This could be a huge probem come H'cane season

[Gtmalacd]

Another insurer cancels Florida policies

Well thanks alot big biz. I guess they can take the risk out of risk coverage just by not covering you anymore. Hope these people find other coverage.

External Source

Another of Florida's biggest home insurers, Atlantic Preferred Insurance Co., is canceling all of its policies — leaving thousands of homeowners throughout the state scrambling to find coverage less than two months before the start of hurricane season.

The cash-strapped insurer confirmed Tuesday it has begun notifying agents that it's canceling the policies because back-to-back destructive hurricane seasons have drained it of capital needed to meet state regulatory requirements.

http://www.palmbeachpost.com/storm/cont ... _0405.html

[Gtmalacd]

However, here in CA we don't have to worry about those kinds of problems.

[windycity]

Ya, the price of living in paradise. I know alot of people will be going bare.( as in no insurance ) Of course, ya gotta be rich to do that.

[Jim Cantore]

Sadly, its all about money

[janswizard]

This is not good news for people who live in storm country. News of more insurance companies pulling out next-to-last minute is getting to be a huge problem down here. I am on the board of directors for a condominium facility and our policy ends in August.

We took a pounding during the 2004 season - Jeanne and Frances did extensive damage to our 34 year old condo complex and insurane proceeds were in excess of $600,000 for the year. Ironically, after the storms we realized that we were extremely underinsured. Insurance is based on the amount of valuation of the property so between that increase and the increase in the cost of the policies, we are currently paying a little more than $45K for this current year that ends in August. We are a small complex - three buildings with a total of 60 units. We are also a 55+ community so you can imagine that most of our residents live on fixed income. That increase was devastating for them. We can't even imagine what it will be for this coming year. We are holding our breaths waiting to see if the companies that insure us will go the same route as some of these others - leaving us no choice but to contact Citizens, the state-run insurance company.

It's sad, especially when you pay premiums for years and years without any claims.

[wxman57]

Sadly, its all about money

You realize that insurance companies are in business not as a public service but to make money, right? They can't stay in business unless they take in significantly more money from policy holders than they pay out. With the current active cycle likely to continue for another 20 or more years, and with so many people now living in vulerable coastal zones, I don't see how any insurance company will be able to stay in business.

Take a look at this population trend vs. landfalling hurricanes in the Miami area. There was a tremendous surge in constuction along the FL coast during the past 30 years of inactivity. FL is going to have some REAL problems in the next few decades when they get 1 major hit after another.

[hial2]

However, here in CA we don't have to worry about those kinds of problems.

Correct, but at least in Florida our state song is not "I feel the earth move under my feet"

[Gtmalacd]

However, here in CA we don't have to worry about those kinds of problems.

Correct, but at least in Florida our state song is not "I feel the earth move under my feet"

Umm, lol, CA meaning Central America...

[alicia-w]

However, here in CA we don't have to worry about those kinds of problems.

but you have those horrid wildfires and mudslides. i dont know which is worse.

[Gtmalacd]

However, here in CA we don't have to worry about those kinds of problems.

but you have those horrid wildfires and mudslides. i dont which is worse.

haven't seen much in the way of wildfires, but maybe trash burning. LOL. Landslides yes.

[alicia-w]

like the others, I automatically (and erroneously) assumed CA was California. After all of our conversations, I should have figured Central America!!!

[Gtmalacd]

like the others, I automatically (and erroneously) assumed CA was California. After all of our conversations, I should have figured Central America!!!

LOL, its okay. Give it 5-10 more years and we will be more American than you guys. LOL...

[alicia-w]

i hope to be living in Mexico in 10 years...

[Gtmalacd]

i hope to be living in Mexico in 10 years...

Why? It is too dirty and corrupt.

[alicia-w]

and that's different from the US how?

[MiamiensisWx]

This thread is not about Mexico or the U.S.; it's about the 2006 Atlantic Hurricane Season! I don't want another locked thread!

[alicia-w]

two comments astray from the main topic (especially as minor as these are) hardly threaten the thread....

[Gtmalacd]

and that's different from the US how?

LOL, LOL..you gotta point..

[Gtmalacd]

This thread is not about Mexico or the U.S.; it's about the 2006 Atlantic Hurricane Season! I don't want another locked thread!

With all due respect CapeVerdeWave, your name isn't Allah or God, so you requesting a locked thread would be absurd. Like alicia said, several posts that are slightly off target does not warrant a locked thread..

[richtrav]

I'd move to Mexico in a heartbeat if I didn't have to work for a living. Nice weather almost everywhere in the country, love the climate at about 3000-4000', makes San Diego's climate seem severe