@DeezyAZ81
Quote Originally Posted by DeezyAZ81:
Quote Originally Posted by Raiders22: @DeezyAZ81 One last thing if this is true. Isn’t that how capitalism works? They can leave for whatever reason. Then someone can step in to fill the void. This does not address the issue of why premiums are going up if only one company is leaving. There are plenty of other insurance companies that will gladly take their business. But I will look at link in a bit. Yes. But are new businesses rushing to Florida to fill the void in the home insurance industry? Does not look like it. In fact, seems to be the opposite. You cannot tell me the political leadership has nothing to do with it, when clearly it does. It's interesting how when residents moved into Florida from places like NY it was all because of politics, but when businesses and residents leave, to Republicans it has nothing to do with political leadership.
Yessir. There are plenty of other insurance companies to choose from. It is very easy to get insurance; it is simply more expensive than it has been in the past. That link says this will affect about 100,000 policies and that includes autos. Yes, that will be very easy to fill.
I believe you are conflating a couple of issues and trying to make it all political; it is NOT all political.
So far I have not seen what policies drove the companies from the state. You made it seem like they did not want to do business in Florida because of DeSantis and his woke policies. You implied he implemented some policies that drove them away.
The only policy the link you posted listed was a policy that would HELP the insurance companies out and make it beneficial to STAY in the state.
So, this does not seem to be a political decision BUT a business decision due to 'risk management'. This is due to the fact that Florida has grown more than other states and their homes have become way more pricier quicker than other states. They are also one of the most riskiest states. So, when a disaster happens it hurts the insurance company more than it would have in the past.
There are other examples you can look at in the past in other states where this sort of thing has happened and an insurance company has to tweak their model.
A few years ago there were not nearly as many hurricanes and very few actually hit Florida. It was several years where a category 3 or better even hit the US, let alone Florida.
This can cause even businesses to become complacent -- just as it does homeowners and builders. You start thinking it is okay to build more homes, and more expensive homes, in a disaster-prone area. The insurance companies also tend to see it as okay to insure these homes at an unreasonable price to offset potential swings in the future.
So, when the cycle changes and more hurricanes hit -- this can devastate a company when an excessive amount of claims come in that far exceed expectations.