Lemme see if I have this straight?
25% yearly policy increases at the whim of the insurance company?
no sinkhole protection?
shorted time-frame to file a claim?
lower inability to sue the company who is screwing you?
all in an attempt to stop them from paying out too much of their 'bonus money' when a natural disaster happens.. under the guise of 'protecting the tax-payers' since it will be them who picks up the tab because by damn if the insurance company CEO's are going to give up their money..
here's a fix that doesn't fuck everyone in this state and doesn't seem so.... IDK, fascist.
why not make the insurance companies put 80% of what they take in (yearly) into a giant annuity that draws X amount of interest per year... and make that annuity safe from their greedy little hands so when a disaster does strike, the money is already in a fund waiting to be paid out.. if after 7-10 years nothing(catastrophic) has been paid, the interest on that fund can be divvied up between all the major contributors to the fund..and the 80% can drop to 75%..and the 7-10 year starts again... the only time that goes back up to 80% is in the event that there isn't enough money in the fund to pay on a Katrina like disaster..
why is it some 'bad' 'evil' 'socialist' plan to make an insurance company do what you buy them to do? Isn't that what free-market and capitalism is all about? If we want a widget and we buy a widget, we should damn well get a widget... so why is it anything other than 'good business' to make them give us the damn widget that we paid them for.. is the gov't intervening and saying 'well, they don't have to give you that widget you paid for.. and you are still required to buy them from them at their cost, not market costs' really what libertarians and conservatives mean when they wax poetically about the virtues of capitalism,market economy, and little gov't intervention?
If we just want to set up a system where we pay insurance carriers,be they home or health, ever increasing amounts of money, where they don't have pay out our claims and we can not file claims as they present, but our ability to force them to work within their guidelines by suing them is also removed.. then let's stop calling it 'insurance' and lets just call them "Mafia"**.. because anymore it seems people are simply wasting their money on a product that not only doesn't work, but it doesn't exist..
(**well, ok.. that's insulting the mafia since you pay them for protection and they actually give it to you... but you can see my point.)
Citizens Property is a state sponsored insurance company that is backed up by the taxpayers. This isn't about Allstate trying to increase their bottom line, this is about a state sponsored entity being undercapitalized for the obligations it's taken on. One good hurricane season and Florida's fiscal situation becomes similar to California's.
For liberals, on the plus side having Citizen's collapse due to claims is a good way to finally get that state income tax you've been dreaming of.
