the past 12 years, insurance company net income has soared–even in the wake of Hurricane Katrina, the worst natural disaster in U.S. history. Property- casualty insurers, which cover damage to homes and cars, reported their highest- ever profit of $73 billion last year, up 49 percent from $49 billion in 2005, according to Highline Data LLC, a Cambridge, Massachusetts-based firm that compiles insurance industry data.
The 60 million U.S. homeowners who pay more than $50 billion a year in insurance premiums are often disappointed when they discover insurers won’t pay the full cost of rebuilding their damaged or destroyed homes. Property insurers systematically deny and reduce their policyholders’ claims, according to court records in California, Florida, Illinois, Mississippi, New Hampshire and Tennessee. The insurance companies routinely refuse to pay market prices for homes and replacement contents, they use computer programs to cut payouts, they change policy coverage with no clear explanation, they ignore or alter engineering reports, and they sometimes
editor has some control over the selection of the top stories of the year 2007, but it’s limited. That is, the choices are limited by the real news.
But looking ahead to 2008, the headlines are limited only by the imagination. Thus next year, keep your eyes out for these breaking stories:
• U.S. Product Safety Agency Bans All Toys
• New Broker Hires Entire Marsh Management Team
• Brown & Brown Acquires Last Remaining Insurance Agency
• Allstate Re-enters Homeowners Business on East Coast
• Democrats Urge Free Flood Insurance
• Aon Sells “A” in Corporate Name
• State Farm Hires Former Sen. Trent Lott as Counsel
Wondered how long it would take some body to turn this story into a bash the industry thread. Why don’t you go complain about the money the oil industry is making? Their profits put the insurance industry to shame. But I always forget that insurance is not here to make a profit. We aren’t a business that has employees who need pay for their families. Its not like someone needs to adjust the claims, underwrite the policies, etc. I mean, a computer can do it all. It always amazes me the audacity of the insurance industry to make a profit. What an injustice!
Just dont pay your insurance then.I suggest living in an apt and taking the bus… Insurance is society’s means of managing risk. Without it the world would be a very cut-throat place. Then you’d have something to whine about!
Yeah right. Now these H/O people are getting .45 on the dollar and then paying .15 to .20 cents of that settlement money to their attorneys. What completed idiots.
. But I always forget that insurance is not here to make a profit. A profit yes but not all this greed.
..(Why don’t you go complain about the money the oil industry is making ) I am sick and tried of lets change the focus on the insurance greed. Lets clean thing’s up You can go after oil industry and we will go after the insurance industry .
The 60 million U.S. homeowners who pay more than $50 billion a year in insurance premiums are often disappointed when they discover insurers won’t pay the full cost of rebuilding their damaged or destroyed homes. Property insurers systematically deny and reduce their policyholders’ claims, according to court records in California, Florida, Illinois, Mississippi, New Hampshire and Tennessee. The insurance companies routinely refuse to pay market prices for homes and replacement contents, they use computer programs to cut payouts, they change policy coverage with no clear explanation, they ignore or alter engineering reports, and they sometimes
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
When there’s a disaster, the companies homeowners count on to protect them from financial ruin routinely pay less than what policies promise. Insurers often pay 30-60 percent of the cost of rebuilding a damaged home–even when carriers assure homeowners they’re fully covered, thousands of complaints with state insurance departments and civil court cases show.
Paying out less to victims of catastrophes has helped produce record profits. In the past 12 years, insurance company net income has soared–even in the wake of Hurricane Katrina, the worst natural disaster in U.S. history. Property- casualty insurers, which cover damage to homes and cars, reported their highest- ever profit of $73 billion last year, up 49 percent from $49 billion in 2005, according to Highline Data LLC, a Cambridge, Massachusetts-based firm that compiles insurance industry data.
The 60 million U.S. homeowners who pay more than $50 billion a year in insurance premiums are often disappointed when they discover insurers won’t pay the full cost of rebuilding their damaged or destroyed homes. Property insurers systematically deny and reduce their policyholders’ claims, according to court records in California, Florida, Illinois, Mississippi, New Hampshire and Tennessee. The insurance companies routinely refuse to pay market prices for homes and replacement contents, they use computer programs to cut payouts, they change policy coverage with no clear explanation, they ignore or alter engineering reports, and they sometimes
editor has some control over the selection of the top stories of the year 2007, but it’s limited. That is, the choices are limited by the real news.
But looking ahead to 2008, the headlines are limited only by the imagination. Thus next year, keep your eyes out for these breaking stories:
• U.S. Product Safety Agency Bans All Toys
• New Broker Hires Entire Marsh Management Team
• Brown & Brown Acquires Last Remaining Insurance Agency
• Allstate Re-enters Homeowners Business on East Coast
• Democrats Urge Free Flood Insurance
• Aon Sells “A” in Corporate Name
• State Farm Hires Former Sen. Trent Lott as Counsel
Wondered how long it would take some body to turn this story into a bash the industry thread. Why don’t you go complain about the money the oil industry is making? Their profits put the insurance industry to shame. But I always forget that insurance is not here to make a profit. We aren’t a business that has employees who need pay for their families. Its not like someone needs to adjust the claims, underwrite the policies, etc. I mean, a computer can do it all. It always amazes me the audacity of the insurance industry to make a profit. What an injustice!
Just dont pay your insurance then.I suggest living in an apt and taking the bus… Insurance is society’s means of managing risk. Without it the world would be a very cut-throat place. Then you’d have something to whine about!
Well said.
Yeah right. Now these H/O people are getting .45 on the dollar and then paying .15 to .20 cents of that settlement money to their attorneys. What completed idiots.
. But I always forget that insurance is not here to make a profit. A profit yes but not all this greed.
..(Why don’t you go complain about the money the oil industry is making ) I am sick and tried of lets change the focus on the insurance greed. Lets clean thing’s up You can go after oil industry and we will go after the insurance industry .
The 60 million U.S. homeowners who pay more than $50 billion a year in insurance premiums are often disappointed when they discover insurers won’t pay the full cost of rebuilding their damaged or destroyed homes. Property insurers systematically deny and reduce their policyholders’ claims, according to court records in California, Florida, Illinois, Mississippi, New Hampshire and Tennessee. The insurance companies routinely refuse to pay market prices for homes and replacement contents, they use computer programs to cut payouts, they change policy coverage with no clear explanation, they ignore or alter engineering reports, and they sometimes
Dickie is that you? Or is that Kim?
Insurance CEOs Say the Heck with Discipline; Vow to Cut Rates to Gain Market Share This would be back to the future–they did it in the 80s!
• AIG Buys China: No. China buys AIG