#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.
@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.