Florida House Approves Property Insurance Measure
Southeast News • April 27, 2009
The Florida House has approved property insurance legislation that promises to reduce the exposure of the state's backup hurricane insurance fund and gradually raise rates for policyholders ...
Insurance Journal is not responsible for the content of the message below.
Subject: Casualty -
Posted On: April 28, 2009, 7:06 am CDT
Posted By: wudchuck
Comment:
sounds like FL is in for a major casualty.
re-read this para "In addition, the legislation would begin a process of shoring up the state's property reinsurer, Florida Hurricane Catastrophe Fund, and phase out about $12 billion in reinsurance it provides to private insurers."
why is the state providing this at all? this is $12 billion of state money that needs to be used elsewhere. then they wonder why they created a FL Hurricane Cat Fund. the state insurance will and i predict (not just me on this one) but it will fail on the next hurricane. remember they still owe on previous hurricane damage. they are trying to get new homeowners and other insurance companies to collect for past occurences. as with any natural disaster, unless you planned ahead, you will be behind. florida has always been behind. good example is the many tent cities after Hurricane Andrew. what will the elected officials do at the next disaster? will anyone of them forfeit any of their pay? probably not! votes really will not count if you can't take care of the people that put you into office. it's like giving that official free money for a job NOT WELL DONE! oh, we do that anyways! look at what the gov't is doing now. giving money to keep companies afloat, instead of letting them fail. um..um.. can we finally say NO!
Subject: Casualty -
re-read this para "In addition, the legislation would begin a process of shoring up the state's property reinsurer, Florida Hurricane Catastrophe Fund, and phase out about $12 billion in reinsurance it provides to private insurers."
why is the state providing this at all? this is $12 billion of state money that needs to be used elsewhere. then they wonder why they created a FL Hurricane Cat Fund. the state insurance will and i predict (not just me on this one) but it will fail on the next hurricane. remember they still owe on previous hurricane damage. they are trying to get new homeowners and other insurance companies to collect for past occurences. as with any natural disaster, unless you planned ahead, you will be behind. florida has always been behind. good example is the many tent cities after Hurricane Andrew. what will the elected officials do at the next disaster? will anyone of them forfeit any of their pay? probably not! votes really will not count if you can't take care of the people that put you into office. it's like giving that official free money for a job NOT WELL DONE! oh, we do that anyways! look at what the gov't is doing now. giving money to keep companies afloat, instead of letting them fail. um..um.. can we finally say NO!