[asianthree]

Originally Posted by kkingston57

In Florida Keys, structures now built on stilts(8-10 feet high) Saw pictures in Big Bend area and houses were on 3-4 foot stilts. How much money did the builders give to the people who control building codes?

At the time they were built to code, which could have been 30 plus years ago. If they rebuild it would be what code is written at rebuild. Those 8-10 feet are newly constructed

[Pinkgirl]

The total end repair costs for all states will probably be much higher than estimated because let's not forget that these repair companies (if you can call some of them that) are getting smarter and smarter at scamming the Insurers. We will all be further affected by this for sure!

[RRGuyNJ]

Originally Posted by mikemalloy

This may have been the straw that breaks the camel's back as far as private insurance is concerned in Fla.. Between the high rise collapse in S. Fla. and 2 major hurricanes in a relatively short time, I think that they're about to head for the hills (away from the coast.)The state is going to have to create some type of insurer of the last resort.
I think we have an opportunity to help ourselves. The Villages is not located anywhere near the coast. Tidal surge damage is not an issue. We are not near a major river and with the good water management here, major flood damage does not seem to be a significant risk. The vast majority of the homes hear have been built under codes that enable them to withstand significant winds.
In short, our risks as lower than many Fla. homes and much lower than those located near the coast. We should have enough homes that we could begin our own captive insurance company. The risk could be partially laid off on reinsurers and I'd home it would be at a reasonable rate considering our reduced risk.
We can either keep subsidizing those that choose to live under tidal surge threat or we can insulat ourselves for paying more than we should for insurance.

You may want to try to sell that thought process to the people up around Asheville , NC and surrounding areas.
Sooner or later, the teflon coating on the Villages will wear off and a reality check will happen. Big question is when.

[FredMitchell]

Why wouldn't insurance rates go up every year, regardless of whether this year had a hurricane? Insurance companies have employees who have to eat, drive, and pay taxes, and live in homes where prices keep rising, just like every other business.

Somebody is going to have to pay our social security payments. The payout is based on increasing population and increasing taxable income. Your payments went to your parents.

[RRGuyNJ]

Originally Posted by Flyers999

The question arises is: If the Allstate in North Carolina loses mucho money due to hurricane damage restoration, does that affect the Allstate in Florida?

If this would be the case which I have no idea if it is, would the rates in other states go up when Florida gets hit annually with hurricanes? Sounds like turn about fair play if that's the case.

[Gatorfan1]

Originally Posted by Flyers999

The question arises is: If the Allstate in North Carolina loses mucho money due to hurricane damage restoration, does that affect the Allstate in Florida?

Florida pays claims, buys reinsurance, etc with premium collected in Florida. Flood (FEMA) is through federal government. Insurance companies are paid by government to service and adjust claims which are paid for by tax payers.

[MightyDog]

Originally Posted by RRGuyNJ

You may want to try to sell that thought process to the people up around Asheville , NC and surrounding areas.
Sooner or later, the teflon coating on the Villages will wear off and a reality check will happen. Big question is when.

Mike's idea doesn't apply to Asheville, NC and it wouldn't make sense there. It's a vastly different terrain, with different weather patterns and is a municipality not a structured community of owners with similar and vested interests, like TV.

He should keep floating the concept. It takes a lot of info and repetition to get people out of negative mental ruts.

[jimjamuser]

Originally Posted by FredMitchell

Why wouldn't insurance rates go up every year, regardless of whether this year had a hurricane? Insurance companies have employees who have to eat, drive, and pay taxes, and live in homes where prices keep rising, just like every other business.

Somebody is going to have to pay our social security payments. The payout is based on increasing population and increasing taxable income. Your payments went to your parents.

Increasing population????? Maybe we have passed the point where that is advantageous. More people in the major countries means more pollution and more warm Oceans - therefore MORE hurricanes, which will cause MORE DAMAGE and drive insurance costs up and insurance companies will keep leaving Florida.

[FredMitchell]

I think you misread. The payments underlying the program assume more workers (growing population) and higher salaries so that obligations to SS receivers can be met.

If this were done privately, the management would be arrested for running a Ponzi scheme - a scheme where early "contributors" are paid based on later contributors. But it needs to grow without limit to work.

When the scheme was set up by Congress, who can you charge?

[Babubhat]

A majority of the largest US homeowners insurers had year-over-year growth in direct premiums written and improved loss ratios in the second quarter despite an active stretch of severe weather.

Insurers booked direct premiums written (DPW) of $46.16 billion in the quarter, a 13.6% increase from $40.61 billion a year ago, according to an S&P Global Market Intelligence analysis. Direct premiums for the sector have risen 53.2% from $30.13 billion in the second quarter of 2020.

Loss ratios also showed dramatic year-over-year improvement in the quarter, falling 12 percentage points to 79.1% from 91.1% in the second quarter of 2023

[Rainger99]

Originally Posted by Babubhat

A majority of the largest US homeowners insurers had year-over-year growth in direct premiums written and improved loss ratios in the second quarter despite an active stretch of severe weather.

Insurers booked direct premiums written (DPW) of $46.16 billion in the quarter, a 13.6% increase from $40.61 billion a year ago, according to an S&P Global Market Intelligence analysis. Direct premiums for the sector have risen 53.2% from $30.13 billion in the second quarter of 2020.

Loss ratios also showed dramatic year-over-year improvement in the quarter, falling 12 percentage points to 79.1% from 91.1% in the second quarter of 2023

Does this mean that insurance premiums should either stay the same next year or go down?

[Babubhat]

There is no industry competition to drive down rates. Higher prices plus lower claims last quarter equals large profits. Read insurance journal online for daily updates.

[kkingston57]

Originally Posted by asianthree

At the time they were built to code, which could have been 30 plus years ago. If they rebuild it would be what code is written at rebuild. Those 8-10 feet are newly constructed

Agree but those homes looked like they were not that old(30 years). Building on stilts is good for homes but an anyone imagine having a retail business on stilts? Will be tough going for these coastal towns

[kkingston57]

Originally Posted by Babubhat

A majority of the largest US homeowners insurers had year-over-year growth in direct premiums written and improved loss ratios in the second quarter despite an active stretch of severe weather.

Insurers booked direct premiums written (DPW) of $46.16 billion in the quarter, a 13.6% increase from $40.61 billion a year ago, according to an S&P Global Market Intelligence analysis. Direct premiums for the sector have risen 53.2% from $30.13 billion in the second quarter of 2020.

Loss ratios also showed dramatic year-over-year improvement in the quarter, falling 12 percentage points to 79.1% from 91.1% in the second quarter of 2023

Was in the biz. Loss ratios can change overnight. Insurers got lucky on Helene. Most of the damages appear to have been caused by storm surge which is not covered by regular insurance

[Gatorfan1]

Originally Posted by kkingston57

Was in the biz. Loss ratios can change overnight. Insurers got lucky on Helene. Most of the damages appear to have been caused by storm surge which is not covered by regular insurance

All rate increases have to be approved by the Department of Insurance in Tallahassee. Companies are filing rate decreases now. The numbers are based on what happened two years ago. Actually most have filed for rate decrease. The hurricane will not affect rates for at least 2 years.