Quote:
Originally Posted by thomp679
No price-fixing. I am not a fan of paying higher premiums either, but insurance companies have taken large hits in the past few years with multiple catastrophic weather-related losses.
If price shopping shows the trend that all companies have increased premiums, look at what is happening outside the bubble. Rates are not set at a micro level of your house or even your community. We share the loss across the risk pool.
The concerning thing is that these large weather-related losses will not be ending soon.
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I understand your point in the above post, but don't necessairly feel that it is right. Shouldn't the people that choose to live in the high risk areas have to pay for their decisions rather than have their risky decisions be subsidized by those who chose to live in safer areas? Why should people that live on the coasts or on fault lines be subsidies by people that live inland in safer areas. And why of why do they keep rebuilding areas like New Orleans and Houston time and time again. If one chooses to live below sea level and on the coast in a hurricane belt, guess what is going to eventually happen? So they will rebuild the area again and again, increase our premiums, and wait until the next storm takes out the area. Not right!