Premiums for standard home, flood, fire, and disaster insurance have been skyrocketing for about five years now. Numerous insurers have refused to write policies in both red and blue states. (Florida and California)
If there isn’t some action to help alleviate these problems soon, all Americans may find that monthly insurance premiums are rivaling their car payment. There’s thousands, maybe millions of votes to be gained by solving this problem - not easy to solve, but definitely an issue hitting voters’ bank accounts.
This is a big glaring problem for both Newsom and DeSantis. Someone should surprise both of them with this issue they’d love to avoid talking about at their next debate. Both have largely failed on this issue so far.
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To remove first post, remove entire topic.
Premiums for standard home, flood, fire, and disaster insurance have been skyrocketing for about five years now. Numerous insurers have refused to write policies in both red and blue states. (Florida and California)
If there isn’t some action to help alleviate these problems soon, all Americans may find that monthly insurance premiums are rivaling their car payment. There’s thousands, maybe millions of votes to be gained by solving this problem - not easy to solve, but definitely an issue hitting voters’ bank accounts.
This is a big glaring problem for both Newsom and DeSantis. Someone should surprise both of them with this issue they’d love to avoid talking about at their next debate. Both have largely failed on this issue so far.
There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
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There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
Premiums for standard home, flood, fire, and disaster insurance have been skyrocketing for about five years now. Numerous insurers have refused to write policies in both red and blue states. (Florida and California) If there isn’t some action to help alleviate these problems soon, all Americans may find that monthly insurance premiums are rivaling their car payment. There’s thousands, maybe millions of votes to be gained by solving this problem - not easy to solve, but definitely an issue hitting voters’ bank accounts. This is a big glaring problem for both Newsom and DeSantis. Someone should surprise both of them with this issue they’d love to avoid talking about at their next debate. Both have largely failed on this issue so far.
@Sidehatch
Interesting points
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Quote Originally Posted by Sidehatch:
Premiums for standard home, flood, fire, and disaster insurance have been skyrocketing for about five years now. Numerous insurers have refused to write policies in both red and blue states. (Florida and California) If there isn’t some action to help alleviate these problems soon, all Americans may find that monthly insurance premiums are rivaling their car payment. There’s thousands, maybe millions of votes to be gained by solving this problem - not easy to solve, but definitely an issue hitting voters’ bank accounts. This is a big glaring problem for both Newsom and DeSantis. Someone should surprise both of them with this issue they’d love to avoid talking about at their next debate. Both have largely failed on this issue so far.
There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
Responding to your points in order:
1) regulators are allowing some to set fire insurance premiums. It's left some homes uninsurable, premiums ranging from $5k-240k/yr.
2) is a good idea. They do it for other insurance markets. Basically the gov't funds an "insurer of last resort." It's paid for by a tax on policies usually, so it funds itself. But helps the uninsurable get some coverage. This is where I feel a presidential or gubenatorial candidate could make major headway. In CA for example, why doesn't MGM sponsor an initiative for sportsbetting, and use that money to give all homeowners a 20% discount on their premiums? Hoo boy that would poll well, I don't care who you are. You start saving people $1k+ a year, you'll get their attention.
3) problem with that is it makes homebuilding costs more expensive, and adds red tape. It works pretty well, but yeah, definitely has some friction costs.
4) a good idea, would have been better if that idea was implemented 30 years ago. I've lived in both red and blue states where they let people build in spots that have a 50% chance of burning down in the next 20 years.
2
Quote Originally Posted by thirdperson:
There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
Responding to your points in order:
1) regulators are allowing some to set fire insurance premiums. It's left some homes uninsurable, premiums ranging from $5k-240k/yr.
2) is a good idea. They do it for other insurance markets. Basically the gov't funds an "insurer of last resort." It's paid for by a tax on policies usually, so it funds itself. But helps the uninsurable get some coverage. This is where I feel a presidential or gubenatorial candidate could make major headway. In CA for example, why doesn't MGM sponsor an initiative for sportsbetting, and use that money to give all homeowners a 20% discount on their premiums? Hoo boy that would poll well, I don't care who you are. You start saving people $1k+ a year, you'll get their attention.
3) problem with that is it makes homebuilding costs more expensive, and adds red tape. It works pretty well, but yeah, definitely has some friction costs.
4) a good idea, would have been better if that idea was implemented 30 years ago. I've lived in both red and blue states where they let people build in spots that have a 50% chance of burning down in the next 20 years.
@Sidehatch I thought this thread would be about our nation's debt at $32T... I mean, is there a bigger national issue than this ? You are naive to think otherwise..
I didn't say it was the biggest national issue. You brought that up. Feel free to argue with yourself in another thread. Come back when you've learned what "relevance" and "irrelevant" means.
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Quote Originally Posted by Rush51:
@Sidehatch I thought this thread would be about our nation's debt at $32T... I mean, is there a bigger national issue than this ? You are naive to think otherwise..
I didn't say it was the biggest national issue. You brought that up. Feel free to argue with yourself in another thread. Come back when you've learned what "relevance" and "irrelevant" means.
It's a true issue that splits red/blue fanboy politics. Nobody likes high premiums, so it pits homeowners versus big money insurance companies who have gazillions in lobbying cash. It's not a fair fight even though the homeowners technically have the numbers.
If someone were to make it a fairer fight, ie look out for the homeowners one way or another, could attract a lot of votes.
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Quote Originally Posted by StumpTownStu:
Bro is in here defending insurance companies.
It's a true issue that splits red/blue fanboy politics. Nobody likes high premiums, so it pits homeowners versus big money insurance companies who have gazillions in lobbying cash. It's not a fair fight even though the homeowners technically have the numbers.
If someone were to make it a fairer fight, ie look out for the homeowners one way or another, could attract a lot of votes.
This thread isn't " relevant " in the grand scheme of things going on in this country, and the lack of people engaging in your thread on this subject should be a sign
0
@Sidehatch
This thread isn't " relevant " in the grand scheme of things going on in this country, and the lack of people engaging in your thread on this subject should be a sign
Quote Originally Posted by [Quote: Originally Posted by Sidehatch:
Premiums for standard home, flood, fire, and disaster insurance have been skyrocketing for about five years now. Numerous insurers have refused to write policies in both red and blue states. (Florida and California) If there isn’t some action to help alleviate these problems soon, all Americans may find that monthly insurance premiums are rivaling their car payment. There’s thousands, maybe millions of votes to be gained by solving this problem - not easy to solve, but definitely an issue hitting voters’ bank accounts. This is a big glaring problem for both Newsom and DeSantis. Someone should surprise both of them with this issue they’d love to avoid talking about at their next debate. Both have largely failed on this issue so far.
]There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
@Sidehatch
Unfortunately this election is very unlikely to focus on real issues like the one you mention because trump has made that nearly impossible.
2
Quote Originally Posted by [Quote: Originally Posted by Sidehatch:
Premiums for standard home, flood, fire, and disaster insurance have been skyrocketing for about five years now. Numerous insurers have refused to write policies in both red and blue states. (Florida and California) If there isn’t some action to help alleviate these problems soon, all Americans may find that monthly insurance premiums are rivaling their car payment. There’s thousands, maybe millions of votes to be gained by solving this problem - not easy to solve, but definitely an issue hitting voters’ bank accounts. This is a big glaring problem for both Newsom and DeSantis. Someone should surprise both of them with this issue they’d love to avoid talking about at their next debate. Both have largely failed on this issue so far.
]There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
@Sidehatch
Unfortunately this election is very unlikely to focus on real issues like the one you mention because trump has made that nearly impossible.
There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
@thirdperson
Very complex issue, though you do raise some key points as usual.
1
Quote Originally Posted by thirdperson:
There are no easy solutions to problems of rising costs and loss of insurance coverage. Insurers abandon customers when they cannot charge enough to cover rising costs. First, state regulators could allow insurance companies to freely set higher rates. Secondly, governments (taxpayers) could subsidize insurance companies to provide more expensive insurance with less protection as last resort for property owners who can't get coverage elsewhere. Third, critical to make new buildings more resilient to disasters since climate change is likely to become worse. Fourth, stop new developments in risky areas unsuitable for home building.
@thirdperson
Very complex issue, though you do raise some key points as usual.
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