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   Twig (twig@noauthority.social)'s status on Saturday, 11-Jan-2025 09:39:33 JST Twig

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   Insurance companies will cover what they promised, and they have enough money for it.

   If the cost of rebuilding exceeds the sum insured amount then the insured person has to pay the remaining.

   • Jeff "never puts away anything, especially oven mitts" Cliff, Bringer of Nightmares 🏴‍☠️🦝🐙 🇱🇧🧯 🇨🇦🐧 likes this.
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     Lyx (lyx@cum.salon)'s status on Saturday, 11-Jan-2025 09:49:29 JST Lyx

     in reply to

     • þernia
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     • Jeff "never puts away anything, especially oven mitts" Cliff, Bringer of Nightmares 🏴‍☠️🦝🐙 🇱🇧🧯 🇨🇦🐧
     @Twig @Soy_Magnus @charlie_root @dcc @lonelyowl13 @realman543 @Tony @chog9 @boyperpia @admin @ins0mniak @Humpleupagus @lonelyowl @koropokkur @Economic_Hitman @RexRedbone @magicalthinking @jeffcliff the insurance industry only functions as a business if it doesnt pay people out. It exacerbates this flaw when national disasters happen because they dont have the liquid capital to pay everyone they insure out. Thats why bank runs kill banks they work off a fractional banking system meaning they dont have more than 10% of all depositors money available they cant cover anything more than that
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     Twig (twig@noauthority.social)'s status on Saturday, 11-Jan-2025 09:55:00 JST Twig

     in reply to

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     Good point Lyx,

     But there are fundamental differences between banks and insurance companies.

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     Owl! 🦉 (lonelyowl13@annihilation.social)'s status on Saturday, 11-Jan-2025 09:59:25 JST Owl! 🦉

     in reply to

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     I won't say that banks always have exactly 10% of deposits in hard currency, they tend to keep bigger reserves just in case.
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