12 rental houses, 1 town, no insurance

Just checked and they had a '.org' web site asking for donations.

So everybody else pays insurance to ensure they are covered and then we have those who don't and then expect others to dig deep because it will never happen to them.

This is a purely financial decision that this guy made to safe himself some bucks. It was his decision to be self insured.

Cheers
 
Thats a very sad story, but still - who would make such a stupid decision not to take out insurance??

Still feel a little bit sorry for them though.
 
The sympathy is there - you don't wish disaster on people, but there are ways (insurance) tp help you recover from a disaster of this type (loss of building/livlihood) without having to rely on the goodwill of others.
 
Yep,

Damn stupid.

You never know what life is going to throw at you.

I can't believe they are asking for handouts.

Anyone who doesn't insure I think are mad!!!

F
 
Thats a very sad story, but still - who would make such a stupid decision not to take out insurance??

Still feel a little bit sorry for them though.
I'm with you.

Same as everybody should know not to smoke, or drink and drive. People making stupid decisions may make you frustrated that the person has contributed to the situation, but it shouldn't erase your sympathy when they suffer the consequences of their poor decision-making. None of us are perfect, and I'm sure we've all made sub-optimal decisions at one time or another. :eek: Fortunately, most of the time we get away with it.
 
Last edited by a moderator:
Didn't the government give out large financial payments to uninsured people who lost property/things in the fires? I didn't agree with that at the time either - its basically a reward for not taking responsibility for your own actions.

But that's the way our society rolls these days I guess :mad:
 
Hey come one here, if I was a tradie who owned 15 utes, I wouldn't insure them because the premiums would buy a new one each week, so if one crashed every year, it doesn't matter, it just gets replaced.

If all 15 utes were written off in one day I'd be really unlucky.. and this would be hard to forsee..

They were obviously self-insuring which they are entitled to do. It doesn't make them stupid or scum.

You people really disgust me, no sympathy or humanity.

Cheers
Pulse
 
Hey come one here, if I was a tradie who owned 15 utes, I wouldn't insure them because the premiums would buy a new one each week, so if one crashed every year, it doesn't matter, it just gets replaced.

If all 15 utes were written off in one day I'd be really unlucky.. and this would be hard to forsee..

They were obviously self-insuring which they are entitled to do. It doesn't make them stupid or scum.

You people really disgust me, no sympathy or humanity.

Cheers
Pulse

We have sympathy and humanity...where it is deserved.
My lenders require I have insurance. I thought all lenders did.
He gambled and lost.
I hate paying $1400 every month for insurance, but that's the cost of having properties.
 
So does it matter to the things they crash into, and does this damage get repaired or replaced?

They would have third party property insurance.

We have sympathy and humanity...where it is deserved.
My lenders require I have insurance. I thought all lenders did.
He gambled and lost.
I hate paying $1400 every month for insurance, but that's the cost of having properties.

Self insuring is not really gambling, it's an assessment of risk. I thought my example illustrated this. If you have one $2million IP then you obviously need to insure it. If you have 20 $100 000 IPs in different towns in different states then its reasonable to only have public liability and self insure. You will probably finish ahead if you are a better that average risk.

I agree not insuring your PPOR is madness.

I disagree with people who show no compassion for someone who has lost everything.

Cheers
Pulse
 
Top