The money I make from my inspections pays my salary and expenses. There is nothing left over. How do you justify companies having millions in profit AFTER expenses, salaries, etc…are paid and then raising premiums year after year.It’s not unheard of for insurance companies to refund some of their windfall to their customers. You can’t compare a one man inspection business to an exxon/mobil or aetna healthcare.
So Scott, who should decide how much profit is fair.
I’ll bet your return on investment is much larger than Exxon’s or BP or Mobile’s.
Should your customers demand a refund?
James, please stop it. Your making too much sence and will confuse a lot of people:shock:.
The money I make from my inspections pays my salary and expenses. There is nothing left over. How do you justify companies having millions in profit AFTER expenses, salaries, etc…are paid and then raising premiums year after year.It’s not unheard of for insurance companies to refund some of their windfall to their customers. You can’t compare a one man inspection business to an exxon/mobil or aetna healthcare.
I can easily justify it - Where do you think the money comes from that they pay out in claims? Don’t you realize that a lot of what they makes is put into reserves so they CAN pay claims? Where do you think Exxon gets the money from for new exploration and drilling new oil fields? Besides, what right do you have to determine what someone else makes? What special insight do you have or claim? You need to take some business course, because if you are just breaking even, you are eventually going to go out of business.
I have another question for you. Do you think the government should sieze these profits?
I am not trying to insult or berate you, but don’t get caught up in populist rhetoric. If companies didn’t make profits, you wouldn’t have a job nor would we have an economy. Its all interdependent - we are all in this together. 
No… FREA has not raised rates… they just took the discount away from experienced inspectors,the same inspectors that supported your company for years and earned a discount or no deductible policy by not having any claims, the same inspectors that are ,and were able to provide documentation of their exp. and training, then your company turned around and offered inspectors that pay Nickey 375.00 for a phoney non-verified marketing title, a no ded policy…:roll: :roll: :roll:
Gee Ben…sounds like FREA is getting a little desperate by sending you on this and other message boards to round up business, now your bashing other ins. company’s to get new customers on this site as well:shock: :shock:
Whats happening, are you loosing experienced inspectors? the latest I heard they are dropping out like flys every month since your company decided last year your market is going after certified master inspectors.
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Who does decide how much profit is fair? don’t think we’ll ever have that calculation. All I am saying is that when you look at the oil companies and their millions to billions of dollars of profits and gas is $3/gal. Look at the health ins. companies who record record profits year after year and 30% of us citizens are not insured cause they can’t afford the premiums. ($1000+/month for family coverage?!) This makes sense to you? Again, you can’t compare a one man inspection co. to these big corporations. People elect to have a home inspection, it is a one time expense and if they can’t afford it, they don’t have to do it. People need gas for their cars, people need health insurance for their familes.
james,
i am not talking about revenue which i think you might be referring to. i am talking about money left over after ALL expenses are paid, including funding mandatory reserves.
unfortunately, i don’t know if there will be a solution to this. I am not saying that companies are not allowed to make profits, i am saying that something doesn’t seem right when they are making hundreds of millions in profits and the consumers are struggling to make payments or are feeling it when they have to pay $50 to fill their tank up.
Hey Scott;
Insurance companies are “For Profit” and normally successful. They’re not in business to give back money. Supply and demand dictates the premiums in their business and the inspection fees in ours.
Millions of Americans own stocks in various insurance companies, I be one of them;-)
I don’t take these things personally. Selling insurance is not the most glamorous profession so anyone who DOES take it personally is in the wrong profession. These message boards can be amusing at times. What started off as question about E&O insurance manifested into a philosophical debate over the concept of insurance. This typically happens when this topic pops up regardless of the inquiry.
I see both sides of it. Keep in mind, I’m a consumer too. I buy health, life, auto, etc., etc. With my health insurance, I have not filed a claim in 2 years yet my premium goes up about 12% each year. That’s the “trend” and I’ve come to accept that. Auto, same thing. KNOCK ON WOOD!
With E&O, our rates are the same across the board for every inspector. No individual rates are raised on the basis of claims. Rates are determined by claims experience across the industry.
What on Earth are you talking about? We offered a discount to members of all assocations across the board. Our rates were increased by the carrier and rather than pass that increase down to the membership, we eliminated the discount. We could’ve given that same discount on an inflated rate. But that wouldn’t really make sense now would it? Oh, and we also lowered the deductible from $2,000 to $1,000.
Where am I “bashing” other insurance companies??? Did I even mention any other insurance companies on this thread??? I’m not here to drum up business. But if someone inquires about insurance and because I’m in that industry, why WOULDN’T I answer with what my company offers?