Mississippi Insurance Chief Wants to Sue to Stop Flood Insurance Rate Hikes

By Michael Adams | September 20, 2013

  • September 20, 2013 at 2:01 pm
    Hmmm says:
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    This isn’t a law that passed last week and is being implemented now. This law has been discussed and cussed for almost 2 years.

  • September 20, 2013 at 2:14 pm
    TNReader says:
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    So is the “unfair consequences” of which Gov Scott speaks, the fact that the homeowners would be paying a premium more in line with their risk exposure?

    Mr. Fugate said “There is no provision for affordability in this law.” I did not realize that insurance premiums were to be based on a property owner’s financial situation.

    • September 20, 2013 at 3:29 pm
      FLagent/ins says:
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      I agree with you but I would like to say, I understand the ramifications. I live in Florida and my home is in a preferred flood zone. If it gets rezoned and I have to pay $7,000 for insurance, I cant pay that. I would have to let it go in foreclosure. Those are the facts. I made sure I bought a home that I could afford and purposely was in a preferred flood zone. I am unwilling to pay that amount of money when I did my due diligence in choosing a home to purchase.

      • September 24, 2013 at 10:11 am
        ComradeAnon says:
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        What is your premium now? If the rezoning happens, and it’s accurate, then you been getting quite a subsidy. But still, won’t any increase be limited to either 20 or 25% per year?

        And just for laughs, here’s an old comment of yours, “Is FEMA in debt because possibly the government thinks they are helping tax payers out by continuously not charging enough for insurance?”

        • September 24, 2013 at 12:28 pm
          jw says:
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          Snap!

        • September 24, 2013 at 2:25 pm
          FLagent/ins says:
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          Oh please..I agree with the rate increase, I’m just commiserating with the general public. If an X zone policy is changed to an A zone and my home is NOT elevated then the difference would be substantial. It wouldnt be anywhere near the $412 it is now. And the 20 to 25% is of the new premium not the preferred zone premium….

          • September 25, 2013 at 8:08 am
            ComradeAnon says:
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            Actually, my family has a waterfront home on the Florida Panhandle. So I feel your pain. I imagine we’ll be retrofitting what hasn’t already been and taking other steps in the not to distant future as our premium is multiples of your premium.

  • September 20, 2013 at 3:10 pm
    FLagent/ins says:
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    This is proof positive that these politians have no idea where money for claims (or anything else) comes from.

  • September 20, 2013 at 3:42 pm
    jw says:
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    So the Florida tea baggers want government subsidies ??? One of the problems is that only 50% or less of the premium is available for losses. Commissions, service fees, adjustment fees, eat up the premium with no incentive to conserve. 15-20% commissions are the highest of any line of business for a noncompetitive policy. The write you own service contracts let companies charge allocated loss and unallocated % way beyond the actual cost. look at the companies annual reports they love the program.

    • September 23, 2013 at 9:14 am
      Brokie says:
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      Heh heh….”Keep your government hands off my taxpayer subsidized flood insurance rates’. So – flood insurance is GOOD socialiam as opposed to the evil European style socialism of..universal health care?



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