Home Owners Insurance by fixed845inc on Blogster

The insurance industry is in panic mode ( or is it greed disguised? ), acting as if there has been a sudden exponential expansion of risk to coastal home owners. Policies are being canceled, rates are jumping wildly higher and they are demanding that homeowners install expensive storm shutters. They justify their exaggerated demands by pointing to the Weather Bureaus forecasts for unusually active storm seasons for this year and years going forward. This puts the weather bureau in the inadvertent role of shill for the insurance industry. You might as well include Al Gore ( the movie maker) in that same supporting role.

What is happening when your out of pocket premiums and/or your deductible go up by thousands of dollars? What if new shutters cost you $25,000? What if your coverage excludes water or mold damage? Your coverage is being markedly reduced while your premiums are being markedly increased, that's whats happening. Nice work if you can get it.

Now we learn that the weather bureau is pulling back and lowering its' forecast of named and powerful storms this hurricane season. We have not yet had a single major hit. Time to lower those premiums, right. Good luck. I don't yet hear cries of price gouging. It's time.

Time to invest in the insurance industry.

6 comments on Home Owners Insurance

centurion said 1 years ago
A subject I know from the inside. You describe it correctly but it's been going on a lot longer than you think. Ever since hurricane Hugo in 89, coverage in coastal counties has been steadily reduced through higher deductibles and more exclusions, while premiums have been increasing. Insurance stocks have always been lucrative.
fixed845inc said 1 years ago
I'm hearing stories about Floridians who are getting close to bolting the state for that reason and property tax issues. But now it seems to be hitting the northeast with a vengeance. In Ct the governor asked insurance companies for a 90 day hold before policy cancellations and addl requirements are put into effect. I suspect its' all the talk about how the northeast is due for a big one.
htargett said 1 years ago
Flew up the coast from Norfolk to Hartford a couple of months ago on a beautiful clear day. It is mindboggling the number of houses built on the first few miles from the ocean all the way up the coast. If and when a major hurricane hits it wll be catastrophic not only for the coastal residents but for the insurance companies. Our tax dollars still subsidize, as they have for years, coastal risks for some homeowners. House blows down, build a new one and ten years later same thing happens again and insurance & feds makes the house bigger and worth more. Coastal houses are at least double in value than inland houses. There is a price to pay for this luxurious living near the water and you are paying that price. So am I in Florida. My choice as it is everyones since we all could move inland and save big dollars.[SMILE]
fixed845inc said 1 years ago
You're absolutely right! That same reality existed last year and the years before. It is this year however when the fan is being hit. Other than Florida and the southeast there have been zero incidents. We are being charged for events elsewhere together with a vague term 'probability' which someone has deemed begins to have suddenly jumped in 2006.
kevinhere said 1 years ago
Yes i agree ins has gone steadily up over the years more so since 9/11 quite a lot of businesses have closed down in the tourist division premiems trebling in some cases ,even those who have never had a claim.a
one person who complained to my funeral fund insurance , (yes there is one they cover the expenses when you snuff it) asked them why it had increased by 50 cents a quarter and as he has been a member for 20 years he should not be made to pay it .i hope i am around in 20 years [LOL][THUMBUP]
fixed845inc said 1 years ago
Interesting to know that the same is happening in Australia. We do have quite a lot in common. [COOL]