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Originally Posted by Flyers999
I wouldn't put too much stock into thinking that since you been with an insurance co. for a while, they will treat you better. There was one narrative going around here that the insurance companies are picking on their most loyal customers because they are least likely to leave them. I can imagine some algorithm they use that determines the rate hike which puts loyalty into the equation.
If Florida gets a hurricane, even though it may miss you, it will hit your insurance company. Hurricane Ian did $109 B damage to FL last year. The state gave them $1 B, which was a drop in the bucket. If that starts happening every year....
I think the solution is for the state to underwrite wind damage, which may mean a (gulp), income tax?
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Thank goodness there are other viable solutions - I for one don't want every resident paying to insure my homes. If I can't afford my homes then I'll sell them. I pay for my home, you pay for yours. Here's another option:
#1 our state office of insurance regulation - the Florida Office of Insurance Regulation needs do a much better job. #2 Politicians who don't understand the system and ramifications of creating policy need to STOP writing laws and regulations that create unintended consequences. Our politicians write shoddy laws with loopholes and stopgaps. = FL Homeowners pay insane insurance premiums because attorneys and claimants get outsize awards in FL. We have many poor laws & regulations governing FL insurance that were created by unqualified politicians + self-interested attorneys. All our regs should be designed with and in conjunction with FL office of Insurance Regulation and that office should be accountable to FL citizens.