Quote:
Originally Posted by BeanCounter
You know it just might be that the rest of the country is sick and tired of subsidizing Florida residents getting their homes rebuilt every other year when something blows them down. Insurance is there to anticipate the total pot of money needed to rebuild by spreading that cost over a large group of individuals. We here in the Midwest are tired of paying for the guys on the coast to have their houses rebuilt so now they're spreading the cost out amongst those who are incurring the risk instead of all of the rest of us. I'll bet premiums go even higher in anticipating future costs.
My brother moved to Panama City Beach when he retired. Within four years he moved back due to the hurricanes. Guys, it's not safe to live down there. Move somewhere else or pay the premiums and shut up.
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Florida insurance premiums are computed on Florida losses vs. income. Has always been the case. Insurance is regulated by EACH state, however each state wishes to do it. NEVER have losses in another state been a consideration for increases in premiums in ANY other state. It is exactly the same as your auto insurance [daily driver]. If you live in a rural area, the high premiums of a major city in YOUR state, do not affect your cost and if you live in Mt. or NM, or Oh, the premiums in New York City or Chicago DO NOT figure in your premiums.