Some of the premiums are ridiculous. They are based on the community not the actual property. Premiums are going from $2000 to $8000 on commercial property and I had a HO policy increase from $1900 to $3200 these are in Oregon, not on the beach, and one is 80 miles inland. People are screaming, and there is no alternative.
I couldn’t agree more. And here is a little something I found out. There is a report that is going to come out tomorrow talking about this thing called global warming. It will also graph out over the last few years the expense flooding has cost. Finally it will predict that more sever storms like the recent ones the last few years will increase. I know, where were these reports a few years ago!!??? This is totally unacceptable the government keeping all this a secret and then BAMMMM, they go and increase rates. Dirty rats!! Rising sea levels, who would have imagined???
Flood Insurance Program should be Actuarial, BUT it doesn’t appear that Congress has a Detailed Comprehensive Financial Overview of NFIP showing Insurance Commissions, Management Fees, and Claims Paid to Insureds vs. Un-insureds ?? They do know Repetitive Loss payments thru 2011, of $12 billion, but no breakdown of what Insurance Commissions and Management have been (with No risk). If 50%, that could be $25 Billion. Payments to uninsured in New Orleans (Many reports that property under sea level but behind an ACOE Levee get NFIP money), or Mississippi (where Flood Maps were 10′ to High, Did they get NFIP $), and for Sandy(?)*, it could be $10 to $15 billion? ( No data, and no definitive evidence that claims weren’t paid to un-insureds.) All this should be easy to show with a simple annotated spreadsheet, but it can’t be found. And nobody seems to knows about the Sea Level Rise planning requirements of BW-12.
Congress (Democrats and Republicans) need good information in order to make good public policy.
BW-12 Rate Increases should be delayed until Congress and Policy Holders can see the Actuarial Financials.
Bill Price USLandAlliance.US
* Interesting that FEMA Disaster Aid fell in 2012 and ’13, while NFIP budget over doubled. Where did the NFIP money go? ( We wonder if all those folks were insured?)
What is the point of a subsidy for flood insurance? The subsidy comes from the government to pay the government.
Some of the premiums are ridiculous. They are based on the community not the actual property. Premiums are going from $2000 to $8000 on commercial property and I had a HO policy increase from $1900 to $3200 these are in Oregon, not on the beach, and one is 80 miles inland. People are screaming, and there is no alternative.
I couldn’t agree more. And here is a little something I found out. There is a report that is going to come out tomorrow talking about this thing called global warming. It will also graph out over the last few years the expense flooding has cost. Finally it will predict that more sever storms like the recent ones the last few years will increase. I know, where were these reports a few years ago!!??? This is totally unacceptable the government keeping all this a secret and then BAMMMM, they go and increase rates. Dirty rats!! Rising sea levels, who would have imagined???
Flood Insurance Program should be Actuarial, BUT it doesn’t appear that Congress has a Detailed Comprehensive Financial Overview of NFIP showing Insurance Commissions, Management Fees, and Claims Paid to Insureds vs. Un-insureds ?? They do know Repetitive Loss payments thru 2011, of $12 billion, but no breakdown of what Insurance Commissions and Management have been (with No risk). If 50%, that could be $25 Billion. Payments to uninsured in New Orleans (Many reports that property under sea level but behind an ACOE Levee get NFIP money), or Mississippi (where Flood Maps were 10′ to High, Did they get NFIP $), and for Sandy(?)*, it could be $10 to $15 billion? ( No data, and no definitive evidence that claims weren’t paid to un-insureds.) All this should be easy to show with a simple annotated spreadsheet, but it can’t be found. And nobody seems to knows about the Sea Level Rise planning requirements of BW-12.
Congress (Democrats and Republicans) need good information in order to make good public policy.
BW-12 Rate Increases should be delayed until Congress and Policy Holders can see the Actuarial Financials.
Bill Price USLandAlliance.US
* Interesting that FEMA Disaster Aid fell in 2012 and ’13, while NFIP budget over doubled. Where did the NFIP money go? ( We wonder if all those folks were insured?)