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Democrats Want to Nationalize Hurricane Insurance

Congressional Democrats, Florida lawmakers, and major insurance companies are teaming up to significantly nationalize hurricane insurance just in time for hurricane season.

Under the plan, taxpayers would finance a backup insurance plan that would aid insurance companies, and thus policyholders, in case of widespread disaster and a shortage of funds.

Both Barack Obama and Hillary Clinton support the insurance plan, under which all Americans would help Floridians avoid $500 in hurricane premiums each year. This sounds like a savvy appeal to a crucial swing state.

While it's important to make sure the insurance system can operate during a time of crisis, for economic and humanitarian reasons, some worry that the bailout would make it easier for people to build homes and businesses in irresponsible locations.

Should there be a national solution to a regional issue?

Source

Join The Conversation
gabiushka gabiushka 9 years
What about building with RESISTANT materials like concrete for hurricanes, fires and tornadoes, and safer construction methods for earthquake areas???? Just look at Central America, they are way poorer but still most of the population has houses to which hurricanes do NOTHING to, so no one has the need for insurance. GROUNDBREAKING!
syako syako 9 years
I'm not making fun of you, I want to help you out! It's so much easier than you think...
harmonyfrance harmonyfrance 9 years
Don't make fun of me syako!!! :cry: At least I figured out a way! :raspberry: p.s. I'm TOTALLY gonna pm you!
syako syako 9 years
hf, I was reading how you put the image in there and I laughed out loud! There's a way that is SO EASY you'd feel silly! ;) PM me if you want to know it... :sneaky-evil:
cine_lover cine_lover 9 years
Yes but it is not as frequent as it is in Florida. Therefor they would benefit the most. And I feel that MY money would be better spent in a savings fund then going towards more taxes and federal programs.
freegracefrom freegracefrom 9 years
In the past two years, most of the costliest damages resulting from natural disasters weren't from hurricanes, they were wildfires out west, bad thunderstorms and tornadoes. Just because Florida was evidently involved in this proposal, it doesn't mean that we'll be the only ones, or even the primary state, to benefit. I'm not sure what the situation is in Southern California (particularly in those areas where people are seemingly watching their houses burned down every year), but if they are not yet experiencing pressure from their property insurance companies then it won't be much longer until they do. According to that article, they're taking into account the different level of risks that each state has: In order to draw congressional support from states with somewhat less disaster risk, the federal program is designed to kick in for events that don't necessarily approach the catastrophic level of, say, a Hurricane Katrina. In tiny Delaware, for example, federal payouts could begin after yearly losses of less than $300 million. Katrina-related losses in Louisiana, by comparison, topped $20 billion. So citizens of Florida would likely be expected to bear the burden of a greater percentage of damages in their hurricanes than would, say, the citizens of New York in dealing with a bad flood. Liberty - From what I understand from the article, the proposal is to basically insure the insurers, right? If this turns into law, I'm sure they'll figure out a way to weed out any policyholders that would take advantage of this by building in a vulnerable area. Heaven knows property insurance companies are good about telling people "no."
Jillness Jillness 9 years
I find it VERY interesting that the article simply refered to the legislation that has passed, and saying the candidates support it without quoting them or their campaign as to why. I for one, would like to hear specifically why they support it. "because Florida is the state that would benefit the most, and many other state citizens would just have to pay the extra taxes without gaining the benefits." I don't think that Florida would benefit the most. Natural disasters can strike anywhere in the US! Trust me...I lived in a "boring" area and then one day I am depending on the National Guard for survival.
cine_lover cine_lover 9 years
So excited HF! :highfive: :dance:
harmonyfrance harmonyfrance 9 years
YAAAAAAAAAAAAAAAAAAAAAY!!!! :rotfl: cute cine cute. ;) We did it Cine! :hug: :anegyptian:
harmonyfrance harmonyfrance 9 years
blah blah blah blah blah blah
cine_lover cine_lover 9 years
I did it! :woohoo:
LibertySugar LibertySugar 9 years
What do you all think about the concern that a reduction in insurance premiums might encourage people to build in areas prone to natural disasters (anywhere in the country)?
cine_lover cine_lover 9 years
Bold not bold I am so confused I hope what I just did worked.
MarinerMandy MarinerMandy 9 years
The source of my Katrina comment about people not buying coverage is that I worked in the insurance industry at that time. The company I worked for had writing almost half of our business through the carrier that almost went under, so needless to say we were in panic mode for a while. UnDave's first comment is very true as well. People complain up and down about insurance companies, and in some cases rightfully so, but I saw them constantly buy policies that were so bared boned they would do nothing to protect them. Insurance is an investment in protecting your assets and so so so many people refuse to do that adequately. Also, someone made a comment that flood/hurricane insurance rates are set by FEMA. Insurance companies are PRIVATE businesses and standard carriers file their rates through the state. I can see how maybe your comment would apply to standard carriers, but the cheapest place to find that coverage is typically through a non standard carrier which is NOT regulated by the state in terms of their rates. For everyone in CA complaining about EQ insurance, it's usually cheaper and easier to find in a non admitted carrier.
cine_lover cine_lover 9 years
Besides your clothes? ;)
freegracefrom freegracefrom 9 years
Okaaaay, I'll try it this way:
cine_lover cine_lover 9 years
Gloria was in the 80's I believe or maybe early 90's. I remember going out and riding my bike during the eye of the storm. Natural disasters are everywhere, but that does not mean that Florida would not benefit the most out of a program like this one.
harmonyfrance harmonyfrance 9 years
Am I missing something?
freegracefrom freegracefrom 9 years
To bold - < b > (without the spaces) To italicize - < i > (without the spaces) Good old fashioned html. :-) Florida isn't the only state that is frequently hit with hurricanes. Texas, Mississippi, North Carolina, South Carolina, Virginia... My boyfriend is always bragging about surviving Hurricane Gloria or whatever that hit Massachusetts.
harmonyfrance harmonyfrance 9 years
Mine came up right away!
cine_lover cine_lover 9 years
But does it get flagged or does it come up right away?
harmonyfrance harmonyfrance 9 years
Well I don't REALLY know how. I just pretend that I'm writing myself a private message and insert a picture. It automatically puts it in the right format and then I copy and paste it...and put it on here. I'm sure there's a real way to do it. Now I'm embarrassed at my lack of computer knowledge. :oops:
cine_lover cine_lover 9 years
How do you insert pictures?
cine_lover cine_lover 9 years
Pop, because Florida is the state that would benefit the most, and many other state citizens would just have to pay the extra taxes without gaining the benefits. Which is why McCain is against it. It actually says something about McCain because he needs to win Florida, and he is not backing something that he feels would only truly benefit one state.
stephley stephley 9 years
HF, that's terrifying when you first scroll down!
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