⚡🇺🇸 WATCH - An American woman loses her home in a fire.
She asks insurance to rebuild the SAME home—no upgrades, no expansion.
Insurance says NO.
Her policy only covers what the house USED to cost.
That’s not insurance. It’s a rigged system designed to NOT PAY when families need it most. https://blossom.primal.net/4e38f38e0be829204e046420a8962450eac18de8734c6ccc62fca6410648f8e5.mp4
not really, but I agree that insurances suck.
This is one of the negative consequences of inflation that few people talk about. Insurance companies are starting to remove the replacement cost value from policies. I suspect it's because actuaries are catching on to the fact that CPI does not reflect the mathematical reality of rising prices.
She had just bought the place it seems... So I think there's some missing information here.
No insurance is going to say "we'll insure it for the price it was when it was first built in 1888".
To be fair, unless she had constantly took equity out of the home, the insurance should cover the loan at the least.
Actually what happens if you borrowed more? If you can't pay, the bank reposesses the house... So they take the loss no?
She had just bought the place? I just have more questions now.
No, that is not understanding insurance. Make sure the coverage amount increases as needed. Will mean an increasing premium.
I feel horrible for her and her family, BUT this is understanding your policy, before you need it.
wow, so the second time you "covered" a story about the same person that didn't read their policy.
