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Old 02-19-2009, 05:30 PM
 
214 posts, read 738,544 times
Reputation: 128

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Quote:
Originally Posted by Bill Hitchcock View Post
Again-You have to look outside of North Carolina for the true culprit. The costs incurred by insurers in other states is being recouped everywhere.
Florida insurer ends home policies after rate hike fails - Jan. 27, 2009


Please keep this in mind. Just because someone is in a coastal county doesn't mean they are in a flood zone. Also keep in mind that there are a range of flood zones, all with varying degrees of flood potential. These variables affect your rates.
I hope no one gets the impression that rates are universal or that all areas have equal flood potential.
As I have posted here at CD many times over the years-Most deaths associated with storm flooding comes from inland (not coastal) flooding. And flood zones can vary quickly. I can throw a baseball from my yard in four different directions and have it land in three different flood zones. Which of course means-Three different insurance rates.
Bill
I couldn't agree with you more!
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Old 02-19-2009, 05:33 PM
 
214 posts, read 738,544 times
Reputation: 128
Quote:
Originally Posted by Bill Hitchcock View Post
Again-You have to look outside of North Carolina for the true culprit. The costs incurred by insurers in other states is being recouped everywhere.
Florida insurer ends home policies after rate hike fails - Jan. 27, 2009


Please keep this in mind. Just because someone is in a coastal county doesn't mean they are in a flood zone. Also keep in mind that there are a range of flood zones, all with varying degrees of flood potential. These variables affect your rates.
I hope no one gets the impression that rates are universal or that all areas have equal flood potential.
As I have posted here at CD many times over the years-Most deaths associated with storm flooding comes from inland (not coastal) flooding. And flood zones can vary quickly. I can throw a baseball from my yard in
four different directions and have it land in three different flood zones. Which of course means-Three different insurance rates.
Bill
I couldn't agree with you more!
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Old 02-19-2009, 05:45 PM
 
214 posts, read 738,544 times
Reputation: 128
I am in concurrence with Bill. We are all suffering from the affects of the hurricanes that ravaged FLA and LA, the consequent insurance rate hikes, and the pull out of insurance companies. Why this has been allowed to happen, go ask your Congressman, Governor, local government, too long we have been complacent, and not asked for accountability. Unfortunately our complacency has caused our demise on so many levels, no?
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Old 02-19-2009, 06:39 PM
 
22,769 posts, read 26,325,361 times
Reputation: 14564
I agree that what hits Louisiana and Florida affects our rates. I think the consecutive 15% and 25% increases in the past two years reflect that. I still believe this 30% increase is mainly due to insurance companies' losses in the stock market.
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Old 02-19-2009, 08:36 PM
 
214 posts, read 738,544 times
Reputation: 128
Quote:
Originally Posted by rubber_factory View Post
I agree that what hits Louisiana and Florida affects our rates. I think the consecutive 15% and 25% increases in the past two years reflect that. I still believe this 30% increase is mainly due to insurance companies' losses in the stock market.
How true, how true, look at the bailout AIG got.
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Old 02-20-2009, 05:44 AM
 
22,769 posts, read 26,325,361 times
Reputation: 14564
Quote:
Originally Posted by seashellbelle View Post
How true, how true, look at the bailout AIG got.
I don't know a whole lot about the insurance industry, the right jargon to use, etc.. But I was discussing this with a CPA friend of mine - the insurance companies collect all this money in premiums over the years, and they need a place to "store" it until the big storm hits, and they have to pay it out.

Apparently they put large portions of it in the stock market. If the market tanks, they lose tons of money, and have to raise everyone's premiums to compensate. Sort of like starting from scratch.

However, you don't see anything about this in the news. You don't hear about it from the NC Dep't of Insurance, or from anyone, really.
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