Homeowner's Insurance is a Scam

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𝙈𝙞𝙡𝙡𝙚𝙣𝙣𝙞𝙪𝙢 𝙏𝙤𝙬𝙚𝙧 𝙥𝙡𝙖𝙮𝙡𝙞𝙨𝙩:

𝘾𝙝𝙖𝙢𝙥𝙡𝙖𝙞𝙣 𝙏𝙤𝙬𝙚𝙧𝙨 𝙎𝙤𝙪𝙩𝙝 𝙥𝙡𝙖𝙮𝙡𝙞𝙨𝙩:

𝙊𝙣 𝙋𝙤𝙞𝙣𝙩 𝙥𝙡𝙖𝙮𝙡𝙞𝙨𝙩:

𝙊𝙣 𝙩𝙝𝙚 𝙅𝙤𝙗 𝙥𝙡𝙖𝙮𝙡𝙞𝙨𝙩:

𝙊𝙣𝙚 𝙤𝙣 𝙊𝙣𝙚 𝙥𝙡𝙖𝙮𝙡𝙞𝙨𝙩:

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Disclaimer: Nothing contained within this video should be construed as legal advice. Building Integrity makes no claims of its own regarding the guilt or innocence or liability otherwise of any legal entities mentioned in any of their videos. These videos are made for news/informational and educational purposes only.

[BuildingIntegrity]

Please remember this critique of the industry does not include your local insurance agent. Most local agents I have met truly believe in what they are selling you and want the best for you... but they have no control over how underwriters and carriers behave once a claim is made. This 2 part series is about how the corporations behave at a deeper level when claims get made and then inevitably denied or underpaid.

[jamesrevell]

Finally paid off my mortgage. The next day I cancelled my home owners insurance. In the 20 years I was required to have it, not once did it cover any of the incidents that occurred. I live in a hurricane zone. About 30 miles from the coast and I've been through multiple hurricanes. 99% of damage during a hurricane is associated with rain and insurance companies do not cover damage caused by rain. How convenient! I'd rather just maintain a healthy savings account and be prepared.

[WesB]

A wise friend told this. His quote "never feel sorry for a bank or an insurance company. They are truly scammers.

[jerryspfs]

I was a licenced insurance agent years ago and can tell you flat out that even during my training you learn that insurance is a scam, it is a betting game in whitch the company will always win regardless of the outcome. If you don't me, sit down with your policy and actually read it. It is a betting game intended to suck your money out slowly.

[wolfumz]

In my 20s I got in a car accident and had painful, but easily treatable injury. I had some medical bills which at the time were extremely difficult for me to pay, but looking back, they were very mild when compared to other medical costs. A few scans, a few Dr's visits, and 6 months of PT visits. The insurance refused to pay.

I went to consult an attorney who seemed baffled at my circumstances, and kept trying to see if I did something wrong, or I was lying about something. Once he was satisfied with my story, the attorney told me, "sometimes, the insurance company will just deny the claim, not because they sincerely believe they shouldn't pay it, but because they think you aren't going to fight them." To be sure, legal fees would quickly eclipse the entire claim, and I didn't have any money.

I eventually went to the state commissioners office, on the advice of the attorney. Shortly before the insurance company had to present their case to the commissioners office, they settled and paid for everything I asked for. Very bizarre experience. I definitely felt glad they was a public agency out there who would treat me fairly.

[DanBowkley]

My insurance went from $1400/yr when I bought this house in 2016 to $7300 in 22. 5x price hike in 6.5 years. Absolutely ridiculous.

[compactc]

I've been saying insurance in general is a scam. They all charge a lot, and they all find a way of never completely covering anything if they can help it.

[karlbrundage]

I had a 30 year-old home, built in the 70s with copper piping for the plumbing system. When the development went onto city water the ph-value of the water changed and the copper reacted to the chemicals that the city added. I first noticed this because I needed to constantly clean-out the screens and aerators of the faucets in the house, as the accreted lime was detaching from the pipes and clogging the faucets.

Then the copper began to fail. At the elbows, where the metal is thinnest. This all happened under the house, and after a few visits from the plumber, he showed me how to replace failed elbows with compression fittings. I did that several times. I never even contemplated making an insurance claim on any of these occurrences because the damage was minimal and my out-of-pocket expense was within our means.

Then one night, I went to use the toilet in the master And walked onto a completely soaked section of carpet. I began investigating and heard a hissing sound from inside the wall behind the vanity in the bathroom. When I touched the drywall under the sink it crumbled in my hand and I had to shut-off water to the entire house to stop the spray coming from the failed elbow (the hot-water side of the system) that was in the wall behind the vanity.

Next day I called my State Farm insurance agent (who's son I went to school with) and he asked me a series of questions- pretty benign- and put in the claim. I also called my local SERVPRO franchise to do the mitigation and cleanup, as we had a real mess, with the carpeting soaked, the subfloor (pre- Advantec) blown-up like a sponge, the drywall ruined up to waist-level and numerous other issues with water damage (hot water is evil when it starts working on your home)

The "Adjuster" State Farm sent out wanted to immediately deny our claim, stating that he thought that this was a "long-term water leak that went unreported and unattended.

The SERVPRO franchisee quickly challenged him and said that there was no way we could have known of the leak inside the sealed wall and, additionally that the fact that it was hot-water contributed to the condition of the drywall and subfloor.

Apparently the "adjuster" was unhappy by being called-out by SERVPRO and began making little shots at our claim. He rated our existing carpeting as "low quality", our carpet-padding as "commercial grade" and the ruined drywall as substandard.

Again, our SERVPRO expert called State Farm and provided an affidavit- and samples of our materials attesting to the quality of our carpeting, drywall, etc. He really did come through for us.

In the end, we were made whole, but only after a bitter struggle and with the help of genuinely good people who had our best interests at heart.

[omahanb]

Health insurance is the same corruption. $500.00 to spend 30 minutes with a doctor.

[haroldh]

10 months ago my house was destroyed by a tornado. Nearly a year later, insurance offered me 25% of the repair price of the home. After thousands of dollars on engineers, public adjusters, utilities, and having to maintain two houses (we had to live somewhere!), I finally got a little less than twice that amount. I am out of pocket for the rest, including the engineering fees and so forth. As far as I am concerned, my Big Name insurance company is a pack of thieves that will never be held accountable. You can bank on the fact that I am reducing coverage to the bare legal minimum, going forward. "Good hands, " my butt. Thanks for this vid.

[-byko-]

Insurance's main goal is to do everything in their power to deny your claim

[hawkeye]

We live in colorado and had the unfortunate experience of having to have our roof replaced after a historical hail storm came thru. It would take a 100 page essay to go thru our experience with the adjuster . He was as sorry of a person I’ve ever met. Luckily our agent is a great guy and got involved on our behalf along with the roofing contractor. Between the two of them I was finally able to get approval for an entire roof replacement. They do not hesitate taking your annual premium but when it come time to live up to your policy tule they do everything in their power to get out of paying. Let me close by just saying insurance adjusters are the scum of the earth.

[douglasdangelo]

I worked for one of the larger insurance companies in Florida. The owner of the company was a former Florida senator. During my employment the owner put on multiple high end events that pushed not only his company but tried to make convincing arguments to guests for changes in insurance policies that would benefit the business. Most of the guests invited and attending these events were senators and legislation members. Security first had a team of attorneys that would figure out not how to pay claims. I find it preposterous that an insurance policy can be sold to another company even after paying the full yearly premium for that company. Unfortunately the racket that is the insurance industry will never be brought to justice. Our leaders are already in the pockets of the company

[bw]

All great points discussed. I don’t live in Florida but I’ve had my own problems with a renters claim years ago. My apartment building had Fire and Water damage from an arson case. I had a small policy for $12.5k covering my stuff which was all damaged and molded. The adjuster tried everything not to fully pay my claim. He said nearly everything could be cleaned including my television that had 3 inches of water in it. The packing and cleaning alone cost me $8k, plus in the interim, I still needed to replace my belongings like clothing, furniture, and electronics so I could function at my job and live. My actual loss was closer to $15k all in. I could have replaced my clothing for a lot less than it cost to clean it, but he insisted I use a disaster recovery company to clean everything. He fought me for 3 months before eventually giving in and paying the full policy. I had to retain an attorney to finally get that result. It’s not like my policy was that big, but the insurance company acted like I, as a crime victim, was trying to defraud them. They don’t acknowledge that dragging the claim process along costs the policy holders money and often increases the insured loss. The kicker on all of this was after we all moved on is that I was forced to keep my insurance company for 3 more years after my loss. The reason was that I had a total loss on my renters policy so no other insurance company would write a policy for me. I eventually found one that would but I still paid nearly 100% more because of this claim in my past. Insurance companies not only burn their customers with unnecessary delays, they also collude to prevent consumers from moving away from the bad ones.

[devonteforeman]

We were directly effected by Ian, and it tore off several of our shingles. Our neighbor opted to use his insurance company to replace his roof. They did approve his claim, but then they immediately dropped him. We've been paying our insurance company for over a decade and have never filed a single claim. Despite that our monthly rate has gone up consistently almost every year. We're afraid to even use it because we know so many people that have been dropped after filing a claim. If we had just saved the money we have paid them we would be so much better off.

[pinkflamingo]

It's about damn time someone brought this up.

Pretty much everything the government forces us to do is a grifter scam.

When I paid off my mortgage the 1st thing I did was cancel my homeowners insurance. Probably $100, 000 down the drain without ever receiving a dime, not even from a dozen+ hurricanes (which is an even bigger scam).

When I was growing up in the 60s and 70s, many more people chose to self insure, or carried only fire, and it was very common to only carry liability on their cars.

[nyt]

We moved to Soviet MD around 2002. We bought a home in Anne Arundel County and got insurance from an insurance agency in Bowie MD associated with "A" HUGE insurance company. Hurricane Isabel was coming in 2003, so being new to the area, 200 feet from the Chesapeake Bay, decided to leave for WV to get away from the storm. We called the insurance agent in Bowie to assure we had coverage. She said "yes". When we got back, the giant tree we were worried about had not fallen, BUT our house was flooded with brackish water. An 85 Thunderbird had water up to the side windows.The floor of the house had water around six inches deep and a porch was one step lower so it flooded deeper. Since the Furnace was in the porch, all the ducting went through the crawl space under the house. The furnace and ducting was destroyed.
I took pictures of all the damage to turn into my insurance. They turned it down because I homeowners was not flood insurance. I ask why, when I bought the insurance, contents coverage was sold to me but they didn't offer contents coverage for flood? The LIAR said " I am sure I offered it to you". I hung up because I didn't want to name call. When buying a home and buying home owners insurance, the contents would be covered but not on flood. It would not be a concern because of the higher price. Had the LIAR offered it to me I would have accepted it as the cost of insurance.
I was eventually told that FEMA would cover the flood damage. I was told that I didn't have contents coverage on my FEMA. I lost thousands of dollars. My neighbor told me contents coverage was automatically included on FEMA, but I never found this out to be true or not.
The shallow well was flooded. And "I" had to pays a few thousand dollars to gave a new well put in. I never recovered from the losses.
So, my being scammed was to get home owners insurance and being scammed out of the proper coverage. Last I knew, a couple years ago, FEMA cost $6, 000 per year. I believe FEMA paid about $300 for a 300 gallon furnace oil drum.
Insurance once meant to cover me from catastrophic damage. But corrupt governments getting involve requires me to cover other people. That was not the intention. Now they force auto, health, mortgage, FEMA and other insurances to assure CRONY insurance companies get plenty of money to BUY corrupt politicians. If we stop going into debt, we could afford to buy stuff because we would not pay hundreds of dollars to bankers. If we only bought insurance for coverage we wanted the prices would be lower.
Governments are instituted to secure unalienable rights (see the Declaration).

You comment about contractor defrauding insurance companies - Some contractor like some insurance agents and companies are crooked. Both can be true.

You comment about profits, ski resorts in Maine claimed losses around 1969 having no snow til spring. It bothered me that they were allowed to keep all their profits from other years, but did not save up for a winter with no snow. Declaring an emergency and STEALING tax dollars for poor planning is cronyism. Read Walter E. Williams and Madison, "We cannot blame politicians for the spending that places our nation in peril. Politicians are doing precisely what the American people elect them to office to do — namely, use the power of their office to take the rightful property of other Americans and deliver it to them. It would be political suicide for a president or a congressman to argue as Madison did that Congress has no right to expend “on objects of benevolence” the money of its constituents and that “charity is no part of the legislative duty of the government.” It’s unreasonable of us to expect any politician to sabotage his career by living up to his oath of office to uphold and defend our Constitution. That means that if we are to save our nation from the economic and social chaos that awaits us, we the people must have a moral reawakening and eschew what is no less than legalized theft, the taking from one American for the benefit of another."

[jackfunk]

I work as an inspector and see this every day. thank you for being very clear about this issue.

[cartoonistaaronhazouri]

I've been an adjuster (left that job behind long, long ago thankfully). Adjusters aren't paid based on whether or not they deny claims, but the idea that everyone is trying to get something past "us" is driven into our heads during training, and many adjusters take it to heart and are argumentative by nature. We are told "pay what we owe" but are also told many ways claims "should" be denied, including arguing with people on an old roof over the condition of the roof. I remember during my training having to talk to an elderly woman about why her claim wasn't covered while the roofer and my trainer were on the roof arguing over it. Never felt so awful. Decided then and there I couldn't do it anymore. Add to the fact that the company expected us, as employees, to front the costs of the hotel... gas... food... etc while out adjusting claims. Not as independent adjusters.... as employees. Then caution us against spending "too much" on food. One manager recommended we stick to McDonalds! Anyway - great video!

[viryhqj]

Here's a good one.
I had a mobile home with home owners ins.
I had a fire start under the floor caused by a faulty heat tape on the water line.
When the adjuster came out they denied my claim because of a wood stove in the opposite end of home.
I got nothing, had to fix everything myself, and couldn't get re insured when i was done because of claim i filed.