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Does anyone Think That the Florida legislature Screwed Up?
Does anyone think that the Florida Legislature acted in the best interest of ALL the people of the State of Florida by subsidizing the coastal homeowners? They forced the insurance companies to limit what they can charge the High-Risk coastal home owners. This requires all the other homeowners in Florida to pay most of the cost for the coastal homeowners insurance.
Not only does it subsidize the coastal homeowners but it has the opposite effect of what the Legislators "claimed" they wanted to do which was lower all of Floridian's insurance rates. Instead, most insurance companies have dropped ALL insurance policies in Florida. So if you can even get a home-owners policy, it is very limited as to the coverage and it very expensive!
If they would let the insurance companies charge all homeowners an appropriate fee for the level of risk of the property. The legislators need to require insurance companies to include coverage for flooding, wind and hurricane damage in every policy!
Sweet P The housing slump is also due to the banks granting loans to uninformed buyers who bought homes with balloon payments an major raise in their monthly payments. The banks approved loans with these terms to get the payments low so the buyer could afford it as they would not be able to afford a fixed-rate loan. These people are all defaulting on these loans and the market is flooded with repossessions as well as Developments where the government approved over-development (While giving the developers tax breaks with our tax money!). They over-built and now they cannot sell them all. Due to both of these reasons, regular sellers must take lower sales prices on their homes.
Don't we just LOVE our Government? Thanks Bush! One more thing you screwed up!
3 réponses
- BRLv 6il y a 1 décennieRéponse favorite
Insurance companies have been forming subsidiaries that vary from state to state to show how they are "losing money". That is the first thing insurance issue the legislature needs to address.
Also, though hurricanes most directly impact coastal areas in terms of water, they also heavily impact interior areas of the state in terms of wind. Just ask the folks in Orlando.
- Anonymeil y a 1 décennie
Homeowner insurance in the state of Florida should be labeled criminal. What they aren't getting you for hurricanes, they are slamming you for sink holes. Which too too many people took advantage of. Most insurance policies also don't cover sink holes either. The way people have been getting around the high premiums is to take your hurricane deductible from 2% to 5%. People on fixed incomes cannot afford to have their premiums double every year. I blame the housing slump in Florida on the Property taxes and Insurance. They are outrageous.
- Ken CLv 6il y a 1 décennie
Ain't Government in Business Grand??!!
Like the Community Reinvestment Act, where Banks were forced to make Home Loans that did not qualify on their own merits. See how well that worked out for the Foreclosure Market Now???
B D Mac....Sorry, but the Banking Programs put in place to cause the Foreclosure problem now, were put into action in the late 1970's by the Democrats. Then the Community Reinvestment Act, saying that there HAD to be loan money available for people who would not otherwise qualify.
Good points you make, wrong Person and Party you are blaming them on.