Reader suggests cure for insurance woes
The following is an excerpt from a letter to the editor of our local newspaper. The writer expressed interesting ideas for addressing insurance problems in our state (and can be applied nationwide). We need more innovative ideas like these, especially from those elected to address them.
The writer makes the point that insurance companies often choose only to write auto polices and neglect homeowner insurance. Insurance companies should be encouraged to write policies for all types of coverage offered anywhere in the nation. If XYZ Insurance Company writes automobile and homeowner insurance in Kansas, they should not be permitted to write only automobile in Florida. Write all or write none€¦
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LETTERS TO THE EDITOR
Reader suggests cure for insurance woes
Editor:
Our current state-run dwelling insurance program should be turned over to the insurance companies selling property and/or casualty business in Florida. The state would still provide underwriting guidelines to protect those people that are underinsured or unable to obtain insurance.
The insurance companies would participate in the pool based (percentage-wise) on their annual earned property and/or casualty premium sold in the state of Florida. That way those companies that sell auto-only coverage must still participate in the pool. Too many companies have taken the gravy (auto premiums) and said “no thanks€ to helping solve the dwelling insurance problem.
A second idea would be for the insurance pool to cover wind only and for all dwelling policies sold by insurance companies would be sold x-wind (without wind coverage). This should bring more companies back into the marketplace because their biggest concern has been wind losses. More competition means lower rates!
The insurance companies would participate in the wind pool under the same percentage guidelines that I previously discussed. Either way we get the state out of the insurance business which should be positive for the state and its citizens. Time to stop talkin’ and start doin’.
Name Withheld