“Unfortunately, Florida’s insurance market has become challenging in recent years,” the company said in a statement emailed to CBS MoneyWatch. “Last year’s catastrophic hurricane season contributed to an unprecedented rise in reinsurance rates, making it more costly for insurance companies to operate.”
This is hilarious and sould crushingly unsurprising. People actually ended up needing to use the insurance the companies were offering soooo they are just no longer offering it. Proving once again (for the millionth time) insurance companies have absolutely zero desire or feel any moral obligation to actually help people. It is 100% purely a money making operation. The millisecond they actually have to help any of their customers out, they will bend over backwards to get out of it and if they can’t, they’ll just leave entirely and not insure you. Beautiful. God I hate insurance so much.
Are you actually surprised that an insurance company is not there for the good of the people, but to make money? They did keep their contractual obligations and paid out their customers, so you cannot fault them for that.
And what the insurance companies are doing is quite normal behavior. They analyze business risks and move out of fields that are not profitable. They are now telling you that they will no longer cover you so you can find another insurance to take over business. That those other insurance companies are more expensive is just founded in the fact that Florida is already a risky state, and the risks just skyrocket through global warming. And with the water temperatures rising as they do, I expect this year to have an interesting hurricane season.
People complain again that they cannot afford to move to safer places. Maybe now they can start thinking whether they can afford not to move to safer places instead.
Not saying insurance companies are good but I’ve read a lot of the problem is with insurance scams where a roofing company will tell the homeowner they can replace their roof for free with insurance, even if it’s not necessary. Then that company will sue the insurance Co if they don’t pay for it.
They are a business and their business model shows they can’t make profit in Florida any longer. It would be morally unjustifiable to continue operating in Florida, to their employees and shareholders.
This is hilarious and sould crushingly unsurprising. People actually ended up needing to use the insurance the companies were offering soooo they are just no longer offering it. Proving once again (for the millionth time) insurance companies have absolutely zero desire or feel any moral obligation to actually help people. It is 100% purely a money making operation. The millisecond they actually have to help any of their customers out, they will bend over backwards to get out of it and if they can’t, they’ll just leave entirely and not insure you. Beautiful. God I hate insurance so much.
Are you actually surprised that an insurance company is not there for the good of the people, but to make money? They did keep their contractual obligations and paid out their customers, so you cannot fault them for that.
And what the insurance companies are doing is quite normal behavior. They analyze business risks and move out of fields that are not profitable. They are now telling you that they will no longer cover you so you can find another insurance to take over business. That those other insurance companies are more expensive is just founded in the fact that Florida is already a risky state, and the risks just skyrocket through global warming. And with the water temperatures rising as they do, I expect this year to have an interesting hurricane season.
People complain again that they cannot afford to move to safer places. Maybe now they can start thinking whether they can afford not to move to safer places instead.
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Not saying insurance companies are good but I’ve read a lot of the problem is with insurance scams where a roofing company will tell the homeowner they can replace their roof for free with insurance, even if it’s not necessary. Then that company will sue the insurance Co if they don’t pay for it.
That’s part of it but it’s state law that made that possible, even with tort reform.
They are a business and their business model shows they can’t make profit in Florida any longer. It would be morally unjustifiable to continue operating in Florida, to their employees and shareholders.
These aren’t non-profit companies.