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Message
re: Are Coastal states in the Southeast in danger of losing Insurance for Hurricanes???
Posted on 9/30/22 at 1:50 pm to El Segundo Guy
Posted on 9/30/22 at 1:50 pm to El Segundo Guy
quote:Grow up.
More government and my taxes going to subsidize were you choose to live is th worst idea.
1
Posted on 9/30/22 at 1:51 pm to FLObserver
To the thread topic question: Yes
Posted on 9/30/22 at 1:51 pm to FLObserver
Homeowners insurance rates are already out of control in Florida. Something needs to change or more and more people are going to not be able to afford coverage. Florida’s elected leaders need to do something ASAP
Posted on 9/30/22 at 2:12 pm to theronswanson
What would you suggest the elected leaders do? They just had a special session and it did frick all. You cannot legislate rate. However, you can legislate tort reform. Only 8% of claim payouts go to claimants in FL. The rest goes to attorneys and public adjusters.
That is the issue that has to be addressed to fix the rate and drive competition back to the state. No one wants to operate in a state where you have hurricane risk AND everyone sues the companies for claims
That is the issue that has to be addressed to fix the rate and drive competition back to the state. No one wants to operate in a state where you have hurricane risk AND everyone sues the companies for claims
Posted on 9/30/22 at 2:33 pm to theronswanson
quote:Louisiana says "hold my beer".
Homeowners insurance rates are already out of control in Florida.
Posted on 9/30/22 at 2:38 pm to RealityTiger
quote:
Homeowners insurance rates are already out of control in Florida. Louisiana says "hold my beer".
Florida smokes Louisiana on this and it’s not even close.
Posted on 9/30/22 at 2:45 pm to theronswanson
quote:Quick google search says bullshite.
Florida smokes Louisiana on this and it’s not even close.
LINK
Posted on 9/30/22 at 3:05 pm to RealityTiger
For coastal towns, Florida is absolutely higher than LA, and in just as worse of shape from a perspective of losing insurers left and right.
Posted on 9/30/22 at 3:13 pm to DCtiger1
Insurance is such a fricking scam. I think we can all agree on that.
I get that it's a giant hit to the insurance company to provide the money for repair. But when you consider how many millions of other people are sitting there paying an annual premium of thousands of dollars and never ever even so much as collect on that. The insurance companies aren't going broke from this. They're complaining that they actually have to provide the promised service that everybody pays for.
I get that it's a giant hit to the insurance company to provide the money for repair. But when you consider how many millions of other people are sitting there paying an annual premium of thousands of dollars and never ever even so much as collect on that. The insurance companies aren't going broke from this. They're complaining that they actually have to provide the promised service that everybody pays for.
Posted on 9/30/22 at 3:17 pm to RealityTiger
You’re an idiot if you think it’s a scam. The financials are public, look for yourself. Companies go insolvent because they lack financial strength and their future or current ability to pay claims. A lot of these companies operate in only a few states.
You have an extremely uneducated and/or jaded view of how insurance works
You have an extremely uneducated and/or jaded view of how insurance works
Posted on 9/30/22 at 3:23 pm to DCtiger1
quote:
You’re an idiot if you think it’s a scam. The financials are public, look for yourself. Companies go insolvent because they lack financial strength and their future or current ability to pay claims. A lot of these companies operate in only a few states.
You have an extremely uneducated and/or jaded view of how insurance works
Welp, found the insurance salesman in the thread.Posted on 9/30/22 at 3:29 pm to RealityTiger
quote:
Welp, found the insurance salesman in the thread.
Welp, found the uneducated Buffoon in the thread. Why don’t you cancel all of your insurance and self insure? That way you never get scammed?
Posted on 9/30/22 at 3:31 pm to DCtiger1
I knew it. 
So sorry to hurt your wittle feelwings Mr. Insurance salesman.
So sorry to hurt your wittle feelwings Mr. Insurance salesman.
Posted on 9/30/22 at 3:32 pm to RealityTiger
Why would you hurt my feelings
You’re the idiot claiming insurance is a scam.
You’re the idiot claiming insurance is a scam.
Posted on 9/30/22 at 3:40 pm to DCtiger1
quote:Me, along with millions of other people who would agree.
You’re the idiot claiming insurance is a scam.
quote:You're doing a damn fine job of displaying that in every post.
Why would you hurt my feelings
Save your bullshite for one of your clients.
Posted on 9/30/22 at 3:47 pm to RealityTiger
quote:
Me, along with millions of other people who would agree.
Tens of millions of people voted for Joe Biden. I get it, you’re clearly butthurt about some past experience. You’re still an idiot.
Posted on 9/30/22 at 3:49 pm to RealityTiger
quote:
Grow up
If you can't afford your premiums, move. That's what real grown ups do.
Children want tax dollars to offset premiums.
Posted on 9/30/22 at 4:28 pm to DCtiger1
quote:
The price of risk has nothing to do with affordability. It’s not profitable to write in some of these states, and the litigation is the icing on the cake.
A business cannot base pricing on affordability when the risk of loss isn’t equitable to the premium charged
I understand that.
What I am saying is that if that insurance is not affordable, people will leave.
If people leave, who will do the work that needs to bhe done here?
We are on a crash course with a housing affordability crisis on the coast. Only the rich elites can afford to live there... so where will the worker class live? They are not going to live 30 miles inland and commute... they will find a job 30 miles inland.
Posted on 9/30/22 at 4:32 pm to DCtiger1
quote:
No one wants to operate in a state where you have hurricane risk AND everyone sues the companies for claims
It's a cycle.
Insurers short pay. So attorneys sue. The insurers then pay the higher amounts (even in settlement or by court order).
Rates then go uo because the insurer pays out more than they would have if they would have treated the claim properly in the first place.
That puts more pressure on claims for the next storm, which just continues the cycle.
Are there BS claims? Sure. But if the companies treated the legit claims properly, there would be less lawsuits.
Posted on 9/30/22 at 4:35 pm to DCtiger1
quote:
Companies go insolvent because they lack financial strength and their future or current ability to pay claims. A lot of these companies operate in only a few states.
That last sentence is the real issue. Those smaller companies have their risk too concentrated.
The big companies collect billions in premiums from policyowners who live in places that will likely never have a claim, unless they have a fire. Then those big companies are like, nah, no interest in insuring in areas where we might actually have to pay out claims.
I don't blame them... it's smart business.
But that's the problem. The companies that can handle the claim exposure here don't want it, and the companies that are willing to take the claim exposure can't handle it.
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