While I can see this aiding the market availability problem I am not sure this answers the pricing problem being experienced by Citizens or a new hurricane carrier. Are the windstorm loadings actuarially sound or not? Would the insurance commissioner control the hurricane credit applied to property policies in the voluntary. This sounds like a good idea to improve the market, but the article does not address many issues.
Reading these lines and trying to read between them, this proposal sounds rather familiar. We once had a state sanctioned company solely to handle wind risks that the private sector would not touch.
This was the FWUA and it later merged with the JUA to become the hmmm, now infamous, Citizens Property Insurance Corporation which now is claiming an 1.7 billion deficit.
This newly proposed venture (reading between the lines) would outdo FWUA by addressing hurricane wind damage in both inland as well as coastal areas.
All this may make for a happy private sector, but where is the money coming from to pay these hurricane claims. As per usual, the answer is consumer premiums, asessments and taxes, followed by higher premiums, more assessmentss and additional taxes. Yes, we have, been there and done that!
How many times do these feel good politicians and consumer organizations have to screw up? If Citizens, New Jersey JUA Auto Plan, the Tennessee State Health Plan and on and on and on don\’t prove to everyone that government cannot solve your problems I don\’t know what will. Government insurance is pure socialism and it just will not work, it never has…unless we want to be like France maybe? How about this, one more time and very slowly, put down the Karl Marx, pick up some Adam Smith and deregulate the insurance business in Florida to let the free market work….for crying out loud already!
Your question of, \”Would the insurance commissioner control the hurricane credit applied to property policies in the voluntary (market)\”. The answer to that is absolutley YES! When the FWUA had to increase rates the property policies were surpressed to offset public outcry b/c the fwua was taking rate increases of 200% in some areas. To make the consumers happy, they applies the rate increases over 3 years. The FWUA was not rate adequate before the rate increase and then for the next three years and and people wonder why there is a $1.7 billion deficit? I say let the gov continue to run the market out of the state.
GOOD HANDS…
MY ***!
TAKE IT AWAY FROM INSURANCE COMPANIES.
LET FEMA SELL HURRICANE INS. Including Wind and/or Water Damage. At lease we are guaranteed payment from USA.
LET THE CITY AND/OR STATE BECOME SELF-INSURED FOR LIABILITY + THE TAX OFFICE ALREADY HAS THE VALUE AND DESCRIPTION OF ALL PROPERTIES.
I WOULD RATHER REINVEST IN USA THAN PAY ANOTHER CENT TO THE INSURANCE INDUSTRY.
THEY WANT THE MONEY BUT NOT THE RISK.
IF THEY LEAVE FLORIDA THAN MAKE THEM LEAVE THE USA. ALL OR NONE.
THEY DENY KATRINA CLAIMS BY BLAMING WATER WITH THEIR RULE OF \”ONLY PAYING ABOVE THE WATER LINE\” LOL THAT\’S A GOOD ONE!
SEND OUR TOOPS HOME AND
SEND STATE FARM TO IRAQ.
I WOULD LIKE TO SEE THEM SELL THEIR CALCULATING POLICIES IN FOREIGN COUNTRIES THEN YOU WOULD BE ABLE TO SPOT INS. AGENTS IN CROWDS OF PEOPLE.
THEY WOULD BE THE ONES WITHOUT ANY HANDS.
Sounds like Un-American woman to me (socialism lives on). Of course the industry wants the premium, they are a business, and yes, flood damage is not covered by nearly all property policies, and the contract(policy)states that. If you want flood covered under the policy I am sure that can be accomplshed, for the proper premium. I am a retired independent adjuster (37 yrs.) I have only had one company tell me to not pay a covered loss (minor company) and I turned them in to the Dept. of Ins. myself.
Research is a wonderful thing. Only problem is the originators of this concept to eliminate the private sector in Wind coverage in Florida apparently does not know that Florida has had a public insurance vehicle since Andrew in 1992.
It is presently called Citizens and NO ONE is happy with it either.
The problem in Florida with Wind coverage is not the mechanism. IT IS THE WIND! WHEN THE WIND BLOWS THERE ARE LOSSES. Someone has to pay losses. Get it? Losses must be paid. And in Florida there have been tremendous losses. Maybe this consumer group should address something important; like where to get the money to pay losses. It is not very complicated.
The article didn\’t even mention Citizens and its deficits. Sorry, no credibility!
If it was such a great racket then there would be hundreds of companies here in Florida trying to home, wind and flood business. But that isn\’t happening because insurance companies are for profit entities and they didn\’t \”betray\” anyone. Get a grip will ya?
Not Un-American but tired of Betrayal to Americans on American Soil.
1. Hurricanes Produce Wind + Water Damage.
2. Water causes most damage.
3. Wind cost more and pay only above the water line. If you are lucky your Ins. will pay for a new roof. Minus your policy deductible and minus your hurricane deductible and minus depreciation and factor in YOUR annual premium.
The Ins.Still wins AND the Insured looses.
They are overpaid and they blame water for wind damage. That is wrong.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
While I can see this aiding the market availability problem I am not sure this answers the pricing problem being experienced by Citizens or a new hurricane carrier. Are the windstorm loadings actuarially sound or not? Would the insurance commissioner control the hurricane credit applied to property policies in the voluntary. This sounds like a good idea to improve the market, but the article does not address many issues.
Reading these lines and trying to read between them, this proposal sounds rather familiar. We once had a state sanctioned company solely to handle wind risks that the private sector would not touch.
This was the FWUA and it later merged with the JUA to become the hmmm, now infamous, Citizens Property Insurance Corporation which now is claiming an 1.7 billion deficit.
This newly proposed venture (reading between the lines) would outdo FWUA by addressing hurricane wind damage in both inland as well as coastal areas.
All this may make for a happy private sector, but where is the money coming from to pay these hurricane claims. As per usual, the answer is consumer premiums, asessments and taxes, followed by higher premiums, more assessmentss and additional taxes. Yes, we have, been there and done that!
How many times do these feel good politicians and consumer organizations have to screw up? If Citizens, New Jersey JUA Auto Plan, the Tennessee State Health Plan and on and on and on don\’t prove to everyone that government cannot solve your problems I don\’t know what will. Government insurance is pure socialism and it just will not work, it never has…unless we want to be like France maybe? How about this, one more time and very slowly, put down the Karl Marx, pick up some Adam Smith and deregulate the insurance business in Florida to let the free market work….for crying out loud already!
Your question of, \”Would the insurance commissioner control the hurricane credit applied to property policies in the voluntary (market)\”. The answer to that is absolutley YES! When the FWUA had to increase rates the property policies were surpressed to offset public outcry b/c the fwua was taking rate increases of 200% in some areas. To make the consumers happy, they applies the rate increases over 3 years. The FWUA was not rate adequate before the rate increase and then for the next three years and and people wonder why there is a $1.7 billion deficit? I say let the gov continue to run the market out of the state.
GOOD HANDS…
MY ***!
TAKE IT AWAY FROM INSURANCE COMPANIES.
LET FEMA SELL HURRICANE INS. Including Wind and/or Water Damage. At lease we are guaranteed payment from USA.
LET THE CITY AND/OR STATE BECOME SELF-INSURED FOR LIABILITY + THE TAX OFFICE ALREADY HAS THE VALUE AND DESCRIPTION OF ALL PROPERTIES.
I WOULD RATHER REINVEST IN USA THAN PAY ANOTHER CENT TO THE INSURANCE INDUSTRY.
THEY WANT THE MONEY BUT NOT THE RISK.
IF THEY LEAVE FLORIDA THAN MAKE THEM LEAVE THE USA. ALL OR NONE.
THEY DENY KATRINA CLAIMS BY BLAMING WATER WITH THEIR RULE OF \”ONLY PAYING ABOVE THE WATER LINE\” LOL THAT\’S A GOOD ONE!
SEND OUR TOOPS HOME AND
SEND STATE FARM TO IRAQ.
I WOULD LIKE TO SEE THEM SELL THEIR CALCULATING POLICIES IN FOREIGN COUNTRIES THEN YOU WOULD BE ABLE TO SPOT INS. AGENTS IN CROWDS OF PEOPLE.
THEY WOULD BE THE ONES WITHOUT ANY HANDS.
Sounds like Un-American woman to me (socialism lives on). Of course the industry wants the premium, they are a business, and yes, flood damage is not covered by nearly all property policies, and the contract(policy)states that. If you want flood covered under the policy I am sure that can be accomplshed, for the proper premium. I am a retired independent adjuster (37 yrs.) I have only had one company tell me to not pay a covered loss (minor company) and I turned them in to the Dept. of Ins. myself.
Research is a wonderful thing. Only problem is the originators of this concept to eliminate the private sector in Wind coverage in Florida apparently does not know that Florida has had a public insurance vehicle since Andrew in 1992.
It is presently called Citizens and NO ONE is happy with it either.
The problem in Florida with Wind coverage is not the mechanism. IT IS THE WIND! WHEN THE WIND BLOWS THERE ARE LOSSES. Someone has to pay losses. Get it? Losses must be paid. And in Florida there have been tremendous losses. Maybe this consumer group should address something important; like where to get the money to pay losses. It is not very complicated.
The article didn\’t even mention Citizens and its deficits. Sorry, no credibility!
WHERE\’S THE MONEY
If it was such a great racket then there would be hundreds of companies here in Florida trying to home, wind and flood business. But that isn\’t happening because insurance companies are for profit entities and they didn\’t \”betray\” anyone. Get a grip will ya?
Not Un-American but tired of Betrayal to Americans on American Soil.
1. Hurricanes Produce Wind + Water Damage.
2. Water causes most damage.
3. Wind cost more and pay only above the water line. If you are lucky your Ins. will pay for a new roof. Minus your policy deductible and minus your hurricane deductible and minus depreciation and factor in YOUR annual premium.
The Ins.Still wins AND the Insured looses.
They are overpaid and they blame water for wind damage. That is wrong.