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I'd be surprised if some rich people didn't buy units in this building just to insure them in case something happens and they can get a big payout.
by MattGrommes 5y ago
I'd be surprised if some rich people didn't buy units in this building just to insure them in case something happens and they can get a big payout.
- deleted 5y ago[deleted]
- vore 5y agoSurely the insurance companies are also aware of this fact.
- willhinsa 5y agoYou'd be surprised what insurance companies overlook sometimes. An actuary told me one company he worked for accidentally sold an insurance policy for death due to cancer, but didn't ask applicants whether or not they currently had cancer. So that was quite expensive lesson on selection bias for that company, lol.
- adgjlsfhk1 5y agoThere was a freakanomics episode about someone taking out a bunch of life insurance policies against seniors in hospice.
- xivzgrev 5y agoAssuming you get everything you want and then some sure. But settlements are compromises - I doubt any of the homeowners at end of the day are in the black. But their losses are less than if they had not sued. Not a great investment by any means
- refurb 5y agoHow would that work? Buy a unit for $1.5M and sit on it, while paying insurance premiums. Building falls down and you get your $1.5M back after a huge amount of hassle?
- quickthrower2 5y agoOr just buy naked insurance premiums? Wouldn’t surprise me if that were a thing.
- sgerenser 5y agoInsurers won’t insure you without an insurable interest.
- vel0city 5y agoI've got a plan for infinite money. I'll just buy a car, take insurance on it, crash it, collect insurance money. I can't lose!
- mywittyname 5y agoInsurance companies win on average. So the premiums collected are probably going to exceed the anticipated payout. And your plan only works if you can actually get insurance on a unit at this point.