All North Carolina Homeowners Could Pay If Insurers, Beach Plan Fall Short
Southeast News • June 24, 2009
Every insured homeowner in North Carolina could shoulder the cost of rebuilding if a massive hurricane hits under a deal taking shape in the Legislature.
The legislation (HB1305), expected to ...
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Subject: RE: RE: Homeowners Pay
Posted On: July 10, 2009, 1:41 pm CDT
Posted By: Buckeye
Comment:
I understand your frustration, Chagrined, but it is aimed at the wrong target. Rather than insurance companies, your ire should be aimed at your governement. This is yet another example of the problematic outcome we should simply expect when government gets involved.
Insurance companies continue to be a very important part of our business and personal lives. They sell us the financial protection we need to live our daily lives and run our businesses with a fair amount of peace of mind.
Their insurance products are contracts that are heavily regulated at the state level. They operate in a heavily regulated and competitive environment in which they are expected to provide excellent service and deliver on their promise to pay when claims occur. As far as their profitability, insurance companies are lucky in most years to make a few cents on the dollar.
On the contrary, government has a horrific track record when they attempt to get involved in the same environment in which insurance companies operate each and every day. All one has to do is look at the situations in NC and FL as well as the NFIP to see typical outcomes.
Would it be so difficult to expect a property owner on the beach to fund all expenses for said property either through their own funds or insurance? Part of the expense of purchasing an Italian sports is the cost of purchasing MY OWN insurance. I don't expect help with the purchase of the insurance. The same should hold true for someone who wants to purchase or construct beachfront property.
I would like to think we will discover at some point that our politicians make decisions purely for political reasons in defiance of common sense and/or fundamental economic principles. I won't hold my breath, though.
Subject: RE: RE: Homeowners Pay
Insurance companies continue to be a very important part of our business and personal lives. They sell us the financial protection we need to live our daily lives and run our businesses with a fair amount of peace of mind.
Their insurance products are contracts that are heavily regulated at the state level. They operate in a heavily regulated and competitive environment in which they are expected to provide excellent service and deliver on their promise to pay when claims occur. As far as their profitability, insurance companies are lucky in most years to make a few cents on the dollar.
On the contrary, government has a horrific track record when they attempt to get involved in the same environment in which insurance companies operate each and every day. All one has to do is look at the situations in NC and FL as well as the NFIP to see typical outcomes.
Would it be so difficult to expect a property owner on the beach to fund all expenses for said property either through their own funds or insurance? Part of the expense of purchasing an Italian sports is the cost of purchasing MY OWN insurance. I don't expect help with the purchase of the insurance. The same should hold true for someone who wants to purchase or construct beachfront property.
I would like to think we will discover at some point that our politicians make decisions purely for political reasons in defiance of common sense and/or fundamental economic principles. I won't hold my breath, though.