The combination of announcements like this (more of them to come), the Bush administration\’s deaf ear to Crist\’s pleas for a national catastrophe coverage backstop and a storm season of any meaningful scale will quickly bring the Governor and OIR crashing back to the painful reality that they had no solution better than that of a free market charging consumers correct risk-based prices.
Either have the state write 100% of all hurricane insurance or get out of the way, Charlie, and let the private market work. No one has developed a fairer way to spread the cost of hurricanes than risk-based premiums paid to provate market insurers.
Your right Sam….Spread of risk, but remember, Florida let insurance companies form Florida companies so they do not have to spread the risk to other states.
Spread of risk also means allowing the charge of proper premium for the risk. When the the pricing of product is restricted as to not allow for proper premiums for the exposure insured against, then its only fair to restrict the spread of risk outside state lines.
You are right Larry..Companies have been artificially supressed. There is plenty of blame for the insurance problems in Florida. There is not one person to blame, except maybe the studid politicians who have allowed the problem to start and grow to what it is today.
USAA is doing this for the entire state, based on the 2004 hurricane season. I live in the Orlando area (Oviedo) and in the last 57 years we have only experienced 10 storms. Only two of them have been above a category one. The two above a category one were a 2 & 3. So if you ask me USAA is playing games with it\’s members, customers. I agree that if I was to build a house on the coast they may be justified in not insuring it, but this does not justify their actions for the entire state.
I have an honorable discharge from the USArmy Reserves and do I read correctly, that if I reside in FL> I cannot get a new home insurance; the home is CBC and never lived in; please contact me to make sure this is true?
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The combination of announcements like this (more of them to come), the Bush administration\’s deaf ear to Crist\’s pleas for a national catastrophe coverage backstop and a storm season of any meaningful scale will quickly bring the Governor and OIR crashing back to the painful reality that they had no solution better than that of a free market charging consumers correct risk-based prices.
Either have the state write 100% of all hurricane insurance or get out of the way, Charlie, and let the private market work. No one has developed a fairer way to spread the cost of hurricanes than risk-based premiums paid to provate market insurers.
Your right Sam….Spread of risk, but remember, Florida let insurance companies form Florida companies so they do not have to spread the risk to other states.
Spread of risk also means allowing the charge of proper premium for the risk. When the the pricing of product is restricted as to not allow for proper premiums for the exposure insured against, then its only fair to restrict the spread of risk outside state lines.
You are right Larry..Companies have been artificially supressed. There is plenty of blame for the insurance problems in Florida. There is not one person to blame, except maybe the studid politicians who have allowed the problem to start and grow to what it is today.
USAA is doing this for the entire state, based on the 2004 hurricane season. I live in the Orlando area (Oviedo) and in the last 57 years we have only experienced 10 storms. Only two of them have been above a category one. The two above a category one were a 2 & 3. So if you ask me USAA is playing games with it\’s members, customers. I agree that if I was to build a house on the coast they may be justified in not insuring it, but this does not justify their actions for the entire state.
I have an honorable discharge from the USArmy Reserves and do I read correctly, that if I reside in FL> I cannot get a new home insurance; the home is CBC and never lived in; please contact me to make sure this is true?
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