Posted On: January 30, 2006, 6:14 pm CST

Posted By: ACCOUNTANT

So the logic I hear is that Insurance companies are bid bad companies that take your money, never provide you with anything that you paid for and then dump you and run.
What reality is, is that Insurance companies have priced their product in the past lower than the risk should be priced in an effort to gain market share. The did provide the coverage that people bought and paid claims on losses like never before. True some people did not buy proper coverage or lied to agents to save a buck. But I must remind everyone that is crying that Insurance companies MUST sell something to make money. If all these companies are cancelling policies and not accepting new business, they are not making money any more. This is wahat is forcing people to have to go to the insuror of last resort (Citizens) and pay twice as much as the insurance company that cancelled you wanted to charge. But the sate rejected their request to write for 40 to 60% of Citizens rates and you the consumer is stuck. Don;t blame insurance companies for this, blame your elected officials for doing nothing about it. They created the disasterous mess that the companies are faced with now. 5% profit cap is laughable for any industry.

Go ahead and sell your house, cash out and get the hell out of here. Someone will buy that shack from you and they will pay for the insurance, its simple economics.