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[Ecocharger + 1,477]

2 minutes ago, notsonice said:

Florida's insurance industry is in flux as Idalia cleanup begins

Homeowners face uncertainty amid the upheaval that has emerged in Florida’s insurance industry in recent years.

 

 

 

 

 

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Aug. 31, 2023, 5:14 PM MDT / Source: NBC News

By Gabe Gutierrez, Phil McCausland and Melissa Chan

CEDAR KEY, Fla. — As cleanup begins in the aftermath of Hurricane Idalia, the storm has served as a stark reminder that Florida’s insurance industry remains in flux.

Idalia made landfall in Florida’s Big Bend just before 8 a.m. Wednesday as a Category 3 hurricane. It killed at least three people in Florida before it battered Georgia and other states on the East Coast as a downgraded tropical storm.

 

Idalia moved offshore Thursday morning, leaving around 330,000 customers without power in Florida, Georgia and South Carolina.

Powerful storms have regularly pummeled Florida’s coastal communities in recent years. The hurricanes have brought high winds, lashing rains and deadly storm surge. Idalia brought much of the same, and it has forced many homeowners to turn to their insurance policies in hope that repairing their homes and replacing their belongings might be covered.

But many of those homeowners face uncertainty amid the upheaval that has emerged in Florida’s insurance industry in recent years.

Buddy Ellison, left, and his father Dan look through debris scattered across their property Thursday in Horseshoe Beach, Fla.Rebecca Blackwell / AP

A thinning insurance market that is beset by more regular hurricanes has caused insurance policy costs to skyrocket. An average home premium in Florida is about $6,000 per year, according to the Insurance Information Institute, an industry trade organization. The U.S. average is about $1,700. 

The state’s insurance industry is preparing to lose four insurers since last year — among them: Farmers Insurance, Bankers Insurance and Lexington Insurance. Farmers Insurance announced just last month that it intends to leave Florida, affecting about 100,000 policy holders, and that it would not be writing new policies. 

Still, it appears Florida is better-positioned to handle insurance claims than it was last year after the state’s insurers acquired adequate levels of reinsurance — a reimbursement system that insulates insurers from very high claims. 

Burned rubble where a house stood after a power transformer exploded in the community of Signal Cove in Hudson, Fla., on Wednesday, after Hurricane Idalia made landfall.Miguel J. Rodriguez Carrillo / AFP - Getty Images

“With all the weather and hurricane events that have come through, the reinsurance market has hardened on the Florida insurance companies,” said Chris Draghi, who specializes in the state’s insurance market as an associate director at AM Best, a global credit agency. “That’s led to material increases and reinsurance costs, which, of course, then strain bottom line results to afford the same level of protections as in the past.”

That could mean that, as the costs for insurers rise further, Floridians’ premiums will be affected. 

Gregory Buck, the president and owner of National Risk Experts Insurance, based in Florida, said that his company’s premiums last year were four times the national average but that those prices are largely based on reinsurers. He expects rates to increase further.

“If you look at year on year for the last three to five years, you’re probably talking about between 100 and 300% (in insurance cost increases) depending on where you are and obviously the age and the construction of the homes themselves” Buck said by email. “But absolutely, we are looking at more increases.”

The remains of a destroyed home built atop a platform on piles in Keaton Beach, Fla., on Wednesday during a flight provided by mediccorps.org after Hurricane Idalia passed through.Rebecca Blackwell / AP

Homeowners in the state said they expect the cost to jump once again, which has led some to consider going without insurance because of the price.

Aimee Firestine stood outside her hotel, the Faraway Inn, in Cedar Key as she said her homeowners insurance rate doubled last year. She said it has left her “thinking about whether you can keep paying for that.”

 

“That’s one of the issues in Florida is Mother Nature does what it wants and we have to just rebuild and hope insurance can help us out with it,” Firestine said.

The cost of insurance policies could be a major contributing reason that as many as 15% of Florida homeowners are living without property insurance. That is the highest percentage in the country, according to the Insurance Information Institute.

In Florida, 16 severe storms or hurricanes since 2020 have caused $100 billion to $200 billion in damage. That has pushed many in the state to turn to Citizens Property Insurance Corp., the state-backed insurer of last resort, which has quickly become Florida’s fastest-growing insurer. 

These are not new issues, what is new in California is the inability to confront thieves during a robbery.

This is a much greater problem than anthropogenic climate change.

https://www.kcra.com/article/small-business-owners-protest-at-capitol-over-bill-they-say-will-put-them-out-of-business/44834342#

"Sumanjit Sahota owns a Natomas store and says her regulars are now shoplifting.

"They aren't afraid of the law," she said."

 

"Earlier this month, the California Senate passed Bill 553 , legislation that would discourage retail store employees from confronting shoplifters. The legislation — passed weeks after a Home Depot security guard was shot and killed during a Pleasanton, California, robbery — is designed to protect employees, supporters say, by forbidding employers from instructing employees to confront shoplifters."

Edited September 5, 2023 by Ecocharger

[TailingsPond + 1,009]

1 minute ago, Ecocharger said:

You really are at a loss for any rational comeback.

Defense of property is now illegal during a robbery in California if this law is passed.

No, it's not.

Telling your employees to act like cops, with no training, for minimum wage is.

[notsonice + 1,255]

Just now, Ecocharger said:

These are not new issues, what is new in California is the inability to confront thieves during a robbery.

This is a much greater problem than anthropogenic climate change.

https://www.kcra.com/article/small-business-owners-protest-at-capitol-over-bill-they-say-will-put-them-out-of-business/44834342#

"Sumanjit Sahota owns a Natomas store and says her regulars are now shoplifting.

"They aren't afraid of the law," she said."

 

"Earlier this month, the California Senate passed Bill 553 , legislation that would discourage retail store employees from confronting shoplifters. The legislation — passed weeks after a Home Depot security guard was shot and killed during a Pleasanton, California, robbery — is designed to protect employees, supporters say, by forbidding employers from instructing employees to confront shoplifters."

the losses in Florida since 2020 are staggering..........

and these are not theft or crime related....

same goes for California

.......you really are a clueless wonder

[Ecocharger + 1,477]

Just now, TailingsPond said:

No, it's not.

Telling your employees to act like cops, with no training, for minimum wage is.

No, you are confusing the discussion with the actual terms of the law. It would now be illegal to interfere with a theft in progress or to defend personal property.

[turbguy + 1,545]

3 minutes ago, Ecocharger said:

I pointed out to you that business insurance is no longer on offer in California. Do you still claim that theft is not a problem?

Business insurance is available in California from a variety of companies.

• Geico: Geico is a well-known insurance company that offers a variety of business insurance policies, including general liability, commercial property, and workers' compensation.
   
• State Farm: State Farm is another large insurance company that offers business insurance. They have a wide range of policies to choose from, and they offer discounts for businesses that have multiple policies with them.
   
• Progressive: Progressive is a newer insurance company that has been growing rapidly in recent years. They offer competitive rates on a variety of business insurance policies.
   
• The Hartford: The Hartford is a well-established insurance company that offers a variety of business insurance policies, including cyber liability and business interruption insurance.
   
• Chubb: Chubb is a multinational insurance company that offers a wide range of business insurance policies, including professional liability and product liability insurance.
   

 

[Ecocharger + 1,477]

Just now, notsonice said:

the losses in Florida since 2020 are staggering..........

and these are not theft or crime related....

same goes for California

.......you really are a clueless wonder

You are really hopeless, those are not new issues, but the legal sea change in California is a more important issue than anthropogenic climate change.

[Ecocharger + 1,477]

1 minute ago, turbguy said:

Business insurance is available in California from a variety of companies.

• Geico: Geico is a well-known insurance company that offers a variety of business insurance policies, including general liability, commercial property, and workers' compensation.
   
• State Farm: State Farm is another large insurance company that offers business insurance. They have a wide range of policies to choose from, and they offer discounts for businesses that have multiple policies with them.
   
• Progressive: Progressive is a newer insurance company that has been growing rapidly in recent years. They offer competitive rates on a variety of business insurance policies.
   
• The Hartford: The Hartford is a well-established insurance company that offers a variety of business insurance policies, including cyber liability and business interruption insurance.
   
• Chubb: Chubb is a multinational insurance company that offers a wide range of business insurance policies, including professional liability and product liability insurance.
   

 

You are behind the times, old man, the law is about to change so that storefront businesses in San Francisco or L.A. will not be good bets for insurance coverage for business purposes.

This is a much greater problem than anthropogenic climate change.

https://www.kcra.com/article/small-business-owners-protest-at-capitol-over-bill-they-say-will-put-them-out-of-business/44834342#

"Sumanjit Sahota owns a Natomas store and says her regulars are now shoplifting.

"They aren't afraid of the law," she said."

 

"Earlier this month, the California Senate passed Bill 553 , legislation that would discourage retail store employees from confronting shoplifters. The legislation — passed weeks after a Home Depot security guard was shot and killed during a Pleasanton, California, robbery — is designed to protect employees, supporters say, by forbidding employers from instructing employees to confront shoplifters."

Edited September 5, 2023 by Ecocharger

[TailingsPond + 1,009]

14 minutes ago, Ecocharger said:

No, you are way off there, it is illegal under this new law to interfere with or to confront robbers and thieves during the act of theft, and that raises the bar to a new and unsupportable level where a legitimate storefront business can no longer defend its premises from theft.

First off businesses do nothing, employees do.

They have plenty of ways of defending against theft.  Shoplifting detection devices, putting high theft items behind the counter, trained security.

Remember armed robbery is still a felony. We are talking about low-value shoplifting here.

Edited September 5, 2023 by TailingsPond

[notsonice + 1,255]

2 minutes ago, Ecocharger said:

You are really hopeless, those are not new issues, but the legal sea change in California is a more important issue than anthropogenic climate change.

you are now babbling BS

you have shown nothing to back up your BS just more BS babble

 

[turbguy + 1,545]

3 minutes ago, Ecocharger said:

You are behind the times, old man, the law is about to change so that storefront businesses in San Francisco or L.A. will not be good bets for insurance coverage for business purposes.

This is a much greater problem than anthropogenic climate change.

https://www.kcra.com/article/small-business-owners-protest-at-capitol-over-bill-they-say-will-put-them-out-of-business/44834342#

"Sumanjit Sahota owns a Natomas store and says her regulars are now shoplifting.

"They aren't afraid of the law," she said."

 

"Earlier this month, the California Senate passed Bill 553 , legislation that would discourage retail store employees from confronting shoplifters. The legislation — passed weeks after a Home Depot security guard was shot and killed during a Pleasanton, California, robbery — is designed to protect employees, supporters say, by forbidding employers from instructing employees to confront shoplifters."

Perhaps you can explain how, or why,  "storefront businesses" take out Homeowners Insurance Policies on the business?

I'll wait...

Edited September 5, 2023 by turbguy

[Ecocharger + 1,477]

Just now, turbguy said:

Perhaps you can explain how "storefront businesses" take out Homeowners Insurance Policies on the business?

I'll wait...

How do storefront businesses take out business insurance?

[Ecocharger + 1,477]

1 minute ago, notsonice said:

you are now babbling BS

you have shown nothing to back up your BS just more BS babble

 

You have a bad case of the babbles, old man.

[turbguy + 1,545]

1 minute ago, Ecocharger said:

How do storefront businesses take out business insurance?

No, how (or why) do they might take out HOMEOWNERS insurance.

Edited September 5, 2023 by turbguy

[Ecocharger + 1,477]

Just now, turbguy said:

Or why...

Suppose you explain to us how a business takes out business insurance.

[TailingsPond + 1,009]

4 minutes ago, Ecocharger said:

How do storefront businesses take out business insurance?

No business buys insurance for petty theft.  You would just be giving the insurance company all the money.

You expect a convenience store to claim a loss of a chocolate bar or a case of beer?

Most storefront business don't even sell expensive items.  If they do, they keep them in display cases or in the back.

Edited September 5, 2023 by TailingsPond

[Ecocharger + 1,477]

3 minutes ago, TailingsPond said:

No business buys insurance for petty theft.  You would just be giving the insurance company all the money.

You expect a convenience store to claim a loss of a chocolate bar or a case of beer?

Most storefront business don't even sell expensive items.  If they do, they keep them in display cases or in the back.

What are you struggling to say, old man? Losses from theft enter into business losses and are under coverage.

Edited September 5, 2023 by Ecocharger

[turbguy + 1,545]

Just now, Ecocharger said:

Suppose you explain to us how a business takes out business insurance.

I believe a simple phone call to several of the great companies I listed above for a quote (with details about your business, and their policy terms) would start the process.

Then you choose.

Then you pay the premium.

Then you have taken out business insurance.

Not really that complicated.

[Ecocharger + 1,477]

Just now, turbguy said:

I believe a simple phone call to several of the great companies I listed above for a quote (with details about your business, and their policy terms) would start the process.

Then you choose.

Then you pay the premium.

Then you have taken out business insurance.

Not really that complicated.

So what is your elongated point from all this?

[turbguy + 1,545]

5 minutes ago, Ecocharger said:

So what is your elongated point from all this?

The POINT is Homeowners in Florida are increasingly being covered by state-controlled Insurance Policies (similar to California) due to large insurers being money-wise, from anticipated loss claims due to climate change.

I never mentioned anticipated loss claims from Business Insurance.

You did.

Edited September 5, 2023 by turbguy

[Ecocharger + 1,477]

2 minutes ago, turbguy said:

The POINT is Homeowners in Florida are increasingly being covered by state-controlled Insurance Policies (similar to California) due to large insurers being money-wise, from anticipated loss claims due to climate change.

I never mentioned anticipated loss claims from Business Insurance.

You did.

Yes, of course, the issue was the deadhead laws being passed in California which is a much more important issue than anthropogenic climate change. Without property laws, the economy would collapse.

[TailingsPond + 1,009]

11 minutes ago, Ecocharger said:

What are you struggling to say, old man? Losses from theft enter into business losses and are under coverage.

There is always a deductible.

General rule is never insure against a loss you can pay for yourself.  You understand insurance companies make money right?  They take in more money than they pay out.

 

[Ecocharger + 1,477]

2 minutes ago, TailingsPond said:

There is always a deductible.

General rule is never insure against a loss you can pay for yourself.  You understand insurance companies make money right?  They take in more money than they pay out.

 

In case of catastrophic losses, it is vital for businesses to have business insurance, Without it, they cannot operate and will fold and find a better state which has real property laws.

It should not be necessary for an economist to point out these basic facts to non-economists, but....

Edited September 5, 2023 by Ecocharger

[turbguy + 1,545]

3 minutes ago, Ecocharger said:

Yes, of course, the issue was the deadhead laws being passed in California which is a much more important issue than anthropogenic climate change. Without property laws, the economy would collapse.

Perhaps I missed something.

I have not heard of any personal or business property laws being being repealed.

 

[TailingsPond + 1,009]

4 minutes ago, Ecocharger said:

In case of catastrophic losses, it is vital for businesses to have business insurance, Without it, they cannot operate and will fold and find a better state which has real property laws.

We were not discussing catastrophic loss like a fire.  You are all upset about theft under $900.

Other states don't have the same populace and money as California.  It is literally the best state by profit.

https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP

Edited September 5, 2023 by TailingsPond

[notsonice + 1,255]

10 minutes ago, Ecocharger said:

What are you struggling to say, old man? Losses from theft enter into business losses and are under coverage.

I own 3 businesses and would never make a claim unless it is over $5000 ....any time in the past that I experienced any losses I adjusted the business practice to reduce losses so they are under .1 percent of the annual income. Be it theft or weather related

 

Theft may be covered but in business you do not make repetitive small claims IE for shoplifting....you either factor them into your sales price or what you are charging for service or you adjust your business practice...

right now I am redoing homeowners and I asked the underwriter how far back do they look at claims and the answer is a minimum of 5 years......One should expect up to 10 years. One claim on one policy can affect your other policies....I currently have in place over 10 policies with various companies...........business liability....personal property....homeowners....renters......business property.....workmans comp.....inventory insurance.......health..auto for personal auto for business.....you name it I have to carry it

 

Had the chat with the underwriter about California both living their and doing business for all types of insurance.....and he stated not a problem . The coast has its positives .........and I am getting to hate winter more and more and I do not want to live in the swamp they call Florida

 

BS King do you have any proof to back your bs claims????????