Florida peeps. Prepare for this storm!

[Coochie liquor]

Looks like it may intensify quickly in the hot gulf waters. We haven’t been hit in the Bay Area in a long ass time. Gonna be rough most likely. Stay safe peeps!

[BigRedChief]

Originally Posted by MIAdragon

Still fighting insurance with the last storm.

I've heard all kinds of horror stories of homeowners battling the insurance companies when its obviously clear that it was covered.

[Chief Pagan]

Originally Posted by Discuss Thrower

Should really consider not subsidizing the risks of totally predictable catastrophes on a recurring basis.

So DC topic, I get it.

But I agree that home owners insurance, whether it is gulf hurricane or western fires, or Midwestern floods, should reflect actual risk and shouldn't be subsided.

Voters in those areas really don't like that, however.

[Eureka]

I was on a Carnival Cruise to Baja Mexico last week when hurricane Hillary was coming through. Seems the Captain knew how to sail around it. Lots of passengers were worried but I just kept buying drinks.

My last cruise was in 2020. The same boat was on Yahoo news not being allowed to dock due to the covid outbreak. Missed that shit show by a few weeks.

[cdcox]

Originally Posted by BigBeauford

Florida properties are quickly becoming unisurable based on the number of companies fleeing.

Yeah, insurance companies are doing that nasty free market thing and making business decisions to pull out of unfavorable markets. (I would do the same if that was my business). In the last 2 years we’ve come to the decision not to relocate to FL or other costal areas for retirement (my wife loved living in FL early in life and always dreamed of going back). We vacationed there in July, and spoke to a local lady who had around $50K in damage from Ian and got only $5K in insurance payout.

[Coochie liquor]

Originally Posted by Spott

There were two of them (Frances and Jean) that hit right in a row in St Pete/Tampa when I was living their in 2004, IIRC. They both went came from the east coast and crossed over the state to Tampa. I think that was the same year Charley was going to hit them directly but went inland around Pt Charlotte.

I guess I dont remeber that because we lived in Sebastian at the time. Was ground zero for those storms. We lost power for 2 weeks after Francis, we got it back for 4 days and Jean came through and we lost it for another 2 1/2 weeks. FEMA and Red Cross told us the house we were living in was uninhabitable. But we had nowhere to go. We had to stay there anyway, just like the other people in our area. We had a barrel in the middle of the block in an empty lot. We made the barrel into a bbq pit, and as everyone’s food was thawing we would bring it down to the pit and cook it and share it with the street. Even though it was devastating, it really brought our neighborhood together for a little while.

[Eureka]

Originally Posted by Coochie liquor

I guess I dont remeber that because we lived in Sebastian at the time. Was ground zero for those storms. We lost power for 2 weeks after Francis, we got it back for 4 days and Jean came through and we lost it for another 2 1/2 weeks. FEMA and Red Cross told us the house we were living in was uninhabitable. But we had nowhere to go. We had to stay there anyway, just like the other people in our area. We had a barrel in the middle of the block in an empty lot. We made the barrel into a bbq pit, and as everyone’s food was thawing we would bring it down to the pit and cook it and share it with the street. Even though it was devastating, it really brought our neighborhood together for a little while.

That is a bright spot in a crappy situation.

[BryanBusby]

Originally Posted by BigRedChief

Its a big issue. The state is going to have to take it over eventually.

I live directly on the water. My flood insurance(only covers hurricane water damage) went from $1200 or so to $5100 yearly. My regular house insurance(which also covers wind and damage from a hurricane) went from $2500 to $7,300. To be fair, most of these companies left after 1 hurricane. It's Florida, how long do you think you can collect premiums and not pay out to your clients?

I'm getting older now could retire if I chose to but making too much money to retire. But, its coming soon. When that happens I don't know if I'm staying on the water because of these rising rates once I'm on a fixed income in retirement.

Good ****ing god. Those rates are insane.

[neech]

Move out of that state BRC I think the rates are just going to continue to go up and up.

The last person in Florida please turn off the lights.

[Chief Pagan]

The reinsurance industry, the behemoths that insure the insurance industry and make money in good years and help cover losses in bad years...

Have been losing money and raising rates to provide catastrophic coverage to American, and other, insurance companies.

Those rate increases are substantial and are being passed along.

Plus the risk analysis for this type [storm, forest fire, etc.] of insurance isn't easy going forward between changing conditions in the environment and who knows what the regulatory situation is going to be.

But I hope anyone in harm's way stays safe (or safely got out) and has an insurance policy that will actually pay out.

[Stewie]

Sheesh. I should quit complaining that my home owners insurance went up to $1650.

[BWillie]

Originally Posted by Bearcat

It really gets in the way of making billion of dollars though.

Insurance companies arent even making money right now. State Farm lost over 8 billion dollars the last two years. Insurance companies are struggling in many areas due to states insurance commissions making them insure people they dont want to. As a result they have to make the avg customer subsidize these people. Its simply not fair. You should pay a premium based directly on what your risk is. Its why many companies are pulling out of California which is a complete shitshow with insurance law and has been for years with its prop 103 and orher anti insurance laws.

Insurance is not charity. Its there to spread risk and every company must make money to stay in business. Farmers just had to lay off 2400 people today.

[Bearcat]

Originally Posted by BWillie

Insurance companies arent even making money right now. State Farm lost over 8 billion dollars the last two years. Insurance companies are struggling in many areas due to states insurance commissions making them insure people they dont want to. As a result they have to make the avg customer subsidize these people. Its simply not fair. You should pay a premium based directly on what your risk is. Its why many companies are pulling out of California which is a complete shitshow with insurance law and has been for years with its prop 103 and orher anti insurance laws.

Insurance is not charity. Its there to spread risk and every company must make money to stay in business. Farmers just had to lay off 2400 people today.

Insurance companies don't make money on their business, they make money by investing.... so of course they aren't making money right now, because nobody is making money investing right now.

As opposed to say a few years ago when they made nine billion dollars in profit. Hopefully they stuffed some under the mattress, poor guys.

Insurance companies should be non-profit, then even though they'd still pay their top leadership $20 million a year and spend a billion dollars on advertising, at least it wouldn't be such a scam for the vast majority of people who either don't file claims or have to fight tooth and nail when they actually need a little of the money back.

[Simply Red]

Originally Posted by FlaChief58

Yep, make your preparations now. It looks like it's going to be a rough one for my neck of the woods

be safe and same w/ the rest of the Florida CP'ers.

[BigRedChief]

Originally Posted by Bearcat

Insurance companies don't make money on their business, they make money by investing.... so of course they aren't making money right now, because nobody is making money investing right now.

As opposed to say a few years ago when they made nine billion dollars in profit. Hopefully they stuffed some under the mattress, poor guys.

Insurance companies should be non-profit, then even though they'd still pay their top leadership $20 million a year and spend a billion dollars on advertising, at least it wouldn't be such a scam for the vast majority of people who either don't file claims or have to fight tooth and nail when they actually need a little of the money back.

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.

[BigRedChief]

Originally Posted by BryanBusby

Good ****ing god. Those rates are insane.

Thats with my "homestead" discount. My neighbor down the street saw their premiums for up $17K.