Seems like insurance companies should offer discounts for homes that have a storm-resistant roof, storm shutters, a raised foundation and other things that might mitigate storm damage. Is that not the case?
Yes I believe that’s correct. But there’s a lot more of us who have wind damage than people who are flooded. And most of the insurance breaks happen with newer homes that have different style roofs, raised foundations etc.
I feel families that live in different parts of Florida should consider forming insurance co-ops. Pull what they would normally pay into an escrow account that’s used to cover damages up to $40,000 then buy catastrophic insurance above that. After ten years there would be enough money in ‘the pot’ for each family to self insure while maintaining an even higher deductible catastrophic policy. If the state wanted to step in with an offer to ‘manage’ the money - it could even be done by people who don’t get the math...
Lots more of us who have wind damage than people who are flooded. And most of the insurance breaks happen with newer homes that have different style roofs etc.
Maybe families that live in different parts of Florida could consider forming insurance co-ops. Pull what they would normally pay into an escrow account that’s used to cover damages up to 30,000 then buy catastrophic insurance above that.
After ten years there would be enough money in ‘the pot’ for each family to self insure while maintaining an even higher deductible catastrophic policy. If the state wanted to step in with an offer to ‘manage’ the money - it could even be done by people who don’t get the math..