Posted On: January 30, 2008, 3:17 pm CST

Posted By: rl

Delores and Doug make a fine point in that there should be capacity and competition but at what cost. The fact of the matter is when storms devistate Florida, or any coastal zone, more times than not the losses are catastrophic going in to the billions. As a native and a insurance borker for 13 years we have all seen the companies come and go. My point is that if an individual is insuring their greatest asset with a company that does not have major financial backing ie reinsurance it is negligent to place any homes greater than $300,000 with this carrier. The Florida Garuntee fund is only going to step in so far. Now from a competition I understand that Olympus is taking a major rate increase which would cetainly support an earlier contributor about coming in low and then jacking up rate. Perhaps this will then attract reinsurance.