[Caipirabob]

"Suprise, surprise, surprise"

Well, I suppose if we're going to have any insurance companies left in Florida, this is necessary. It's not like insurance companies are in business to actually give you money.

To be perfectly honest, I'm glad they're only talking about a possible 25% increase. I thought it would be higher. I'm not happy about it, but I am happy I still have most of my roof over my head... and in my neighor's yard, pool and probably the jacuzzi, but he's cleaned that out since then.

Anyway, we're starting major repairs finally this week. It's been a patch-job up until now. Hope all the rest of you are doing well with your repairs.

[Caipirabob]

Ping!

[I still care]

I am already paying far more than I can afford. $2600 on a $160K house. Not arguing with the market, which is always a losing issue, but I can tell you many elderly people I know are just not covering their homes - they just can't afford the insurance. In the news it was estimated that 25% of people in the area have no coverage.

A major hurricane in my area and you are going to have tons of elderly people with no way to fix their homes and no place to live. Many just live on their social security checks and insurance is not an option.

It won't be pretty.

[DB]

Why shouldn't people pay for the costs of where they choose to live?

[G.Mason]

Typical Floridian "me, me, me ... it's all about me" garbage.

What about New Orleens, huh?

Ever think about them po folks? Noooooo ... it's all about Florida and Mississippi.

Shame!

[MrBambaLaMamba]

... huge shortfalls and record losses.

Translation - Less than expected net profits.

ROTFLMAO

[DustyMoment]

Insurance companies are the only people I know of who don't want to be in the lucrative business they are in. It used to be a risk-based business - but they figured out the fomula to make the customers bear all of the past, present and future costs of insurance while the companies simply rake in profits.

[trebb]

To be perfectly honest, I'm glad they're only talking about a possible 25% increase. I thought it would be higher.

Look again. They said 25% per year.

Expect it to double in the next 4 years...

[TheBattman]

Our homeowners insurance nearly doubled over 5 years - and this with no disasters or claims. We changed companies, and saved some money- but was still higher than the original cost 5 years prior.

Insurance is SUPPOSE to be a shared-risk type of deal. Many people pay in to the insurance, hoping to never need it. When there is a disaster, money is paid out of that fund. The insurance company take a portion for handling the whole deal (and gets the interest from the investment of the funds until they are used).

Again, it's a risk. If I am a horrible driver, have a record of accidents, then guess what- I'm going to pay through the roof for my auto insurance. ON the other hand, if I make certain that I am a safe driver, follow the law, and drive defensively, my rates will be lower- as my risk is lower.

If I choose to live in an area more prone to disasters and claims, my insurance is going to be higher. This is only fair. My risk is higher than elsewhere that is not prone to natural disasters.

Without higher premiums for higher risks, insurance companies go broke and we ALL are affected. If I were the CEO of an insurance company and a government entity tried to keep me from covering my costs by charging the necessary premium, I would quit doing business in that jurisdiction.

[jch10]

Just finished re-building our dock last week. Of course, our insurance doesn't cover it. Ivan, last year, and Arlene and Dennis this year, did the damage. But all is well now.

I wonder why FEMA hasn't sent a check!! :)

[Restorer]

Nobody has mentioned that political pressure in Florida ensures that insurance rates are generally set on a statewide or regional basis, not in accordance with true risk. Somebody with a $10M home on the beach has an enormously greater risk than someone living 100 miles or even 10 miles inland.

The net result is that less wealthy people living inland pay higher rates so the wealthy living on the beach can pay a lot less.

In a true free market for insurance, few would choose to build on the beach, as the insurance bill would likely be close to or higher than the mortgage.

[Beth528]

I do not live in Florida..I do however pay my share in insurance..I can see this happening all over the country..And I can also see me canceling insurance policies..I own my home (well I thought I did after paying it off a few years back)but actually we never own a home with taxes and insurance we pay rent for two houses a month...