Frogwatch wrote:
On May 11, 2:30 pm, HK wrote:
Frogwatch wrote:
On May 11, 1:49 pm, HK wrote:
Frogwatch wrote:
Even after reading “Atlas Shrugged” I still think the concept of
“Going Galt” whereby one sort of goes on strike in protest of the
socialism of the Obama admin and not producing wealth would be
difficult. However, this weekend I suddenly saw we have a good
example of a company doing so right here in FL (protesting stupid govt
regulations by choosing to end their business).
In protest of RINO Republican Governor Charlie Crist not allowing a
40% rate hike on home insurance policies, State Farm has responded by
saying they are pulling out of the home insurance market in FL and
ending all policies. People who have State Farm insurance who have
shopped for other policies have been quoted prices 2-3X what they were
previously paying so a 40% increase would have been a bargain. Many
of these people cannot even get any homeowners insurance except from
the bankrupt Citizens Insurance, the state run company that will fail
during the next hurricane hit.
This appears to me to be a perfect example of govt screwing private
business so much that business eventually says “Enough, we aren’t
playing this game anymore” and goes away. Govt and the citizens then
lose big time. If govt would simply allow the insurance companies to
set their own rates for an individual home so that risky locations
paid the real cost, we would not be in this mess. Yes, they need to
be regulated to make sure they can actually pay in case of losses but
the state has totally screwed people like me who live in safe
locations.
A 40% rate hike?
Hehehe, and a Republican governor wouldn't allow it?
Hilarious. Apparently there is a limit to how much greed is to be
allowed, even in a state with a Republican governor.
So now you cannot get insurance unless you pay 300%, 40% was a great
deal. Even a Dimocrat should be able to understand that.
Sounds like your state is not exerting the proper controls over
insurance companies. That was the case when I lived in Florida.
Republican governor then, too.

What part of a 40% increase compared to a 300% increase for other
companies is so hard to understand here? I simply do not care what
profit they make as long as I have a choice of who to insure with.
The govt has taken away competition and substituted a bankrupt state
owned company that will charge 3X as much and will then fail to pay
claims.


As I stated previously, Florida was having problems with insurance
companies way back when I lived in the state. It was nearly impossible
to get other than "pooled" homeowners insurance for a while, and car
insurance rates were astronomical. This was in the early mid 1990's,
when the governor's mansion and the legislature were controlled by the GOP.

Oh, and I recall the U.S. Congressman in my area, Tillie Fowler, if
memory serves, working overtime to help local developers have salt water
floodland and marshes approved for homebuilding by making them eligible
for federal flood insurance.

All part of the same corrupt insurance scams going on in Florida.