Property investor Albert explains how homeowners insurance works, when it doesn’t work at all, and why the entire model can feel like a scam after disaster strikes.
Key Points:
- You’re on the hook for upfront disaster mitigation and repairs. Insurance only reimburses later, often not in full.
- With labor shortages, replacement costs far exceed insurance company estimates. They lowball based on pre-disaster rates.
- Constant climate disasters mean constant claim denials. Albert asks - is insurance even worthwhile when it fails to protect you?
- For homeowners insurance beginners, the model seems primed to collapse. Albert argues it needs an overhaul to actually cover people.
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