Posted On: May 20, 2008, 10:48 am CDT

Posted By: David

Some of you need to take a breath.

First, If you live south of Orlando, on either coast there is less "risk" today than ever before. The series of hurricanes has forced structual modifications and upgrades to take place. In fact, if H Wilma were to hit today, there would be roughly 65% less $$$ damage done than before due to new roofs, windows, doors, etc. and building code changes that followed.

Second,the state and the industry should be pushing harder, the incentives and grants, for upgrading and protecting your home during a storm. The MSFHP just didn't get it done. But the relationship between the state and the industry is like the ex-girlfriend in the same room with your wife.

As for the potential bail-out of Poe and Citizens, remember that these are the dwellings that nobody else will/would insure. Not necessarily waterfront properties either. These are older homes that can't pass a Four Point Inspection or insured because that is the only carrier the agent can write for. If we want to make it fair to all, then the carriers should have to write statewide with no exceptions. If the home is a higher risk, then pay the premium for it. Stop the surcharges. But we really don't know the risk because the Wind Mitigation Verification isn't mandated for all windstorm policies. Therefore, the industry and state has no idea what their true risk $$$ are.

In addition, yes the elderly do have a position to complain about premiums. They're typically on a fixed income and have watched their premiums increase over 150% in the last 3 years... as all of us.

As for Hurricanes being a risk or a scheduled event. I have to disagree to both. You have a better chance of suffering damage in California from an earthquake than a hurricane in Florida. So why not give the homeowner the option not to carry windstorm. I speak with homeowners all the time that have been insured for 40 years, in Broward, and have never had a claim. Let them throw the dice as long as they understand the consequences of not having coverage.

If you really want rates and risk to drop, then let's stop mandating wind coverage. Californians aren't mandated to carry "earthquake" coverage.