Well, yes and no. There's the issue of what "over valued" means. I sold my house in 2003 for a $100k profit. The purchaser decided to sell in 2007 for what would've been a $200k gross profit to me. However, he was unable to sell before the crash. He eventually sold the house around 2014 for what would've been a $175k gross profit for me.…
Well, yes and no. There's the issue of what "over valued" means. I sold my house in 2003 for a $100k profit. The purchaser decided to sell in 2007 for what would've been a $200k gross profit to me. However, he was unable to sell before the crash. He eventually sold the house around 2014 for what would've been a $175k gross profit for me. He made about $75k gross profit. However, it was quite expensive living.
The issue gets down to this: what are the insurance company's goals It's my opinion, that their goals are to take American citizens for whatever they will stupidly give them, and then tell them, "Oh Shit! This disaster is WAY to big for us to handle! We're bankrupt! Sorry, but there's only pennies on the your dollar of insurance. We're so sorry!"
You are ridiculously ignorant about insurance. The goal for the insurance company is to make a profit just like any other business. What property insurance company went bankrupt after some disaster that ? I know them all so enlighten me.
It is every company's goal to take whatever their customers are willing to pay them. But it's a competitive industry. Also, do you see the contradiction in believing P&C insurers are somehow grossly over-charging you and somehow also regularly going bankrupt? It is a contradiction, I assure you. The reality is that neither of those things are true. In the U.S., there have been very, very few P&C insurer bankruptcies in the last 20 years, but statutory combined ratios on homeowner's insurance lines typically run around 100% (with insurers living on the float). You may find the following useful. It's always helpful for angry consumers to also see things from the side of the producer.
Firstly, No. Their not "regularly going bankrupt". They establish subsidiary entities to absorb the shock of a regional distaster. Then those "subsidiary entities" go bankrupt in a regional distaster forcing policy holders into endless red-tape to even get anything at all, so they often settle for next to nothing.
I can show you stats from hurricanes in Florida, pal. You want to see them?
Florida is an insurance nightmare. Know why? Because you're in the path of every fucking hurricane. If you want to live in the tropics then you should pay the proper premium for the insurance companies risk. If you don't like it pick your ass up and move.
You haven't provided any stats, from the State of Florida Insurance Commissioner or otherwise. I have provided you the list of Florida insurers in receivership and here you can download the total resi property policies in force in Florida by company: https://floir.com/tools-and-data/residential-market-share-reports
Ahhh yes, the old "I told you what I think now go research it and see if you can find anything that suggests I'm right." Look, I'll make it easy for you. The Florida Insurance Guaranty Association publishes historical data on insurance company insolvencies in their annual report.
Page 7 gives you the number of insolvencies by year (hint: way down from 20+ years ago) and the rest of the report gives you a little discussion on each case. The only really significant P&C insurers to go insolvent in the last 10 years were FedNat, United P&C and St. John's.
Well, yes and no. There's the issue of what "over valued" means. I sold my house in 2003 for a $100k profit. The purchaser decided to sell in 2007 for what would've been a $200k gross profit to me. However, he was unable to sell before the crash. He eventually sold the house around 2014 for what would've been a $175k gross profit for me. He made about $75k gross profit. However, it was quite expensive living.
The issue gets down to this: what are the insurance company's goals It's my opinion, that their goals are to take American citizens for whatever they will stupidly give them, and then tell them, "Oh Shit! This disaster is WAY to big for us to handle! We're bankrupt! Sorry, but there's only pennies on the your dollar of insurance. We're so sorry!"
It's a big fat con.
You are ridiculously ignorant about insurance. The goal for the insurance company is to make a profit just like any other business. What property insurance company went bankrupt after some disaster that ? I know them all so enlighten me.
It is every company's goal to take whatever their customers are willing to pay them. But it's a competitive industry. Also, do you see the contradiction in believing P&C insurers are somehow grossly over-charging you and somehow also regularly going bankrupt? It is a contradiction, I assure you. The reality is that neither of those things are true. In the U.S., there have been very, very few P&C insurer bankruptcies in the last 20 years, but statutory combined ratios on homeowner's insurance lines typically run around 100% (with insurers living on the float). You may find the following useful. It's always helpful for angry consumers to also see things from the side of the producer.
https://www.spglobal.com/market-intelligence/en/news-insights/articles/2024/5/us-homeowners-insurers-net-combined-ratio-surges-past-110-81711947
Firstly, No. Their not "regularly going bankrupt". They establish subsidiary entities to absorb the shock of a regional distaster. Then those "subsidiary entities" go bankrupt in a regional distaster forcing policy holders into endless red-tape to even get anything at all, so they often settle for next to nothing.
I can show you stats from hurricanes in Florida, pal. You want to see them?
Florida is an insurance nightmare. Know why? Because you're in the path of every fucking hurricane. If you want to live in the tropics then you should pay the proper premium for the insurance companies risk. If you don't like it pick your ass up and move.
I don't need you to. I know the answer: by total net premium written, not many:
https://www.myfloridacfo.com/division/receiver/companies
I don't know what you're showing, but my stats come from the State of Florida Insurance Commissioner.
Actually, it's pretty wide open. You can go and see for yourself.
You haven't provided any stats, from the State of Florida Insurance Commissioner or otherwise. I have provided you the list of Florida insurers in receivership and here you can download the total resi property policies in force in Florida by company: https://floir.com/tools-and-data/residential-market-share-reports
Ahhh yes, the old "I told you what I think now go research it and see if you can find anything that suggests I'm right." Look, I'll make it easy for you. The Florida Insurance Guaranty Association publishes historical data on insurance company insolvencies in their annual report.
https://figafacts.com/wp-content/uploads/2024/03/2023-FIGA-ANNUAL-REPORT.pdf
Page 7 gives you the number of insolvencies by year (hint: way down from 20+ years ago) and the rest of the report gives you a little discussion on each case. The only really significant P&C insurers to go insolvent in the last 10 years were FedNat, United P&C and St. John's.
You got me. I’m a bot. An insurance company AI bot. For a Russian insurance company.