Perhaps the most interesting part of the article:
Yoink goes the coverage that you paid into!
And the shareholders rejoice.
Your homelessness is a you problem. You should have paid for some coverage in the event of such an occurrence.
That’s not how it works at all. You’re thinking of health insurance. This thread is about insurers declining to renew contracts, not denying claims.
This thread is about insurers declining to renew contracts, not denying claims.
So hanging around to extract insurance premiums for as long as possible, then fucking off before they have to start making any of that money flow in the other direction?
FFS, no. Do you even know what insurance is? They are always on the hook to make payouts for any policies that are active, and it happens regularly. Most of the money they take in goes toward paying claims. Most of the rest of the money goes toward overhead, which includes paying actuaries to evaluate how much risk they’re taking on and how much future payouts are going to cost. They determined that providing homeowners’ insurance in CA would soon cost them more in payouts than the state allows them to charge in premiums, so they decided to stop doing business in CA. Nobody was scammed. Their customers all got what they paid for while they were paying for it.
