State Farm Pulling Out of Florida

[JMO Fan]

This doesn't sound very Republican:

Gov. Charlie Crist said that Floridians will be much better off without State Farm. "They probably charge the highest rates in the state anyway," he said.

When asked if he thought the insurance company was bluffing by making the announcement, Crist said, "I don't really know and I don't really care.

State Farm To Fla.: We're No Longer There, Insurer Plans To Pull Out Of Homeowners Market; Gov. Says Floridians Will Be Better Off - CBS News

 

[Joe Moore]

What we really need is for the feds to step in so instead of spreading the risk out to just the citizens of Florida, those dumb people in Idaho, Montana, North Dakota can subsidize the rates of the dumb rich people that build homes on the coast of Florida. Why should somebody in North Dakota only pay $500 for insurance on a home worth $150,000 when those poor souls in Florida have to pay such high premiums on their million dollar homes. It's just not fair to the folks in Florida.

The reason for charging Florida Residents more is the same reason you would charge a 70-year-old more for life insurance than you would a 30-year-old. The risk is greater, and the premiums must also be greater.

I have never seen the news of any home in Idaho, Montana or North Dakota falling into the ocean or being blown to smithereens by a hurricane. Why should they have to help pay for the liability in Florida?

 

[bobson]

The reason for charging Florida Residents more is the same reason you would charge a 70-year-old more for life insurance than you would a 30-year-old. The risk is greater, and the premiums must also be greater.

That's not really fair to the guy that is 70 either. I don't think you should be able to discriminate against people based on age.

 

[Joe Moore]

That's not really fair to the guy that is 70 either. I don't think you should be able to discriminate against people based on age.

I agree, but what do you do about it?
Just a cold hard fact of life.
I'm closer to 70 than 30!
Hard for me to believe, but true!

 

[moonlightandmargaritas]

That's not really fair to the guy that is 70 either. I don't think you should be able to discriminate against people based on age.

Insurance is the epitome of discrimination, the (from CLU) classification of risk.

 

[Crabcake Johnny]

If you wanna talk discrimination let's talk auto where only the wealthy get the best rates:

1) Have a garage
2) Live in a nice area
3) Drive cars with more safety features
4) Get multi-car discounts
5) Good credit

 

[moonlightandmargaritas]

If you wanna talk discrimination let's talk auto where only the wealthy get the best rates:

1) Have a garage
2) Live in a nice area
3) Drive cars with more safety features
4) Get multi-car discounts
5) Good credit

You left out hot MILF-wife...

 

[Crabcake Johnny]

and don't forget racial profiling. Oh...wait...they'd NEVER do that.

 

[eric rose]

The home in Florida is a significantly greater risk than a home in Montana. The wealthy pay less premium for auto insurance because they are statistically less likely to have a claim. The 70 year is old is significantly more likely to die sooner than a 30 year old.

Claims are paid with real money and insurance is a business like any other. Premium is determined by risk and the goal is profitability. Why should any private company be forced to engage in unprofitable business?

If actuarial data could prove variations in risk by eye color, hair color, or shoe size believe me the insurance companies would try to use it.

 

[SportsNut]

You left out hot MILF-wife...

If you wanna talk discrimination let's talk auto where only the wealthy get the best rates:

1) Have a garage
2) Live in a nice area
3) Drive cars with more safety features
4) Get multi-car discounts
5) Good credit

So you are the ins co... and you would rather have:

1) Car parked on the street
2) Live in the ghetto
3) Cars with NO safety features
4) One car because they can't afford another
5) Bad credit
6) Nast Ho of a girlfriend...

And your claims experience is..................... toilet city