Help finding a renters insurance company that meets my personal morals?

Help finding a renters insurance company that meets my personal morals?

I am trying to sign up for renters insurance but i don'-t want to go with some huge company that is getting rich off of insurance claims. I'-m hoping to find a company that is either using their profits to benefit the environment/local community, or one that is not for profit or of similar structure (aka the employees make a living but don'-t get huge bonuses while denying people claims). I want to put my money into a company that actually helps the community and if anyone knows of any insurance company like that or can point me in the direction of where i can find one that would be greatly appreciated.Thank you very much. I live in Western Maryland.


You have a mis-understanding what insurance and insurance companies are.1. no insurance company "gets rich" off an insurance claim. An insurance claim is when a policy holder has a loss and the insurance company PAYS out money.All insurance companies track the amount paid on claims. It's called their loss ratio. This compares dollars in (premiums) to dollars out on claims. Most companies pay 0.80 cents or more out on claims for every one dollar they bring in. Some pay more out than they brought in. You really see this when storms hit.If a company pays less on claims then they brought in (say they pay 80 cents for every dollar they made in premium) they still have to pay their employee salaries/health benefits/fund retirement accounts/, pay for supplies (buildings, utilities, computers, software, pens, post it's etc), and they also purchase re-insurance. This is one of their biggest expenses. And, it take a lot more than 20 cents on the dollar to do this.And if a company makes a profit after claims and expenses then that money has to be set aside to pay future claims with (reserves). This helps to keep the insurance company from going bankrupt. They have to use money earned in good years (where they made more then they paid out) to help survive the bad ones (when they pay out more then they made).Most insurance companies "profit" comes from their investment income - not your premium. As you can see, your premium payments are no where near enough to cover all claim and operating expenses.2. I don't know what you expect by a company putting their "profit to benefit the environment". But if you mean will they donate to Green Peace etc. No.They do help the environment by advancing their technology. Many insurance companies are going "paper-less". Using online files instead of hard copy files.Like any other business, insurance companies use their "profits" to re-invest in their business. They invest in new computers, new software, vehicles, training for the employees.3. All insurance companies help their local communities. This happens in several ways:a. they employee people from the local community. So they provide jobs. These are usually good quality jobs that require a college degree.b. every time an insurance company purchases supplies or build a new building - they provide jobs in the local community. Example: Every month, UPS deliverers boxes with reams of paper to my office. This helps provide jobs through UPS (because we are a customer who use their services year round and pay them), through the paper supplier (who has to acquire and sell the paper) and the paper manufacture who made the paper to sell to the supplier who sells it to us.Now, multiply this by every good/service an insurance company or business would use. Now you see the impact on the local community.Additionally, as a property adjuster - I frequently give customers the names of local roofers, contractors etc who can repair their homes. I hire engineers to inspect a property. I pay restoration companies to bring in their equipment and dry your home after the water pipe bursts. I pay hotels when peoples homes are not habitable.This also helps the community because the roofer gets the work - pays his employees - pays his suppliers. Again, multiply this by every service that could be required in a property claim.As a casualty adjuster (auto claims), I pay local body shops who repair cars, pay rental bills to local rental car companies and pay medical bills to local medical providers. Again, this helps with jobs.And lets talk turkey....all the money I pay for "pain and suffering" ends up getting spent in your local community too by the person I paid it to.Insurance company checks don't bounce. So when we pay for a car, house, medical bill etc - we help the local community.Here's another way we help - the big obvious way. Joplin, Missouri gets devastated by a tornado. The town gets rebuilt. Where do you think the money to do that came from? INSURANCE CLAIMS!Insured losses (meaning amounts from insurance companies) for Joplin are expected to be in the 1 BILLION - 3 BILLION range.…Do you think the town could be rebuilt if insurance companies were not there to pay those funds?Since the town is not left a waste land for vagrants, people get to replace their homes and possessions, jobs are kept because businesses are rebuilt and jobs are created because of the greater need for construction folks etc.Ins short: EVERY SINGLE INSURANCE COMPANY OUT THERE MEETS YOUR REQUIREMENTS. So just call up what ever company has your car insurance and get a policy with them. This way, you will qualify for a multiple policy discount (usually that's about 5%).


Most insurance companies do help communities in lots of different ways.If you want a mutual company, State Farm and Liberty Mutual are mutual companies. Insurance companies are in the business of paying claims and not denying them. Some are better than others at paying.Most insurance companies do lots of stuff to help the local community and give grants to communities and student grants too.


There is no such company. No insurance company gets rich by paying insurance claims! Apartment insurance is going to cost about $100 - $150 a year! If something happens to your personal belongings and you are insured the company will pay your claim up to the amount you have chosen for those things! Where do you think they get that money from?


I think some basic insurance education will help you out of your moral dilemma.Insurance companies make the VAST majority of their profits, off of their "reserves", money set aside to pay claims which can be invested. NOT off of the premiums. Typically, an insurance company pays out about $.90 in claims for every $1 in insurance premiums, for renters insurance. When you add in overhead and cost to adjust the claims, renters insurance cost to the insurance company, is $1.07, for every $1 in premium. That's right, the "vast profits" they make from their investments, actually SUBSIDIZE the cost you pay, for renters insurance.But maybe you want a MUTUAL company, where it's actually owned by the policyholder, any excess monies earned are returned to those policyholders on a pro-rata basis. There aren't an awful lot of mutual companies out there any more, but a local agent can give you some information on mutual companies operating in Maryland. Donegal Mutual comes immediately to mind, but I'm sure there are others.Insurance companies don't pay out claims that aren't covered. I don't know why there's this great myth that they WRONGLY deny claims - they don't. Insurance is the most heavily regulated industry out there.ALL of them, licensed to sell insurance in your state, will meet - OR EXCEED - those standards you mentioned.



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