Insurance Industry

[mduffy31]

Hey kids, how much do you want to bet that after this hurricane season, hurricane insurance will become a federal program just like flood insurance is. I know that Allstate will not underwrite any new policies in FL after last year, and I would imagine that they are going to take a big hit this year. But as I sit here and type this after a long night at work, I am willing to bet that some people who have hurricane insurance will not get any benefits paid because it is a flood that destroyed their home in NOLA, not the hurricane. I can see a scenario that they weasel their way out of paying benefits this way, but who am I kidding unfortunately most of the worst affected people barely have a pot to piss in nor window to throw it out of to expect them to have insurance. That is going to be the real tragedy. The people that are lucky to get out, but will have no way to rebuild.

[rzemanfl]

1. Read somewhere that only a small fraction of homes in NOLA

have flood insurance.

[kdmorris]

2. I just got my renewal for my home owners insurance

Last year it was $1100. I did NOT file a claim after Frances and Jeanne because all we lost was our food and fence. But it went up to $1900 this year.

There is a hurricane deductible that no one really mentioned until last year. Mine is $2500, plus the $1000 deductible that I have just so I can afford to have insurance. So we will use that amount to do the math here. The insurance companies tried to weasel out of paying the people in the middle of the state what they should. Let's say Charley blew your roof off, well that's $3500 you have to pay to get it back. But then, 2 weeks later, Frances comes. No real damage, but then again, your house is already destroyed. Insurance company didn't care, they said it was a separate incident that caused water damage in the house. So, another hurricane deductible. Now, you have to pay $6000. 3 weeks later, Jeanne came through and yep, it's another incident. So now, you are paying $8500 for the roof that was destroyed by Charley.

The only thing that Governor Bush ever did that I agreed with is have them pass a law that made the insurance companies stop that, thereby allowing those homeowners to finally get their roof fixed. (well, and allowing all the people in Pensacola to not pay property tax on a house that was completely gone, but I've never really figured out if that helped anyone or not)

I'm sure they will find some creative way of getting out of paying it this time, too.

[mduffy31]

3. Its times like these...

that I am happy that I live in Wisconsin. You haven't heard about a Hurricane rolling in off of Lake Superior, but the most we worry about is a bad snowstorm or a Packers loss to the Vikings. But seriously I used to work with the Red Cross, and I wish that I could afford to take off work and go down there with them. Now that I have my nursing license I could be a real help, but in the Bush economy my wife and I cannot afford to take off that much time off.

[radfringe]

4. no - more likely is

bush* will give insurance companies tax breaks or otherwise change the system so insurance companies can charge more and/or add 'sur-charges" to the policies of the rest of us

remember the TWO AMERICAS?

we are seeing in action

[RUMMYisFROSTED]

6. Yes. My vote as well.

Huge sums of our cash go to the insurance industry- even though risk assessment is their damn job!

[Deja Q]

5. Insurance companies will claim "too many preexisting conditions" and

refuse to sell to that region ever again. :eyes: