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Re: Best Laid Plans....Florida version
Old 08-03-2006, 03:15 PM   #21
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Re: Best Laid Plans....Florida version

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Originally Posted by brewer12345
By way of comparison, Louisiana has a state-sponsored catastrophe fund similar to the FL windstorm pool. The LA pool asked the regulator to quadruple rates(!). The regulator only let them double rates.
The simpleton response to this is that people shouldn't live where there are disasters *But with hurricanes, floods, earthquakes, fires, volcanoes, tsunamis - nowhere is disaster proof. *That was the logic beyond National Flood insurance. *There's risk everywhere so let's spread it around. *That's supposed to be the philosophy behind insurance.

What pisses off a lot of folks in Fl and LA is that State Farm and most of their competitors had record years despite the hurricanes and now they want to raise rates so they can make even higher profits. *It's a mess.* Our whole insurance system - auto, health, homeowners is a joke. *Insurance companies don't exist to be our good neighbor or to keep us in good hands. *They cherry pick with their underwriting and cancel you when you file a claim. * *There is no free lunch, but they shouldn't insult your intelligence with their stupid marketing. *Whew, glad I got that off my chest. *I feel better now.* *Rant ended. *
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 03:16 PM   #22
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Re: Best Laid Plans....Florida version

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Originally Posted by justin
I think that's the kind of advice insurance co's are following re: florida.* "To hell with florida!".* *

Before or after they go bankrupt? At least three sizable FL homeowners companies collapsed within the last year.
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 03:22 PM   #23
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Re: Best Laid Plans....Florida version

Quote:
Originally Posted by justin
I think that's the kind of advice insurance co's are following re: florida.* "To hell with florida!".* *

right, well, they've already written us off on wind but they have no problem writing us up on auto. you think they'll say to hell with florida when it comes to the easy money?
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 03:27 PM   #24
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Re: Best Laid Plans....Florida version

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right, well, they've already written us off on wind but they have no problem writing us up on auto. you think they'll say to hell with florida when it comes to the easy money?
FWIW, both Allstate and State Farm (and probably others) have special "FL only" subsidiaries that they write all of the FL business out of. That way if they ever get really swamped with "the big one" it won't take down the whole enterprise. Most of this was set up after Andrew walloped Miami. I bet the remaining players in LA and MS do something similar...
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 03:35 PM   #25
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Re: Best Laid Plans....Florida version

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Originally Posted by lazygood4nothinbum
i say to hell with insurance companies, but then, i tend towards socialism anyway. we should stop them from writing policies on our easy money cars and liability insurance too. we should just self-insure and keep the profits here.
You're betting that you'll be more fortunate than your risk-pool peers (or at least your neighbors) and if you "lose" then at least they'll bail you out with more money than you paid into the system.

The only way to stay ahead of health insurance costs is to own the stocks of the industry. The only way to stay ahead of insurance rates is to own the insurers... I'd start with Berkshire Hathaway, who's reporting their quarterly profits Friday night.
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 05:20 PM   #26
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Re: Best Laid Plans....Florida version

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You're betting that you'll be more fortunate than your risk-pool peers (or at least your neighbors) and if you "lose" then at least they'll bail you out with more money than you paid into the system.
yup, and i make the same bet when i buy healthcare insurance.

i just wonder about the difference between paying into citizen's insurance which forces me to pay higher premiums than the highest charged by private companies (though now, through a loophole, private companies can go even higher) and paying into a monopolistic state run pool covering the entire population which maybe some reinsurer might like to have a piece of.

granted,i'm not a business guy & i'm just now learning about finance. but wouldn't this be similar to, say, pharmaceuticals having to negotiate directly with all medicare recipients as a united group? wouldn't this bring the cost down? would a united florida market give the homeowner more negotiating leverage?

Quote:
The only way to stay ahead of health insurance costs is to own the stocks of the industry.* The only way to stay ahead of insurance rates is to own the insurers... I'd start with Berkshire Hathaway, who's reporting their quarterly profits Friday night.
ya, i got that. and now that you mention it, i recall it's only when i saw my company stock appreciating greater than my salary that i first started considering retirement.
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 07:11 PM   #27
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Re: Best Laid Plans....Florida version

This will help the FL insurance rate-payers....(not)

http://www.upi.com/NewsTrack/view.ph...3-023835-1557r
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 07:23 PM   #28
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Re: Best Laid Plans....Florida version

Just curious, are newer houses in Florida designed to handle hurricane-force winds? Like Guam, where concrete is heavily used.

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Re: Best Laid Plans....Florida version
Old 08-03-2006, 09:36 PM   #29
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Re: Best Laid Plans....Florida version

Well be glad you can get insurance. On the first rental I bought I went down to the wire. Almost had to extend the closing.

They have adjusted building codes as things have progressed. My house is cinderblock for the first level and then the windows on the second level are impact resisitant. Shutters are now part of the code. Many people here got new roofs from either fema or their insurance. All though many roofs still arent finished!! Unfortunately I had already replaced my roof which held up fine with the hurricaine. Before Andrew the roofs didnt need as many nails. Which I guess helped mine stay put.
Not sure what else has changed.
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Re: Best Laid Plans....Florida version
Old 08-03-2006, 10:07 PM   #30
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Re: Best Laid Plans....Florida version

Then maybe the insurance rates will go down as the building codes tighten up?
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Re: Best Laid Plans....Florida version
Old 08-04-2006, 02:03 PM   #31
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Re: Best Laid Plans....Florida version

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Then maybe the insurance rates will go down as the building codes tighten up?
south florida probably had stricter building codes than most of the country even before andrew. these were then further tightened in scope and expanded in area since then. most of our structures are actually quite well built, even those built in the 20s through 40s when florida pioneers learned more about hurricanes from experience than from weather reports.

i'm in a 1942 dade county pine cottage which has survived numerous direct hits from hurricanes. but even this structure would not survive a 60 foot tall tree falling on it or a tornado spinning within a hurricane.

we can get some reduction in insurance rates through hardening our houses (impact windows, shutters, etc.) but the savings are more window dressing than actually significant.

following from today's local newspaper sun-sentinel:

http://tinyurl.com/noprq

QUESTIONS & ANSWERS ABOUT HOMEOWNERS INSURANCE
With Kathy Bushouse
Tuesday, August 8 at 1 p.m.

Quote:
Kathy Bushouse, the Sun-Sentinel's property insurance writer, will address your general questions about Florida's growing property insurance crisis during a live Q&A session.

To participate fill out the following form and submit your question. If yours is selected, it will be posted directly below the following form along with Kathy's answer.
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