Dems seek to nationalize hurricane insurance

[Splashdown]

Taxpayers May Face Hurricane Tab
 
By ELIZABETH WILLIAMSON
 
May 31, 2008; Page A1
 
WASHINGTON -- As hurricane season begins, Democrats in Congress want to nationalize a chunk of the insurance business that covers major storm-damage claims.
 
The proposal -- backed by giant insurers Allstate Corp. and State Farm Mutual Automobile Insurance Co., as well as Florida lawmakers -- focuses on "reinsurance," the policies bought by insurers themselves to protect against catastrophic losses. The proposal envisions a taxpayer-financed reinsurance program covering all 50 states, which would essentially backstop the giant insurers in case of disaster.
 
The program could save homeowners roughly $500 apiece in annual premiums in Florida, according to an advocacy group backed by Allstate and State Farm, the largest writers of property insurance in the U.S.

Link

Happy hurricane season, everyone.

When in doubt, add a tax. 

[RightCoast]

The program could save homeowners roughly $500 apiece in annual premiums in Florida, according to an advocacy group backed by Allstate and State Farm, the largest writers of property insurance in the U.S.

Bullshit.

[Wretched Excess]

do they have hurricanes in, say, wisconsin?

[Chris_]

I hear hurricane season can be terrible in Idaho and Montana.   

[miskie]

Typical Democrat nonsense.

Party A suffers. All other parties cover Party A's ass. Insurance is as much a gamble as any casino. The house usually wins. Occasionally, they lose. And unless the loss is because of cheating, both the casino and the insurance provider should suck it up.

[Uhhuh35]

Well of course insurance agencies back nationalization. Now they get help paying off claims and the middle class gets screwed again.

[Chris_]

We have nationalized hurricane insurance -- it is called FEMA!

But if they want nationalized separate and distinct disaster insurance they will need:

Tornado Insurance
Flood (non flood plain) Insurance
Earthquake Insurance
and insurance against the biggest disaster if them all:
A democratic candidate getting into the White House insurance

[Rebel]

Now the Damn Dems want to nationalize part of the insurance industry.

****ing Socialists

EDIT: Guess I should read more before posting. 

MERGED.

[Lauri]

We have nationalized hurricane insurance -- it is called FEMA!

But if they want nationalized separate and distinct disaster insurance they will need:

Tornado Insurance
Flood (non flood plain) Insurance
Earthquake Insurance
and insurance against the biggest disaster if them all:
A democratic candidate getting into the White House insurance

then does the govt have the right to tell people where they can build homes? when i lived in Mississippi along Hwy 90, in Biloxi, those big beautiful anti bellum homes could not get flood insurance; the owners couldnt afford it and the gulf storms made it pointless. every dozen or so years, that area gets a hellacious flood that causes a total rebuild as well as making a new beach.

does the entire country need to pay for that??

[Ptarmigan]

I don't like that one bit.

[Willow]

I ferget who said it but it's true "There aren't enough rich people to fund what the Democrats want to fund."

[Lauri]

I ferget who said it but it's true "There aren't enough rich people to fund what the Democrats want to fund."

well aint that the truth.. !   

[RightCoast]

I ferget who said it but it's true "There aren't enough rich people to fund what the Democrats want to fund."

There ain't enough people period to fund what they want to fund.

[Texacon]

do they have hurricanes in, say, wisconsin?

No, but they do have money that those of us in the Gulf Coast region NEED.  Tell em to fork it over or I'll force the Democratics to come get it!!!!!!!!!

KC

[Rebel]

No, but they do have money that those of us in the Gulf Coast region NEED.  Tell em to fork it over or I'll force the Democratics to come get it!!!!!!!!!

KC

Better hope you don't live on the Mississippi Gulf Coast because you'll be ignored. 

[Chris_]

do they have hurricanes in, say, wisconsin?

You never heard The Wreck of the Edmund Fitzgerald?

[Crazy Horse]

Well hell........................I want my $2,000 debit cards each for Hugo, David, Gloria, Diane, Bonnie I, Bonnie II, Dennis I, Dennis II, Bertha, Fran, Floyd, Isabelle, Ophellia, Charley, Ivan, Alex................damn I sound like I'm naming Coach's cats.

[Lacarnut]

We have nationalized hurricane insurance -- it is called FEMA!

But if they want nationalized separate and distinct disaster insurance they will need:

Tornado Insurance
Flood (non flood plain) Insurance
Earthquake Insurance
and insurance against the biggest disaster if them all:
A democratic candidate getting into the White House insurance

then does the govt have the right to tell people where they can build homes? when i lived in Mississippi along Hwy 90, in Biloxi, those big beautiful anti bellum homes could not get flood insurance; the owners couldnt afford it and the gulf storms made it pointless. every dozen or so years, that area gets a hellacious flood that causes a total rebuild as well as making a new beach.

does the entire country need to pay for that??

Additonally, the 9th ward in New Orleans where most of the flooding occured used to be a swamp before the idiots dug it out. With it being below sea level and next to Lake Ponchtrain, it is another accident waiting to happen. This area should never be built back up again.

People that build in low areas and beach front property should be responsible for their own insurance rather than a government bail out. Every time the government meddles in busines, they screw it up.

[Chris_]

Well hell........................I want my $2,000 debit cards each for Hugo, David, Gloria, Diane, Bonnie I, Bonnie II, Dennis I, Dennis II, Bertha, Fran, Floyd, Isabelle, Ophellia, Charley, Ivan, Alex................damn I sound like I'm naming Coach's cats.

You're Mormon? ;)