General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhen Will Home Insurance Companies Start....
requesting that Congress work on initiatives to minimize climate change? Seems to me there is a point where all these weather irregularities like tornado's; excessive rainstorms; havoc causing noreasterns, etc begin costing insurance companies too much money. They would either have to raise their premiums or refuse to insure in high risk situations. There is a threshold as well for people paying annual rising premiums.
I got to think insurance companies are beginning to feel the squeeze.
Doesn't it make sense for insurance companies to start lobbying Congress?
leftofcool
(19,460 posts)Hortensis
(58,785 posts)for some time now. And, of course, raising rates and cutting back coverages offered.
Warpy
(111,270 posts)and later on they'll just write weather exclusions into policies the way some do in hurricane country (yes, the roof blew off and the windows blew out but what really wrecked your house was the tidal surge so we won't pay for any of it. You needed flood insurance). They'll just try to figure out how to collect money without paying out.
Yes, I'm a cynic.
Hassin Bin Sober
(26,330 posts)The John stossel can do a special on how stupid the government is for letting him take advantage of cheap insurance
Wellstone ruled
(34,661 posts)read your Home Owners Policy Updates that you just pitch in the trash. AmFm notified us twice about privacy updates,but buried in the boiler plate was the notice that in your area you might expect to see Premium Increase related to weather related claims. And we live in the Desert were the Sun Wins.
progree
(10,908 posts)Full quote (emphasis mine):
LeftInTX
(25,369 posts)USAA has lots of members in SA, including us. (Their headquarters are in SA)
A freak baseball sized hailstorm affected the entire city. It was crazy. Our roof needed replacing, as did probably every house in the city. My husband's truck was totaled.
progree
(10,908 posts)Response to LeftInTX (Reply #8)
progree This message was self-deleted by its author.
Heddi
(18,312 posts)I live in Clearwater, on the Gulf Coast. We bought our house last year and there is a staggeringly small number of companies that offer homeowners insurance in this state, and those that do tend not to stick around for very long. I have neighbors who every few years find out their coverage ends at the end of the current term b/c their ins. co is leaving the marketplace.
Thankfully, even though we live about 4 miles from the Gulf, and we're less than 1/2 a mile from Tampa Bay, we're considered to be on 'high ground," as far as Florida goes, and we were at a Home Show a few months ago (after we had already bought the house, homeowners, wind coverage and flood), and a guy from FEMA and some local agency put in our address and thankfully we are out of a flood zone and even in "worst case scenario" we wouldn't suffer any flooding. It was reassuring to see, but we still get that flood insurance though. $400 a year pays for a lot of piece of mind.
At any rate -- insurance companies will just do in other areas what they do in florida -- leave high-risk areas and give homeowners in those areas fewer and fewer (and more expensive and more expensive) options for insurance.