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I work for a major insurer. Much of my industry is fudging the numbers in the face of the climate crisis (www.theguardian.com)
submitted 3 weeks ago by to c/climate@slrpnk.net
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[–] 6 points 3 weeks ago (11 children)

Now I'm wondering if it makes any sense to double up on insurance.
Like finding a second company and getting a policy from them also.

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  • [–] 14 points 3 weeks ago (3 children)

    Talk to a broker. Many companies consider dual policies a case of splitting the risk between them, not doubling the payouts even though both premiums are being paid.

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  • [–] 2 points 3 weeks ago (2 children)

    That seems odd, since insurance is fundamentally just a bet. There's no reason one can't make two bets on the same thing.

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  • [–] 2 points 3 weeks ago* (1 child)

    It's how medical insurance works in Canada if you have coverage from two working parents. Not sure about other forms wich is why I said check with a broker.

    Thinking about this again, if someone has the money to pay two policies, they can probably self-insure depending on the specifics.

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  • [–] 2 points 3 weeks ago

    Medical insurance isn't actually insurance in the traditional sense. It has more in common with a subscription service.

    But I'm more specifically thinking of home flood and fire insurance, as that's the kind the article is about.

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  • [–] 3 points 3 weeks ago (1 child)

    You usually can’t claim on both policies at the same time. I think for car insurance there’s nothing against having multiple policies on the same car, but if you claim on all of them for the same incident, it’s classed as fraud

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  • [–] 1 point 3 weeks ago

    I'm thinking, that if the companies are miss-evaluating the risk and underpricing, they may not be able to payout fully, or possibly at all in the event of a climate disaster. And since they're underpricing the risk already, then the cost of two policies may be more in line with the actual risk.

    Car insurance is a bit different.

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  • [–] 0 points 3 weeks ago (3 children)

    Ultimately it's all Lloyds of London. They insure pretty much every insurance company.

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  • [–] 1 point 3 weeks ago (2 children)

    Loyd's runs an insurance brokerage or market, they don't actually underwrite the policies themselves.

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