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AAA is limiting coverage in Florida, citing natural disaster threat

thehill.com

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Re: AAA is limiting coverage in Florida, citing natural disaster threat

#11

Post by civilitty »

rdtsc wrote: post #4

I guess people might flock to Florida because it's warm there and it doesn't have an income tax? I can see out of state buyers get what looks like a house they can afford, only to find out they are on the hook for a huge insurance bill every month. If insurance companies exit from an area, what happens to mortgages then in that area? Banks like to protect their mortgage properties and force people to buy insurance, e…

Florida is a battleground state so the Federal government will step in at the taxpayers' expense as usual: https://en.wikipedia.org/wiki/National_Flood_Insurance_Progr...

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#12

Post by JimtheCoder »

brucethemoose2 wrote: post #2

No surprise there. Here in Florda, there are thousands of huge 2-3 story mansions on the keys and beach... including right where we are, on the left side of Ian's landfall. These places should be empty public beaches or hardened hotels, but alas they are just banks of big houses that will get flooded and torn up by the next hurricane. And there are tons of developments built in low, swampy areas next to big rivers. A…

Doesn't this boost GDP and keep people employed?

Build a big house, weather knocks it down, build a bigger house, weather knocks it down...

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#13

Post by WarOnPrivacy »

BTW, it's not just home insurance. Auto insurance is spiking. We're seeing 30% you-suck-for-living-in-FL surcharges - this is above/beyond the existing hikes from ever-increasing vehicle repair costs.

That 30% surcharge especially sucks for people who can't even afford collision/replacement coverage.

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#14

Post by WarOnPrivacy »

JimtheCoder wrote: post #12
brucethemoose2 wrote: post #2

No surprise there. Here in Florda, there are thousands of huge 2-3 story mansions on the keys and beach... including right where we are, on the left side of Ian's landfall. These places should be empty public beaches or hardened hotels, but alas they are just banks of big houses that will get flooded and torn up by the next hurricane. And there are tons of developments built in low, swampy areas next to big rivers. A…

Doesn't this boost GDP and keep people employed? Build a big house, weather knocks it down, build a bigger house, weather knocks it down...

> Doesn't this boost GDP and keep people employed? Build a big house, weather knocks it down, build a bigger house, weather knocks it down...

No because the people who most need the wages can't afford to live where the work is.

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#15

Post by JimtheCoder »

WarOnPrivacy wrote: post #14
JimtheCoder wrote: post #12

Earlier quoted context omitted.

Doesn't this boost GDP and keep people employed? Build a big house, weather knocks it down, build a bigger house, weather knocks it down...

> Doesn't this boost GDP and keep people employed? Build a big house, weather knocks it down, build a bigger house, weather knocks it down... No because the people who most need the wages can't afford to live where the work is.

But if the mansions are getting built, which they appear to be, the workers must be getting there somehow...

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#16

Post by rs999gti »

thenerdhead wrote: post #8

In other words, it goes to show that if you don’t have competition in a place where claims will absolutely be filed, you will go broke. Smart move, but makes me feel insurance owes more to humanity than leaving people to fend for themselves.

You mean more insurance companies?

There isn't competition because insurers' odds against hurricanes and floods are bad.

They can't collect enough premium before a payout occurs, so there will not be insurers that will take the FL home insurance bets without higher premiums.

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#17

Post by mint2 »

thenerdhead wrote: post #8

In other words, it goes to show that if you don’t have competition in a place where claims will absolutely be filed, you will go broke. Smart move, but makes me feel insurance owes more to humanity than leaving people to fend for themselves.

“In a place where claims will absolutely be filed”

Insurance isn’t supposed to work like that - there isn’t a way these houses can be covered at a reasonable rate without forcing other customers to subsidize them.

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#18

Post by dnstalk »

brucethemoose2 wrote: post #2

No surprise there. Here in Florda, there are thousands of huge 2-3 story mansions on the keys and beach... including right where we are, on the left side of Ian's landfall. These places should be empty public beaches or hardened hotels, but alas they are just banks of big houses that will get flooded and torn up by the next hurricane. And there are tons of developments built in low, swampy areas next to big rivers. A…

Miami-Dade and Broward requires buildings to be built to modern hurricane standards ("best in the world") but the rest of the state has resisted adopting the same standards.

https://www.wunderground.com/cat6/South-Floridas-Hurricane-B...

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#19

Post by LatteLazy »

brucethemoose2 wrote: post #2

No surprise there. Here in Florda, there are thousands of huge 2-3 story mansions on the keys and beach... including right where we are, on the left side of Ian's landfall. These places should be empty public beaches or hardened hotels, but alas they are just banks of big houses that will get flooded and torn up by the next hurricane. And there are tons of developments built in low, swampy areas next to big rivers. A…

The more people build the more they get subsidies for insurance because you cannot upset people. The more subsidies they get the more people build.

Re: AAA is limiting coverage in Florida, citing natural disaster threat

#20

Post by WarOnPrivacy »

JimtheCoder wrote: post #15
WarOnPrivacy wrote: post #14

Earlier quoted context omitted.

> Doesn't this boost GDP and keep people employed? Build a big house, weather knocks it down, build a bigger house, weather knocks it down... No because the people who most need the wages can't afford to live where the work is.

But if the mansions are getting built, which they appear to be, the workers must be getting there somehow...

> But if the mansions are getting built, which they appear to be, the workers must be getting there somehow...

I did geothermal for mansions a long while back and it's mostly specialized contractors bringing in a small crew. It's not a ton of employed people and not locals.

Where I've seen high numbers of local employees making good wages are in areas constructing a lot of dense housing, particularly townhomes.

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