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re: Will Helene kill the Gulf Coast property insurance market once and for all?
Posted on 9/27/24 at 4:25 pm to Midtiger farm
Posted on 9/27/24 at 4:25 pm to Midtiger farm
quote:
Same with wildfires
quote:
Using data from researchers at the University of Maryland, recently updated to cover the years 2001 to 2023, we calculated that the area burned by forest fires increased by about 5.4% per year over that time period. Forest fires now result in nearly 6 million more hectares of tree cover loss per year than they did in 2001 — an area roughly the size of Croatia.
quote:
Fire is also making up a larger share of global tree cover loss compared to other drivers like mining and forestry. While fires only accounted for about 20% of all tree cover loss in 2001, they now account for roughly 33%.
LINK
0
Posted on 9/27/24 at 4:41 pm to MountaineerPatriot
My son is in Crystal Beach..
minor damage.
minor damage.
Posted on 9/27/24 at 4:55 pm to Slippy
quote:because the companies that are writing policies are making year over year profits. Why wouldn't they?
There won’t be any companies left to write policies. Why would anyone choose to do so?
Posted on 9/27/24 at 6:20 pm to Slippy
Looking at the damage, alot is going to be billed to Uncle Sam via the National Flood Insurance Program. Now the big question is how many people in those areas actually were required and carried flood insurance. If not Uncle Sam will still pay through FEMA relief.
I know this sounds cruel, but Flood Insurance participation should be a requirement to FEMA benefits, if not your FEMA benefit is reduced by 30 or 50%.
Like I have posted previously, the Flood Insurance program should be expanded into a Natural Disaster Insurance Program. Traditional carriers write policies for Theft and Random Fires, while Hurricanes, Earthquakes, Floods, Tornados, Wildfires, and any other natural disaster is partially underwritten by FEMA's New Natural Disaster Insurance Program as a seperate line item or a separate policy from another insurance company. That company handles the claims process and day to day processing of claims. The federal government steps in as reinsurance for when losses exceed a certain amount or percentage of their book of coverage.
The logical thinking here is that the federal government is going to end up on the hook for uninsured or under insured losses in a natural disaster. Why not step in and carve out what could be essentially a new tax by collecting premiums in advance of a natural disaster and create pool or trust fund to pay for future FEMA claims.
I know this sounds cruel, but Flood Insurance participation should be a requirement to FEMA benefits, if not your FEMA benefit is reduced by 30 or 50%.
Like I have posted previously, the Flood Insurance program should be expanded into a Natural Disaster Insurance Program. Traditional carriers write policies for Theft and Random Fires, while Hurricanes, Earthquakes, Floods, Tornados, Wildfires, and any other natural disaster is partially underwritten by FEMA's New Natural Disaster Insurance Program as a seperate line item or a separate policy from another insurance company. That company handles the claims process and day to day processing of claims. The federal government steps in as reinsurance for when losses exceed a certain amount or percentage of their book of coverage.
The logical thinking here is that the federal government is going to end up on the hook for uninsured or under insured losses in a natural disaster. Why not step in and carve out what could be essentially a new tax by collecting premiums in advance of a natural disaster and create pool or trust fund to pay for future FEMA claims.
Posted on 9/27/24 at 6:30 pm to Gifman
quote:
name, starts talking about sea-level rise.... I'm thinking TROLL
Have we got any confirmed Bots on TD yet ?
Posted on 9/27/24 at 6:51 pm to SuperSaint
quote:
because the companies that are writing policies are making year over year profits
The frick they are. Where do you people come from? I mean we know you come from prison but what about the rest of your ilk
Posted on 9/27/24 at 6:53 pm to DCtiger1
quote:wait you think insurance companies are losing money?
The frick they are. Where do you people come from? I mean we know you come from prison but what about the rest of your ilk
This post was edited on 9/27/24 at 6:55 pm
Posted on 9/27/24 at 7:58 pm to Tarps99
An unpopular opinion but there is no Constitutional basis for FEMA....
Once the FedGov started covering disaster coverage, it started a never ending and perpetually expanding program...
Once the FedGov started covering disaster coverage, it started a never ending and perpetually expanding program...
Posted on 9/27/24 at 8:00 pm to SuperSaint
quote:
wait you think insurance companies are losing money?
In Florida they absolutely are, just as they are in California.
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