Another insurer leaves Florida ...

[HereWeGoAgain]

Some of the Florida based companies ended up paying lots of claims for Hurricane Harvey and February 2021 freeze damages on policies issued in Texas.

Cant believe Harvey hit in 2017.
Seems like it was just a few years ago.

 

[Captain Caveman]

Did you read your own link?
Of course it's hard to find insurance in flood prone areas,thats true across the country.
We paid much more for our river place than our home in Houston.
Same goes for California homes that are in mudslide areas and wildfire areas.

In the UK, I think insurance for flood victims and those living on flood plains can get insurance at a reasonable price because the government backs it up. Otherwise, many wouldn't afford insurance, that is, if they could get it due to historical flooding.

So I can see insurance companies abandon certain states, unless the state backs the insurance companies with dollars.

 

[HereWeGoAgain]

In the UK, I think insurance for flood victims and those living on flood plains can get insurance at a reasonable price because the government backs it up. Otherwise, many wouldn't afford insurance, that is, if they could get it due to historical flooding.

So I can see insurance companies abandon certain states, unless the state backs the insurance companies with dollars.

There are certain places where you cant get insurance.
We got flood insurance for our river place but we had to pay a premium.
Which kinda sucked,the place hadn't flooded in well over 100 years and while the house was on the river it sat on a hill.
In front of the hill was a flat with a bunch of pecan trees and we've seen the water get up into the pecan grove many times but it would have to go up at least another 20 feet to get in the house.

 

[Delldude]

Any chance the woke ESG wonks are driving this?

All about sustainability investment monies these days, you know....especially in 'red states'.

Insurers Take the Lead on ESG/Sustainability Initiatives

Environmental, social, and governance (ESG) criteria or standards are having an impact on all sectors of society including corporate, entity, and professional policyholders and insurance companies. It is key for insurers to take advantage of the opportunities associated with ESG. Insurers have...

www.hinshawlaw.com

 

[debbiedowner]

We just got a new roof as well.
Of course we were hoping for a good hailstorm.
Assing up $20k for a new roof sucked!!!
We're far enough inland that we dont need storm windows or shutters,when you get down to Galveston most people have the metal roll down window protection.

Those metal roll down are nice. I have the metal I have to put up and take down but thankfully haven't had to use them yet. Down in Galveston I would me more worried about the storm surge first and wind second. Well, hopefully we won't have any hurricanes this year.

 

[debbiedowner]

Any chance the woke ESG wonks are driving this?

All about sustainability investment monies these days, you know....especially in 'red states'.

Insurers Take the Lead on ESG/Sustainability Initiatives

Environmental, social, and governance (ESG) criteria or standards are having an impact on all sectors of society including corporate, entity, and professional policyholders and insurance companies. It is key for insurers to take advantage of the opportunities associated with ESG. Insurers have...

www.hinshawlaw.com

The woke? Shit with property insurer's been going on for years especially coastal areas.

 

[HereWeGoAgain]

Those metal roll down are nice. I have the metal I have to put up and take down but thankfully haven't had to use them yet. Down in Galveston I would me more worried about the storm surge first and wind second. Well, hopefully we won't have any hurricanes this year.

The last one that hit Galveston directly I believe was Ike if I remember correctly it totally trashed my Moms condo on Tiki Island.

 

[Delldude]

The woke? Shit with property insurer's been going on for years especially coastal areas.

ESG is pushing investment funding now along ideological lines.....last I checked, Florida is in persona non grata status.

 

[Stann]

... leaving the state in crisis mode. Some homeowners can't get insurance at any price, and they can't get a mortgage unless they have homeowners' insurance.

‘An existential dilemma’: Florida homeowners scramble as another major insurer exits

One of Florida’s largest home insurers is exiting the market, leaving thousands of homeowners scrambling to find new coverage as options continue to dwindle in the Sunshine State.

www.local10.com

Florida's problem? It's not hurricanes. They haven't had any for a long time, while Louisiana, which has been hit multiple times, isn't having any problems with insurance companies leaving.

What is the problem? Fraud, fraud and more fraud. It's a Florida tradition for homeowners to conveniently get "storm damage" every 10 years, requiring replacement of the entire roof, paid for by insurance. There are many scam companies out there that specialize in finding this "storm damage." Or possibly creating it themselves.

Why Florida? It seems state laws allow for such scamming. No, the Florida Republicans didn't address it last session. They were too busy being antiwoke. You get the government you vote for.

Wait until the ocean rises more than an inch a year, then it's all over.

 

[Delldude]

Wait until the ocean rises more than an inch a year, then it's all over.

Meh......