this post was submitted on 05 Mar 2025
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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.
Huh? Most people don't have enough cash to pay off their home, let alone save up enough to be able to buy a backup home. That's what insurance is for- it protects you from expenses that would be ruinous if you had to pay them out of pocket. The insurance company takes in more than it pays out, but it's worth it for home insurance (and health insurance in the good old US of A). It's why buying insurance on some $100 tech thing is always a ripoff.
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.