Climate News: Farmers Pulls 100,000 Florida Insurance Policies

robosmith · July 12, 2023

2 minutes ago, Rebound said:

Explain why building costs are higher in Florida than elsewhere.

One word: DEMAND.

CdnFox · July 12, 2023

2 minutes ago, Rebound said:

Explain why building costs are higher in Florida than elsewhere.

Why? It hardly matters - if they are they are.

And as i said to deluge, eventually it becomes a question of where to put your money. World wide claims are up right now and there's only so many insurance dollars out there and brokers have to pick and choose

So a place that is more stable is likely where they'll put their money vs places that are less stable. If they're pinched they'll look at placing less moeny in florida even if NOTHING changes, or jacking rates through he roof.

You clearly dont' understand SHIT about how insurance works.

2 minutes ago, robosmith said:

Quote

Explain why building costs are higher in Florida than elsewhere.

One word: DEMAND.

Ok - we DEMAND you tell us why rates are higher! (Snicker!)

Deluge · July 12, 2023

8 minutes ago, robosmith said:

You'd better STOP TROLLING long enough to understand that NO ONE here has the power to "get evacuations going." Duh

Who's trolling? I'm trying to figure out why you lunatics aren't doing this full time. If Climate Change is such a global crisis then you should be in places like Florida spreading the word.

Hell, the UN has given us until 2030. Don't you think you people should be stepping up your efforts?

Rebound · July 12, 2023

18 minutes ago, CdnFox said:

Why? It hardly matters - if they are they are.

And as i said to deluge, eventually it becomes a question of where to put your money. World wide claims are up right now and there's only so many insurance dollars out there and brokers have to pick and choose

So a place that is more stable is likely where they'll put their money vs places that are less stable. If they're pinched they'll look at placing less moeny in florida even if NOTHING changes, or jacking rates through he roof.

You clearly dont' understand SHIT about how insurance works.

Ok - we DEMAND you tell us why rates are higher! (Snicker!)

“There’s [SIC] only so many insurance dollars out there.”

That’s actually not how home, auto and life insurance work.

robosmith · July 12, 2023

42 minutes ago, CdnFox said:

Why? It hardly matters - if they are they are.

And as i said to deluge, eventually it becomes a question of where to put your money. World wide claims are up right now and there's only so many insurance dollars out there and brokers have to pick and choose

So a place that is more stable is likely where they'll put their money vs places that are less stable. If they're pinched they'll look at placing less moeny in florida even if NOTHING changes, or jacking rates through he roof.

You clearly dont' understand SHIT about how insurance works.

Ok - we DEMAND you tell us why rates are higher! (Snicker!)

Crawl back under your bridge, TROLL.

38 minutes ago, Deluge said:

Who's trolling? I'm trying to figure out why you lunatics aren't doing this full time. If Climate Change is such a global crisis then you should be in places like Florida spreading the word.

Hell, the UN has given us until 2030. Don't you think you people should be stepping up your efforts?

You're TROLLING when you suggest that posters here can "get evaculations going." Duh

Edited July 12, 2023 by robosmith

CdnFox · July 12, 2023

5 minutes ago, robosmith said:

Crawl back under your bridge, TROLL.

Awww muffin - are the facts upsetting you again?

5 minutes ago, robosmith said:

You're TROLLING when you suggest that posters here can "get evaculations going." Duh

You're drooling again

herbie · July 12, 2023

It's Florida. They'll deny the sea level is creeping up until their toes are wet on the main floor.

Then they'll sing the song about how its from natural causes, we can't do anything about it.

Hodad · July 12, 2023

4 hours ago, Rebound said:

But what IS fact is that home insurers are fleeing from Florida, with four insurers pulling out this year alone.

Yeah, as it turns out, those insurers,with money on the line, have actuaries who are pretty farking good at math.

The climate deniers are not great at science or math, but they are passionately dogmatic. I'm sure it all balances out.?

CdnFox · July 12, 2023

2 hours ago, Rebound said:

“There’s [SIC] only so many insurance dollars out there.”

That’s actually not how home, auto and life insurance work.

ROFLMAO - it is PRECISELY how it works! Holy shit kid - you REALLY need to stop talking about things you don't understand

What, you don't think they have to maintain reserves? You think they literally just sell an infinite amount of insurance and hope their numbers are right?

There is a VERY finite amount of money out there for insurance. The more you insure the more you need reserves. And at some point if you're pulling back because you've had a few bad years you start to say "where are the best 'risks' and which are the worst". And you will tell the brokers that you won't be putting money into this area or that buliding or the like.

And it's worth noting they were still selling 'auto' insurance Something the gov't guy wasn't happy about.

They're ditching the highest risk stuff to focus on lower risk stuff and fair enough - but that's not climate change. At least not directly in the form of 'moar hurricanes'.

SpankyMcFarland · July 13, 2023

Whatever about the above, I very much doubt Farmers and the other companies made such decisions on the basis of woke ideology as alleged by Florida CFO Jimmy Patronis:

Quote

Florida CFO Jimmy Patronis has pledged to hold “Bud Light of insurance” Farmers Insurance accountable following the insurance company’s announcement that it will exit own-branded personal lines business in Florida, affecting 100,000 policyholders.

https://www.insurancebusinessmag.com/us/news/breaking-news/florida-cfo-we-will-hold-bud-light-of-insurance-farmers-accountable-452446.aspx

Edited July 13, 2023 by SpankyMcFarland

Aristides · July 13, 2023

Most of it will be under water by the end of this century anyway.

Aristides · July 13, 2023

The good part is, ditching high risk Florida will help keep rate increases down elsewhere.

herbie · July 13, 2023

Some people will still be in denial as they watch their front porch float away with the tide. With them on it, in their rocking chair.

Rebound · July 13, 2023

1 hour ago, Aristides said:

Most of it will be under water by the end of this century anyway.

You wanna be the insurer of all that underwater property?

Floridians are bringing about the destruction of their state, and I’m going to laugh once it happens cause, hey, we warned them for decades and their answer is DeSantis. They’ll get what they deserve.

Christians don’t understand a fundamental fact: God gives us the scientists for a reason.

Edited July 13, 2023 by Rebound

NYLefty · July 13, 2023

13 hours ago, CdnFox said:

Doesn't actually seem to be about climate change. They're not saying that there's MORE hurricanes, they're saying the cost of rebuilding is shooting up

"Tuesday’s announcement follows a mid-June decision from Farmers to stop writing new policies in Florida due to the skyrocketing costs of hurricane recovery and rebuilding.

“With catastrophe costs at historically high levels and reconstruction costs continuing to climb, we implemented a pause on writing new homeowners policies to more effectively manage our risk exposure,” Farmers said in a statement."

So - more of an inflation problem than a climate problem.

Sigh, typical leftie. You read the headline and didn't read the article did you

But not for climate change reasons.

Soooooo .... yeah

???Here ya have it folks. The civil war wasn't about slavery, Hitler didn't mean it, Reich Wing Revisionism at its very finest??

NYLefty · July 13, 2023

Everything time some nearly dead newlywed Floridian tells me about how low their property taxes are I asks em, How much is yer Homeowners ins or Homeowners Association Fees ?????Besides who the hell wants to live in air condition 10 months outta the year

13 hours ago, CdnFox said:

Not really more climate scare. He's 'fudging' their statements a bit. they're fleeing rising COSTS of hurricane repair, not rising damages FROM hurricanes.

Inflation and building costs are going up and it's making it hard for them to predict what it will cost to fix properites that are damaged. And that makes it hard to know what to charge.

???

robosmith · July 13, 2023

11 hours ago, CdnFox said:

You're drooling again

No, you're STILL IGNORANT.

SpankyMcFarland · July 13, 2023

9 hours ago, herbie said:

Some people will still be in denial as they watch their front porch float away with the tide. With them on it, in their rocking chair.

It’s like bearing bad news to somebody and getting into an argument about it. They don’t want to believe it, you don’t want to believe it, but there it is.

CdnFox · July 13, 2023

6 hours ago, NYLefty said:

???Here ya have it folks. The civil war wasn't about slavery, Hitler didn't mean it, Reich Wing Revisionism at its very finest??

Of course not - everybody knows the civil war and hitler were due to Climate Change!!!!!!

Everything bad is due to climate change! - the increase in overdoes deaths? Climate change! The invasion of Ukraine? Obviously climate change! In-app purchases in video game - oh that's climate change for ya!!

Those big spiders you find in your garage? Cimate change puts them there

The loonie left thinks every single thing in the world they don't like is either a nazi or climate change.

The insurer was quite clear. Building costs are why they're leaving. But.... that must be SECRET CODE FOR CLIMATE CHANGE!!!!!!

This isn't climate change.

We've seen this exact same thing happen in many areas before including british columbia for the strata market. When insurers feel pinched for some reason (like inflation or other factors) they look to reduce their activity with higher risk areas. It's that simple.

6 hours ago, robosmith said:

No, you're STILL IGNORANT.

THiS OpInION is USELESS WiThOuT PRRRRRROOOOOOFFFF!!!!!!

Get a bib kid.

CdnFox · July 13, 2023

4 minutes ago, SpankyMcFarland said:

It’s like bearing bad news to somebody and getting into an argument about it. They don’t want to believe it, you don’t want to believe it, but there it is.

To be honest - it's more like watching someone blame all their failures on "The ex" or "the gov't" etc. Something goes wrong in their life it's because the ex is such a biatch, or because the gov't did or didn't do something,

People always want to blame something else for their problems and their favorite something tends to be a boogie man that is responsible for everything.

This isn't climate change. That doesnt 'mean climate change isn't real - it just means this isn't a result of it. At least not directly as proposed.

If all you do is blame the ex for your life, you wind up with a pretty sucky life. Even tho it might make you feel better when bad things happen.

Deluge · July 13, 2023

20 hours ago, robosmith said:

Crawl back under your bridge, TROLL.

You're TROLLING when you suggest that posters here can "get evaculations going." Duh

It's a figure of speech, but it doesn't mean you should be sitting on your stoopid a$$ arguing with someone who is nowhere near the ocean.

I want to see you woketards put your money where your maws are, so stop wasting time here and get your a$$es to Florida - the ocean's about to boil and hurricane devastation is coming!!!

reason10 · July 13, 2023

On 7/12/2023 at 11:38 AM, Rebound said:

“On Tuesday, Farmers Insurance informed the state it was dropping home, auto and umbrella policies across Florida, potentially affecting tens of thousands of people. It’s the fourth company to leave the Florida market in the last year — most citing rising risks from hurricanes. ”

The price of homeowner’s insurance is skyrocketing in Florida, averaging nearly $5,000 per year. This is the cost of climate change, impacting nearly an entire state, right now, today.

https://www.tampabay.com/news/business/2023/07/11/farmers-insurance-florida-leaving-hurricanes-insolvent/

This is not climate news, you twit. This is a business decision. The climate is not changing.

To bring your uneducated skull up to speed (and I worked in insurance in the late 80s so I know), insurance companies are required by law to maintain a legal reserve of funds necessary to be able to pay off claims for the various groups of clients in certain pools. In Property/Casualty (which requires the MOST education to get licensed and pays the least in commissions) if the cost of replacing or repairing an automobile, a house, ANY structure becomes too high, the insurance company has to pay out higher claims and faces several options:

1. Raise premiums in a competitive market, which will cost a lot of business.

2. Create special pools for higher risk clients, (inner cities where there is more crime and vandalism, coastal areas, etc) Their premiums are raised in that class, leaving the rest of the clients with stable premiums.

3. Have the government shut them down when that legal reserve goes below the limit. Farmer's insurance apparently didn't have that many clients in Florida to make staying in this state profitable. What you all forget is the fact that there are TONS of start up insurance companies who will come here and set up shop and take those Farmers clients.

By the way, the left wing Tampa Bay Times is lying. The average homeowners insurance bill in Florida is less than half of that.

https://www.bankrate.com/insurance/homeowners-insurance/florida/

And let's not forget that the LAST devastating hurricane that damaged this state to such a degree occurred in 2004 (Charley). Ian was in 2022.

Blue states have unnatural disasters EVERY DAY thanks to their Neo Nazi governors and legislatures. They become high cost, high tax, low job HELL HOLES.

The aftermath of Ian

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is not as disastrous as the aftermath of Democrat inner city policies

herbie · July 13, 2023

So let's all hear your take - that there are fewer hurricanes and they're less destructive and Farmers is pulling out because Biden made inflation so bad it costs them over 3 billion dollars just to rebuild an outhouse...

Rebound · July 13, 2023

8 hours ago, CdnFox said:

Of course not - everybody knows the civil war and hitler were due to Climate Change!!!!!!

Everything bad is due to climate change! - the increase in overdoes deaths? Climate change! The invasion of Ukraine? Obviously climate change! In-app purchases in video game - oh that's climate change for ya!!

Those big spiders you find in your garage? Cimate change puts them there

The loonie left thinks every single thing in the world they don't like is either a nazi or climate change.

The insurer was quite clear. Building costs are why they're leaving. But.... that must be SECRET CODE FOR CLIMATE CHANGE!!!!!!

This isn't climate change.

We've seen this exact same thing happen in many areas before including british columbia for the strata market. When insurers feel pinched for some reason (like inflation or other factors) they look to reduce their activity with higher risk areas. It's that simple.

THiS OpInION is USELESS WiThOuT PRRRRRROOOOOOFFFF!!!!!!

Get a bib kid.

But you cannot explain why building costs are higher in Florida than anywhere else. Or car replacement costs, for that matter… Farmers is pulling out of auto insurance in Florida as well.

Come on, tell us why cars cost more in Florida than anywhere else. We’ll wait.

herbie · July 13, 2023

Could it be how the car dealer donors just got DeSantis to make direct to consumer car sales illegal maybe? That will sure help car buyers save money, won't it?