CAUTION: They WILL NOT PAY YOU!
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- เผยแพร่เมื่อ 5 ก.ค. 2024
- In Florida in 2022 more than 30% of all insurance claims went unpaid and when you look at the biggest insurance carriers like Allstate and State Farm that number jumps up to over 50% of unpaid insurance claims. Of course, some of them are fraudulent, some of them don't qualify for payment, but a lot of these claims are also legitimate claims that are not being paid out even though you pay in and must pay if you want to keep your house.
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last video might have been down due to it being near the 4th holiday
🌟
So many insurance companies folded after the 2021 SE. Louisiana 🌀 and a lot of corrupt building contractors 😢 so a lot of homes are still damaged,,,still blue tarps everywhere.....
Welcome to Nor Cal
I know you won't say it Michael. But I will. I live in the suburbs of Ft. Lauderdale. I'm a Trump supporter 100%. But Ron DeSantis could do something about this insurance issue. But he doesn't. And I think I know why. Could it be because the insurance companies were all major "doners" for Ron DeSantis campaign he recently ran. And he lost. So now, he owes these insurance donors favors. This is a problem!
Ron is so over-rated! But I'd still rather have him than any Democrat.
The disheartening aspect of the United States is that even when you successfully accumulate savings, unforeseen circumstances can swiftly deplete them. I dedicated five years to building a substantial reserve for unexpected situations. However, a few months ago, I suffered a severe back injury, and my savings vanished in an instant, despite having insurance coverage. This raises the question: what is the appropriate amount? How can one ever attain a sense of true security?
In the United States, each insurance plan has an annual cap on the amount an individual can spend on healthcare services. Once this limit is reached, any additional expenses are covered, resulting in essentially cost-free care. The specific cap varies depending on the chosen plan, generally falling between $1,000 to $6,000. It seems your savings were likely in that range. However, this amount might not provide substantial security.
In my case, I'm covered by my employer's insurance plan, which features an out-of-pocket maximum of $5,000. Should I face a medical expense of $40,000, I would only need to pay $5,000, and any further healthcare needs within that year would be covered entirely due to reaching the maximum. This framework, made possible by Barack Obama's Healthcare reform law, has significantly improved healthcare accessibility in the USA. The guidance of my financial advisor has also played a role in navigating this system.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
Its bs that your forced to have insurance, but the insurance companies are not forced to honor their agreement
Right!? There has got to be a way to protest this! Here in WA we voted for $30 car tabs. It passed the vote by 90% and the state said... "no". Young people are forgoing heath insurance because in the end its actually cheaper to pay out of pocket. We have to make a stand.
@@karenhaggard7094Yeah the same people who overrode the demonstration of direct democracy that voted for $30 tabs are the same ones who say "our democracy is at stake" if they don't get elected.
True found that out when I was involved in a accident that wasn't my fault at all. Had to do all the heavy lifting with other insurance company.
Oh they honor the agreement. They just make sure the agreement is written in such a way as to easily honor it without paying much or anything.
@karenhaggard7094 moved to Washington from Florida and I'm discovering the corruption here. It's sickening to think all the residents of Washington are being fleeced by taxes and they take it. It's evident that the investment is not equal to return.
It's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
It's a good idea to seek advice at the moment, unless you're an expert yourself. As someone who runs a service business and sells products on eBay, I can tell you that the economy is struggling and many people are struggling financially.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Maybe insurance companies should cut their advertising budget 80%
The insurance fraud by the insurance companies themselves is what needs to be addressed.
@rwdplz1 -- I agree with you but at the same time it simply does not costs $35k to $50k dollars to reshingle the roof on a house either. The prices I've seen being charged to put a new roof on a house here in Florida is unbelievable. I can get the same square footage re done in GA for about $8k to $10k dollars.
@@jamesbass9797 You are correct James. Here is how it works. The contractors have the roofing market cornered. No outside contractors are allowed in FL. There is no competition and they are known to charge anywhere from $450 to $1000 per square (100 sq feet) of asphalt shingles while in Texas, where I live, it runs $180 to $350 per square. Same shingles bought from same retailer at same price. Plus in Florida, if your roof claim is denied, attorney for homeowner will file a lawsuit prompting the insurance carrier to pay since it's not economically feasible to defend the case. Floridians dug their own graves.
@@jamesbass9797they are changing that. NEVER LIE TO INSURANCE COMPANY. they pay how old roof is now.
Yeah and Republican governments need to stop making it harder for consumers to sue them.
Guy I know had his high pressure fuel pump blow up on his diesel (sadly a common problem) and that takes out the injectors etc.. its well over a 10K repair.. well the shop told the truck owner to tell his insurance company he accidentally put gas in the truck and that's what caused the damage..... and they accepted the claim. This guy has money too.... and his parents have even more.. I get it the insurance companies aren't saints but neither is their customer base.
Insurance companies don't give a crap about youl. You're just a customer ID number to them.
They still want to make money. They just see the writing on the wall, the state is sinking into the ocean, there is no money to be made selling insurance to a state that is turning into modern Atlantis.
You are not a customer. You are just a source of money that can bleed out.
@@bullforcetrading9995 , yeah, forget about customer loyalty, they don’t care about u and you shouldn’t care about changing
Money
Insurance companies are bankers. Investors. You are the guarantee.
The "boring" stuff like this is rarely "liked." But it is the most important.
Thank you for doing this thankless work, Michael. It is a great service to your viewers.
How about spending all the tv and social media misleading ads on paying customer claims in regard to customer premiums. Can you imagine how much do-re-me that might free up to pay some legitimate claims?
The whole goal of an insurance company is not to pay you. That’s their goal.
But they are heavily regulated by the states. And certain types of insurance companies have to give some of their profits back to their customers. There's like a maximum profit they can make it something like that.
It's a scheme to scam people.
And to keep ppl poor and a way to steal ppls automobiles and get them incarcerated and put in the system which in turn can make ppl lose their children and get them in to foster care
@@hahamasala Then whats the point of even having private insurance ? Just pool the money through each state.
Of course, you get it required by lender or law and get the cheapest possible.
I learned this after Wilma. Had to hire a public adjuster to get my other half of money. Piss on these insurance companies. Pay off your house and put them out of business.
Well that is one way but you better have money left in the Bank to cover the damages when those Hurricanes hit !
That could be why real estate prices are so high...they don't want you to have a paid-off house that allows you to tell them to eff off.
@@ag4allgood Right, I don't think the right attitude is to "put the insurance companies out of business".
Bro you don’t want to be in a hurricane without insurance. You might as well purchase another house. Flooding and wind damage will bankrupt you so fast
@@xro1983 That can easily happen even WITH insurance, as many learned in the aftermath of Katrina.
2 goals of insurance companies: 1. Get premiums. 2 Keep said premiums.
My wife was in a serious car accident, and we had to take our insurance company to court in order to be financially compensated.
The crazy part is that they claimed they were like a good neighbor.
State Farm among others are total garbage! They have a scam co called Bristol West! They quote a rip off policy and even when u pay the entire 6 mo's suddenly u get letters demanding more for some crap reason or they will cancel or if u tell them you wont renew they charge you and if you dont pay will turn over to collections. Basically fraud, extortion, etc. In 2023 they had over 4,000 bad reviews. Even going into bank accts and just taking $ without even notifying people why or how much! Then a renewed policy will be increased $3 or $500 for min liability regardless perfect record and payer. Finally, some lawyers are preparing a class action suit for over 600 mill just for reasons stated for 9,000 clients ex clients. State farm, the parent co. just let this co get away w fraudulant crap. This ins. B.S. is so unethical and overpriced millions r saying eff the shite and not even insuring anymore! WTH should All of us who do pay and get robbed continue doing it! Someone hits you and over half of those people arent even insured and we r screwed! Sick of what so called ins. corps have become!
more like pissed off neighbor that had tree fall on their house
I live in California and I run a handyman service. Within the past two months I’ve had so many customers that have asked if I could come trim the trees close to their homes because they all got notices from their home owners insurance saying they are going to get dropped because they have trees too close to their homes.
Evidently they’ve been using drones to fly around neighborhoods to view their properties. And after going out to trim the trees I saw that they were not that close to the dwellings. Maybe a little insignificant branch here or there.
After I retired, I worked for one of the big 3 life insurance companies. Their NUMBER ONE priority was hanging onto "their" money as long as they could. Not by just denying claims, but giving you a check book, which has all of your settlement money in it. If they can find a way to hold onto your money for an hour longer, they will do it. They also refuse to pay claims with the, "Go ahead and sue us" mentality; they have two whole floors of in-house lawyers to fight lawsuits. Good luck!
Im one if those lives ruined in bankruptcy 2003 HARTFORD STEAM BOILER. We are getting no house insurance next year. We are self insuring. We have no mortgages so we dont have to get it. The insurance boards are as corrupt as the insurance companies. If its a small amount youre fine but let it get to 100k and the lady above is right. The corruption in this country permeates into all sectors
I'll take a checkbook with my money in it. 😂
The insurance Co pays interest on the settlement money in the check book.
You can write a check for a small amount , or the full balance in you account, any time you like.
If so many people wernt spineless sheep things would be difficult with all aspects of the bs we the PEOPLE deal with !
Red state hum?!.... Good luck Floridians!!!! Keep voting Republican.....
My insurance is almost a mortgage payment at this point. I have no claims, good credit doesn’t matter! 🙄
I'm guessing Florida or California where the sky's the limit for anything. Everyone knows how ridicules the above states are.
@@darrell3643 , actually no! I agree with you though!
When they started playing credit rating games on policy price they lost my business.
So many changes since I sold my FL RE May 2022. Costs of holding a home in FL have skyrocketed!
@@cer2299 these salaries are absolutely ridiculous. Insurance seems like a big scam no one bothers to report on. I’m forced to pay these huge premiums bc I have a damn mortgage. Robbery at its best. They would give pennies on the dollar if a claim should arise.
Floridian here, I'm canceling my homo insurance. Not because I can't afford it, but rather if I do have a claim, I'll have to hire a lawyer and not get paid for years after the fact. I'll take my chances, I have more faith in me repairing my home than the ins. paying my claim.
If your house burned down, how would that affect your life and finances?
@@shirtlesslager😂😂😂are you trolling?😂😂😂😂
You could just put what you’d be paying in premiums into an emergency savings fund collecting interest.
I would just sell my lot .
@@ShakaCthulu I self-insure. But most people would be screwed if their houses burnt down. I would scrape and rebuild. Elsewhere.
I hate insurance too, my auto insurance is bare minimum just to meet state's requirement, no home or health insurance. F them!
I definitely agree barebones for my insurance needs😮
You can even post a $10k bond for state minimum liability and not have to pay a cent in auto insurance in FL.. Say at $1600/year for state minimum (FL auto ins.) the payout is only $10k. State minimum is even a scam too.
That’s fine, but if you go to the hospital I hope they prevent you from getting care unless paid in cash. The rest of us should not pay for your healthcare.
@ShaggyRodgers420 mate, the hospital will be sure to charge them thousands of dollars. I went to a place when I didn't have insurance, I went home and got billed for thousands of dollars. In my state I am fined hundreds of dollars a year for not having insurance. Don't worry, when they go to the hospital, they will probably never be able to live it down
@@ShaggyRodgers420 you have got to have the awareness of a fish. Selfishness is what got us here. Instead of adding a few dollars of tax from everyone for insurance through the state or federal government for insurance, we are instead paying hundreds of dollars a month for each type of insurance, divided among several private companies, having to keep them profitable and funding the lifestyle of their C level executives. At least tax funded programs are there for the public good and don’t have to be profitable.
I’d much rather pay a few bucks in taxes than paying what I am now for a company to get rich off of not giving me what I paid for. You will always pay for others, you do in private insurance too. It’s how insurance works. You also get the benefit of others who are decent policy holders since it’s all averaged out.
But ‘not wanting to pay for others’ is why it’s not publicly funded. So now we pay for other policy holders AND for the lifestyle of high level executives AND the shareholders profits AND this is spread out through multiple competing companies who realized if none of them pay out claims and other anti competitive measures, there is nowhere for us to go so we don’t get the usual benefits of industry competition and all of our money, which together would be powerful, is instead split up among different companies having to fund all these things in each one, increasing the load each of us carries by several hundred percent.
But hey. You still may be forced to pay for others (again it’s how the insurance model works, they use the money from people who pay and don’t have claims to pay the claims for others or at least the interest incurred from those payments who haven’t filed claims) and use a decent chunk of your ‘take home pay” and you are forced to have the insurance, but at least you can pretend it’s better than using taxes to ‘pay for others’
When you find yourself in a bind I hope you only get the same energy returned. When we are being taken advantage of by private companies, our wallets are the only power we hold. Yeah the commenter is taking a risk but if it was something we were all willing to do, we could get better treatment. Instead we have cowards like you who refuse to work together to any common goal and want those who do try to do something suffer because “I’m NoT pAyInG fOr YoUrE cHoIcEs”. What is the point of having a strong society if we don’t pool our resources to help each other out? Especially those that try to use the tiny, little bit of power they have to rid themselves of a corporate bully?
People like you are the reason we have no power. Your priorities are all jacked up. They would be billed tens of thousands of dollars if they got into an accident. And they don’t deserve to die just because they aren’t willing to be the milk cow of corporate America.
Go moo at someone else.
Another sad truth; never make a claim. Just keep paying.
@@LisaSimplified this is nonsense, just don’t file BS claims. I’ve seen tons of people get polices with State Farm with large losses on their lost history report. There are limits but this is a bunch of fear mongering negativity that this channel is an expert at.
@@gb8641 Maybe not fear mongering but he's presenting a dystopian vision that obviouslly a lot of people are identifying with.
Especially Those in Florida.
@@gb8641 Everyone has different experiences and the world is bigger than our own personal reflections. Happily for you, insurance gets 5 gold stars. That is not the case for many other people. (PS If you don't like the content of this channel, why are you here commenting? )
"By 2030 you will own nothing and like it" - World Economic Forum. People with mortgages will be priced out and loose their homes due to insurance costs. They will be forced to rent from companies like Black Rock etc. who are buying many of these properties. This is a transfer of wealth from the private sector to corperate government partnership. I hope we can hold on to what we have worked so hard and long to achive.
So true! Most Americans are in denial of this! We are heading for a Soviet-type lifestyle, and all private ownership will be eliminated ahead. Interestingly enough, in Russia, under communism, no one had any kind of insurance....those companies did not exist. And that is what is coming ahead...but the greedy CEO's of these insurance companies have not quite gotten that truth yet that they will be all out of work and as broke as the rest of us!
HEY BRO, IT'S ALREADY HERE!
@@alfred4012 Yes it is. Finally got a home we could afford, 7 years later not so much all due to insurance premiums (auto and homeowners). Inflated property values causing major increases in property taxes, inflation in every sector of the economy. Building supplies are now unafordable. Watching our home deteriorate while competing with builders who knock down perfectly good homes to put a McMansion on it. During the pandemic so much was wasted on construction matierials. Like putting up a new PVC fence when the old one was fine. Redoing all sorts of maintence on homes that was way ahead of schedule or just not needed. People were stuck at home and bored. Many did not need any stimulus checks, but they kept sending them out. The Fraud is a whole other problem. But there are no cheaper options for us. This is happening in real time. We planned to buy within a reasonable budget, but who could predict this. My buisness supplies have DOUBLED. Can I double my fee? NO. The working stiff has to eat it or loose accounts. Ohh yeah the market is doing fine, Not everyone can play that game. Economy will suffer further. Back to doing my own oil changes, brakes etc. Now the shop dosen't get my money, I have less write-offs, and my weekends involve cutting the lawn and doing automotive work when I was able to afford to pay for these sevices before. Any estimates on home repair ar so high there is no choice but to do them myself weather I am qualified or not. We went from doing the best ever 4 or 5 years ago. Now we are watching it all be taken away in real time every single day. One thing I have noticed. My well to do customers, (about 85% of my customers) have never done so well. I see it when I go to them on a weekly basis. More new cars, home improvements and vacations constantly. Boats for everyone! Middle class is already DEAD. You are correct!
Screw the WEF.
There has to be legal recourse for this fraud.
I got injured in an industrial accident at work. Those bastards literally tried to starve me out before paying me anything 6 months later. AIG
How many are completely DISGUSTED with insurance companies?
What state representative allowed, "made changes" to "allow/promote" these private entities to do this?
Meh, it’s not as bad as everyone being a little commerce whoring capitalists.
I'M 80 YEARS OLD. OTHER THAN MINIMUM AUTO INSURANCE I'VE BEEN UNINSURED MY WHOLE LIFE. THAT IS A LOT OF HOURS I DID NOT SLAVE FOR THOSE SCUM BAGS. I BUILT MY HOUSE AND KILLER HOBBY SHOP FOR CASH. HOT RODS TOOLS MACHINES, I GOT IT ALL DEBT FREE.
I have lived in France for the last 18 years.
Now aged 78.
I never signed up for Medicare or any US insurance. The best decision.
Stopped paying insurance a few years ago,,,best thing I have done
Good for you🎉
So you have a sizable unrealized capital gain. How much of that would you like to pay in a new tax every year (5% seems like a nice round number which would mean the entire gain gets confiscated over the next 20 years).
🥳
Sister's home insurance went from $3,200 to $5,400 in one year. (Texas) One of the biggest increases in consumer costs is insurance so YES, this is a big and important topic! Thanks for covering it Michael.
That is outragous
My home insurance went from 1800.00 to 4900.00 in a year that was farmers insurance. I'm in south eastern Oklahoma.i have no claims
My homeowners insurance went up like your sister's, Jan '24. I am in Tampa Bay FL.
@@specialk2514 greedy corporations. I definitely can't afford it. I hope our new president does something
@@stephenbullock-yn3vhThe greedy CEO needs a pay raise.
Get rid of insurance altogether! Home, car, health, life, it’s all a sham!!
I agree its 100 percent all a scam. People get so angry when i say this🤣. Idk why guess they like being pushed around.
To register a motor vehicle in Florida, you need to have a minimum of $10,000 in both personal injury protection (PIP) and property damage liability (PDL). Florida does not require policyholders to carry bodily injury liability (BIL) coverage. 😎🌞So there is a silver lining to these Murky Mikey rain clouds ☔🌪🌧🌪⛈🌪
Real shit
i do think life insurance is a good thing, especially burial. leaving 200k to a loved one to give you piece of mind is worth the $70 a month in my opinion. but you are right the others are a total scam!
I total agree, but I am forced by law to have it if I want to own a home.(FL).
Hey Michael, there are still some of us who think it's important to know what is going on in the insurance world. Thanks for keeping it out there for us who are interested.
The only reason I have insurance is because it is illegal to drive without one 😢
That's not stopping all the people Biden has let in from driving.
I’ve been sued twice for car accidents. One settled for $25,000, the other for $35,000. It was nice to have insurance.
@@Arienrhod stop being a crappy driver
@@NrthrnKnght one was my kid. Thanks.
I went thru hurricane Ian point blank in 2022 (and Charlie in 04) and our insurance company first came with about a 10% of damages offer...
We were able to finally get between 50-60% of our damages covered.
Hes correct. After Hurricane Ian, insurance companies (at least in Florida) will not pay without YEARS of courtrooms and attorneys fees. If they pay at all ever
Please please contact me if this ever occurs. Within 12 months you would have had full payout plus 20%.
Did u contact a "public adjuster"? I know that for a small commission, they work for the homeowner & get a lot more for u. I went thru Super Storm Sandy in NJ, and the public adjusters were on point & helped MANY.
When I had a mortgage, I had to make a claim. Insurance refused to pay. I called the mortgage company and.told them to get after the insurance because otherwise, I wasn't paying my mortgage and they would be holding a house with the sky visible from the inside of the open roof. They said it would ruin my credit. I said I don't care because I am not paying for a house I can't live in. I received full payment in 48 hrs.
@@keyisersoze Not a good idea. FEMA is not setup for that plus it would increase the federal income tax. FEMA has a disaster program with low-cost loans but once you sign up with them, they kinda of take over your property. The last thing you want is to have the federal government's hands that deep into your personal affairs.
@@miriamseidel8463 Bull, we handled all of our issues from Hurricane Ian in Cape Coral, Florida where we got pounded for several hours because the storm was very slow moving off our coat with the eye wall against Sanibel Island, Ian came fully ashore about 10 miles north of us just south of Punta Gorda. We have State Farm and we had no issues with them paying what the policy called for and we only had to pay the 2% Hurricane deductible. The people directly across the street from us used a public adjuster and they had to fight almost a year to settle and never did get all the money plus they had to pay the public adjuster.
Listen, I’m tired of paying crazy insurance in Florida because all these people want to live on the beach, then their homes get destroyed, insurance companies loose big time then they drive everyone’s premiums up including me the guy who can’t afford living on the coast.
I remember AIG executives using tax dollar bailouts to go on lavish vacations. Insurance is the biggest sham there is, besides maybe ssi.
The FED is the biggest!
So don’t pay it. Or go and start your own insurance company. Complaining about you choosing to pay for insurance 😂
@@ShaggyRodgers420 in my state there is no option for auto insurance, so can't opt out of that. As far as homeowners insurance, your lender can require you to insure your home, so it may not be an option for some people. Either way that's irrelevant to me, because i rent. Shaggy thinking he knows everything😂
@@DEUltra82 Unless your state forces you to own a car you are choosing to pay for car insurance. If you rent you are paying someone else’s homeowners insurance. Both your choice, but no one makes you have insurance.
@@ShaggyRodgers420 so lemme get this straight: by your logic, i should live in a tent in the middle of nowhere, and also have no way to travel other than on foot or on a bicycle (because in the middle of nowhere, there is no bus route) in order to not legally have to pay for any sort of insurance? Got it. Also, the money you pay to ride a bus or any sort of public transportation also goes to paying insurance on that bus, train, uber, etc.
But wait! What about the amazing health insurance that actually does pay what they're supposed to, that i have through my employer, in case while I'm living in a tent in the middle of nowhere and i or my kids get injured and need an ambulance to take us to the hospital? Should i opt out of that too?
The purpose of insurance should be to spread risk amongst those paying in, not to make piles of money for a few execs.
This is the meat and potatoes of the argument
The Companies need to make their 💰💰💰🤑 ! CEO's are so under paid today right ? ChatGPT can replace them & the company could save Big Money ! No one would miss them either. You think Boeing's CEO has done a good job running the company ? Got a huge 45 % raise in 2023 making $32.8 Million up 45% a paltry $22.6 Million in 2022 - how could he make ends meet ? 🤔
@@ag4allgoodPeople are over paying for a lack of talent.
Anyone ever resent that when we get a raise it isn’t enough to make a dent in budget but insurance (as well as everything else) can go up exponentially without batting an eye. I only have liability insurance on my paid off car and planning to look seriously at getting minimal insurance on my paid off house.
We need a complete overhaul haul from the president to city haul.
When Ian hit Port Charlotte, insurance was a disaster, worse than the hurricane damage. Some of my neighbors just got paid and it's been 2.5yrs. Luckily, I had cash and credit cards to put supplies on to fix my own house to keep it livable. My husband and son-in-law re-roofed it. We replaced our sliding door and windows. Little by little we have made inside repairs. I received a check from my insurance company about 8 months later for 18k for the exterior house damage and 6k for personal item/interior damage. We spent 40k over 2yrs to repair our home. It blows my mind that it's not a crime on the insurance companies part after the money homeowner pay in premiums. And, then they increased the cost. AMAZING!!!!
Agree 100%
Sometimes their policy is to deny automatically at first and once you fight back with documentation then they consider the claim.
They consider the claim but they don’t have to pay up.
Keep telling it how it is
Murky Mikey bringing the rain clouds 🌧☔🌪⛈🌪⛈🌪! We are all going to die 💀💀💀💀
Thank you for covering insurance topic. Many people think they can avoid it by shopping around. But many of them are raising prices together. Like colluding cartels
it is legalized racketeering
(pay them whatever made up amount with no return on it... or you lose drive or purchase abilities...)
bet it hides my reply above for being too truthy
Read it ,agree ❤@@dertythegrower
@@dertythegrower Only for legal residents. Illegals need not have car insurance.
@@katiemccormick8846 So true! They don't even need drivers licenses. I see that all the time on LivePD and the like.
I had the WONDERFUL insurance company UPC insurance when my home in NE Florida was hit in 11/2022 by Hurricane Nicole. After the adjuster and inspector for UPC determined my peeled back roof as "normal wear and tear" they closed down their website, didn't answer my calls or emails and I had to get a lawyer. After a lawyer fee of 7k, settlement from FIGA (they took it after UPC left FL) for 21k, roof replacement for 21k, I have to come off the wallet for about 6k. THIS after 1yr8mo fighting in court. F*** Insurance Companies!!!
I'm in the UK but enjoy hearing what's going on across the pond. The US seems to be the corporate greed capital of the world, though the UK isn't much better...we are on our way there
Yes it is.....Welcome to the Party 😂😂🎉...lol
Insurance has become "Legalized Extortion". Those homes sold in the thirty, and forty K price range when they were first built.
An so what is your point
@@marshallforeman2051 pay too much if you feel you must, but you might regret doing so.
Sounds like mine. I self insure. It's a throw away house at this point.
Same with the auto insurance, were paying for those that are driving without insurance. This is sad 😢 Florida
I see illegal driving without licens.we get trouble
You don’t have to carry uninsured motorists coverage if you own your car.
Car Insurance have been running ads de crying the practice of people registering there vehicles at a residence in another state as fraud that affects EVERYONE!!! Them. Everyone’s first step in getting out of criminal states.
Love All your videos Mike. ❤ I'm a 61yr old single female, first time home owner. Live pay day to pay day. 18.00 an hour doesn't buy much.. Your very informative & give solid advice. Thank you so much for all your hard work. 👍🥰
Insurance companies should be nonprofit organizations.
Along with the healthcare system ❗
Agree, NEVER make a claim.
Even though they never paid the claim we were penalized because we submitted a claim.
One of my huuge trees fell into the neighbors field making a mess and hurt a bit if barbed wire. I felt bad. I called the ins co to find out what i was supposed to do. They put my inquiry down as a claim. Offered no help, and jacked my ins.
How were you penalized? I can't imagine how that could even be legal?
@jerrydwyer9057 were there no other common denominators? How can they penalize people who have to make a claim. If it becomes a pattern, i could understand but that's ridiculous!
Consult with a public adjuster. We got people in Fl and the rest of the country to help!
any insurance company that turns tail and runs out of Fl shouldn't be allowed to operate in the state in the future
I did auto body for over 15 years, got out of the business largely because of insurance companies. Once repairs got too expensive for people to pay out of pocket, for even small accidents, the insurance companies became the boss of the industry… like a mob boss
Perhaps, but when I went to body shops offering cash instead of an insurance payout none of them would even call me back. So just like the mortgage business, everyone just sees the $$. Who cares that they are in debt for 30 years in a contract with a faceless bank that requires you to buy insurance, you get to buy an overpriced house! Thanks to insurance money I can't afford to pay body shops, and now I can do the repairs myself and won't have to.
@@gorkyd7912 you missed the whole point… the insurance money isn’t good
At one time insurance companies assumed risk. In fact, that was their entire purpose. That business model is now obsolete. They have become like the pharmaceutical industry / gravy train- sickening profits, and never enough. This country has been on a downward spiral for some time. We are at a point now that nothing can stop the inevitable, the demise of the United States as the global standard and leader. How I long for the days when politicians left office, and slightly leveraged their improved resume, so they could obtain higher paying jobs. Now the norm is they leave office worth millions.
Greed in business has gone bonkers. And their being-in-bed-with the government is now practically universal: They all want to suck-up to those government $$$.
All insurance companies have adjusters whose job it is to chisel your claims down and limit your coverage. Mostly a Con Job.
It’s funny to me being a long time fan of Michael’s as a claims adjuster reading these comments. This mentality is why people treat me like shit every day. I’m a person who cares, not some big, rich corporation.
I had an adjuster come to assess damage in my home and was such a bullying idiot that I nearly had to call the police on him. So many of the impressions people have are justified.@@Pinkfrosting962
I’m a Public Adjuster we fight for the home owners! You got a guy!
I live in Charlotte county Florida, which was ground zero for Ian, probably about half of the homeowners that I know have yet to be paid on their claims and most of them were insured by citizens. Nearly 100% of the people I know who have yet to be paid their claims have hired attorneys and filed lawsuits. We received a check for about a third of what our actual damage cost claim came to, but decided to just take it and move on. We have since decided to self ensure since we do not have a mortgage. It’s just crazy. Great video that tells it like it is!
Charlotte was not ground zero for Ian. Western Lee County barrier islands and Cape Coral was ground zero.
The eye of ian went directly over the northern part of boca grande, and directly over gasparilla island. Charlotte harbor. The storm impacted lee county worse due to the storm surge, but the eye of the storm traveled through Charlotte county. The highest winds came through Charlotte county and the barrier islands.
@@willamfrench5058 Actually the eye wall edge was right against Sanibel Island, we live in Cape Coral and we were pounded for hour after hour because Ian stalled and was barely moving for several hours, Ian made official land fall in Charlotte County but it battered Lee County for hours. We had Cat 3 and Cat 4 winds and there was a reading on Sanibel Island that had a reading of Cat 5. The gusts are what really get you when it stall right off the coast.
No doubt, it was a huge and extremely powerful storm. Im a FL native and without question the worst storm of my 62 years of living in here.
Florida native here and I am disgusted by the newbies or anyone arguing where the eye of the storm and the worst winds were. My house and 2 around me got hit with 107mph wind gusts in central Florida. Only homes at the ends of the streets that functioned like wind tunnels were truly affected at all. ,massive wind driven rain damage not flooding. Damage is damage and it is devastating emotionally and physically and disrupts the very center where you conduct your life. Save the one upmanship -it doesn't matter
Self insure everything bro...only way to avoid pyramid schemes
Thanks Micheal please keep the insurance info coming it well rounds out your channel 😊 we’re all getting hit w increasing premiums car house umbrella
Funny enough this one actually did pretty well 🤷♂️ I know its important though
I'm very interested in hearing what is going on with insurance. It's been TERRIBLE lately! Prices have risen to an outrageous amount per month. Many people online are upset about it.
legalized racketeering..
like the mob used to say,
(If you dont pay up any x amount we make up... somethin may happen to yur driving ability.. miss...)
Inflation. Bidenomics. Vote for politicians that aren't going to waste money.
@@JohnSmith-zi9orfirst you have find one
@@JohnSmith-zi9or Called pure theft.
More like going under water from the high insurance
There's a story on 60 Minutes Australia here on youtube about a whole community denied help from insurance after a flood.
Don't forget about the fire in Hawaii. 😢
In the US you need flood insurance. Which is through FEMA. The house insurance DOES NOT cover flooding . Anywhere in US. You need a seperate “flood” policy.
Floods are not covered in the USA under a homeowners policy. That's a separate peril insured separately
So, the whole community has been scammed.
@@pinschrunner yes another homeowner cost.
When I was in a relatively minor car accident, all the airbags went off. The insurance company totaled it. The car was less than a year old. But because of the mileage I put on it between work and my hobby I was going to be out several thousand dollars to replace it. But then I discovered that the dealer who tried to take advantage of me by getting me to pay for all kinds of insurance I didn’t even understand I had GAP insurance on it. That means THEY pay for the difference in value of the car and what a new one is worth. So I got a brand new car for basically nothing. When I purchased that new car I said, I’ll take the GAP insurance again. Hell yeah. But you have to know you have it and you MUST fill out the proper paper work within 30 days or you lose it. I almost didn’t file not knowing what I had been paying for.
Exactly what I’m saying, people are most upset when they want coverage they didn’t purchase. Love reading the truth that when you have coverage, it’s all good. He wasn’t taking advantage of you. He helped you!
A friend of mine in Tx.slways bought that gap insurance.
Is car gap insurance only good for the 1st year after purchase?
A word of helpful information... Many auto insurance companies offer gap insurance for your vehicles that is WAY cheaper than what the scam dealers sell you ... Call your insurance company and ask for a quote and see! It is usually very reasonable...
Air bag deployment always equals total loss.
Insurance companies are the new mafia...😅 Homeowners who can self insure are sitting in the best position...
Weather modification is a new risk that insurance companies have to quietly endure....but openly pass the cost on to us.... The industry has become redundant
I agree but we also have the Grand solar minimum rocking our whole world
@Joseph-fh9qe You are correct. Since the mass coronal ejection in May the weather has been very active.
Hugely done, many countries now.. and openly reported by the news in local areas they do it.. usually silver particles in flares attached to small cessnas, to make clouds faster
It’s called climate change, not weather modification.😂
My adjuster after Hurricane Ian mentioned that to me. The insurance companies know and are colluding. They get theirs
The ever increasing fear of owning of a home to turn into a nightmare > the only certainly you have is prices going through the roof and end up losing everything and becoming a homeless 😮
I live in California. My home owners insurance went up 100%. I increased my deductible and cut other coverage to get the premium increase to "only" 50%. I have a 1 year old house, all of the fire sprinklers, cement roof, all safety features, and no EV charger... and still huge increase.
Strange. Our insurance in CA went down. I wonder if it is the newness of you home. If it is a new neighborhood the second year usually goes up as they get a claim basis when moving from construction to owned.
Cost of houses and cars went up, therefore cost to insure them went up.
Great video Michael. Best tip is shop around constantly. Insurance companies view loyalty as stupidity. Swap every couple years as much as a pain that is
I have lived for decades and shopped my insurance annually..im with progressive now for 3 years and they have been the fairest insurer I have ever had... And I had a auto claim and they paid promptly... Not a plug for them . Just my experience with them ...I will still shop them if they get too high but so far, they haven't...
Rates keep going up to the point that it will make sense to self insure (if you own) 🤷
Cannot self insure for auto insurance. And I would self insure for homeowners insurance only if I had a plan B in the case of a total loss. Meaning a relative u can live with, money in the bank to pay to rebuild, a cabin or other second home to lodge you.
@pinschrunner Yep, all valid points. You have to math it out and weigh the risk. I fall into the second home category.
State Farms proclaims its the #1 insurance company denying 50% of all claims. 🤬
They are the worse. My son had 1 claim and they raised his premium, now it's almost as much as his car payment
@jackiefeliciano718 good I have no claims on any insurance over 14 years. My premiums went up for no reason I live in the Midwest. People who cause accident should pay more
@@BearGri11z1:32 that's the funny thing which is why I was shocked they denied his claim. His car was parked at his student campus apartment, and was hit by an object. He filed a claim for body damage and they raised his premium even after getting a report. They want u to pay for years, but never use the coverage!
Greed to the max.
@@BearGri11z Or people that live in Hurricane prone areas need to pay much more 🤑💰💰💰💰 !
Some insurance companies are literally using a drone, to check roofs and if they see damage they drop them.
Loved this insurance video! Sadly the insurance situation here in CA is pretty bad too because of all the wildfires.
My car insurance went up 17% with zero tickets, accidents or claims. They said it was because of inflation. The homeowners premium stayed the same thank God.
I worked in commercial insurance for many years but got out of the industry in ‘08. I couldn’t stomach being part of that system which I found corrupt so I switched careers after 15 years in it. So glad I left it in the rear view mirror.
But aint all insurance companies like that? They want you to pay your premium to them. But when it comes to them to pay you, they won't pay you or they keep your waiting to get paid. But I want them money from you're very fast. How hypocrisy is that?
They want depopulation homeless people.
Insurance checks your credit and records and they still don’t pay claims. What a scam.
@@cer2299 I agree a 100%. We should turn the tables on the insurance companies. You're absolutely right. My friend, that's a great idea. But too many weak people won't do it. That's the problem.
I love how you address this topic with such honesty.
You mean, ignorance. Which yeah.
I don't trust insurance companies. I am self insuring my property in Texas.
@@AssetAddict Finance and insurance are massive scams. Real estate, too. New York real estate is worth more than all the corporations in America. Now, ask yourself what that real estate produces.
Hi Nancy.
@AssetAddict Ignorance? How do you figure?
Insanity that Oklahoma has the highest homeowners insurance and probably very like on the standard of living in the entire US. Thank you Michael for the incredible info.🙏
I live in California. Allstate raised my car insurance $30 a month. Road piracy , thank you for your videos, much love 💞🗺️💞
1/3 of 2023 Florida Home insurance claims were DENIED...
And the rates keep skyrocketing here in Florida. SMH Unbelievable!
Yes, most of which are flood or wind hail coverage which most carriers in Florida exclud or you have to purchase a rider. You get what you pay for read your policy....
The homeowners insurance nightmare is what has kept me from considering a move back to FL. Wish it were different.
Same here.
The most common condo insurance claim is for broken or leaking pipes and that requires a special endorsement added on your condo insurance policy.
Actually your best video recently. Not enough people talk about the scam artists known as insurance companies.
They keep raising rates, but good luck filing a claim
That's any insurance.
Agreed, this seems to beacross the board with these insurance companies, i have usaa and its the same thing with their ceo. What exactly do the ceo's do for these companies that warrants such high salaries and bonuses??? Im so tired of hearing the excuse of "we have to offer this to draw the best and brightest". These ceos dont do anyrhing but sit in an air conditioned office and collect their undeserved check. It is absolutely ridiculous that were mandated by law to buy their product/service, yet when we try to redeem what weve paid for, (file a claim), they dont have to deliver. And often they get away with this because they have the money to buy off the politicians and "regulators"
Thank you Michael for bringing up the insurance situation!
State Farm is the worst! I had a bad auto insurance experience with them a long time ago. I've been Progressive customer for 25+ years.
The real craziness is people are paying $1.8MM for that tiny house in a meh neighborhood. You’d need $500-600k/year to comfortably afford that. I can’t imagine people with that salary would accept a home like that.
It's priced at 1.8 mil. Looks like a 280K house ? Who would want that ?
State Farm just announced they were canceling 72,000 policies because the insurance commission wouldnt approve a rate increase.
Makes no sense now they lost money.🤔
Byeeeee👋🏽
I think that was in CA.
Cancelling a policy is fine as I can always look for another insurance company, but deny paying out on a legit claim is not okay at all.
Why would a company stay in a market they can't be profitable? Do you understand basic economics?
As far as car insurance , I had my car hit twice while it was parked, parked, Allstate raised my insurance , not that I had an accident, but because I had two incidents , the broker said to me after he got off the phone with them basically they were raising the cost of the policy because they considered the policy holder as having bad luck, yup you heard that correctly, bad luck, with them over 20 years without “ bad luck “ this is what they treat you like,
I dumped Allstate a couple years back. Never looking back to getting homeowners insurance from those con-artists.
Never fall in love with your insurance company. Shop around and compare...
That’s not always possible. There are a lot of insurance companies out there who are not taking new customers so shopping around is not an option for most people.
I had a 16 year old rear end me at a red light, admitted fault, and her insurance covered it no questions asked. MY premiums went up afterwards. I switched and got a better rate, but the new provider also noticed the incident and raised my quote from the original number. For somethjng that was admittedly and objective not my fault in any way. 😂
what state are you in?
happened to me to. they see you as a risk. They honestly believe that people like to hit you specifically. Like you're a target. Is such dishonesty.
@@utpharmboy2006 Wisconsin
@@utpharmboy2006Wisconsin.
@@Mr_BUSINESS_24_7I found it especially funny that they openly admitted it to me. My agent even laughed and agreed it was bogus.
Its should be for everybody, have ppl seen the salary of these CEO’S., State Farm CEO makes $24.4M, Travelers make $20.8M, Allstate makes $18.9M, Liberty Mutual makes $15.4M, GEICO makes $13.6M, Progressive makes $12.7M we can go on & on you get the point and won’t take a pay cut, what that tells you? So ppl watch this video is very informative👍
@@guzmancharles7 The CEO of State Farm makes a tenth of what you claim. Please share your sources for your claims.
@@dondgc2298 it’s in the Insurance Business Webpage.
Having been through a hurricane, I can confirm. Insurance companies are happy to take your money until it's time for them to hold up their end of the bargain. They will offer you 20-30% of the damages in the hope that you will be desperate and take it. If you lawyer up, they will drag it out for about two more years and make about 2 more offers. If you reject those you are likely going to court.
Glad you're talking about this. I've seen quite a few past clients of mine whose insurance in FL has skyrocketed. Also, I have been seeing condos do more special assessments due to their insurance costs going up.
Insurance is an important topic, I have learned a lot from your videos. The skyrocketing cost is not just in Florida, it is all over for what ever excuse and we must pay if we have a mortgage.
One of the biggest scams I see in insurance policies is the underinsurance clause. Which basically means if you don't insure for what they say is enough if you might get screwed over for a small claim.
The money insurance agent makes and what they do is a big issue just like realtors over paid and rip offs
I'm glad you're making this video about insurance. I don't own a home. I rent. I pay renter's insurance and my rate is fair but, still, when I watch your videos about homeowner's insurance and property taxes, my blood boils. It's hideous what's happening to homeowners across the country. My whole life homeowners called me a "loser" and "lazy" for being a renter. You would think I would turn around and mock these struggling homeowners as "losers" but I'm not going to do that. Why? Because we are all human. We are all in this boat together. Sure, there are jerk-off everywhere, renters and homeowners alike. There are really good people out there too, who work their asses off and some not. It doesn't matter. There are homeowners who are buried under exorbitantly increasing bills and fees they never foresaw. It's awful. People are suffering. Billionaires are taking everyone's money, not just the working class. Welcome to crony-capitalism. In 2022, the CEO of State Farm, Michael Tipsord, made $24.4 million. People, that's just one year. He makes tens of millions of dollars every year. Where is the outrage? Instead, people are outraged that McDonald's workers make $20 an hour. People complain about the high prices of everything but they blame workers instead of the oligarchs stealing from you. Instead of channeling your rage and actually changing legislation about the high cost of homeowners insurance, you b*tch about the cost of a Big Mac.
🙏🙏🙏
@@cer2299 Exactly. We all complain but no one does anything about it. With digital technology, however, we can. There must be a way to consolidate consensus to strike, to refuse paying for insurance and to overturn state law. It would be great if there was 100% agreement. These insurance companies must be bankrupted and state governors must suffer too. Of course, this is an ideal. How many exceptions are there? Let's say you're retired and live in a flood zone in Florida, what do you do? How do you refuse to pay your insurance premium when your home is high risk while other homes are low risk? The situation will get worse, not better. State legislatures will pass laws stating that if you don't pay your homeowners insurance, your home will be confiscated. The goal is to force people out of their homes so states can sell these homes to multi-billion Wall Street equity firms. It will all be legal. No one realizes how draconian this is going to get.
I worked for a State Farm Agent for a year or so last year (in TN). I believe them when they give the reasons for the unpaid claim stats. I can’t tell you how many times I would get calls from people that had no idea what their insurance actually covered. So many calls for lack of maintenance damage. Others having no idea what their deductible was. People filing claims for roof repairs cause some roofer said they could get their roof replaced. State Farm defaults to a percentage of replacement cost for the deductible so people end up with higher deductibles than they realized. Claim history is considered as it should be but it is NOT a main consideration for not covering people. Most denials are credit related or payment history related.
This is interesting
People never look at the insurance. Its truly amazing. Probably why people don't watch insurance videos. I would never take a contractor word on the insurance paying for the work on any home replacement.
Get a public adjuster. We have people all over the country.
@@jjred233 there are predatory roofers that will come out after a storm and tell people they have “hail” damage and they should file a claim with their insurance and they will do the repairs. And you are right about people not paying attention, sooo many people I talked to thought they had a reasonable deductible to only find out it was set at 3-5% of replacement cost. That adds up quick with a modest home. Insurance policies are VERY specific on what is covered, they don’t just repair “damage” and so many people think that it does so they just file claims hoping the insurance company will pay out.
@@gb8641 People are unaware of prices in general. People who have owned a home for 10 years might have no idea it tripled in market value, which is why so many people are making good money simply low-balling land owners who haven't kept up on inflation.
Thanks for talking about all this mess in the insurance world.
I had my homeowners insurance checked on last week after it went up almost $200
Yeah, even USAA is starting to suck.
USAA has sucked for years. Really bad. It used to be the gold standard. Sad.
Really?
Saved me $720/year switching (back) to them, Progressive was charging me that much more and it wasn’t even full coverage.
I don't have them, but I have two family members who've had to deal with accidents CAUSED BY their members. They are terrible at paying out.
@@extractedentertainment8213 I left progressive years ago and returned back to them. They used to be excellent, but after the pandemic they have gone down.
@@extractedentertainment8213 I did the same years ago, but after 2020 they have changed and not for the better.
Insurance is, in a word EXTORTION! Straight up! Thanks for all you do Michael. Take care y'all and stay Blessed 🙏.
The goal is not to pay money it is to collect money
I am not sure why people are just figuring out this is a s long running scam
This. You can see this from miles away
If you do get paid, your premiums soar next renewal & stay soared for years till they have it back.
That is a scam than ,and I asked below please explain to me than why if a person holds a mortgages it's a law to have homeowners insurance????
This seems unfair and like a scam
I need an honest answer please for my Real estate notebook
They increase everyones premiums.
Than maybe I need to get better at investing so I can learn how this Game is played and cash in
@@janityy It's to cover the bank if the home is destroyed.
@@tulmenkov You live in your car? This is about home insurance.
I always enjoy ur videos, Michael. I want to know what's going on - rather than get shocked when things happen. For most people, things are getting way too expensive and out-of-control. See You in the Next One!!!! Sandy, Oxnard CA
❤🙏💕🙌🎉
My folks got hit by Ian. Half-way through the claim, their insurance company went under and it got turned over to Citizens. After 1+ year later, they went to the end of the line at Citizens. They ended up finishing it out of pocket and are pursuing it with a lawyer and adjuster. What a PITA!!! If I end up down there in retirement, I think I will self-insure.....
Thailand overbuilt. Some condo high rises are 70% vacant. $250-$500/month on the ocean in luxury condo total in Asia. The US has gotten expensive.
It’s always good to shop around once a year , even if you don’t change your insurance company , they will find out from the other companies do searches on you and your search history , that will tell them you might be interested in changing , and maybe not increase as much next go around……. Maybe, plus it doesn’t hurt to find out what others are offering
Great job Michael !!!!
People Are Insurance POOR !!!!
I've always believed that insurance is like betting against yourself.
I drive around in older cars, each having more than a quarter million miles and over 35 years old. Just have liability and they are easy to work on.
Nicely said....
Mike thank you for covering the insurance topic!! I get major value out of the information you present
I paid off my NJ home 25 years ago. First thing I did was cancel my homeowners insurance . I’m ahead of the game, and at 71, even if my home would be complete destroys, the land is still worth 300,000 because of its location.
Nobody out in those neighborhoods. I find it similar to here in Virginia. People hide in their homes.
Front yards are kept nice, not to use, just to be seen by others.
Many people live to 1) eat and 2) shit. They sit in their boxes and watch TV. Their lives are as meaningful as their neighbor's dog.
Insurance of all kinds has become such a scam that young people are just forgoing health insurance because in the end its cheaper to pay out of pocket.
First of all, ask the hospital "how much will this cost?" and they will just look at you confused. If you can't afford it they will try to get you to sign up for Medicare, just scam the government and taxpayers to pay for it. If you have insurance and go to hospital, they bill the insurance for $15000 and they bill you for $5000 and the insurance will then pay $5000 and you will be asked to pay the other $15000. If you go to the hospital without insurance they will bill you for $5000 and you will just pay the $5000 and that's the end of it instead of talking to useless people for the next 10 months. So it's cheaper AND easier, and if you can't afford it they'll do payment plans.
So yea, health insurance is one of the biggest scams and that's because hospitals are in on it.
Absolutely great reporting on this issue. Main stream news are not news that benefit us, so we need people like you Michael. 👍🏼