IT specialist Jeff Hooge and his wife are on the hunt for new home insurers after getting a letter from Progressive in the mail on Monday
"They are canceling our insurance after our policy expires, and they won't renew it because we are in a hurricane zone," Hooge said.
A business that's in the business of risk taking won't take risks? Do they cancel the policies in tornado zones (virtually ALL of the US) ? I think the governments of the states that they are withdrawing from should prohibit them from doing ANY business in those states (not just home policies).
ReplyDeleteLots of insurance companies are leaving high risk states, some that are staying aren't writing new policies... Premiums are going up, deductibles are going up and coverage is going down.. Same with automobile insurance.... It's not a good situation for anyone but those looking to buy a home are as of right now the hardest hit.
DeleteJD
Insurance is gambling. You are betting something will happen, the insurance company is betting it won't. No surprise they are pulling out of areas where it is a certainty that they will have to pay out. Far better that than raising rates for people who never have a claim in order to cover their gambling losses.
ReplyDeleteMore ways the left is forcing people to be herded into the specific zones they want citizens to be herded into.
ReplyDeleteGet it yet?
CC
1. Maybe don't build in areas where you stand a decent chance of having your home demolished by a natural disaster? I'm insured for everything because we don't (or rarely) get forest fires, flooding, earthquakes, tornadoes, hurricanes, monster hailstorms, volcanoes (well...just that unexpected one in 1980), etc...
ReplyDelete2. No one "owes" you insurance. It's not a right.
3. If government wasn't such a tyrannical piece of shit with draconian licensing schemes and regulations, there would probably be a lot more companies out there willing to offer you insurance. It might cost more, but it would probably be available instead of having government regulate the price increases insurance can require.
There is NO place in the US that is immune to a natural disaster of some type. If you think so, you're overly optimistic and that's putting it kindly.
DeleteAnonymous @9:18........ So tell us where you live so the rest of us 300 million can become your new neighbors..
DeleteBut like what anonymous @ 10:22 said there is no place in this country that is safe from natural disasters and you are lying to yourself if you're telling yourself that.
JD
I never said "immune" from natural disasters. We had a volcano explode in the 80s that did some serious damage. Other than that, my family has lived in the area since the early 40s. None of our houses have ever been affected by a natural disaster. Even the volcano failed to damage our properties. Across the river, they regularly get wildfires and lose homes, but we do a better job of letting our forests burn to clear out tinder. There have been two "tornadoes" in my lifetime. I put it in quotes because it's not even remotely like anything in the midwest. One of them just blew through the uninhabited state forest and didn't really do anything. The other one was in the town where I worked. It knocked down one really janky old single-story brick building that was already considered dilapidated, and it blew a few trash cans around. There's occasional flooding in the area that takes out homes that are built under ~25 feet in elevation, but we weren't stupid enough to buy a home that's basically at sealevel or in a flood zone or beneath a dam. There have even been a couple of minor quakes over the past 30 years. Strong enough to rattle the dishes, but no damage. Maybe one day the cascadia subduction zone will cut loose and everything will be destroyed...but that's what insurance is for.
DeleteInsurance isn't for "I'm going to build this $450,000 house smack-dab in the middle of an area that gets 40 tornadoes every year, and I expect someone else to pay for it *when* the very obvious tornado comes plowing through my house."
Sounds like a really boring place to live.
DeleteBoring's fine. You want to spend your life with natural disasters and rebuilding your house every few years?
DeleteWell I've lived where I am for about 40 of my 66 years and have to replace my roof once due to hurricane damage. In this time period it's never flooded, been hit by a tornado, earthquake, volcano, mudslide or forest fire. I'm at 7 feet above sea-level but I'm the stupid one according to you.... Well I could go on to explain how stupid your post is but I'm not going to bother..... I still say tell us where you are, I suspect PNW from reading your post, there 300 million others stupid people who can be your new neighbors
DeleteJD
About time. For many years they were forced to cover such areas, and couldn't raise rates to reflect the risk, forcing the rest of us to help subsidize the costs.
ReplyDeleteInsurance companies are like bookies, they don't want to lose money on a bet (as stated above, you be the fire will happen, they bet it won't) oddsmakers are just that, betting the odds.
If insurers can't make a profit in certain areas, they won't go there. Period.
If it weren't for government subsidized insurance policies, there wouldn't be such development in these areas where the risk is high. Now that the insurance companies can say "no" they are doing so.
If they were allowed to set the rates according to the risk, they might stay in the se areas, but they can't.
Purposely targeting predominately Red states, or is that just an unfortunate geographic coincidence turned into a silly conspiracy by MAGA's?
ReplyDeleteI discontinued my hurricane insurance. They told me that by doing this any wind damage would not be covered. Fine, shove it up your ass. Where I live there has never been a recorded hurricane. Yet those with a mortage have to have it.
ReplyDeleteI agree with most of the above statements... problem is we're by "Da Roolz" to have homeowners Insurance. No way around it. In fact, I hadn't talked about it at my haus, but I recently had the same shit pulled on me. They cancelled my shit citing that the roof was fucked up via an 'in person inspection' two weeks prior.
ReplyDeleteFirst problem: they NEVER inspected it. Between Sapper, Gretch and myself, if we heard an unauthorized person on the roof, that'd be a dead motherfucker as we're a wee bit paranoid with good reason.
Second? The insurance company PAID to replace it not 8 months ago!!!!
When I pointed that out, they THEN said b/c the AC had blown out in June of the year before, (I had called to see if it was covered, it wasn't) and that they were STILL cancelling, with no way to appeal b/c I "failed to maintain the condition of the house." My issue was I had taken out a loan and had replaced the Unit (10k, my aching ass) as you CANNOT be here w/out AC.
I had receipts.
Got pissed.
Went to the State Insurance regulatory board and filed a case, gave 'em all my proof.
Shockingly I won, and they reinstated me, and got fined by the Board $10k for fucking around and finding out. I'm dumping them regardless, but the reinstatement was the fucking principle, and IF it showed on the record that I'd been dumped for neglect, I'd NEVER get Insurance again.
Add on that my house note went from $820 three years ago, to a whopping $1800 RIGHT NOW! Taxes went a wee bit up, but the rest is ALL insurance theft... like $700 a month from $150? 200? (minus the monthly nut.) As I always say, the Mafia gives a faired deal than insurance companies.
Gonna be a lot of dead people walking should the power go out and not come back on. I'm banking on going without power, woodstoves can pull double duty.
ReplyDeleteThis sounds like a First World problem.