We’ve all heard the crack, right? “You may not believe in climate change, but your insurance company does.”
I actually haven’t, and there are a few family members that I’d love very much to use this on.
It’s not new either. 20 years ago I interviewed at a company that did climate risk modeling for the reinsurance industry (among other risk modeling).
At least property taxes do us all some good, whether you agree with how they’re ALL spent or not. You benefit from how some of it is spent, we all do.
Insurance goes up just to increase profits and keep the line going up. We’re being ripped off. They all use the phrase “free market” sarcastically. They’re definitely conspiring.
it’s almost like insurance should be socialized instead of subsidized.
Agreed. I’d rather my money go to the public school system, public infrastructure, etc. Fuck insurance profits.
Insurance goes up just to increase profits and keep the line going up.
A lot of it goes into premium payments.
Yep, blame climate change. The more natural disasters the more they need to pay out. Would be cool if we still had the smaller guys that only specialize in your local area.
Why does my policy need to go up in MI when there’s a hurricane in FL? Because national insurance pulls from the same pot.
Is national insurance the name of a privatised insurance company in the US?
Cos here in the UK that’s what they call the more regressive part of our tax system that’s notionally earmarked for public health, state pension, unemployment benefit, etc…
I don’t think so. I think the previous poster means that most insurers serve a nationwide (or international) audience. So in terms of pooled risk, the Florida hurricanes and California wildfires aren’t separate risk pools.
On your other point of comparison, we do have similar things in the states. Lots of gov programs that have “insurance” in the name, but if they ever were pooled risk insurance, they’ve morphed into social welfare programs a long time ago. They vary by state, and sometimes county, but they include Unemployment Insurance, Workers Compensation Insurance, Disability Insurance, Medicare, Medicaid, and even old age pension (called Social Security). Some of these, like Workers Compensation have private market competition, where others do not.
We also have agencies like FEMA that aren’t insurance, but have become a sorta relief mechanism for large scale catastrophic events. We also have things like the California Earthquake Authority, which provides earthquake insurance. I have no idea if it’s genuinely pooled risk or not, but it’s like an order of magnitude cheaper than commercial earthquake insurance was when we had before CEA existed.
Then we have a heap of programs and agencies that provide insurance (or assurance of some sort) to industries. FDIC insures bank deposits. FNMA, FHA, et al insure (or provide liquidity) to mortgage lenders. And on and on. There are probably more forms of state run or state sponsored insurance than any one person knows. There might even be some company or program called National Insurance, but not that I’m aware of.
No, they mean the private insurance company operates nationwide. There are several of them in the US
The dude who owns the trailer park across the street from me almost had our entire street’s zoning changed because he was trying to make a gated community. Turns out he didn’t have permits to build everything he was and his whole plan fell apart. Then one of the prefab houses he had trucked in got hit by lightning and burned down. He also hasn’t sold a single structure he’s built.
/renters howl while crysturbating for your problems
If you’re in a big city, it can be a bit of the grass is greener on the other side.
I rent and have looked into buying property, but between property tax, insurance, condo fees, and interest its better to just keep your house down payment in savings in the market, and you spend less per month in rent than for a house so you can save that difference as well and let it grow / use it for a rainy day.
The main reason to own property is to have more control over your living space and avoid shitty landlords.
The way I saw it was the upside is appreciation (though the money is locked away in the property, so its very “break in case of emergency”) and its a good hedge against inflation from rent, though that would probably cause your house price to rise causing your property taxes to rise.
Man I am rural as FUCK and I rent with my gf.
It is better.
Power went out last week in subzero temps. Told the landlord were buying a generator and taking it off our rent. Because guess who pays if the pipes freeze? I don’t mean just for the pipes, I mean for the roof over our head until it’s fixed. Oh that’s right: then.
If a tree falls on the roof they replaced 2 years ago, guess who pays?
If the plow guy fucks up the drive way again, guess who pays to fix?
If the fucking door’s weather stripping comes off and it gets drafty, guess who is paying for the weather stripping to fix it?
The economy is so ass right now, my gf and I are poised to buy, but it just doesn’t make sense right now. Our rent is near $3k a month, and that mortgage would get us dick nothing next to what we have. Would literally afford us half the sq ft and half the acreage for worse everything.
Is it bad for equity? Yeah. Is it really the best option until the market turns? 100%. A down payment on a house for a mortgage is lighting that money on fire. Our rent for 2 years is less than any down payment we’d be making. I’d say we’re willing to wait a solid 5 years to decide on buying/renting until our folks are all dead.
