WTF??? Why does this clown expect anyone outside of that miserable state to pay for their ongoing stupidity? Some real estate is simply not inhabitable, get over it people!
we knew this was coming. with the failure of Florida to properly address their insurance problems, it is inevitable that the rest of the U.S. taxpayers will be asked to step in a bail them out of their stupidity. and yes, the current administration is just the ticket to give them a huge bailout.
when living conditions changed unfavorably, man moved. He moved to a warmer climate, or cooler climate. He moved to higher ground, away from the water, or lower ground, nearer the water.
Today, man stays in the same place, doing the same stupid thing over and over. Why?
Because he feels no pain, no discomfort, by staying in the same place doing the same thing. Devolution, I guess.
“Meanwhile, Nelson is also puhsing his legislation that would provide federal aid to cover property losses in the event of major catastrophe in Florida.”
If the politicians would stop setting rates and providing inadequately priced reinsurance or get out of the reinsurance business altogether, the state would not have such a catastrope exposure and wouldn’t need federal dollars for the state kitty.
If this current administration keeps printing money like it is, our tax rate is going to be equal to the proposed tax rate on AIG bonuses!
i agree, why should the rest of the nation use our taxpayer dollars for such. if you live there, then you are responsible for any losses you occur. i did not force you to live in florida. i did not force you to live in california (earthquakes). i did not force you to live in any hurricane zone. that was your choice as a homeowner. i agree that the state need to realize that losses have to be adjusted by the insurance company. on curr policy in florida there is a little extra on each policy for a cat hurricane fund. from listening to the various postings, these funds are to pay for previous losses and not ones upcoming. the state was short funds and still trying to make newer policies pay for old losses. if it were me, i’d be sueing the state for taking money from me for past affairs, especially if i just moved to the state.
SO how are things going in NC – looks like you are on the same path that Florida was on several yrs ago after Hurricane Andrew… SO why do you still live in NC when you know there is a risk of HUrricanes in your state, Why do people in the midwest live in areas that floodor have tornadoes?, why do people up north live where they know there are blizzards, or in Calif with earthquakes – WAKE UP every state has its own exposures to natural catastophes!! btw – I was born and raised here I did not CHOOSE to move here. and I am quite sure that my $3500 a year for insurance is much more than you pay in NC –
Interesting in that the $3,500 you complain about probably is from a company that has been required to supress premiums below the actual amount needed to cover the exposure. I pay less where I live and was born because the exposure is far less. Why should I cover your underpayment?
First off, I just want to state that I’m a registered independent.
That said, our problems are the result of our Socialist-Republican dominated legislature. State Farm is leaving the state, our Cat Fund is grossly underfunded, the state run Citizens Property Insurance Corporation will not have the funds to pay its claims. This market of “last resort” was opened up to competition by our short sighted Governor(his eyes are on the senate seat soon to be vacated by Mel Martinez)and other Republican legislators. One whose intention is to run for Governor when Charlie vacates the mansion. This financial genius, he’s a bank president, has for several years pushed legislation to freeze the CPIC rates.
Only in the past couple of months have the idiots in Tallahassee come to the realization that they’ve created a huge mess – and an even bigger one if we get hit with a major storm or a series of storms – whether its this year or next. Why do you think our Governor was the only Republican (other than the three in the Senate) supporting Obama’s stimulus program? Charlie knows he’s going to have his hand out in Washington when the wind blows.
Now that we’re out of the election cycle, maybe, just maybe the state will start regulating companies for solvency not rates.
I can’t blame the taxpayers in the other forty nine states for opposing this bail-out.
I think we need a catastrophe policy from the feds. The reason the flood policy is runing a terrible combined ratio is because the only people who need it buy it. The reason there is no coverage for wind in Florida is because there is not enough spread of risk one storm could hit the whole state. The reason earthquake coverage is not affordable is because it is only sold in areas effected by earthquake. Combine all coverages and let every citizen pay for catastrophe through write your own carriers. This way the spread of risk is greater but premiums would be higher in some areas but still affordable and available. Also the dual causation problem in hurricanes is minimized due to the fact one policy is covering both exposures.
Except where insurance is provided by the government, policyholders already benefit from the spreading of risk. Insurers accomplish this by writing multiple lines in multiple states and/or by purchasing reinsurance. This diversification benefit already reduces Florida insurance rates.
What most Florida politicians really want is subsidization, which is entirely different. Under risk spreading, Florida residents pay expected losses plus their share of a risk margin that is less than what an equally safe Florida stand-alone would charge if it didn’t purchase reinsurance. What Florida wants is for other states to shoulder some of the expected loss burden and some of Florida’s share of the already reduced risk margin. This isn’t good for the solvency of such programs, but it gets votes. People are always willing to vote themselves a share of other peoples’ money.
WTF??? Why does this clown expect anyone outside of that miserable state to pay for their ongoing stupidity? Some real estate is simply not inhabitable, get over it people!
Part of this sentence must have gotten cut off inadvertently:
“State officials have been searching for solutions to the problem THEY CREATED.
we knew this was coming. with the failure of Florida to properly address their insurance problems, it is inevitable that the rest of the U.S. taxpayers will be asked to step in a bail them out of their stupidity. and yes, the current administration is just the ticket to give them a huge bailout.
when living conditions changed unfavorably, man moved. He moved to a warmer climate, or cooler climate. He moved to higher ground, away from the water, or lower ground, nearer the water.
Today, man stays in the same place, doing the same stupid thing over and over. Why?
Because he feels no pain, no discomfort, by staying in the same place doing the same thing. Devolution, I guess.
“Meanwhile, Nelson is also puhsing his legislation that would provide federal aid to cover property losses in the event of major catastrophe in Florida.”
the word is pushing…..
If the politicians would stop setting rates and providing inadequately priced reinsurance or get out of the reinsurance business altogether, the state would not have such a catastrope exposure and wouldn’t need federal dollars for the state kitty.
If this current administration keeps printing money like it is, our tax rate is going to be equal to the proposed tax rate on AIG bonuses!
…have to pay FL insurance costs. We’ve enough troubles coming down the highway here in NC.
i agree, why should the rest of the nation use our taxpayer dollars for such. if you live there, then you are responsible for any losses you occur. i did not force you to live in florida. i did not force you to live in california (earthquakes). i did not force you to live in any hurricane zone. that was your choice as a homeowner. i agree that the state need to realize that losses have to be adjusted by the insurance company. on curr policy in florida there is a little extra on each policy for a cat hurricane fund. from listening to the various postings, these funds are to pay for previous losses and not ones upcoming. the state was short funds and still trying to make newer policies pay for old losses. if it were me, i’d be sueing the state for taking money from me for past affairs, especially if i just moved to the state.
you need to stop smoking that stuff…what are you talking about?
Is Devolution the revival of the rock band Devo?
SO how are things going in NC – looks like you are on the same path that Florida was on several yrs ago after Hurricane Andrew… SO why do you still live in NC when you know there is a risk of HUrricanes in your state, Why do people in the midwest live in areas that floodor have tornadoes?, why do people up north live where they know there are blizzards, or in Calif with earthquakes – WAKE UP every state has its own exposures to natural catastophes!! btw – I was born and raised here I did not CHOOSE to move here. and I am quite sure that my $3500 a year for insurance is much more than you pay in NC –
Interesting in that the $3,500 you complain about probably is from a company that has been required to supress premiums below the actual amount needed to cover the exposure. I pay less where I live and was born because the exposure is far less. Why should I cover your underpayment?
First off, I just want to state that I’m a registered independent.
That said, our problems are the result of our Socialist-Republican dominated legislature. State Farm is leaving the state, our Cat Fund is grossly underfunded, the state run Citizens Property Insurance Corporation will not have the funds to pay its claims. This market of “last resort” was opened up to competition by our short sighted Governor(his eyes are on the senate seat soon to be vacated by Mel Martinez)and other Republican legislators. One whose intention is to run for Governor when Charlie vacates the mansion. This financial genius, he’s a bank president, has for several years pushed legislation to freeze the CPIC rates.
Only in the past couple of months have the idiots in Tallahassee come to the realization that they’ve created a huge mess – and an even bigger one if we get hit with a major storm or a series of storms – whether its this year or next. Why do you think our Governor was the only Republican (other than the three in the Senate) supporting Obama’s stimulus program? Charlie knows he’s going to have his hand out in Washington when the wind blows.
Now that we’re out of the election cycle, maybe, just maybe the state will start regulating companies for solvency not rates.
I can’t blame the taxpayers in the other forty nine states for opposing this bail-out.
I think we need a catastrophe policy from the feds. The reason the flood policy is runing a terrible combined ratio is because the only people who need it buy it. The reason there is no coverage for wind in Florida is because there is not enough spread of risk one storm could hit the whole state. The reason earthquake coverage is not affordable is because it is only sold in areas effected by earthquake. Combine all coverages and let every citizen pay for catastrophe through write your own carriers. This way the spread of risk is greater but premiums would be higher in some areas but still affordable and available. Also the dual causation problem in hurricanes is minimized due to the fact one policy is covering both exposures.
Except where insurance is provided by the government, policyholders already benefit from the spreading of risk. Insurers accomplish this by writing multiple lines in multiple states and/or by purchasing reinsurance. This diversification benefit already reduces Florida insurance rates.
What most Florida politicians really want is subsidization, which is entirely different. Under risk spreading, Florida residents pay expected losses plus their share of a risk margin that is less than what an equally safe Florida stand-alone would charge if it didn’t purchase reinsurance. What Florida wants is for other states to shoulder some of the expected loss burden and some of Florida’s share of the already reduced risk margin. This isn’t good for the solvency of such programs, but it gets votes. People are always willing to vote themselves a share of other peoples’ money.