Sharing Daily Discoveries About Personal Finance And Business Topics

Relying On Insurance or Crowdfunding Nowadays For Unfortunate Events

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Over the past few months I have seen at least to separate incidents where in both cases certain people were affected by some kind of life altering event such as their house getting burnt down. They did have insurance of course, but regardless of it loved ones felt the need to create fundraisers of sort using crowdfunding platforms as a way to generate even more money for the victims. This wasn’t limited to disasters like these either. This also involved people who have had their house robbed too where again they did have insurance. It made me wonder, is crowdfunding like an alternative form of insurance for people nowadays?

Of course I recognize that a large part of it is people who simply want to help loved ones which is very cool. Like there regardless of how much was raised it’d the thought that counts. Financially it is a little strange though where some people advertise it as if people aren’t going to get basic things back through the insurance. I read one comment where a person wrote a note that the insurance would get the victim everything back in terms of a cash value but that the process is not very fast. So instead they use the crowdfunding to enable them to get money faster where afterwards they don’t need to worry when they will get the insurance.

I know if this was a business kind of insurance that would be so dangerous in many ways. Example, a place of work gets burned down where the employees are then paid money through the insurance. If the employees then asked for donations to the company for that incident that would probably actually mess up the insurance process.

It almost makes me wonder if people would actually skip out on insurance entirely by simply relying on things like crowdfunding to help them fully recover in the event of something unfortunate.

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