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Insurance 'nightmare' unfolds for Florida homeowners after back-to-back hurricanes
(www.nbcnews.com)
this post was submitted on 13 Oct 2024
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This is why insurance should be nationalized as part of your taxes.
Anyone thats not a brainwashed rightwing lunatic would see that paying 100-300 dollars a year on taxes would be a hell of a lot better than 100+ dollars a month just to buy a CEO a golden parachute and another yacht
But as long as right wing lunatics are out there literally hunting aid workers and evaluators, its never gonna happen.. because they want misery, pain, and destruction. its why Project 2025 wants to get rid of all of it.
I agree with nationalized healthcare insurance, but I don't know if I agree with using taxes to fund an underwriting account for houses in Florida that are guaranteed to get destroyed year after year.
Hurricanes are not getting smaller. Continuing to rebuild in Florida seems like building in the shadow of a smoking volcano.
Insert Bugs Bunny sawing off Florida from the mainland
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(11 replies)
Even making it a state plan would work better in Florida than what we currently have. They let private insurers cherry pick the less risky houses, and cover whoever is left with the state plan. Then those private for profit insurers take the premiums, pay big bonuses to themselves, dissolve the company and leave, rinse and repeat. It's a scam.
The cherry picking is usually a compromise to keep the companies operating in the state at all. If the state says a company must offer coverage for all perils for the entire state or leave entirely, it doesn't take an underwriter to know Florida is a bad bet. There are similar carve outs for windstorm coverage in other gulf coast states, and I think for wildfire coverage on the west coast.
Edit: I couldn't find anything about a single peril state plan for California, but this article describes some of the recent insurance issues in the state: https://apnews.com/article/california-home-insurance-wildfire-risk-premiums-047bdfa514ce93dac83c82735a15554a
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Florida needs to stop rebuilding in the barrier islands. It's unfortunate for the people that live there, but this is going to keep happening over and over again.
Just plant mangroves and let them do their job of protecting the mainland.
Stop building on the coasts in general. leave them as natural barriers and wonders, rather than having a 800 foot tall hotel 3 feet from the seawater.
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Welcome to climate change. This is just the tip of the iceberg: things are just going to continue getting worse and worse each and every year.
Anyone that rebuilds in place after their whole house is destroyed is nuts.. if you get insurance payout.. this is your chance to move.
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Insurance companies in the US have become a Ponzai scam instead of a service.
is that a meme or did you accidentally butcher the term "ponzi scheme" which is something entirely different? not saying insurances aren't often a scam. just a different kind.
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Insurance companies save money by denying claims on a normal day. Paying to rebuild an entire state would jeopardize the big number going up and thus executive bonuses.
They won't be paying claims. They're not going to pay to rebuild a house that their models say will be knocked down again in 2-3 years by the next "storm of the century." Insurance companies exist to extract wealth, not to help people. And they will always have more lawyers than you.
They also have all kinds of weasel options in their coverage. "Sorry, you were covered for wind, not flood" They'll avoid paying any way they can.
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If your insurance only covers 50% of the property value it is essentially useless.
This is absolutely insane.
Wait until you hear about the deductible... where I am (not earthquake country by any means) the deductible was $80k. I sad pass on that.
My in-laws learned this the hard way after a total loss fire. Their insurance covered the current value of the house, not the cost to move/replace it in a total loss scenario, so now they have a big mortgage for their new house when the old one was nearly entirely paid off
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I’m perfectly fine letting Florida handle Florida’s problems.
Someone should point out to most of the right wingers that FEMA is socialism
Dont worry they voted unanimously to not expand fema right before both hurricanes.
It’s only socialism when the libs get it. Otherwise it’s their god given right.
They are already hunting FEMA folks.
Yup. Let the states decide, then pay for it
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Insurance companies: "Wait you actually expect us to provide the service you're paying us for? That's not how this works!"
Who could have seen this coming?
If only climate scientists had warned us 50 years ago we probably could have done something.
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The insurance companies saw this coming. That's why they have the clauses that exclude flood damage.
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