5 Florida Property Insurers Ask For Double-Digit Price Increases

We have had hurricanes for years and years, why now are they crying so loudly. I believe a part of it is that they set up separate companies years ago to make their situations look worse than they truly are overall. In the not so distant past the risks here were spread over the whole country, with Allstate for example. But now there is Allstate Floridian which loses money, or so they say. While Allstate corporate makes money. Sounds to me like "smoke and mirrors". And why are they crying so much when we have had no major storms since for a couple of years. If the state cannot handle this I suspect there will be a consumer revolt at some point.

It was my belief that Florida does have a fund that the insurers can use to get catastrophic policies. The insurance reform was supposed to lower the threshold at which they could gain access to that money. What I would like to see is for them to spread the risk over the greatest population. A life insurance company that only writes policies in Florida would have to have extremely high premiums due to our higher average age and mortality rate. The same applies to health insurance and property insurance. You spread the risk as far as you can so that when one specific area like Florida gets hit by a hurricane at some point in time, the ones who did not experience damage, like those in Iowa or Alaska help bail out the others. Then when the people in Iowa get blasted by tornados or there is an earthquake in Alaska, we help them financially. To me it does not make sense to pile all of your risk in one area of the country. Oh well, I am not the insurance expert here and what will be will be. But I do know that the citizens of Florida are at a boiling point and if the reforms do not help, they will do something. I am paying $1,700 for a little block home with a new roof and hurricane garage door. I started paying $800 and the very next year it more than doubled. No matter how you cut it, that is hard to justify. You are quite right Cameron, we are here to make a reasonable livelihood. But I have lost several sales simple because the buyers could not afford paying up to $4,000 for their insurance. That really hurts in the depressed market we are in where every sale, no matter how small, counts.