According to gainesville.com, Florida State Senator Rod Smith is campaigning with the message of, "fix(ing) the state's (Florida) homeowners insurance crisis and rein in rate increases, calling them "unacceptable. "It's bad enough that we've had to suffer through those storms but for insurance companies to double or triple rates or worse yet, cancel policies, that's unacceptable,"
So, if Senator Rod Smith does not want Florida residents to pay more for their homeowners insurance because they are in a risky area, then who do you think will? Yep, that's right, everyone else across the country.
There is another side, which I think the Senator wants to open up. The senator wants to reveal the insurance company's "books to justify rate increases. We've got to hold insurance companies accountable." Which, maybe could help if the insurance companies are unfairly raising rates too much. The point is, is that someone has to pay for the damages and who should it be?
Then if everyone is going to underwrite the cost of my insurance I think I will build my house at the rim of a Mt. Pelee in Hawaii. Great view and my rates arent any higher just because I have a 50% chance of being destroyed every year. Gotta love it.
I agree with your post.
Everyone thinks that spreading the risk onto the State and Federal governments is great because it temporarily lowers rates.
But as you point out, we will all pay in the end – effectively subsidizing anyone who wants to build in a high risk area.
If you want to send a message to an insurance industry that is totally unresponsive to its customers, check out the The Home Insurance Buyers Guide
Its the only place I know where Florida homeowner insurance customers can find out exactly who is still writing new business in their county.
But what I liked the best was that the Buyers Guide website allowed me to rate my satisfaction with my Florida home insurance company on a scale of 1-10.
It felt good to weigh in on this. You should do it to. Visit:
Purchasing the Buyers Guideto learn more.
Good luck!