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Started By
Message
re: Will Helene kill the Gulf Coast property insurance market once and for all?
Posted on 9/27/24 at 10:38 am to Slippy
Posted on 9/27/24 at 10:38 am to Slippy
It’s going to hurt
Florida and Texas are the most often impacted from tropical weather
Louisiana is 3rd most and we have lower building standards.
Florida and Texas are the most often impacted from tropical weather
Louisiana is 3rd most and we have lower building standards.
0
Posted on 9/27/24 at 10:42 am to Michael T. Tiger
quote:
It’s not just Florida that this will affect either.
Well he clearly stated this. Geeze
Posted on 9/27/24 at 11:16 am to EasternShoreTider
quote:
Helene won't kill it, but definitely didn't help. Expect more non-admitted carriers to take on the risk, however, it won't be cheap.
this...
Posted on 9/27/24 at 11:24 am to Slippy
Ask why insurance companies were able to write these policies for decades but only now it’s a problem.
They’re perfectly capable of taking your premiums and investing them for profit in the stock market. They just don’t want to pay the claims. They essentially want to be in the casino business - guaranteed returns with low risk of payout.
They’re perfectly capable of taking your premiums and investing them for profit in the stock market. They just don’t want to pay the claims. They essentially want to be in the casino business - guaranteed returns with low risk of payout.
Posted on 9/27/24 at 11:25 am to Slippy
To kill property insurance you need to kill property value. Once the land/building value plummets due to collapsed buildings either people stop buying/building, or they build buildings that can withstand monster storms.
Posted on 9/27/24 at 11:52 am to GumboPot
quote:
They will write policies just exclude named storms form the policy.
Are y’all sure about that? My wife was not able to get any policy from the major brands in Houston after that storm that hit earlier this year. She had to go with some company named Kin.
Posted on 9/27/24 at 11:59 am to The Torch
quote:
Helene was a Russian hurricane
When I read this, I was singing it to the tune of the ‘84 song by The Nails:
88 Lines About 44 Women
Posted on 9/27/24 at 12:20 pm to MountaineerPatriot
quote:The buildings in the Northeast have been built to withstand hurricanes for ever.
And unlike Florida, which is well prepared, and where anything built in the last 25 years is built to withstand major Hurricanes, the Northeast is completely ill equipped to handle it.
quote:Sandy was a freak storm that hit the Northeast with hurricane winds and storm surge for about 5 days straight. Houses weren't destroyed. Restoring power due to all of the downed power lines and fallen trees was the real issue.
Just look at Sandy and what it did.
Posted on 9/27/24 at 12:28 pm to MountaineerPatriot
quote:
If ocean waters continue to rise you'll see more severe Hurricanes hitting up into NYC, New Jersey, all the way up through New England.
“If ocean waters continue to rise”?
The ocean has risen. Most of Florida is an ancient coral reef. You can find marine fossils in South Carolina many miles from the coast.
The ocean has dropped. You can scuba dive off of Alabama in 80’ along submerged creek channels lined with fossilized stumps. You can dive off of S Carolina in 80’ and find fossils of land mammals.
Yes, the sea level is likely rising. Happened before, it’s happening now.
Hurricanes are a fact of life, not sure what the furor is. The “experts” thought this would be a terrible season, it wasn’t.
Posted on 9/27/24 at 12:31 pm to dgnx6
quote:
Can you name an area in the country free of natural disasters?
Should we give up on the west coast and Hawaii because of the fires?
I think Utah is about as close as it gets.
Posted on 9/27/24 at 12:33 pm to tigerbutt
is that senator/representative in any of the states flooding today when he referred to all the vacation homes that don't deserve insurance
Posted on 9/27/24 at 12:39 pm to MountaineerPatriot
quote:
If ocean waters continue to rise
You'd think that real estate prices and insurance costs would reflect "ocean waters rising" yet it's never a factor. However, Hurricanes are specifically called out in insurance reports.
Posted on 9/27/24 at 12:42 pm to tarzana
Compared to Michael and Ian, it’s not from a claims perspective.
Posted on 9/27/24 at 12:43 pm to ThePoo
quote:
Keep in mind that a significant portion of claims will be flood related, which has nothing to do with hazard insurance
not to mention, since IDA, homeowners companies clamped down restrictions, raised, deductibles for storms, and raised rates and cost estimators.
So this will not be the doom of homeowners insurance companies
BINGO. Almost all damage in the Tampa area will be flood claims. Storm surge and rain, not wind, caused it.
Posted on 9/27/24 at 2:15 pm to MountaineerPatriot
quote:
Hurricanes hitting up into NYC, New Jersey, all the way up through New England.
show me the data of this happening
quote:
Look at the tornado seasons the last couple of years in Louisiana, Mississippi, Iowa, western Tennessee and western Kentucky. Look at the flooding in parts of Eastern Kentucky and Appalachia, including what's going to happen with this storm.
again show me the data over the last 25 years of tornadoes becoming more prevalent
Same with wildfires
Posted on 9/27/24 at 2:36 pm to MountaineerPatriot
quote:
If ocean waters continue to rise
Posted on 9/27/24 at 2:45 pm to BugAC
quote:
You'd think that real estate prices and insurance costs would reflect "ocean waters rising" yet it's never a factor. However, Hurricanes are specifically called out in insurance reports.
Correct.
Posted on 9/27/24 at 2:47 pm to GumboPot
quote:
It all depends on what the land under your feet is doing.
yep, erosion
Posted on 9/27/24 at 3:32 pm to MountaineerPatriot
yer full of poop with the ocean rise
Posted on 9/27/24 at 4:11 pm to Slippy
Well some may be just flood 
so maybe flood insurance will be killed.
so maybe flood insurance will be killed. 
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