Why bother buying insurance?

[JonathanYoung]

I was reading the insurance policy of a friend's homeowners' association and was appalled to see the amount of "exclusions" that are in these policies. It made me wonder why people even bother buying insurance (when it's not legally required, of course). These policies are carefully worded so that the buyer has absolutely zero advantage, and has to jump through dozens of hoops before he can even dream about collecting in the event of an accident. I suppose that in the past (or even now), too many people abused the concept of insurance, so now the companies have turned the tables against the customer. I guess just like with the law, it's no longer the spirit that counts, it's whoever can find the loophole and take advantage of a situation. Sad.

 

[imported_cello]

You may need to hire a lawyer to enforce your claim. Earthquake ins.is worse yet with 15% deductible or more and all kinds of exclusions for what they consider cosmetic damage.

 

[PoPPeR]

i thought i read somewhere that once you use homeowners insurance it's hard to get it again or something. Sort of a "save it until you really, really, really, really, really need it" type of thing

 

[Mill]

If my house burns down or blows up I don't want to pay 100k to my mortgage company, nor do I want to pay 100k or more to replace my possessions. My homeowner's is around 800 a year so I'd have to be alive a LONGGGGGGGG time for the protection to be less than my premiums. Not only that, but if some asshat breaks his neck on my roof or something my homeowner's will pay him so he won't sue me ass.