Wednesday, August 31, 2005

Home Owners Insurance and Hurricane Katrina

Hurricane Katrina has certainly done a lot of damage to The Gulf Coast. My heart goes out to the people living there. I wish them the best and will be donating some money to the relief effort.

That being said, we need to look at the insurance system in this country.

Home Owners Insurance goes up across the country due to Regional disasters. The major insurance companies always decide to raise everyone's insurance rates to recoup the claims that are then made in the Region in question. This is absurd.

I know that the insurance companies tend to raise rates in the affected region more then they do in Indiana. Why do the rates in Indiana change at all, it makes no sense!

People move down to the Gulf for many reasons. The taxes in those States are lower then in Indiana. The housing market is increasing rapidly and many people think that this proeprty is a good investment. The weather is certainly a factor as well. Many companies have relocated to this part of the country. There are many reasons to move to The Gulf.

I think the people in these affected Regions should have their insurance premiums raised; I think mine should stay as it is.


Lewis said...

Your argument on this one is too simplistic. Insurance exists as a way to pool our money so that we may reduce our individual risk.
You say that Indiana's rates should not be effected by the hurricane in the Gulf. If I accept your reasoning what is next? Should a flood in Kentucky effect your rates, or how about Evansville? What about a tornado on the south side of town.
The tragedy in the Gulf will make it more expensive for insurance companies to do business. If you don't wish to share the burden of risk with those people outside of Indiana I suggest that you switch to an insurer that only accepts clients within Indiana's borders. You better also pray that we have mild tornado seasons while you go with that insurer.

LP Mike Sylvester said...

Insurance is a way to pool your money to reduce individual risk.

The insurance companies should judge a house in Fort Wayne Indiana to be a much smaller risk then one in Florida. This should translate into the home owner in Fort Wayne having a much smaller premium.

This is not currently the case.

If it were possible, I would insure my house with a firm that just ensureed Indiana.

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