Posted On: May 20, 2008, 12:36 pm CDT

Posted By: Robin

I agree with David, except for the wind endorsement. Why should all Floridians suffer paying surcharges for those companies that go involvent. Insurance companies need to make sure they are charging premium commensurate with the risk to prevent this problem.
Not all homes in Florida are a high risk, especially those located in Central Florida going Northern. It is mainly the coastal areas and the southern portion of the state. Insurers should rate those higher for the risk. But wait, some of those homes are owned by the corporate officers of Poe (that just went insolvent).

I believe some are misunderstanding my point I am trying to make. My issue is with the rest of us residents carrying the load for an insolvent insurance company while the corporate officers of that company continue to lead the same lavish lifestyle. It isn't right. Those same people will become officers of the next company they open or with a competitor. Many of the people in Florida are seniors on a fixed income and some (roughly 10,000 people) a day that move to Florida are paying for something unfairly. It isn't fair they pay a price when they were living in Maine!!
Ultimately, the system needs a major overhaul. Insurers should be able to rate up the lavish coastal homes that are continuing to get damaged over and over..and those insurers should force the homeowner to share in the cost. In this way, we would have more people working harder to safeguard their homes for a storm.
With that said, I have been in Florida for 36 years and I have never experienced a hurricane until 2004. I know that Andrew hit down south in 1992- but for 36 years...well you do the math.

I'm out, I have to go and explain the surcharges to some elderly people on a fixed income.