03-13-2014, 04:38 PM
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Registered User
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Join Date: Oct 2007
Posts: 7,494
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Quote:
Originally Posted by Skid Row Joe
HuskyMan has done a masterful job of depicting the theme of not only the insurance business, but the success resultant that is sometimes achieved by owners and investors in any number of insurance companies, including Berkshire-Hathaway, Inc.
I would like to expound on the idea that they (insurance companies) have you believing that you need their products.
I suspect that notion is the result of being bombarded with highly effective advertising done in signage, print, cyber, and over the television and radio networks.
Who doesn't recognize the gecko, or the Mayhem guy that hawk two brands of insurance?
In some cases, you are required by law or lenders, that you do indeed carry insurance before they will lend you money for a car or a piece of real estate - your residence for example, or allow you to get a business or drivers license, a license for your vehicle, or State inspect your vehicle to legally travel public streets and highways.
Whether it's a good idea to carry insurance on one's paid for real estate, is a whole other issue. To my knowledge, you are not required to insure paid for, non-lien holder property, but the owner of that property then needs to assess whether he is willing to risk up to total loss of the dwellings on that property, assorted legal liabilities, and the ramifications that follow.
When you carry insurance, you transfer the risk of loss to another to keep your asset whole.
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Quote:
Originally Posted by aklim
For you, maybe. I don't buy every conceivable policy that I have been told to get.
Gecko, yes. Don't have him now. The other guy? Not a clue who or what you are talking about.
Seriously? Would YOU lend me money and put a lien on my house with no insurance? You that crazy? If so, I have a few people who want to borrow money and you can take a lien off their oil wells in Texas. No deeds though. Their good word. As to driving, would YOU be ok with me damaging your property and saying "Mea Culpa". Sorry, I got no job or money to pay. But it's ok. Your insurance can pay and jack your rates up?
That is fair enough. Let your house burn down for all I care. Now if I held the lien on it and you have no insurance, I could take the land but the house on it would be ashes and you'd still owe and probably not pay and declare bankruptcy.
Most, not all risk. There is still the deductible.
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Not sure what in my quoted post you are responding to IN BOLD, or what I wrote would cause you to respond to it the way you did, so I thought I'd ask?
Not sure what your point is you're trying to make to me, since I already understand the insurance business. Was there one?
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