What is Wrong with Insurance Companies?

Insurance companies are all a rip off! People often forget that insurance companies are in business to make money. They do not have their customer's best interest at heart. Some of them should be investigated for some of their unjust business practices.

Recently I had flood damage in my house. I had the unpleasant duty of calling on my insurance company for help. Now I had a $500 deductible. The insurance company assured me that I had nothing to worry about because they would handle everything. This eased my frustration because I had been with this insurance company for over 14 years. The insurance company sent someone out the very next day to take pictures and place humidifiers in the areas that had been flooded. Everything was finished within a week. I kept asking about the estimates but both the contractor and the insurance company was always tight lipped. Two weeks later the contractor called me and said that I owed them $400 more dollars after the insurance company had cut them the check. This was a first hand experience on how insurance companies get over on consumers. Now I mean no disrespect to people who work in the insurance industry but I am sure that many of them are aware of what really goes on when the fingers make contact with the calculators.

As policy holders whether it be auto, life, medical or homeowner's insurance we never see the downside of this industry until we attempt to try to benefit from all of the money that we have paid in. I have seen situations where people had not been involved in an auto accident in 25 years. The very first time they did have an accident their insurance company cancelled their policy after they paid the claim. This is nonsense because think of all of the money that over a certain time period we pay into insurance policies. We saw five years ago during the storms of Hurricanes Katrina how insurance companies can almost go broke when it is time for them to pay claims out to its policyholders. Now insurance companies are getting over on consumers by making addendums to policies that in many cases policyholders have no knowledge of.

Insurance companies are not out to help policyholders. It is unfair that we pay insurance companies so much money on a monthly basis only to have them turn their backs on us when we truly need them. In man cases insurance companies sacrifice the welfare of consumers by giving them a false sense of security just for the sake of making a profit.