[adetrest]

I... Don't get this mentality. Yes replacing 25k worth of contents isn't that big a deal (although it would suck), but in a fire there are other costs that dwarf your contents. Think about how much your building/unit is worth. If the fire started in your place, you could be responsible for all these damages (and especially your neighbour's). Can you afford to repay a whole new building for you and your neighbours + their contents? How about living out of a hotel for a few months while the place is being repaired (which repairs you'll have to cover too) and potentially paying your neighbours' bills for that as well? How does that compare to a 1000$ deductible and a 300$/year premium? To me it's a no brainer. If you really want a low premium, get a 2 or 5k deductible, 5k contents, and shop around. You'll also get added protection like third party liability which is usually minimum 1 million $ and covers any damage you'd do to other's property. Of course no-one wakes up thinking they'll set their house on fire or flood the unit under them. And yet that happens every day. I don't know anyone who didn't have insurance and who got struck by a fire/flood/other damages say that they regret nothing and wouldn't buy insurance if they could go back in time.

[throwawaymath]

> Yes replacing 25k worth of contents isn't that big a deal (although it would suck),

This would be absolutely devastating to most people in America (and the world). Being able to tank a $25k loss without any insurance help is a very privileged position.

I don't have a point of contention with your comment. I just wanted to make that observation, because I think it can be easy for many of us to forget it.

[rubyfan]

I doubt it’s accurate. Most people underestimate their contents, personal property and clearly in this case their liability risk. As much as people want to hate on insurance, it is in fact an enabler for economic stability.

[derekp7]

I'm sure that most of that 25k wouldn't need to be replaced. Clothes, dishes, furniture would be the main items. And for me, 90 percent of my closest really needs to be purged.

[adetrest]

Definitely, I was replying to parent who didn't seem to have a problem with a $25k loss.

[devonkim]

I begrudgingly get insurance for certain things because I hear enough times how insurance will find a way to avoid paying for even those supposed protections. I hear that plenty times from homeowners where insurance refuses to cover anything they should have paid for due to improper evidence and it’d have been cheaper to save and invest the money spent instead of going through the adjusters while, say, waiting for a new roof. Then there’s the costs once you do eventually file and receive a legitimate claim for your liability (the primary upside of group insurance as a policyholder) and many insurers will refuse to carry you going forward. So it’s almost a one time benefit for many. On the flip side, insurance fraud exists but is definitely prosecutable while I don’t think I’ve ever heard of someone winning against an insurance company’s lawyers for being denied a claim unjustfully.

[conanbatt]

This is a serious topic, and it turns out that the relationship of insured-insurer is just really complicated.

Moral hazard and adverse selection are real issues insurance faces: that being covered makes the insured more reckless, and that people with higher risk self-select to sign up for insurance.

OTOH, insurance companies make more money the less claims they pay.

[mnm1]

Sadly, even worker's compensation insurance that the state runs and that one is required to pay into by the state is the same way. I only wish I could stop paying the premiums to these crooks because I sure as fuck can't get treatment for the injuries I sustained on the job. If I have a few thousand dollars to get a lawyer and pay witnesses and get super lucky, maybe I could get treatment but I'd rather spend that money on actual healthcare than gambling on insurance. Some insurance is just a scam to steal money (Washington State worker's compensation) indeed. That's how America treats its workers steal from then and leave them on their own to deal with their pain. Insurance my motherfucking ass.

[adetrest]

Not even mentioning the ridiculous costs (especially in the US) that come into play should the fire that started in your unit injure or kill anyone.

[celticninja]

My buildings and contents insurance cost me about $280 a year, I happily pay that for the peace of mind of being covered if shit happens.

[code_duck]

It’s great, if the insurance company actually pays when your circumstances merit compensation.