Quote:
Originally Posted by BigRedChief
Which in turn puts the tornado, hurricane, wildfire, earthquake home owners against each other. Ohhh we are poor. We lay out too much money.
I gave you my premium numbers above. The maximum if I somehow actually got the money from the insurance company is $200K even though its worth 4X that amount. Just in premiums, I'd pay that $200K off in 25 years. Without rates going up.
In all of the 150 years of hurricane recorded history, a cat 2 or above hurricane has never hit this area. Theoretically, the insurance could have covered the total losses on my property 10.5 times.
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I feel like it in that case they should jack up the deductible and have that max amount in place.... that mitigates their cost while acknowledging the low risk.
Jacking up your annual cost like that is just helping to pay back previous hurricanes while they still make billions of dollars most years.
And you shouldn't get market value back, should just be replacement cost... I think the max makes sense to lessen the cost of huge houses along the coast (of course the premium is higher to begin with).