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Old Posted Sep 22, 2019, 12:59 AM
Obadno Obadno is offline
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Join Date: Jan 2010
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Originally Posted by Shawn View Post
You have 100+ year old billion dollar insurance conglomerates, whose only functions are to make institutional investors money and who have been damn good at doing so for a century and counting, refusing to insure coastal properties in places like Florida. These companies, who are the absolute best at predicting long-term risk trends, have decided that the likelihood of coastal flooding is now so high, it is no longer reasonable in a fiduciary sense to insure against. Because it would lose them money.

That is all you need to know to understand that this is not just a case of increased media cycle exposure rates. When the Progressives, Allstates, and Liberty Mutuals (and the Pentagon, for that matter) say "this is getting serious", it's serious.
They are limiting coverage there because there is more exposure there than ever, Florida population has grown immensely in the last 50 years, mass home insurers like Liberty Mutual or State farm have stopped writing standard insurance in Florida because they cannot charge enough to cover all the millions of homes they are responsible for that isn't how their business model works

There are plenty of smaller insurance carriers and specialty writers that love hurricane and windstorm risks in Florida and make money hand over fist. If there was no weather risk they would have no product to sell.

An insurance company is much more likely to bail on a state because of regulation than it is due to weather or because of climate change.

How do I know? Lets say I'm intimately familiar with the insurance industry and have been for many years all across the industry.