July 26, 2006
It’s time we called the insurers’ bluff
Agreed Florida suffers from an overdose of natural fury what with escalating storm cycles ensuring that a large part of the population has to live from one day to the next, hoping that their roof won’t be blown off or their home uprooted. And to compound problems, we have these heartless insurers who keep raising the rates making insurance more of a luxury for many homeowners. Is there a way out? News-journalonline.com reports:
The first step is to pierce the illusion that major insurance names are going "bankrupt" in Florida. What too often happens is this: A nationally known insurance company creates a Florida-only subsidiary -- one that uses the same name, the same ad campaigns and the same slogans, but which isn't backed by national assets. In essence, many Floridians are being deceived, while insurance companies have the leeway to report big profits to stockholders while pleading poverty to state insurance regulators.
Read more: Homeowners' insurance can be affordable
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