At Nationwide We’re on your si, ah forget it , your on your own

Its a bit underhanded to cut the coverage for natural disasters, then raise the premiums because of the costs of natural disaster damage they don't cover....

originally posted by: TerryMcGuire


‘’Home insurers cut natural disasters from policies as climate risks grow’’


www.washingtonpost.com...


At least five large U.S. property insurers — including

1 Allstate
,
2 American Family,

3 Nationwide,

4 Erie Insurance Group and

5 Berkshire Hathaway —


have told regulators that extreme weather patterns caused by climate change have led them to

1 stop writing coverages in some regions,

2 excl ude protections from various weather events and

3 raise monthly premiums and deductibles.

4 and raise monthly premiums and deductibles.

Major insurers say they will cut out damage caused by hurricanes, wind and hail from policies underwriting property along coastlines and in wildfire country, according to a voluntary survey conducted by the National Association of Insurance Commissioners, a group of state officials who regulate rates and policy forms.

Cutting out damage from hurricanes?
Wind?
Hail?
Wildfire?

Along coastlines and in wildfire country. Yeah, that’s just about everywhere now.

There is a lot more in the article with the link at the top stating that not only will new policies not offer this coverage but existing policies can have these dropped as well.

So, as Florida slowly sinks beneath the waves and the West turns to a crisp, I guess we might still get coverage for, for, for what?

It sure isn’t cool , yet as long as people choose to live in floodplains , hurricane coastal lands & recurring wildfire zones it goes without saying that insurance companies won’t cover it .
Why should all other policy holders have to pay an increase , because people build at sea level in hurricane prone areas ?
Florida should be one giant national park with no one living there .
There are people out west who are on their third homes due to fires ?
The problem is , people live in areas NOT intended for humans .
Florida & California are the poster children of bizarre politics in America.
Insurance companies don’t get my sympathy , but hurricanes alone bankrupt them .
Real simple, if you live in natural disaster zones your insurance should cost massive amounts of cash .
Humans are stupid animals & stupid costs money.

originally posted by: 1947boomer

originally posted by: nugget1
a reply to: TerryMcGuire

I like how they use the costs incurred from 'climate' caused disasters to raise premiums-right after cutting expenses by eliminating those policies.

Insurance company payouts for the last 3 years have averaged nearly 100 B$ per year. Ten or fifteen years ago it was about 1/3 that amount. Insurance rates have not gone up by a factor of 3 because State insurance regulators won’t allow it, but insurance payouts have. No insurance company can stay in business with those numbers.

www.washingtonpost.com...#

The insurance industry isn't exactly bleeding; in fact, they've consistently posted record profits since the ACA and they moved up to become major players in the financial field.

They're just leveraging their profit margin since forced premium reductions in the health care sector, IMO.

This is the battle we’ve been fighting for the last month. I’ve been with Farmers insurance since 2017. I’ve only had one claim since then and it was for a broken windshield, but that was in 2021. My girlfriend has her own policy for her car under the umbrella of my insurance. She was hit in her car and almost killed by an uninsured driver at the end of July. The other driver was at fault. The other driver was:

Uninsured.
Did not have a valid driver’s license.
Vehicle was not registered.
Had four bald tires.

CHP did not cite them for these issues and even tried to write the report that no one was at fault in the accident. My girlfriend has full coverage including uninsured motorist. Farmers is going to pay her out, then tried to cancel my policy. They cancelled my autopay and demanded I pay the whole policy up front but did not give me a reason. I’ve never been late or bounced a payment. A friend of mine works for Farmers, he told me they want me to cancel and that’s why they’re doing it. He’s stated because of bad policy in California (allowing the riots, legalized shoplifting, and refusal to prosecute repeat offenders who then target businesses who file more insurance claims, fires, etc), insurance companies are bleeding money left and right.

After fighting my insurance for the last two weeks, they claim to have reinstated the autopay and it was all an “accident”. The money hasn’t been taken out yet and I have not received my renewal docs. I’m going to give them the benefit of the doubt because of the holiday, but I’m watching it. You may wonder what happened to the other driver? They’ve already abandoned their rental home and pretty much live under the radar because they’re in the system and bounce from one place to another. We are forced to sue them and get nothing. What a joke.

a reply to: TerryMcGuire

They're just using weather as an excuse. It's really the fact that Building/Property replacement costs are the highest, where there are the most Hurricanes and Fires.

originally posted by: Vroomfondel
Its a bit underhanded to cut the coverage for natural disasters, then raise the premiums because of the costs of natural disaster damage they don't cover....

It is sinful and should be a criminal act to "force" people to pay for something they will never receive.

I can put that $6000.00 a year plus, into a special account or invest it and have a better chance at being financially prepared for an unfortunate event, than giving that money to an insurance company that will wiggle its way out of paying me a dime.

originally posted by: Saloon
a reply to: TerryMcGuire

The aim is make american citizens homeless, jobless and
then lifeless. And our more obedient, unvaxxed replacements
are still flowing in. The coordination makes this obvious.
And what can we as american citizens do about it?
Go to the gulags like good citizen sheeple. Show me I'm
wrong?

Americans don’t want to work , yet their demands keep rising. Migrants come for work mainly, and until white Americans decide to let their kids work & or do the jobs immigrants take , there will be no stop to the immigration.
Insurance is a true mess no doubt.

a reply to: psychotrail

I have been working since I was eight years old. I am retired and still working. I consider myself American, though my family has been here since long before the Mayflower.

Are there a number of folk that are American that do not want to work? Very likely, just like in any other country. Many young folk don't want to work in America, just like in other countries, " Silent Quitting" is a thing, and was not started in America.

We can't blame the children since we were the ones that taught them that a parent's job is to ensure their comfort and happiness, at the cost of no more than saying, "I want".

We also have not shown them many examples of working parents that manage a healthy, stable, home environment where work is not the priority.

They don't want to be "slaves to the man", but we have not taught them the land of the in-between. We have only taught them " all or nothing".

originally posted by: NightSkyeB4Dawn
a reply to: psychotrail

I have been working since I was eight years old. I am retired and still working. I consider myself American, though my family has been here since long before the Mayflower.

Are there a number of folk that are American that do not want to work? Very likely, just like in any other country. Many young folk don't want to work in America, just like in other countries, " Silent Quitting" is a thing, and was not started in America.

We can't blame the children since we were the ones that taught them that a parent's job is to ensure their comfort and happiness, at the cost of no more than saying, "I want".

We also have not shown them many examples of working parents that manage a healthy, stable, home environment where work is not the priority.

They don't want to be "slaves to the man", but we have not taught them the land of the in-between. We have only taught them " all or nothing".

Well put

a reply to: psychotrail

Americans don’t want to work , yet their demands keep rising.

The blame for losing the America that millions of young men fought and
died for over it's young history. Certainly is not solely in the lap of any
one political party, no one race or ideology. Immagrants seeking what
this country offers the world can't be blamed. Can't blame the
insurance companies for trying to protect their margins before their
customers. Their in business to make money and that does come
before the customer.

Thinking on all of this because the blame game should be played when
faced with losing ones country, way of life, our freedom. As well as a
safe and properous future for our children. So how could it be that
such a sad catastrophic injustice, could come to render our heroic
fallen lovers of freedom and country to mere patriotic fools.

Truly as I see it, the full weight of the blame fits perfectly in the same place
that brought this country fourth in the first place. The same place that
was this country's birth. The same place that puts young soldiers on battle
fields willing to sacrifice their short lives so foolishly. This is the heart of
man on full display. Navigating his own way thru both good and evil with
out any guidance. Until we truly change deep in our hearts we will never
deserve the good we are capable of.

Maybe this country is something mankind never deserved from it's inception.
A brief example of how the evil in our hearts will always destroy the good
we can manifest. I don't know where the world is headed. I don't know
what's coming. But I figure it this way. What ever it is, we've all got it come'n.

I think this makes it easier to accept, lamenting a bleak future for todays
young and innocent. It completely sucks but I can finally wrap my head
around it.

And I apologize for venting in digress.

originally posted by: Saloon
a reply to: psychotrail

Americans don’t want to work , yet their demands keep rising.

The blame for losing the America that millions of young men fought and
died for over it's young history. Certainly is not solely in the lap of any
one political party, no one race or ideology. Immagrants seeking what
this country offers the world can't be blamed. Can't blame the
insurance companies for trying to protect their margins before their
customers. Their in business to make money and that does come
before the customer.

Thinking on all of this because the blame game should be played when
faced with losing ones country, way of life, our freedom. As well as a
safe and properous future for our children. So how could it be that
such a sad catastrophic injustice, could come to render our heroic
fallen lovers of freedom and country to mere patriotic fools.

Truly as I see it, the full weight of the blame fits perfectly in the same place
that brought this country fourth in the first place. The same place that
was this country's birth. The same place that puts young soldiers on battle
fields willing to sacrifice their short lives so foolishly. This is the heart of
man on full display. Navigating his own way thru both good and evil with
out any guidance. Until we truly change deep in our hearts we will never
deserve the good we are capable of.

Maybe this country is something mankind never deserved from it's inception.
A brief example of how the evil in our hearts will always destroy the good
we can manifest. I don't know where the world is headed. I don't know
what's coming. But I figure it this way. What ever it is, we've all got it come'n.

I think this makes it easier to accept, lamenting a bleak future for todays
young and innocent. It completely sucks but I can finally wrap my head
around it.

And I apologize for venting in digress.

a reply to: psychotrail

Thank you, thank you thank you. You scoped out my intent in making this thread. It may be that I was incapable of gathering my thoughts enough to summarize the larger picture I was sensing, of questioning or it may be that I wanted to see if anyone else could do it for me. You have.

I think that I might have used the term ''bellwether''. The insurance companies, a profit oriented service, can I use the term ''capitalist'' business, exists within the tenuous space between past markets and future markets. What once may have been a thriving market may not be a thriving market in the future. Things change and business must change with it. In this case the changing landscape of climate is ruining past markets or profit centers and a wise business, or industry must, must change product to fit the change it faces or go bankrupt.

It's a matter of liability. In the past, those who could afford insurance for areas where catastrophe was a once in a lifetime occurrence were an asset to insurance companies . Now however, as you point out, these people who could afford the rates in the past cannot continue to be a drain on the profit and have become liabilities. So they must be abandoned. It's only good business, and face it, it's capitalism

And I used the term '''bellwether''. The staple industry of insurance is making a staunch statement here I think. Climate change is here and must be dealt with. These five or six companies will soon enough change to ten or twenty and likely all as the effects of this change escalate. If the very rich want to live on stilts in Florida, then they must pay for it with sky rocketed coast to themselves only.

I wonder the implications this will hold for those who can just not afford the higher coat of insurance in those areas. Where will they go, where will the transport themselves. A larger question is where will any of us go to find a stable stable enough habitat that insurance companies will find to be profitable to them to sell reasonable coverage. At what point will the entire question of home insurance be stretched to thin to exist at all:""

Anyway, thanks again for your perceptions on this question.

a reply to: Sookiechacha

in the uk its called floodRE and gives homeowners until the late 2030s to add flood protection before the gov withdraw support..

i live on the edge of wetlands that sit on an aquifer big enough to keep the uk going through a 300 year drought, the issue is we need a couple of dry decades to reduce the aquifer levels as we currently can't go a winter without groundwater flooding..

my home has a victorian flood basement and i have until the mid 2030s to put in other flood mitigation strategies.

originally posted by: TerryMcGuire
a reply to: nickyw

That is mentioned in the article and it asks the question, if insurance companies will go bankrupt from the old policies, how what will happen to the government underwriting, just print more money?

a lot of the time though its national/local gov fault for allowing building in certain areas or cutting back on mitigation strategies, around here they have finally started to clean the drainage ditches to allow trapped ground water flooding to flow to the sea..

my home was built on a shingle spit, i have the beach/sea out the front and silted over harbour at the back but the green rewilding stategries have allowed the ditches to silt over to thus the cause of the flooding is due to poorly implemented green policies.

originally posted by: TerryMcGuire
a reply to: psychotrail

Thank you, thank you thank you. You scoped out my intent in making this thread. It may be that I was incapable of gathering my thoughts enough to summarize the larger picture I was sensing, of questioning or it may be that I wanted to see if anyone else could do it for me. You have.

I think that I might have used the term ''bellwether''. The insurance companies, a profit oriented service, can I use the term ''capitalist'' business, exists within the tenuous space between past markets and future markets. What once may have been a thriving market may not be a thriving market in the future. Things change and business must change with it. In this case the changing landscape of climate is ruining past markets or profit centers and a wise business, or industry must, must change product to fit the change it faces or go bankrupt.

It's a matter of liability. In the past, those who could afford insurance for areas where catastrophe was a once in a lifetime occurrence were an asset to insurance companies . Now however, as you point out, these people who could afford the rates in the past cannot continue to be a drain on the profit and have become liabilities. So they must be abandoned. It's only good business, and face it, it's capitalism

And I used the term '''bellwether''. The staple industry of insurance is making a staunch statement here I think. Climate change is here and must be dealt with. These five or six companies will soon enough change to ten or twenty and likely all as the effects of this change escalate. If the very rich want to live on stilts in Florida, then they must pay for it with sky rocketed coast to themselves only.

I wonder the implications this will hold for those who can just not afford the higher coat of insurance in those areas. Where will they go, where will the transport themselves. A larger question is where will any of us go to find a stable stable enough habitat that insurance companies will find to be profitable to them to sell reasonable coverage. At what point will the entire question of home insurance be stretched to thin to exist at all:""

Anyway, thanks again for your perceptions on this question.

Most of Florida should be a National Park . Who in there right mind would live in Florida , a state that sits a flip flop in height above sea level right in hurricane alley ?
As storms get bigger , they will start flooding miles inland .
Florida is like a Daytona stripper , looks nice from a distance , but up close it is a real mess .