Comments on: Florida Senate Considers Withdrawal From Federal Flood Insurance Plan

By: InsuranceGeek

InsuranceGeek — Sun, 20 Oct 2013 15:01:08 +0000

Build flood insurance into homeowners and commercial property policies and surcharge flood coverage based on exposure. Do the same for other catastrophic exposures like earthquake. Use a government backstop similar to terrorism coverage to prevent insurer insolvency while allowing property owners to choose their insurers. Couple this with TOUGH building codes and zoning ordinances in flood-prone areas.

By: Jim Cook

Jim Cook — Tue, 15 Oct 2013 21:01:55 +0000

The problem is that local authorities have allowed property owners to build in areas that should NEVER have homes built on them. (i.e. BARRIER ISLANDS). Why do you think they call them BARRIER ISLANDS??? Power to the all-mighty tax dollar!

By: PB

PB — Tue, 15 Oct 2013 12:53:58 +0000

1)Delay Biggert-Waters? it’s already in effect with many of its components already affecting insurance buyers. We can’t delay anything that is already happening. Besides, delay only puts off the inevitable.

2)Withdrawal from the program? Remember NFIP is actually a voluntary program. I think FEMA would be thrilled to lose anyone of us along the Gulf Coast (I’m from Louisiana) so they wouldn’t have claims to fill.

3) Private insurance? Has anyone heard the name Lloyds of London and anything about how high their premiums are? I’ve seen some of that.

By: nauticalwheeler

nauticalwheeler — Fri, 11 Oct 2013 15:17:56 +0000

Response to SW: Sure let the private industry determine rates, and, like homeowners policies, they will all withdraw if they don’t make enough of a profit…Then we have to create an insurer of last resort, who just picks rates out of the air, and when they don’t make enough profit, create another “re-inspection” program where they come out, inspect, and protections that were fine months ago are now antiquated, all to get more money out of the consumer….Yeah that is what we need….

By: SW

SW — Wed, 09 Oct 2013 11:26:58 +0000

Why not get all the governments out of the flood insurance business? Either one can afford insurance or one can’t. If the insurance companies want the business, they will compete for it and makes rates/programs affordable.

Personal responsibility should come into play, here, too.

Remember, if the government gives, it can take away.

By: Carolyn Bramblett

Carolyn Bramblett — Wed, 09 Oct 2013 10:29:48 +0000

We don’t NEED another agency.