Quote:
Originally Posted by dewilson58
No..........it's a money maker for THEM.
Insure what you can not afford.
Car deductibles should be at least $1,000.
House deductibles should be at least $5,000.
Do not buy insurance for $500'ish items.
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Right, Structure insurance to cover what one cannot afford to pay such as fire, major collision, cancer, death of a working spouse when younger with a young family, etc. etc. Adjust deductibles to what you can afford to pay out of pocket and lower your insurance premiums.
Insurance/warranty on smaller stuff like electronics and appliances is generally not a good value for the person and very profitable for those that sell it.
By the way, OP, read the fine print of the home warranty literature for what they actually cover and will do for you. It’s likely not what you think.
The US home warranty industry has annual revenues of almost $4 billion with a profit margin of about 12% —> annual profits approaching one-half billion dollars per year.
Home Warranty Providers in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld.