Comments on: Insurance Boss: Cost Drop Does Not Immediately Lower Premiums

By: fred

fred — Tue, 13 Aug 2013 14:46:20 +0000

I’ve said it before and will say it again – property insurance companies aren’t in the business of indemnification against losses by their policy holders; they are, in the case of stock companies, in the business of generating revenue and increasing the net worth of their stockholders and directors. We pay huge premiums, then they fight us when we have claims. They should have carried sufficient reinsurance back in 2004 – 2005, but didn’t, and made us pay for their mistakes. Didn’t Hurricane Andrew in 1992 teach anyone a lesson in reinsurance? it’s just greed. I don’t agree that deregulation is necessarily the cure for this, they’d just be more free to price fix and rip us off worse. I do agree that beach property owners should pay a whole lot more, since they chose that risk. I live well away from the water and on high ground, yet have incurred a huge increase this year. Politicians are in bed with the insurance industry, and have non will to reform their practices. I’m offended by Mr. McCarty’s “go away” vague so-called answer. It is non-responsive and just regurgitates the same old non-informative excuse we’ve heard before: some may this and some may that. Then again, John, maybe deregulation could result in additional companies doing business here and help drive rates down through competition. We’ll see…

By: John

John — Tue, 13 Aug 2013 12:00:11 +0000

Deregulate the insurance industry, allow for free market competition across state lines, eliminate the oligopoly these companies have enjoyed for decades because of that government regulation and allow the market to freely operate and competition will return. Better coverage and options will come back and prices will stabilize. At the same time, people need to understand that their choices in life can and will increase their risks against hazards. Live near the beach, pay higher insurance. Live in earthquake prone California, expect to pay hire rates. People need to make decisions that affect the risk they are exposed to and should expect to pay the price for those choices. Affordable insurance is based upon your choices in life, it is not a constitutional right.

By: c.w.

c.w. — Tue, 13 Aug 2013 10:02:15 +0000

Insurance companies are in the business of collecting money. How do they do it? They charge everyone more and more. The companies always have and excuse for raising rates and they get away with ti.