More insurance companies are fleeing the state because of the growing threat from natural disasters.
I shit you not Florida’s CFO blames corporate wokeness
Also I didn’t know florida has a CFO
No worries, now the Florida government will offer their own insurance in retaliation, to show them corporates who’s boss.
And that’s how, children, the capitalists became socialists.
It already exists. It’s called Citizens Property Insurance and I’m one of over a million subscribers to it. Every private company is at least 20% more expensive or the state could sell my policy to the private company.
Let me guess, the money goes to a private company who just happens to be run by a relative of DeSantis?
Can we see an article with which insurance is left? Will there only be smaller companies that just claim bankruptcy after the next hurricane and then Florida asks taxpayers to bail them out? Fuck that.
All the insurance companies have insurance too (reinsurance) amd there is a state-run insurance company so it’s not big a deal that they’ll go out of business, it’s that costs are just rising ridiculously fast. They just passed a law full of legal changes the insurance companies wanted (like making it harder to sue insurance companies) just to keep costs rising at “only” 40% in a year.
Wonder how DeSantis or his successor will spin things when the only option left is to make a government run single payer system for anyone to have coverage.
Unfortunately, Florida already has a socialized insurance “corporation”, Citizens Property Insurance Corp. Tens of thousands of policy holders this year were forced to move to other insurance companies if those companies would offer them insurance for up to 20% higher than they would get with Citizens.
You can only get Citizens if you cant get insurance through any other provider. Citizens coverage requires you to get flood insurance regardless of if you’re in a flood zone or not (arguably, this is smart for Florida, but does make insurance much more expensive), and the policy doesn’t cover nearly as much as you would get with other insurance companies.
As more and more news articles come out about various home owners insurance companies leaving Florida we’re seeing more companion articles about how Citizens is completely fucked up. To tl;dr some stuff, basically if Florida sees a bad hurricane and Citizens has to pay out, everyone who’s on citizens is royally fucked because they just don’t have the money to pay out.
I have all the confidence that if Florida lost all of the free market insurance and was forced to provide a socialized universal insurance scheme that Republicans would continue to run it as competently as they currently are.
And all of that is just lip service bullshit waiting for a government emergency declaration to bail them out. Again, and, again, and again
Yep they’ll ask for a bailout from the federal government, and when anyone brings up anything about the hypocrisy, the lack of private insurance companies, or the mismanagement of the state run insurance fund, they’ll respond with “How DARE you politicize a disaster such as this!” in their special, concern-trolling sort of way.
My grandfather told the family that his premiums are going up so much in September that he has decided to just sell his house and move to South Carolina. I don’t know what he was paying or how much they are increasing it but it must be bad if he’s moving after living there for 30+ years.
Bummer that he sold everything just to move to another future climate casualty
So serious question, does the fact that insurance companies are giving up millions of potential customers prove that climate change/disaster is real?
IIRC, that’s part of why they’re pulling out of Florida. DeSantis made it law that they can’t change premiums based on climate change, so they’ve decided it makes more sense for them to pull out than risk huge payouts when they can’t change premiums.
Just look at the rising water temperatures. It will be an interesting hurricane season this year.
No fucking kidding, eh?
I hope that the wind shear from the el Nino holds up for the people in the US and parts of Canada. It seems like the NOAA are thinking that this el Nino might not be as much of a saving grace as usual. The current temperatures are worse than they were at the peak of any other hurricaine season, and this one is still just getting started. I’m concerned with how bad the temperatures will be at the peak.
From what I read, we haven’t really experienced this before. This year’s sea temperatures are the hottest on record. We’re already getting to the point where things will become increasingly difficult to predict.
Wait, this El Nino was supposed to be a saving grace? I’ve only heard of it meaning hotter surface temperatures. Hot summers, mild winters are what I associate with El Nino, and the opposite with La Nina.
The things I’ve read have been saying that the last few years of La Nina have made the warning trend seem more mild and now this El Nino will show how much things have actually progressed in that time.
