Friday, October 15, 2010

Pay the bills you greedy ghouls

I heard an interesting interview on CBC radio this morning with people from Dunville who are still trying to figure out the damage after Hurricane Igor.

The whole point of the interview was that they’re waiting for government money to repair the damage to their homes.

My question is how do the insurance companies decide what they will or will not cover? I hear all of this talk about “acts of God”. Well, for those of us who believe in God, we tend to think that most things are acts of God – hurricanes, floods, beautiful sunsets – the list goes on and on.

The fact of the matter is we pay a pretty penny for insurance coverage and then the insurance companies start telling us about the exceptions. Perhaps it’s time the various governments in Canada talked to the insurance industry and passed the legislation to cover these “loopholes”. The insurance industry is a multi-billion dollar business and the way they make their money is by reducing their losses – this is a classic case of them turning their back and walking away (unless of course you want to buy MORE insurance!)

Do you remember all of the hoopla about caps on the amount of money insurance companies would pay for soft tissue injuries in a car accident? There were many of us at the moment who could see the insurance industry’s hands so far into the politicians pockets that it was hard to tell where one ended and the other started. Same thing here.

I don’t believe that governments should be insurers-of-last-resort. I think the insurance companies should take responsibility for looking after the cost of repairing those homes. They can afford it and know they can although they will whine about how tough times are if you even suggest it. Right. Suck it up and pay the bills you greedy ghouls.

No comments: