"But if this isn't done, you ain't going to buy any homeowner's insurance."
The insurance companies used to be nationwide. When Andrew hit they changed to state based companies. The insurance companies are still making money hand over fist. Do the math and you gotta wonder where the money goes.
I also have to wonder why I have to pay more so that those people who can afford to live on the beach can pay reduced rates.
Well, the past couple of years, it's not just the coast that got hit with the hurricane damage. Look at Charley, and Jeanne...they ripped a good one, right through the middle of the state. A lot of the damage was in Polk and Orange counties, pleaces that were far inland, so I think Florida is vulnerable to "loss" no matter where you live.
I'm in the Tampa Bay area, we have had very little damage the past two seasons (knock on wood) compared to some of the inland areas.
Different states have different insurance regulations and requirements for doing business. State governments deserve a lot of blame for making doing business so darn hard to do.
Do the math and you gotta wonder where the money goes.
As for where the money goes, where do you think the billions are going to come from to pay out for disasters if not from policy holders?
"I also have to wonder why I have to pay more so that those people who can afford to live on the beach can pay reduced rates."
Bares repeating.
No. They have always been 'state based'(sic).
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.