- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Hurricane vs wildfire insurance about to be nonexistent
Posted on 1/9/25 at 3:19 pm to LSUFanHouston
Posted on 1/9/25 at 3:19 pm to LSUFanHouston
quote:
That doesn’t explain the skyrocketing cost of insurance for the older structure, or companies non-renewing policies on the older structures
Of course it explains it. Based on CAT models those homes are riskier because they aren’t built to a code standard that can withstand said storms
1
Posted on 1/9/25 at 3:29 pm to fareplay
quote:
Should they be a govt entity?
Like government running something will make it cheaper or more effective lol.
What the cali government can do is start actually managing their forests like normal states, or their people will just leave. Past that, building techniques at least with hurricanes will make repairs less costly, reducing insurance costs. Or, people just...move. That's not a new phenomenon to weather catastrophes in biological history.
At some point, some insurance entity will find a way to make a profit where people will be able to stand to pay.
Posted on 1/9/25 at 3:32 pm to fareplay
There policies were cancelled because the insurance companies weren’t allowed to charge at rates that reflected their risk.
Posted on 1/9/25 at 5:06 pm to fareplay
This is going to be a very unpopular opinion, but hear me out.
Why do people insist on living in disaster zones? Why do we insist on rebuilding on fault lines, the gulf coast, and other high risk places? Why should the average Californian have to pay a high premium to replace a millionaire's mansion after the millionaire voted to make climate change a priority over basic forest and water management?
Do we really expect these insurance companies to dole out billions of dollars over and over again without recouping their money?
I think Coolidge had it right. Disaster relief should be charity, and people should learn from their bad decisions and the risks they take without expecting their neighbor to bail them out.
Why do people insist on living in disaster zones? Why do we insist on rebuilding on fault lines, the gulf coast, and other high risk places? Why should the average Californian have to pay a high premium to replace a millionaire's mansion after the millionaire voted to make climate change a priority over basic forest and water management?
Do we really expect these insurance companies to dole out billions of dollars over and over again without recouping their money?
I think Coolidge had it right. Disaster relief should be charity, and people should learn from their bad decisions and the risks they take without expecting their neighbor to bail them out.
Posted on 1/9/25 at 5:15 pm to fareplay
Just live in something so cheap you won’t miss it if it goes.
Posted on 1/9/25 at 5:19 pm to fareplay
quote:
Should they be a govt entity?
They already are. The State of Texas subsidizes windstorm insurance for those in coastal areas.
Posted on 1/9/25 at 5:31 pm to DCtiger1
Eh, homeowners insurance in Florida, at least for the time being, is the worst in the country. It’s far higher than any other state’s homeowners insurance, including California.
Now, California’s homeowner insurance rates are probably going to soar well past Florida’s homeowner insurance rates after these fires. And the Florida legislature to its credit did pass some laws a year or two to try to lower homeowner insurance rates, although those laws (if they ever will be successful) haven’t really changed anything in the short term.
Now, California’s homeowner insurance rates are probably going to soar well past Florida’s homeowner insurance rates after these fires. And the Florida legislature to its credit did pass some laws a year or two to try to lower homeowner insurance rates, although those laws (if they ever will be successful) haven’t really changed anything in the short term.
This post was edited on 1/9/25 at 5:35 pm
Posted on 1/9/25 at 5:32 pm to LSUFanHouston
quote:
But for management and overhead purposes, at least in the eyes of consumers, it is all at the corporate parent level. We see State Farm, we don't see State Farm LA subsidiary, etc.
State Farm does have some subsidiaries on paper. State Farm shipped some Hurricane area customers into a company called Dover Bay for Homeowners policies. I know for car insurance when I first got with them, it wasn’t with the larger State Farm Automotive Insurance, it was written under State Farm Fire and Casualty because I was a risky young driver. Eventually they let me into the State Farm club, but as I posted elsewhere, I am about to drop them since their automotive rates in Louisiana have increased so much.
This post was edited on 1/9/25 at 5:38 pm
Posted on 1/9/25 at 5:34 pm to Dragula
If you put the government in charge of the deserts in 2 weeks there would be a shortage of sand.
Posted on 1/9/25 at 5:35 pm to UFFan
quote:
Eh, homeowners insurance in Florida, at least for the time being, is the worst in the country. It’s far higher than any other state’s homeowners insurance, including California.
Not even close, and I’m an agent in Florida.
You can talk about rate all you want, but when you have states with limited to no options on HO policies, I can promise you Florida is heading in the proper direction.
Posted on 1/9/25 at 5:42 pm to fareplay
CA put a cap on profits for insurance companies so companies started pulling out.
Posted on 1/9/25 at 6:13 pm to prplhze2000
quote:
CA put a cap on profits for insurance companies so companies started pulling out.
That’s not accurate but don’t let facts ruin your agenda
Posted on 1/9/25 at 6:17 pm to DCtiger1
quote:
Of course it explains it. Based on CAT models those homes are riskier because they aren’t built to a code standard that can withstand said storms
You can’t have it both ways.
Either the older home is riskier and you don’t need to raise the premium cost on the new home,
OR
The newer home is less risky and you reduce that price while keeping older home the same
(All adjusted for inflation )
Posted on 1/9/25 at 6:19 pm to LSUFanHouston
quote:
You can’t have it both ways. Either the older home is riskier and you don’t need to raise the premium cost on the new home, OR The newer home is less risky and you reduce that price while keeping older home the same (All adjusted for inflation )
That makes no sense logically. Stricter code means less claim severity and frequency.
Older homes mean older roofs, less wind mitigation measures, etc.
I’m not sure your logic makes sense
You’re assuming some kind of base premium that doesn’t exist. Wind Mapping has gotten extremely sophisticated. Each homes risk is measured and calculated independently
This post was edited on 1/9/25 at 6:23 pm
Posted on 1/9/25 at 6:20 pm to YouKnowImRight
quote:
Why do people insist on living in disaster zones?
Generally, people live near their jobs and / or family
If you work in a port, you kinda gotta be near the coast…
Posted on 1/9/25 at 6:24 pm to BFIV
quote:
How about stop building homes ... on the beach and barrier islands subject to hurricanes?
I would edit to say "nice homes". Used to be, if you were building a beach house, you built an inexpensive shack knowing that there was a good chance that it would be blown away in 10 to 30 years and you would have to rebuild.
Posted on 1/9/25 at 6:25 pm to Slippy
quote:
buy homeowners coverage will be in the landlocked regions of flyover country.
And some people, many on this board, think its acceptable to make those people subsidize the people who don't live in boring areas.
Imagine not only living in bumfrick Iowa but also having to help pay the premiums of someone who chooses to live in beautiful Cali.
Something not many are talking about is how about stop building these huge expensive homes that max out what the bank is willing to loan. Just because you can get a 500k loan doesn't mean you should use all of it on a build.
Its a lot more economical to rebuild a 200k house than a 500k one...also to insure. But telling people they can't have their McMansion is going to upset some people.
Posted on 1/9/25 at 6:26 pm to fareplay
Government funded reinsurance program.
Posted on 1/9/25 at 6:26 pm to fareplay
Billionaires really don't need insurance
Posted on 1/9/25 at 6:29 pm to LSUFanHouston
quote:
If you work in a port, you kinda gotta be near the coast…
Then those jobs will pay more to offset the higher cost of living on a coast. We shouldn't subsidize a company's employee's insurance premiums so they can pay them less.
Page 5 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News