Posted on 06/01/2006 2:25:06 AM PDT by Caipirabob
TALLAHASSEE -- Floridians will pay a 1 percent assessment on property and casualty insurance policies for a decade to repay a bond sale of up to $1.5 billion that was approved Wednesday to replenish the state's Hurricane Insurance Catastrophe Fund.
The sale of tax-free bonds to cover losses from last year's storms was unanimously authorized by the fund's board of directors, which includes Gov. Jeb Bush, just a day before the start of the new hurricane season.
Consumers will save money despite the 1 percent assessment because insurance companies can expect to save about $2.5 billion by obtaining reinsurance from the fund instead of having to buy it on the open market, said Chief Financial Officer Tom Gallagher.
(Excerpt) Read more at sun-sentinel.com ...
No. They have always been 'state based'(sic).
B.S. Absolute, ignorant, B.S.
Floridians don't object to a fair insurance price. The problem is, the state insurance company (the only one writing in my area in FL) is so badly run we don't trust it to use a tax correctly.
We already have special hurricane deductables. (You need several thousand dollars of damage to even file a claim). We already pay some of the highest insurance in the nation. (I pay $3000 a year on a $160000 home, and I don't live near the beach or in a flood area). And we haven't had a hurricane. So why are my premiums going up each year by over 100%?
We sense somethings rotten, and it's not in Denmark. It's in the Fl insurance company.
"B.S. Absolute, ignorant, B.S."
Right, sure it is BS.
Then why does the govt bail them out? Why do they go bankrupt and leave thousands of homeowners homeless? Why do they refuse to pay what the policies indicates they should pay?
Because if you can afford to buy beach front property, you can also afford to buy a politician or two and maybe an insurance commissioner too.
"Because if you can afford to buy beach front property, you can also afford to buy a politician or two and maybe an insurance commissioner too."
Of course you are correct, and I would imagine a good number of politicians own property near the beach so they also benefit.
During Andrew, our plywood lasted for about an hour before it was ripped off the house.
The windows held...although they popped out of the concrete a bit, they did not shatter
Insurance companies lose money all the time.
Obviously, you have a low opinion of insurors, despite knowing nothing about how they work, or what they sell.
"Insurance companies lose money all the time. "
Creative accounting
"Obviously, you have a low opinion of insurors, despite knowing nothing about how they work, or what they sell"
Yes I do have a low opinion of them. Mostly because I am aware of how they work and how they sell people a policy and then make it difficult or impossible to get a claim paid.
But of course it is since we are going into the next decade of increased hurricanes...(/sarcasm)
If it's such a bad deal, don't buy it.
Related:
http://www.freerepublic.com/focus/f-news/1641552/posts
Allstate dropping earthquake coverage in Washington (WA State - it's just the beginning....)
http://www.freerepublic.com/focus/news/1641477/posts
Home Insurance Cancelled...You Too?
I totally disagree with any property tax of any variety.
If insurors are the scum you describe, why do you give them your business?
Meanwhile, insurance companies can expect to save about $2.5 billion by obtaining reinsurance from the fund instead of having to buy it on the open market
Socialism at its finest. Why not just merge the government and insurance industries! /s
The government has no business being in the insurance augmention industry.
"If insurors are the scum you describe, why do you give them your business?"
Because you can't get a mortgage without insurance or paying cash.
And because its illegal to drive on the streets without insurance.
I'm guessing you work in the insurance industry.
Not true. A mortgage is a private deal of your choosing. You can choose not to. Secure that loan with something other than your home, and the mortgage company will not care about your insurance.
because its illegal to drive on the streets without insurance
Not true. The law requires that your provide evidence of financial liability. There are several methods, other than purchasing insurance, that satisfy this.
I'm guessing you work in the insurance industry
Not true. What difference would that make anyway?
Not knowing whats required, what insurance is, or how it works; it is not surprising that you are continually disappointed by it.
"Not knowing whats required, what insurance is, or how it works; it is not surprising that you are continually disappointed by it."
Your assumptions are amusing and your world is simplistic.
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