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My home insurance jumped from $998 to $1271!!.. I called and asked and they said it was a statewide increase... Personally, I think its from the QE from our Department of Treasury... Now, I have to go find another company... I just can't believe it jumped up almost 30%... can't wait for health insurance to jump up as well.... at least I know who to thank...
Welcome to my world. There have been years since 2004 down here where you'd be glad to get an even higher rate increase than that, provided the insurer didn't drop you entirely. And by far the worst of it came with a Bush in the state house, and another one in the White House.
Some good background on the billionaires who are ripping us all off big time:
By December, Bermuda's reinsurers had raised $17 billion from eager investors, primarily hedge funds, private equity firms and U.S. investment banks such as Merrill Lynch, Goldman Sachs and Lehman Brothers.
But the flood of new money was not used to make more hurricane coverage available to Florida.
Quote:
But it also was driven by a hunger to maximize profit — to, as ACE Ltd. Chief Executive Officer Evan Greenberg told investors in a 2006 earnings call, “ruthlessly take the elevator up at the right times.”
Rather than just ride Katrina-driven price increases, the Herald-Tribune found, reinsurers worked to make them bigger. They sat on business they normally would have signed. They turned away Florida insurers they normally would have backed.
Welcome to my world. There have been years since 2004 down here where you'd be glad to get an even higher rate increase than that, provided the insurer didn't drop you entirely. And by far the worst of it came with a Bush in the state house, and another one in the White House.
Some good background on the billionaires who are ripping us all off big time:
The greater the risk of a loss claim, the more one is going to pay for insurance. The homeowner is transfering the loss risk to the insurer and many resent it when the reinsurer balances risk and reward.
Those living in flood prone areas came to expect the government would continue to mutualize a portion of their exposures amongst all tax payers, most of whom do not live in these areas.
Except you missed the whole part about collusion in the market driving up prices in a way that has little to do with the actual risk involved in providing the reinsurance. Always obvious when someone feels the need to offer comments on an article they didn't bother to read.
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