Insurance firms seek 42% rate hike for NC homes; 99% increase at beaches

[strollingbones]

So are all those homeowners defrauding NC, you know, like Trump in NY?

say what? come on frank try not to be a total moron

 

[strollingbones]

if you can afford a beach home on the outer banks you can afford you own damn flood insurance

 

[strollingbones]

nc gop is really trying to make us into florida

 

[CrusaderFrank]

say what? come on frank try not to be a total moron

If they can’t get insurance that greatly decreases the value, right?

 

[Donald H]

my neighbor who is not that far from us pays flood insurance even tho he place has never flooded...it is such a racketter

Same reply as above!

America is trying to teach Canukistan how to be better commies!

Are Americans becoming completely ignorant on how insurance companies work?

 

[Concerned American]

I don't mean mortgage insurance. I mean casualty insurance, fire and theft.

Understood, but I don't think the mortgage companies will enter that market. They don't really care if the borrower is made whole or not as long as their investment (the loan) is paid back.

 

[strollingbones]

Same reply as above!

America is trying to teach Canukistan how to be better commies!

Are Americans becoming completely ignorant on how insurance companies work?

yes they are....its not hard to see how stupid americans have become with the cheers for trump

a liar a fraud and a grifter who does not believe in free elections

 

[EvilCat Breath]

Understood, but I don't think the mortgage companies will enter that market. They don't really care if the borrower is made whole or not as long as their investment (the loan) is paid back.

They may do it for the same reason new home builders do it. To make money.

 

[Donald H]

Understood, but I don't think the mortgage companies will enter that market. They don't really care if the borrower is made whole or not as long as their investment (the loan) is paid back.

I've always had faith that you would go commie with me before most of the others.

A few others are going commie too but their skulls are too numb to understand.

In a nutshell, the extreme right is going to shit right down the necks of the establishment.

Orwell had it all along!

 

[Concerned American]

my neighbor who is not that far from us pays flood insurance even tho he place has never flooded...it is such a racketter

Flood insurance is kind of misunderstood. It covers many things that you would think should be covered by a simple homeowners policy. Sewer back-up is one such event that is not commonly covered under a homeowners policy, but is under flood insurance. There are a few others.

 

[Concerned American]

They may do it for the same reason new home builders do it. To make money.

That is why the insurance companies are raising their rates--pay outs are cutting into their bottom line.

 

[Donald H]

Flood insurance is kind of misunderstood. It covers many things that you would think should be covered by a simple homeowners policy. Sewer back-up is one such event that is not commonly covered under a homeowners policy, but is under flood insurance. There are a few others.

Wrong answer friend. Insurance companies spread their experience over large geographic areas.

That's the reason some extreme right bozo can't understand why he pays more insurance on the top of a mountain when the lowlands is flooded.

Come on my sixlegged friend, you know this as well as any duck.

 

[EvilCat Breath]

That is why the insurance companies are raising their rates--pay outs are cutting into their bottom line.

In California they are bailing completely. Even car insurance companies are dumping the state.

 

[Concerned American]

In California they are bailing completely. Even car insurance companies are dumping the state.

CA has had options in place for these cases for over sixty years that I know of. When I was young, like many young guys, my driving record wasn't the best and I had trouble getting insurance. CA had a program in place, and still does, called "assigned risk" All auto insurance companies in the state were required by the state to provide policies that were subsidized by the state and other rate payers and these risks were spread among all insurance companies. I don't necessarily agree with it, but it was welcome the couple of times that I was the assigned risk.

 

[DGS49]

Most states have an Insurance Commission. Insurers have to get their rates approved by the Insurance Commission. In order to get a rate increase approved, they have to provide real data supporting the increased costs to be covered by the rate increase. They cannot just say they want more money, unless the Insurance Commissioner is corrupt (which occasionally happens).

It goes without saying that they often cook the books and show costs that are inflated by accounting shenanigans, but there can be no doubt that insurance claims and losses are increasing dramatically, so if the insurers can't make a profit in a given state, they pull the plug, leaving fewer insurers to carry the load (and hence, higher premiums).

The odd fact in play here is that none of the increase in losses can be attributed to "climate change."

The proof of this is that the number of people who are seriously injured and killed as a result of violent weather events keeps going down. No, the reason for the increased losses is the heavy demand for seaside and water-adjacent properties, which have inherently greater likelihood of being damaged or destroyed by storms that a generation ago would have merely swamped some empty lowlands.

It is also worth noting that we, the Federal taxpayers, SUBSIDIZE the flood insurance industry with our tax dollars. The Feds backstop flood insurance carriers, limiting their losses by BILLIONS OF DOLLARS per year. And think about this: Who benefits from these Federal subsidies? Not working people; they cannot afford these properties. It is MOSTLY wealthy retired people drawing Social Security who want a second home on the water. Not exactly "corporate welfare," but close to it.

 

[Toddsterpatriot]

In some countries gubmint steps in and imposes limits!
In B.C., Canukistan the gubmunt insurance is a booming success.

How much has it lost over the last decade?

 

[EvilCat Breath]

CA has had options in place for these cases for over sixty years that I know of. When I was young, like many young guys, my driving record wasn't the best and I had trouble getting insurance. CA had a program in place, and still does, called "assigned risk" All auto insurance companies in the state were required by the state to provide policies that were subsidized by the state and other rate payers and these risks were spread among all insurance companies. I don't necessarily agree with it, but it was welcome the couple of times that I was the assigned risk.

Now insurance companies are just leaving. Risk has nothing to do with it. All-State has been gone for awhile. State farm isn't writing new policies. Farmer's is not writing new policies.

 

[Concerned American]

No, the reason for the increased losses is the heavy demand for seaside and water-adjacent properties

The increased costs of labor and materials has a lot to do with it as well. Bidinflation--er, excuse me, Bidenomics.

 

[Concerned American]

Now insurance companies are just leaving. Risk has nothing to do with it. All-State has been gone for awhile. State farm isn't writing new policies. Farmer's is not writing new policies.

Yeah, I imagine that CA's stance on illegal immigration and the state's requirement that companies insure these illegals has a lot to do with it too.

 

[leftwinger]

if you can afford a beach home on the outer banks you can afford you own damn flood insurance

Yet you vote AGAINST it. Trump tax plan capped SALT at $10K. All the big houses on the coast at $25million in CA can no longer deduct their $250K property taxes or whatever. Your'e against it then you are for it?

StrollingKerry...........you don't have a clue do you?