Because fire isn't going to affect you, obviously. The "security" of your house is only part of what folks buy such insurance for.
Only the privileged can do such things and get away with it. You'd have to have enough money to have a nest egg large enough to replace the stuff you need and care about, money to replace documents and ID, money for a hotel and travel, and money leftover so that a second even in a short timeframe does not leave you horribly off.
Poor people go without insurance all the time, but that is more the lack of ability to pay the premiums.
And of course they are charging more than they are paying out - much like a retailer charges more for a product than it cost them to make. There are exceptions in both cases: A car accident can mean someone gets more benefits than they pay in and retailers take losses on some things - but it isn't the norm. The entire point, however, is that the risk is spread out so that most folks aren't hit with a life-destroying event when bad things happen. That's the real service you are paying a bit extra for. I find it weird that you'd judge teh company on making money.
You can judge by how well they pay out claims - how much time it takes, what percentage they pay, and so on. Or how much money they make in total - and this should probably be something over a few years to balance out natural disasters.
Only the privileged can do such things and get away with it. You'd have to have enough money to have a nest egg large enough to replace the stuff you need and care about, money to replace documents and ID, money for a hotel and travel, and money leftover so that a second even in a short timeframe does not leave you horribly off.
Poor people go without insurance all the time, but that is more the lack of ability to pay the premiums.
And of course they are charging more than they are paying out - much like a retailer charges more for a product than it cost them to make. There are exceptions in both cases: A car accident can mean someone gets more benefits than they pay in and retailers take losses on some things - but it isn't the norm. The entire point, however, is that the risk is spread out so that most folks aren't hit with a life-destroying event when bad things happen. That's the real service you are paying a bit extra for. I find it weird that you'd judge teh company on making money.
You can judge by how well they pay out claims - how much time it takes, what percentage they pay, and so on. Or how much money they make in total - and this should probably be something over a few years to balance out natural disasters.