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So, where would you advise people to live, when things events like this occur perhaps several times a year?
Hurricane Ian caused the second-largest insured loss on record after Hurricane Katrina
Posted on 05/08/2023 1:12:36 PM PDT by Jacquerie
Florida Gov. Ron DeSantis raised some questions Friday when he suggested that Citizens Property Insurance Corp., the state-created insurer, has “not been solvent” and may be unable to pay all claims from a major hurricane.
The head-scratching comments came just hours before the Citizens board of governors voted to spend more than $170 million over the next three years on $500 million in reinsurance bonds.
DeSantis made his statement at a news conference in Fort Myers, a city that took the brunt of Hurricane Ian last September, and where many homeowners are now complaining that they’ve received little or no payouts on their insurance claims.
A news reporter asked DeSantis if he would consider changing Citizens’ eligibility requirements for homeowners. Some residents have said they can’t be fully covered by Citizens because the corporation limits coverage to $700,000 per home in most parts of the state. Others said they can’t be accepted by Citizens until their Hurricane Ian damage is repaired, but repairs have been delayed while claims with their existing carrier have been delayed or unpaid.
Citizens, by statute, cannot become insolvent. State law allows the company to levy a surcharge on Citizens’ policyholders and then on all carriers’ policyholders if its reserves and reinsurance layers fall short of losses in a catastrophic hurricane season.
“The governor is correct in that if Citizens exhausts its surplus and has a deficit, we are required to levy assessments on our policyholders and most other Florida insurance consumers,” said Citizens’ Media Relations Manager Michael Peltier.
(Excerpt) Read more at insurancejournal.com ...
Besides, Florida is full. Keep out.
Actually, you can insure your home...but you’ll have to pay for it. People keep rebuilding in places where there should have been no building in the first place (vulnerable shore areas) because they expect the State of Florida to pick up the tab.
Do you own improved property in FL?
Florida is full. Keep out.Left out the < /sarcasm > tag or
No way, the constant influx of people has been destroying paradise. Abbott and desantis hate generational natives, they can’t wait to destroy Texas and florida via migration and inviting corporations.
Sure, a state governed insurance agency can't be insolvent - as long as it keeps raising rates, and charging other insurance companies in the state surcharges....
But everyone's rates keep going up, and the other insurance companies are deciding to quit the state, which causes more rate increases...
People are getting squeezed by rate increases of 30-50% a year, and they are getting unaffordable.
desantis' comments just show how out of touch he is with the people of florida.
I've always been in awe of this phenomenon. You see it everywhere there is flooding, hurricanes, tornadoes, etc. When I lived in WV, there was a good flood down south of us. Everyone kept talking about the flood that happened 50 years previous. My only thought was, and you idiots rebuilt in the same spot, expecting a different result? Pffffft. Here's an idea: build where it is safe to do so.
IMHO, it’s a question of building with a simulated “hurricane proof” building code standard.. WITHIN HURRICANE SUSCEPTIBLE AREAS. I remember seeing coverage of a Florida beachfront home that was built to those (far above current building code) standards and that home emerged from the hurricane with minimal damage where the other homes in the area were DESTROYED.
The state of Florida should have never involved themselves with homeowners insurance. In the example presented Florida could easily have unfunded liabilities in the 10’s of billions. They use $66 billion as an example. What happens then? Putting a surcharge on other insurance won’t come close to making up the difference and eventually all Florida taxpayers are on the hook for it. Property owners should themselves should pay rates that reflect their risk and not be subsidized by the state. If you can’t afford the insurance perhaps you shouldn’t be living where you are.
<>Florida is full. Keep out.<>
Especially Californians.
This is somewhat like the FEMA NFIP program except when it runs out of money Congress just borrows more and puts it in the NFIP bank account. The sad part about that is that a fellow living on top of a mountain in the desert subsidizes the so-called “premium” paid by someone who has a house in a flood prone area. IE: All American taxpayers subsidize so-called flood insurance that is actually not insurance but a contract with NFIP/FEMA to pay economic losses. From an actuary standpoint it is a joke to refer to it as insurance.
Congress has put money from the US Treasury in to the NFIP system after it runs out of money numerous times. It is just another incredibly stupid thing the federal government does. The reality is that most people who have been in Congress and/or the White House for the past 100 years could not run a child’s lemonade stand. The only exception to that is Trump.
You believe that Abbott and DeSantis are in favor of illegal aliens being here?
Correct you are ...
Migration via states, and supporting corporations moving. That economic support destroys culture via mass migration. Secondly, abbott doesn’t really care about illegal immigration, he’s had years to prepare texas, nor he nor desantis have ever declared war, as a constitutional right that only a state or congress can do. Abbott still has never supported a repeal of instate tuition for illegals.
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So, where would you advise people to live, when things events like this occur perhaps several times a year?
Hurricane Ian caused the second-largest insured loss on record after Hurricane Katrina
I’ve heard people say they would not live at Florida at all, because of hot humid weather plus the threat of hurricanes.
I’ve heard people say they would not live in California because of earthquakes and brush fires.
I’ve heard people say they would not live in the Tornado Alley from Texas up through Illinois , because of the threat of tornadoes.
So where does one live that would be safe from any disaster?
Hurricane proof buildings like the one that you describe are elevated on pilings and use reinforced concrete shell construction, reinforced windows, and wind shedding design. These techniques are expensive and constrain architectural choice so they are not popular.
Newer state-wide construction codes in the path of Hurricane Michael 2018 were not optional. Popularity has nothing to do with it.
I am not aware of any state that hasn’t had similar problems WRT increasing premiums - especially in hurricane-prone areas, and no governor has solved it yet. Do you have any suggestions?
Colorado. Hardly anything bad happens there, natural disaster wise. Politically however...
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