Home insurers argue for a 42% average premium hike in North Carolina
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BigSal
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Posted 10:47 am, 10/08/2024
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Them ones in florida left or cancelled and liquidated policies.
Florida has always had a hard time with insurance, but they aint losing money.
Fraud was a bigger factor in why they left than anything else.
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gascon
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Posted 10:22 am, 10/08/2024
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legal way to steal, we will cancel ours if it goes up anymore. pay 1000 year and never used it. we tried couple of times, tree damage, never paid. act of god which covers everything that happens to some. i think most ins only cover fire damage in nc. am i right? i know jason talks about getting stuff done on ins
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Grrranimal
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Posted 10:14 am, 10/08/2024
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BigSal (view profile) | Posted 1:06 am, 10/08/2024 | Jacking up prices while providing less coverage is on brand for insurance companies.
They are "losing money," not sure I have ever seen an insurance go out of business. They make gobs of money on a scam.
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You may want to check in companies in Florida. Six went out of business last year, based on losses from H/O claims. No insurance company makes money on house insurance. They make it on auto and life. Home is just a loss leader to get you in the door for the profitable stuff. Until the losses on the loss leader eat up all the gains on the profitable stuff.
Then, you got problems. Like Florida, where people cannot even get insurance. But, DeSantis has that under control....doesn't he?
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BigSal
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Posted 1:06 am, 10/08/2024
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Jacking up prices while providing less coverage is on brand for insurance companies.
They are "losing money," not sure I have ever seen an insurance go out of business. They make gobs of money on a scam.
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smalltownman
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Posted 8:52 pm, 10/07/2024
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Any increase has to be approved by the NC Insurance Commissioner REPUBLICAN Mike Causey had this to say:
"As for what kind of impact a storm like Helene would have on insurance rates, Causey said it's too early to tell.
"It takes a while. We're just now seeing the impacts from Hurricane Florence and that was back in 2018, so we have to wait and see how it shakes out," said Causey."
https://www.cbs17.com/news/...the-state/
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Grrranimal
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Posted 7:49 pm, 10/07/2024
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Catastrophic losses, clearly showing that weather patterns are causing unprecedented amounts of losses for insurance companies.
I dunno, seems like a pretty open and shut case if the companies just show about 3-5 minutes of video.
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DB Cooper
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Posted 6:16 pm, 10/07/2024
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With many western North Carolina residents still lacking power and running water from Hurricane Helene, a hearing began Monday on the insurance industry's request to raise homeowner premiums statewide by more than 42% on average. A top lieutenant for Insurance Commissioner Mike Causey opened what's expected to be multiple weeks of witnesses, evidence and arguments by attorneys for the state Insurance Department and the North Carolina Rate Bureau, which represents insurance companies seeking the increase.
https://finance.yahoo.com/n...09626.html
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