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Old 02-05-2007, 09:01 AM
MB2 MB2 started this thread
 
Location: Sebastian/ FL
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I am wondering how those recent tornadoes, and the recent devastation is affecting the HOI in FL again? Will it have an impact...again, since it was declared a disaster area???
I mean, reports were made that HOI would be lowered (I guess to some extend). Does this recent development mean HOI will remain "on course" and get lowered, remain the same, or go up???
Any info anyone???
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Old 02-05-2007, 11:05 AM
 
155 posts, read 223,033 times
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Quote:
Originally Posted by MovingBack2PA View Post
I am wondering how those recent tornadoes, and the recent devastation is affecting the HOI in FL again? Will it have an impact...again, since it was declared a disaster area???
I mean, reports were made that HOI would be lowered (I guess to some extend). Does this recent development mean HOI will remain "on course" and get lowered, remain the same, or go up???
Any info anyone???
There was quite a bit of damage done, specially costly damage to houses in more expensive areas, like The Villages.

I cannot THINK of any other way that insurance would go DOWN after this!! That sounds illogical. But my guess is that even if insurance goes up, it might broken down in cost to everyone else in the state, which means everyone just pays a little bit more a month.

Anyone have any ideas?? I am curious about this as well.
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Old 02-05-2007, 11:20 AM
 
Location: Naples
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The way insurance works is it spreads risk across the state. The reason it's the state, and not the nation, is because insurance is regulated at the state level. The only exception to this is flood insurance, which is handled by the feds. So regardless of the type of disaster, rates will rise.

Florida is high risk due to hurricanes. The only way to give long term relief would be for the feds to spread the risk to the entire nation, like they did with flood insurance. Anything else will only be a temporary solution, at best, and may actually make the problem worse.

Capping rates will only cause insurers to pull out of Florida.
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