The Florida Insurance Crisis

[Tommy Tainant]

Florida insurance crisis explained: Why multiple insurers are leaving state

Farmers Insurance has become the latest insurance company to pull out of Florida.

www.newsweek.com

Farmers Insurance has become the latest insurance company to pull out of Florida, despite repeated efforts by Republican Gov. Ron DeSantis and the state legislature to shore up the volatile market.

On Tuesday Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies, a move that will reportedly affect 100,000 policies.

"This business decision was necessary to effectively manage risk exposure," Farmers spokesman Trevor Chapman said in a statement to CBS Miami

When there is less choice for customers the price will inevitably go up. As climate change makes the area more volatile then more insurers will likely leave.

It sounds like a time when the state needs a strong leader to get a grip on things and come up with solutions. The government dont even seem to be engaging with the industry.

Insurance is a basic need for any business. Especially a business that is in hospitality. Its a worrying time for Florida.

 

[CrusaderFrank]

We need to spend $78 trillion to reduce CO2 which had no impact on the climate

 

[Tommy Tainant]

We need to spend $78 trillion to reduce CO2 which had no impact on the climate

Bye bye Florida.

 

[CrusaderFrank]

Bye bye Florida.

Yeah, tell that to Related

 

[White 6]

Florida insurance crisis explained: Why multiple insurers are leaving state

Farmers Insurance has become the latest insurance company to pull out of Florida.

www.newsweek.com

Farmers Insurance has become the latest insurance company to pull out of Florida, despite repeated efforts by Republican Gov. Ron DeSantis and the state legislature to shore up the volatile market.

On Tuesday Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies, a move that will reportedly affect 100,000 policies.

"This business decision was necessary to effectively manage risk exposure," Farmers spokesman Trevor Chapman said in a statement to CBS Miami

When there is less choice for customers the price will inevitably go up. As climate change makes the area more volatile then more insurers will likely leave.

It sounds like a time when the state needs a strong leader to get a grip on things and come up with solutions. The government dont even seem to be engaging with the industry.

Insurance is a basic need for any business. Especially a business that is in hospitality. Its a worrying time for Florida.

Farmers insurance is just the latest. There were at least three that announced last year. One can deny change all one wants, but insurance companies are "for profit" corporations and look at history and payouts from a strictly business point of view. When the number crunching means it will be unprofitable and damaging to the company to stay, they pull back to where they can provide their services without financial collapse of the company, to the benefit of their shareholders.

Have you see any of this, the last few days?

They are saying the unusually high temps point toward hurricane intensification as they near shores and since the phenomena is ocean wide to an extent, a more active hurricane season than was expected.

 

[excalibur]

Farmers insurance is just the latest. There were at least three that announced last year. One can deny change all one wants, but insurance companies are "for profit" corporations and look at history and payouts from a strictly business point of view. When the number crunching means it will be unprofitable and damaging to the company to stay, they pull back to where they can provide their services without financial collapse of the company, to the benefit of their shareholders.

Have you see any of this, the last few days?
View attachment 804754
View attachment 804756

They are saying the unusually high temps point toward hurricane intensification as they near shores and since the phenomena is ocean wide to an extent, a more active hurricane season than was expected.

Fool's gold.

 

[struth]

Farmers insurance is just the latest. There were at least three that announced last year. One can deny change all one wants, but insurance companies are "for profit" corporations and look at history and payouts from a strictly business point of view. When the number crunching means it will be unprofitable and damaging to the company to stay, they pull back to where they can provide their services without financial collapse of the company, to the benefit of their shareholders.

Have you see any of this, the last few days?
View attachment 804754
View attachment 804756

They are saying the unusually high temps point toward hurricane intensification as they near shores and since the phenomena is ocean wide to an extent, a more active hurricane season than was expected.

Wow insurance companies aren’t issuing new policies during hurricane season…what’s next? Water is wet???

 

[White 6]

Wow insurance companies aren’t issuing new policies during hurricane season…what’s next? Water is wet???

Hurricane seasons were not stopping them, until the last year, but with recent losses, some companies are actually leaving the market, preferring to stay in business, profitably, instead of as a public service kind of thing, as no arguing with the change in data and losses.

 

[abu afak]

We need to spend $78 trillion to reduce CO2 which had no impact on the climate

IOWA is 63% Renewable, mostly wind.
S DaKota 54%
Oklahoma 47%

Texas is going Renewable so fast the Oil state's Governor wants regs to stop the CHEAPER renewables.
Texas added 3x what California did last year. The largest adder in the country.

All "Spent" NOTHING.
They are SAVING MONEY.

`

`

 

[Tommy Tainant]

Farmers insurance is just the latest. There were at least three that announced last year. One can deny change all one wants, but insurance companies are "for profit" corporations and look at history and payouts from a strictly business point of view. When the number crunching means it will be unprofitable and damaging to the company to stay, they pull back to where they can provide their services without financial collapse of the company, to the benefit of their shareholders.

Have you see any of this, the last few days?
View attachment 804754
View attachment 804756

They are saying the unusually high temps point toward hurricane intensification as they near shores and since the phenomena is ocean wide to an extent, a more active hurricane season than was expected.

Its all about the money. That leaves some places in a tight spot. Why invest in something when you could lose everything tomorrow ?

All climate scientists not funded by big oil reckon it will get worse.

 

[White 6]

Its all about the money. That leaves some places in a tight spot. Why invest in something when you could lose everything tomorrow ?

All climate scientists not funded by big oil reckon it will get worse.

Maybe, even some funded by big oil figure it will get worse.

 

[C_Clayton_Jones]

Florida insurance crisis explained: Why multiple insurers are leaving state

Farmers Insurance has become the latest insurance company to pull out of Florida.

www.newsweek.com

Farmers Insurance has become the latest insurance company to pull out of Florida, despite repeated efforts by Republican Gov. Ron DeSantis and the state legislature to shore up the volatile market.

On Tuesday Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies, a move that will reportedly affect 100,000 policies.

"This business decision was necessary to effectively manage risk exposure," Farmers spokesman Trevor Chapman said in a statement to CBS Miami

When there is less choice for customers the price will inevitably go up. As climate change makes the area more volatile then more insurers will likely leave.

It sounds like a time when the state needs a strong leader to get a grip on things and come up with solutions. The government dont even seem to be engaging with the industry.

Insurance is a basic need for any business. Especially a business that is in hospitality. Its a worrying time for Florida.

It’s private homeowners who are hit the hardest – forced to find new insurance in a dwindling ‘market’ where they’ll end up paying more for less; or they’ll be subject to forced insurance by their mortgage companies which will be extremely expensive as well.

This is another example of incompetent Republican governance and failed conservative dogma.

 

[Tommy Tainant]

Maybe, even some funded by big oil figure it will get worse.
View attachment 804835

They knew about it years ago. And kept a lid on it.

 

[Tommy Tainant]

It’s private homeowners who are hit the hardest – forced to find new insurance in a dwindling ‘market’ where they’ll end up paying more for less; or they’ll be subject to forced insurance by their mortgage companies which will be extremely expensive as well.

This is another example of incompetent Republican governance and failed conservative dogma.

In the UK you cant get a mortgage without insurance..Its fundamental stuff.

 

[Missourian]

Florida insurance crisis explained: Why multiple insurers are leaving state

Farmers Insurance has become the latest insurance company to pull out of Florida.

www.newsweek.com

Farmers Insurance has become the latest insurance company to pull out of Florida, despite repeated efforts by Republican Gov. Ron DeSantis and the state legislature to shore up the volatile market.

On Tuesday Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies, a move that will reportedly affect 100,000 policies.

"This business decision was necessary to effectively manage risk exposure," Farmers spokesman Trevor Chapman said in a statement to CBS Miami

When there is less choice for customers the price will inevitably go up. As climate change makes the area more volatile then more insurers will likely leave.

It sounds like a time when the state needs a strong leader to get a grip on things and come up with solutions. The government dont even seem to be engaging with the industry.

Insurance is a basic need for any business. Especially a business that is in hospitality. Its a worrying time for Florida.

My folks moved to Citizens, which is the State run insurance company when UPC filed for bankruptcy.

It was $1500 a year cheaper than UPC was charging them pre-hurricane.

It is going to be a problem...because insurance rates are going to have to go up to cover loses...or you're going to have to go without an hope for the best.

The issue is the outlay of money is not going to be cost effective.

If your paying $10,000 a year for insurance and a hurricane hits every 10 years and you need a new roof...you spent $100,000 on a $27,000 roof.

Between property taxes and insurance you're making perpetual payments equivalent to a mortgage payment for as long as you live in florida.

 

[Missourian]

Its all about the money. That leaves some places in a tight spot. Why invest in something when you could lose everything tomorrow ?

All climate scientists not funded by big oil reckon it will get worse.

"Climate scientists".

 

[Dekster]

Florida insurance crisis explained: Why multiple insurers are leaving state

Farmers Insurance has become the latest insurance company to pull out of Florida.

www.newsweek.com

Farmers Insurance has become the latest insurance company to pull out of Florida, despite repeated efforts by Republican Gov. Ron DeSantis and the state legislature to shore up the volatile market.

On Tuesday Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies, a move that will reportedly affect 100,000 policies.

"This business decision was necessary to effectively manage risk exposure," Farmers spokesman Trevor Chapman said in a statement to CBS Miami

When there is less choice for customers the price will inevitably go up. As climate change makes the area more volatile then more insurers will likely leave.

It sounds like a time when the state needs a strong leader to get a grip on things and come up with solutions. The government dont even seem to be engaging with the industry.

Insurance is a basic need for any business. Especially a business that is in hospitality. Its a worrying time for Florida.

I don't know what they have in Florida, but in Virginia there is a state-owned insurance program for people who need fire insurance on the residence they live in but cannot get it through the market (basically old falling down properties). It ain't cheap though. I have been told it is about twice the market price for a house that is worth 2 or 3 times more than the distressed one being insured.

 

[C_Clayton_Jones]

In the UK you cant get a mortgage without insurance..Its fundamental stuff.

Insurance companies in Florida are also taking advantage of the crisis by forcing homeowners to make unnecessary ‘upgrades’ and ‘repairs’ to their homes – such as replacing roofs and water heaters that don’t need replacing.

They threaten homeowners with canceling their insurance if they don’t comply in a dishonest effort to minimize exposure.

 

[Tommy Tainant]

My folks moved to Citizens, which is the State run insurance company when UPC filed for bankruptcy.

It was $1500 a year cheaper than UPC was charging them pre-hurricane.

It is going to be a problem...because insurance rates are going to have to go up to cover loses...or you're going to have to go without an hope for the best.

The issue is the outlay of money is not going to be cost effective.

If your paying $10,000 a year for insurance and a hurricane hits every 10 years and you need a new roof...you spent $100,000 on a $27,000 roof.

Between property taxes and insurance you're making perpetual payments equivalent to a mortgage payment for as long as you live in florida.

Sounds like a nightmare.

 

[CrusaderFrank]

IOWA is 63% Renewable, mostly wind.
S DaKota 54%
Oklahoma 47%

Texas is going Renewable so fast the Oil state's Governor wants regs to stop the CHEAPER renewables.
Texas added 3x what California did last year. The largest adder in the country.

All "Spent" NOTHING.
They are SAVING MONEY.

`

`

It’s only “cheaper” because of the tens of billions of inflated Bidenflation dollars

Nuclear is the far better option