The people who know a thing or two because they’ve seen a thing or two are getting the fuck out of Florida lol
“Hearing rumors @WeAreFarmers might pull out of Florida,” Patronis tweeted Monday afternoon. “If that’s true my office is going to explore every avenue possible for holding them accountable. Don’t get to leave after taking policyholder money.”
Oh, I’m sure that will fix everything, because republicans like Jimmy Patronis are SO good at holding corporations “accountable”.
Insurance is a suckers game if you are trying to get insurance on a piece of land that will be underwater in the next few decades. Who wants to take on a risk that is guaranteed to happen?
Generally, insurance companies aren’t taking that risk. They can decline to renew your policy if they give you 120 days notice, so, for the most part, they are only insuring the next year.
This is all about the immediate risk of major hurricanes and the rapidly climbing costs of rebuilds. I know people in Colorado are really struggling to rebuild because costs have risen so much recently and insurance didn’t keep up. I recently moved insurers (to Farmers, ha) and increased my rebuild amount by nearly 30%. That certainly came with a policy hike, but gives me enough that I have reasonable confidence I could indeed rebuild a comparable house.
I suspect there’s also a risk concentration problem with some insurers. I’ve got to imagine they are looking at massive computer models of possible hurricane tracks and seeing scenarios where there’s an outsized exposure. Still, what is curious to me is that they can’t price it in as that’s essentially the business that they are in. Would the required rate increase really be that unpalatable?
I read about an 1800sf home in St Pete, not on a flood plane, yesterday… $8000+/year for homeowners insurance. 😳
Make America Florida, Rhonda Santis? I think fucking not…
They’re actually late to the game. A lot of insurance companies already pulled out.
Capitalism!
How long until Daddy Sam and tax payer money comes to the rescue of these “victims”
asking for a friend
It apparently already happened; either the state or feds gave three billion to the insurance companies, per the article. Fucking hell.
wtf… just take me to the farm already!
Not long if you’re already rich
Dun da dun dun - dun dun dun
Florida’s a shit hole and I’m glad to see the voters there getting what they deserve.
Please remember that there are a significant number of people who live there who didn’t vote for DeSantis and don’t like him (or Rick Scott before him, etc.). Those people don’t deserve scorn.
Yup. Something like 400k GOP assholes moved here from other states during the last election cycle to avoid COVID restrictions. The ones that are still alive aren’t voting for Democrats.
