this post was submitted on 05 Mar 2025
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I struggle to understand what modern insurance companies actually exist for, apart from money people donating money to them for nothing in return.
Insurance prevents people from hoarding money that they would need in case of a (personal) disaster to rebuild/repair/re-purchase their losses. If you know insurance will cover your house if it ever burns down, you spend the money, which helps the economy.
Even if someone worked very diligently to save money, it would take a whole lot to save enough to be able to afford an entire second house.