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This is heartbreaking. The storage facility insurance scam is one that needs to be investigated by the government. It's a tremendous rip off and covers nothing.

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Most insurance in most industries is a racket.

The famous Lloyds of London started as a gambling coffee house. Gambling and insurance are closely related, and offer the same bargain: the house always wins.

> the house always wins

Well, until Lloyd’s did lose a lot of money in 1991, and the Names had too much exposure. Berkshire Hathaway cover them now, I believe.

That's rich.

I wonder if an insurance company operated as a co-op would be a better arrangement. Interested parties pooling money to pay out to the one unfortunate one who has a disaster. Could potentially invest the pool in super low risk investments as well for a little upside.

Mutual insurance companies have been a thing for hundreds of years. Some well known US mutual insurance companies are State Farm, Amica, Mutual of Omaha, and most non Elevance Blue Cross Blue Shield affiliated insurance companies.

https://en.wikipedia.org/wiki/Mutual_insurance

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