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Insurance 'nightmare' unfolds for Florida homeowners after back-to-back hurricanes
(www.nbcnews.com)
this post was submitted on 13 Oct 2024
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My insurance company has determined that my house would cost about $450k to completely rebuild in the event of a total loss. Thankfully in the Northeast the risk of my house being destroyed is low, so they charge me $1,100 annually. Even with a few houses in my area being destroyed by fire, flood, or extreme weather, they still make enough to build up their reserves, pay their employees, and kick back some to the investors.
How much would that company need to charge in Florida so they could still pay to fix the houses and pay everybody that works for them? Definitely not $1,100/yr because replacing just a single broken window costs $1,100.
Now think about if the Federal government began covering Florida. They would have the same issue as private insurers - there is no amount they can charge that will not deplete their funds faster than they take in premiums.
Gee, if only there was some kind of pooled money that people could pay into so they could cover such things. So people could pay small, affordable amounts to get taken care of and helped if tragedy strikes them.
You know, like spreading the risk out, like some kind of..insurance?
And besides, Sounds like you specifically just want to hang people out to dry in Florida for the sin of living in Florida since you conveniently neglected/ignored the biggest part of my post about where does the line get cut for telling people they don't matter because where they live.
And of course, I doubt you'd be so "Well I dont deserve help cause its my choice to live here" when disaster strikes where you live, or your mother, or family live. I bet you'd be full of righteous fury and indignation if anyone dared to say that to you.
But its different when it personally affects you, right?
If everyone in the US paid to rebuild Florida over and over that's not insurance that's practically a subsidy. Do you think it's fair for someone in Illinois who has no benefit of Florida beach front views pay the price to fix a snowbirds vacation home over and over?
Florida is different because the risk is perpetually high and living there is a choice. It's fine for people to choose that risk, but I would expect sky high coverage.
You're right. Its not fair for people to have lower insurance costs and a single unified pool.
It obviously makes much more sense to pay 3x the amount to a national, private insurance provder, have them take most of that for CEO and executive pay/bonuses/benefits, and then close offices and cancel policies in florida because they cant "afford" it.
Fuck off with your right wing bullshit already. You aint masking half as well as you think you are with this project 2025 shit.
I'm definitely not a Republican. Sorry my take seems to have struck a chord with you, but I don't think what I said was illogical.
So, in the post you're replying to, it's laid out how insurance wouldn't work, and your reply is "Have you considered insurance?"