FL Seeks Insurance Solution - a must read

[TooFarTampa]

Yes, you are correct about the Miami-Dade standards. If I remember correctly, the new standards went into affect March of 2002. As I understand it, almost all of the peninsula--coastal and inland--has adopted the standards. As far as the Panhandle goes, the Legislature wants to force the entire state to adopt the codes, which as it stands now is only required 1 mile inland. Walton County has defined its "coastal building zone" as everthing South of 98, which in some places is up to 3 miles inland.

But in some places it is less.

 

[Bob]

Please, everyone who is a registered Florida voter, Tom Gallagher was instrumental in the short- sighted, socialistic, insurance mess we are in today. Citizens is a corrupt outfit according to recent audits. The current situation enables high density coastline development, not vice versa. Tom Gallagher's own campaign people today emailed me saying without Citizens, the Florida economy would collapse. This is coming from Republicans, keepers of the free enterprise torch. Just as GW won't admit fault in Iraq, Mr. Gallagher is doing the egotistical tap dance, distancing himself from his own creation. Please vote for anyone other than Gallagher, unless of course, you disagree.

 

[Jellyfish]

The majority of the damage in hurricanes comes from storm surge. .

Yes and no. The total/dramatic losses do come from surge, yes. But the bulk of what the insurances companies pay out are thousands of partial losses from homes miles inland. These are mostly roofs, windows, etc. Once these are breached, the damage to home contents and interior finishings is often substantial. That's why storm shutters are such an important defense- keeping wind/rain out is job 1 assuming you are not in flood zone A. Remember all the trashed subdivision in Kendall and Homestead after Andrew? From Katrina, you can drive 50 miles inland in MS and see roofs damaged.

This issue of the taxpayers subsidizing the NFIP and state wind pools for those on the beach is a real issue.. Not really fair (unless you own on the beach :funn:
The reality is if private insurance companies charged what they need to cover costs and turn a reasonable profit, most homes would see wind/flood insurance increase many multiples....which is why the govt created these pools to begin with...sticky issue, but either way insurance costs are going to go up for those in exposed areas, count on it.

 

[SHELLY]

Tune in next week for more info on the Florida Insurance Saga and keep those checkbooks ready for more increases:

Insurance Must Rise, Bush Says

"House Republicans last month released a proposal that would let private insurance companies raise average premiums by up to 25 percent without regulatory approval. They also want to reduce Citizens' risk exposure by prohibiting it from insuring homes valued at $1 million or more.

The company also would be barred from assessing the state's homeowners for losses to vacation homes and rental properties. Other provisions would tighten building codes and help people shore up older homes to better withstand storms."

 

[Bob]

Tune in next weeks for more info on the Florida Insurance Saga and keep those checkbooks ready for more increases:

Insurance Must Rise, Bush Says

"House Republicans last month released a proposal that would let private insurance companies raise average premiums by up to 25 percent without regulatory approval. They also want to reduce Citizens' risk exposure by prohibiting it from insuring homes valued at $1 million or more.

The company also would be barred from assessing the state's homeowners for losses to vacation homes and rental properties. Other provisions would tighten building codes and help people shore up older homes to better withstand storms."

Gov. Bush is against dipping into general funds to Make up for Citizen's shortfall. He would rather only inland homeowners pay for coastal damage. What a guy!

 

[DBOldford]

By the time Mr. Bush and his cronies finish raiding the coffers of this country, increases in storm insurance will seem paltry. If you're not in the oil or defense industries during this run, you're picking up the tab for those who are. Big business is picking the pockets of Americans every day in Washington, and the CEOs of far too many major economic players are on trial for corporate robbery. We will be living with this widespread damage for the rest of our lives and, I believe, it will result in the necessity of an entire overhaul of our tax basis within the next 10 years. I'm not claiming that this is the demise of our economy, but we are accepting behavior from our public officials and business leaders that is an outrage, all because defending partisan politics is more important to us than the state of our nation. The system is strong and can probably survive one disastrous administration, but at what cost?

 

[Beach Runner]

Thanks for the post ... I guess. Just when I was coming out of my funk, I read this. Re-funked. Is it like Kanye in "All Falls Down"?

Is the innuendo that if you can't bear a 100% loss, you need to leave town?

 

[Bob]

By the time Mr. Bush and his cronies finish raiding the coffers of this country, increases in storm insurance will seem paltry. If you're not in the oil or defense industries during this run, you're picking up the tab for those who are. Big business is picking the pockets of Americans every day in Washington, and the CEOs of far too many major economic players are on trial for corporate robbery. We will be living with this widespread damage for the rest of our lives and, I believe, it will result in the necessity of an entire overhaul of our tax basis within the next 10 years. I'm not claiming that this is the demise of our economy, but we are accepting behavior from our public officials and business leaders that is an outrage, all because defending partisan politics is more important to us than the state of our nation. The system is strong and can probably survive one disastrous administration, but at what cost?

I had a fifty percent chance of being right the last time I voted for President, and I blew it. Please fix Citizens Jeb, and stop pushing for oil exploration near the panhandle. Well, I can wish, can't I?

 

[Miss Kitty]

Thanks for the post ... I guess. Just when I was coming out of my funk, I read this. Re-funked. Is it like Kanye in "All Falls Down"?

Is the innuendo that if you can't bear a 100% loss, you need to leave town?

Good question. Ironically, I was just coming out of my winter doldrums and decided to read the Walton Sun (online) yesterday. Some depressing stories.

 

[Rita]

By the time Mr. Bush and his cronies finish raiding the coffers of this country, increases in storm insurance will seem paltry. If you're not in the oil or defense industries during this run, you're picking up the tab for those who are. Big business is picking the pockets of Americans every day in Washington, and the CEOs of far too many major economic players are on trial for corporate robbery. We will be living with this widespread damage for the rest of our lives and, I believe, it will result in the necessity of an entire overhaul of our tax basis within the next 10 years. I'm not claiming that this is the demise of our economy, but we are accepting behavior from our public officials and business leaders that is an outrage, all because defending partisan politics is more important to us than the state of our nation. The system is strong and can probably survive one disastrous administration, but at what cost?

Good analysis.... wishing that I didn't have to agree.