Big Insurers In Flux - Dumping Whole States
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All on Sat Jul 15 19:39:09 2023
XPost: talk.politics.misc, alt.politics.usa, alt.elections
XPost: alt.politics.republicans
Last week in Florida, Farmer's Insurance announced that
it would no longer provide property, likely any kind, of
insurance anymore. They sited too much "exposure" - likely
because of the gigantic Ft. Myers hurricane last fall.
State Farm dumped California a couple of months ago, again
citing "exposure" but it is likely the odious condition of
the state at many levels - including complex insurance regs -
also contributed.
On the flip, State Farm DID re-commit to Florida on Friday,
so the "exposure" may not be as bad as Farmer's said. The
company will likely pick up a lot of Farmer's customers,
padding their base.
However many who live within half a mile or so of the Florida
COAST cannot really get ANY property insurance. They have to
use a state-run plan that's expensive and slow to pay. All
commercial entities combined cannot afford to rebuild Miami
or Tampa/St.Pete - so they ain't.
The USA used to be awash with cash - our businesses supplied
the world. This seeded the growth of mega-cities and we COULD
afford them. Then with Japanese, now the much-worse Chinese
competition, the USA constantly runs in the red. We cannot
maintain infrastructure - wait for catastrophic failures and
THEN do some patch-work - and we cannot afford to rebuild
those wunnerful super-cities we built in the 50s/60s either.
Cal shakes and burns, Fla and the gulf coast get hurricanes,
big western centers like Vegas now can't get enough water.
If you build it they will come ... but now it's looking like
a lot are gonna have to LEAVE because it's unaffordable or
untenable.
--- SoupGate-Win32 v1.05
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