If you're a coastal homeowner in Florida I’m sure you are more than cognizant of the skyrocketing property insurance premiums. The hurricane seasons of 2004 and 2005 wreaked havoc on insurers pocketbooks to the tune of $31 billion in insured losses.
In the face of these devastating storm seasons insurers have either left town or dramatically increased premiums. One can understand by simply perusing the numbers why many insurers hightailed it or asked for more money. However, for Floridians answers have been hard to come by.
The senior economist for the Insurance Information Institute, Bob Hartwig, along with Sam Miller, executive vice president of the Florida Insurance Council offered some explanations at a meeting in Vero Beach, Florida. You can read a synopsis of the Q&A in an article on TCPalm.com.
Some of the topics covered included why Florida is more expensive than other coastal states such as Texas and the Carolinas and most importantly why premiums have “doubled or even tripled in the past two years.” While some of these responses might not satisfy all they are at least a jumping off point for a healthy discussion and possible solutions.
Anyone that has some insight into this situation please feel free to leave a comment.
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