how Mr. Chandler could refer to premiums paid as "all that wasted money"?
Anyone who buys insurance, pays a premium. That premium is in exchange for the Insurance Company's promise to provide insurance coverage for a specific time frame referred to as the policy term.
When the term ends, you pay a "renewal" premium for a new policy term.
Not much different from buying a pair of trousers at Belks. When they wear out, you buy a new pair.
By his own admission, they paid a claim on his behalf. They did what the policy called for.
Now they have decided they do not want to provide coverage in coastal areas. That's a business decision. No more; no less.
He paid his money; he got what he paid for.
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