#Hurricane #Helene thought ... For years now, we in #Florida have been in crisis because insurance companies see no way to make a profit here. The few companies still selling insurance here charge exorbitant premiums.
Helene proves the hurricane threat is no longer limited to Florida.
The insurance crisis is now a national issue. Congress will have to create homeowner insurance of last resort. Much of the country will be unable to buy wind/flood insurance after this. No state is safe.
@janallmac After Northridge in 1994, #California created a state quake insurance authority.
#Florida has Citizens, but you have to prove you can't get insurance elsewhere, and they have the right to sell your policy if they can find a buyer.
The US government will have to create a giant insurance pool for natural disasters -- quakes, hurricanes, tornadoes, floods.
But the GOP won't do it, of course, so the Dems will have to have the White House and Congress to make it happen.
@WordsmithFL Insurance being shocked and dismayed at having to do their one job. Guess they didn't bank on claims.
@SaltyVeruca I had the misfortune to work for an insurance company in Southern California. It was the most miserable experience of my life. They had teams that specifically reviewed claims looking for ways to deny them, to recover payments after they'd been made.
I learned that, with insurance companies, it's all about minimizing their risk to maximize their profit. Bonuses were tied to risk management.
It needs to be a government program.
@WordsmithFL @SaltyVeruca I was talking to my insurance agent recently and he told me the insurance company I used to work for (before I had kids) just non-renewed ALL their home & auto policies, and they will no longer do home & auto policies! He said agents were scrambling to find other options for their clients. And this is a company that only operates in the Midwest. 😮 I was like so they’re only going to do commercial & farm? He said yes.
@AverageCitizen Sad to hear, but not surprising.
This is going to be like the ACA. Sooner or later, Congress has to address the issue, but the Republicans will resist with all they have.
🏳️🌈
@WordsmithFL That won't happen unless we elect a Democratic congress. So much of what needs to be done will be stalled until then. While the wealthy and investment classes bleed profit from our wounds.
@Lucky188 @WordsmithFL A democratic congress that is not full of people whose campaigns and careers were funded by wealthy donors and industry.
If we keep electing democrats on the take from those people, they'll keep not fighting for us the way they promise.
We've already got Republicans against us. We don't need Dems that take corrupting money.
@WordsmithFL
Yeah. The insurance issue is already reaching other states. I have no idea what the solution is, other than "be rich". 😟