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It's just not a boat insurance issue in FL!

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Old 06-30-2006, 09:45 AM
  #11
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Default Re: It's just not a boat insurance issue in FL!

So much for the, " Good Neighbor". It's just like jacking up fuel prices on speculation.
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Old 06-30-2006, 11:10 AM
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Default Re: It's just not a boat insurance issue in FL!

Insurance companys are NOT non-profit organizations. They are in it to make money like , exxon, walmart ,nortech, general motors etc etc. When I went to purchase my cat and could not get anyone to insure it, I went and paid cash for a smaller one I could afford and got liability on it. If I was wanting to move by the ocean in huricane climate than I would buy something I could afford to pay cash for or not move there. I love the ocean and I love big cats, but I hate paying the high price of insurance for them. Being in business myself, I love a profit and don't hate anyone that is trying to make it.
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Old 06-30-2006, 01:35 PM
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Default Re: It's just not a boat insurance issue in FL!

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Originally Posted by gsmith9898
Insurance companys are NOT non-profit organizations. They are in it to make money like , exxon, walmart ,nortech, general motors etc etc. When I went to purchase my cat and could not get anyone to insure it, I went and paid cash for a smaller one I could afford and got liability on it. If I was wanting to move by the ocean in huricane climate than I would buy something I could afford to pay cash for or not move there. I love the ocean and I love big cats, but I hate paying the high price of insurance for them. Being in business myself, I love a profit and don't hate anyone that is trying to make it.

I too, own my own business, BUT I don't jack up my rates to my customer, (DOD/Lockheed Martin) on what I THINK might happen in the future. Besides, comparing self-insuring a boat, vs. your home is like comparing apple vs. oranges! With a boat, if you go self-inusre and lose the boat to a mishap, it will hurt you, BUT it will not KILL you financially, BUT if you self-insure your $700,000+ home, and lose that to hurricane, flood, praire grass fire, (like you folks in the TX and OK have been experiencing this year) that could finanially ruin someone! It's still about the insurance companies making HUGE profits for the shareholders!!
I will admit that we are looking into self-insure on our home, just paying it off, putting up storm shutters and telling the insurance co.s to kiss my lily white A$$!
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Old 06-30-2006, 02:31 PM
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Default Re: It's just not a boat insurance issue in FL!

I feel for you guys on the coast. That is why I don't live there. I will admit that I have my house I live in insured but my lake house is not. I paid cash for my place at the lake and if it blows away than like the insurance company, I will lose my ass. It is a risk I'm willing to take. I HATE paying insurance but I understand they have to make a profit. What gets me from a business point is how come these insurance companys will not insure a cat for any amount. Markel told me that when they have a claim with a cat that they almost always pay policy limits because of how expensive they are and the injurys. But you would think that if you could insure enough of them that the other policies would cover that cost.
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Old 06-30-2006, 03:10 PM
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Default Re: It's just not a boat insurance issue in FL!

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Originally Posted by gsmith9898
I feel for you guys on the coast. That is why I don't live there. I will admit that I have my house I live in insured but my lake house is not. I paid cash for my place at the lake and if it blows away than like the insurance company, I will lose my ass. It is a risk I'm willing to take. I HATE paying insurance but I understand they have to make a profit. What gets me from a business point is how come these insurance companys will not insure a cat for any amount. Markel told me that when they have a claim with a cat that they almost always pay policy limits because of how expensive they are and the injurys. But you would think that if you could insure enough of them that the other policies would cover that cost.

Well, we have to live here because this where our kids were born and are growing up here, and our companies, (mine and my wife's) are located. I can't relocate our companies, because our customers are here or want to take our kids out of their schools. And you know the ins. co. invest our premiums, and they would/do make enough money off that to keep the share holders happy. Our house is also our "lake house" so it's more of a gamble for us! I know what the problem could also be, it's the OUTRAGEOUS CEO salaries that have to be paid! It's still a matter GREED on behalf of the ins. co., without a doubt!
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Old 06-30-2006, 04:47 PM
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Default Re: It's just not a boat insurance issue in FL!

Phuck State Farm. It's the same bullshizzit every single year. They took my money, wrote my homeowners policy, promptly canceled me right after I moved into my new home in the middle of hurricane season, and told me I had 30 days to find new insurance. Ever try to find homeowners insurance in the middle of hurricane season? It should be illegal for companies to do that. Took 6 months to get my "pro-rated" refund. I don't care how cheap it is, I will never give Rape Farm another penny of my hard earned money.

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Old 06-30-2006, 06:06 PM
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Default Re: It's just not a boat insurance issue in FL!

Don't forget the "Terrorism Risk Insurance Act of 2002" in which the Ins. companies whined to Congress that they could not absorb another hit like they did on 911. So now the taxpayers will pay 90% of all claims over 10 billion if another terrorist act happens.

Of course the insurance companies reported a 66% increase in profit in 2002 even after they payed out 40 billion for 911 damages.
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Old 07-06-2006, 06:49 AM
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Default Re: It's just not a boat insurance issue in FL!

More good news about the insurance issues in the state of Fl.

Nationwide seeks 71.4% Fla. rate hike




TALLAHASSEE, Fla. -- Nationwide Insurance Company of Florida will seek a 71.4 percent average increase on homeowners insurance premiums, the company announced Wednesday.

Some of the company's 240,000 policy holders could see increases above that amount if state regulators approve the request, which will be filed with the state Office of Insurance Regulation today. Requested increases will range from 2 percent in parts of Flagler County to 99 percent in parts of Palm Beach County.

The company has paid more than $1 billion in claims during 2004 and 2005, when eight hurricanes affected the state, said Nationwide spokesman Joe Case. The rate increase reflects rising reinsurance costs, higher prices for building material and labor and projections for future storms, he said. Reinsurance is coverage for insurance companies, bought to back up the company should it have massive claims.

The rate increase would be effective Nov. 10, if approved. State regulators will have 90 days to review the request once it's filed.

"This is not about recouping past losses. This rate adjustment reflects the true costs of serving a market where the threat of future hurricanes is very real," Jeff Rommel, Nationwide's regional vice president of Florida Operations, said in a prepared statement. "We have to be sure we have the financial ability to honor the commitment we've made to our customers."

Nationwide announced last August that it wouldn't renew 25,000 homeowners policies and 4,800 mobile home policies. It isn't writing new policies in Florida.


Self insure is going to be the ONLY way to live in Florida soon!

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Old 08-08-2006, 07:16 AM
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Default Re: It's just not a boat insurance issue in FL!

This was a town hall meeting last night on Merritt Island!

Insurance industry 'vicious,' panel told by Brevard residents

Residents want answers about insurance!!

MERRITT ISLAND - Insurance horror stories were plentiful at a forum Monday night.

Solutions were rare.

Short-term remedies were virtually nonexistent.

And that tended to describe the condition of Florida's insurance industry.

The issue was given yet another public airing Monday during a two-hour town hall-style meeting at packed Merritt Island High auditorium. Nearly 700 people attended the event, sponsored by FLORIDA TODAY and Florida Rep. Bob Allen, R-Merritt Island.

Tempers were high, as people in the audience shouted questions at speakers, essentially asking: "Who is to blame?" and "Why are state regulators seemingly giving carte blanche for insurers to exorbitantly raise rates?"

Allen called insurance a "very vicious marketplace" in Florida, and one that is chasing away longtime residents and dissuading newcomers from locating here.

"That bothers me, as someone who was born in Florida," Allen said.

Insurance woes in Florida have surfaced as a multiheaded hydra, with higher premiums and canceled policies. Skyrocketing premiums also are dissuading new and existing businesses from investing in the state -- a direct hit on commerce and job growth.

This isn't a new problem in Florida, but as insurers recently received permission for large increases in premiums, as well as continuing to unload many longtime customers, the situation is reaching what many are calling a crisis.

"My insurance has continued to go up every year for the last three years," said Sandra Mogilocki of Merritt Island. "I know the next one is going to be huge. That's absolutely unacceptable. It's just crazy."

Bill Howard and Norma Thomas, members of the board of directors for a condominium in Cocoa Beach, recently learned their insurer canceled the property's insurance. State-run Citizens Property Insurance soon will take over the policy, and Howard expects the $18,000 annual insurance bill will skyrocket.

"The board is very upset about it," Thomas said, noting the condo association hasn't filed a claim in two decades of being across the street from the beach.

"It used to be that insurance was for the good of the people," Howard said. "Now CEOs want to maximize profits, and they're using the political system to do it."

Many people also see lawmakers, for the most part, offering a lackluster and tardy response to the insurance monster, although last week, Gov. Jeb Bush pressured Insurance Commissioner Kevin McCarty to come up with a number of remedies ready for quick action.

McCarty promised to have a plan of operation proposed later this month and ready for emergency action by the governor's Cabinet meeting Aug. 29.

One of the panel members at Monday night's forum, Steve Burgess, Florida's insurance consumer advocate, told attendees his office has tried to be a diligent watchdog when insurance companies seek increases but sometimes sees his recommendations overruled by the state's Office of Insurance Regulation.

Burgess said, for example, said he thought State Farm was eligible for a 9 percent rate increase, when the Office of Insurance Regulation recently permitted the insurer a 53.7 percent increase.

"We've had some significant disagreements" with the Office of Insurance Regulation, Burgess said.

Randy Johnson, a Republican state legislator from the Orlando area who is running for Florida's chief financial officer position, put it succinctly when he said: "We have a mess here."

Johnson received rousing applause and a partial standing ovation when he suggested that if insurance companies threaten to leave the state if they don't get the rate increases they requested for property insurance, then they should take their other insurance business -- auto insurance, for example -- with them.
"It's been a long time that this thing has been broken," Johnson said. "This issue has landed on the kitchen table of Florida's families."

I hate STATE Farm and our paid off insurance commision!
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Old 08-08-2006, 08:09 AM
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Default Re: It's just not a boat insurance issue in FL!

There was also a nation wide rate increase due to the additional cost of construction. Trickle down from freeking Exxon and all them guys making record profits.....
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