I know we need insurance for a variety of things (home, auto, health) to help level the rough financial spots in life. But I’ve always had a bad attitude toward insurance companies because, well, they seem to always have a bad attitude toward me.
The idea behind insurance involves a large group pooling its resources to mitigate risk. Insurance companies more or less pull this off but muddle things a bit when the need (and desire) for profits is introduced into the mix. The disconnect comes from thinking that insurance companies exist to provide insurance. They don’t. They exist to make money.
All of which is a lead into my latest BA adventure with Big Insurance. Yesterday we received a letter in the mail from Country Financial (aka Country Companies) indicating that they were dropping our homeowners insurance. They were nice enough to provide reasons: We filed claims for the 2006 tornado that took off part of our roof and some of our siding. We also filed a claim when our sump pump broke during a heavy rain a year and a half ago and soaked the carpet in our basement.
The roof and siding repair was several thousand dollars, granted. But it was a TORNADO! The sump pump incident only required a cleaning company to come out and clean the carpet. But that’s it. We collected way less money in claims than we have paid in premiums over the years. But apparently we weren't profitable enough for Country Financial.
Did I mention this lunacy comes via COUNTRY FINANCIAL?
The idea behind insurance involves a large group pooling its resources to mitigate risk. Insurance companies more or less pull this off but muddle things a bit when the need (and desire) for profits is introduced into the mix. The disconnect comes from thinking that insurance companies exist to provide insurance. They don’t. They exist to make money.
All of which is a lead into my latest BA adventure with Big Insurance. Yesterday we received a letter in the mail from Country Financial (aka Country Companies) indicating that they were dropping our homeowners insurance. They were nice enough to provide reasons: We filed claims for the 2006 tornado that took off part of our roof and some of our siding. We also filed a claim when our sump pump broke during a heavy rain a year and a half ago and soaked the carpet in our basement.
The roof and siding repair was several thousand dollars, granted. But it was a TORNADO! The sump pump incident only required a cleaning company to come out and clean the carpet. But that’s it. We collected way less money in claims than we have paid in premiums over the years. But apparently we weren't profitable enough for Country Financial.
Did I mention this lunacy comes via COUNTRY FINANCIAL?
Anyway, I now have 60 days to find another company to cover my house so I can pay them money and not dare file a claim in return. Thanks Country Financial!
5 comments:
Standard Mutual is right there in Springpatch.
At least they did retroactively force you to pay back your past claims as some health in$urance companie$ have.
I also follow the tip that never make a claim unless the house is totally destroyed.
Oops
At least they didn't retroactively force...
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