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I was in LA during the northridge earthquake, insurance companies were putting in double time looking for ways to prevent having to pay for damages to homes. I

I was in LA during the northridge earthquake, insurance companies were putting in double time looking for ways to prevent having to pay for damages to homes. I remember driving down streets and seeing garages spray painted with "State farm refuses to pay on my claim". I'd be happy to pay into a system that isn't driven by pure profit.

Kon-Peki 3y ago
State Farm is a mutual insurance company [1] - all the "profits" are sent back to the policyholders as rebate checks. Of course, that also means that they don't have unlimited pools of money to pay out claims during big disasters. [1] https://en.wikipedia.org/wiki/Mutual_insurance https://en.wikipedia.org/wiki/Mutual_insurance