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Hurricanes: Lack Thereof

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  • Hurricanes: Lack Thereof

    Our Hurricane Premium is 80% of our total premium.

    The following article is entitled "For 8th straight year, no hurricanes hit Florida":

    http://www.gainesville.com/article/2...CLES/131209992

    If premiums were set properly, for the normal amount of anticipated storms, and then they didn't happen, there must be a lot of $$$ from hurricane premiums sitting somewhere, huh?!

    Our premiums have not gone down.
    RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

  • #2
    Prices are quick to rise, very slow to fall.

    Comment


    • #3
      That depends on what you think about whether the risk of hurricanes in Florida has been overstated by the insurers, or if this is just a temporary hiatus. If the expected risk from hurricanes hasn't changed, (and might actually be increasing if you concur with some of the assessments of climate change scientists), then the fact that there has been a hiatus doesn't change the potential economic exposure and thus the premium should remain unchanged.
      “Maybe you shouldn't dress like that.”

      “This is a blouse and skirt. I don't know what you're talking about.”

      “You shouldn't wear that body.”

      Comment


      • #4
        If the premium was appropriate for when there are storms, it seems there should be a pile of money somewhere after 8 or 9 years of none.

        Oh, wait, I already said that.
        RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

        Comment


        • #5
          I bought a house this year (SW Florida) and I was surprised at how low my insurance is... $250k coverage right at $100 a month...

          Comment


          • #6
            There is a pile of money. It's on the insurance company's balance sheet.

            Comment


            • #7
              Originally posted by ronparise View Post
              I bought a house this year (SW Florida) and I was surprised at how low my insurance is... $250k coverage right at $100 a month...
              Lots of variables.

              Age of house. Proximity to the Gulf. Shape of roof. Windows.

              etc.

              The ones that only Citizens will insure are high.

              http://www.heraldtribune.com/article...ICLE/131219638
              RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

              Comment


              • #8
                Ron that is a pretty good premium, which company?

                Comment


                • #9
                  "Or, to put it another way, those private insurers went out of business during a time when the state was handing them money, steering customers their way and when there were zero hurricanes in Florida.

                  "There is no reason a company with sufficient capital should have failed in the last eight years," said Gavin Magor, a senior analyst at Weiss Ratings, a Florida-based watchdog organization. "We haven't had any hurricanes, and all of these companies are gone. Failed. This doesn't cost the state money; it costs residents money."

                  "It's because Citizens is using premiums to build its reserves while the private companies are lining their pockets with your money and then bailing before the next hurricane hits."

                  http://www.tampabay.com/news/busines...urance/2185974
                  - - - - - -
                  That articles suggests there is some suspicious going on. Specifically, insurance companies are moving funds to subsidiary companies and then folding.
                  RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

                  Comment


                  • #10
                    No Hurricanes, but rates keep rising:

                    "Even in hugely profitable periods, the rate hikes just keep coming."

                    http://www.heraldtribune.com/article...ICLE/131219928

                    "No hurricanes, but Florida’s insurance rates keep rising"

                    http://tbo.com/weather/no-hurricanes...ng-b82496625z1
                    RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

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                    • #11
                      United Property and Casualty
                      Sarasota Fl

                      Sold to me by an Allstate Agent

                      The house is cbs construction, just 10 years old and qualifies for all the various discounts, (trusses are strapped down, protection for all the windows and doors, reinforced garage door, etc. and its at better than a 10' elevation so I dont need flood insurance even though Im on a canal.

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                      • #12
                        And the lesson is: if Citizens is your only choice...dont buy it

                        What did we learn from that old Texaco commercial? You can pay me now or pay me later.

                        Comment


                        • #13
                          Jim, let us know when you get to Florida so I can have someone do a hurricane dance so that your premiums will be justified.

                          Comment


                          • #14
                            Insurance premiums are set by the risk of loss, not the loss itself.

                            I just added up all the various insurance premiums I pay each month; house, cars, health, and life, Its over a thousand a month for two of us. Thats a bunch, but Ive never been tempted to start a fire or wreck the car to collect

                            Comment


                            • #15
                              Originally posted by JLB View Post
                              If the premium was appropriate for when there are storms, it seems there should be a pile of money somewhere after 8 or 9 years of none.

                              Oh, wait, I already said that.
                              If you truly believed that you would be moving your retirement funds into the stocks of companies that provide Florida hurricane insurance. Instead of complaining, get on the gravy train. Rght?
                              “Maybe you shouldn't dress like that.”

                              “This is a blouse and skirt. I don't know what you're talking about.”

                              “You shouldn't wear that body.”

                              Comment

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