COM: Taylor taking on insurance

While I applaud dialogue around solutions to the insurance issues on the coasts. Rep. Taylor's ideas around an all-peril policy have merit to discuss, but someone has to be willing to pay the significant costs of an all-peril policy. Over the last several years many tens of billions of dollars have gone into paying for hurricane damages - thankfully earthquakes have been quiet (but there will be earthquakes - it is not a matter of if, but when). The fact of the matter is we live in an increasingly entitlement oriented society and those who choose to live in "harms way" are not going to be willing to pay for the cost to cover "all perils" - it will simply be too expensive. In order to earn favor of the people our elected representatives will then want to step in and subsidize the costs, so at the end of the day taxpayers will be forced to pick up the tab.

There are no words to express our appreciation to Rep. Gene Taylor and Sen.Trett Lott for all they have done for the victims on our Gulf COast of Miss. in hurricane katrina. After 35 years of paying premiums to State Farm, I could have re-built my own house. Their denial to pay our claim, and no help from FEMA left us financially in trouble. I ditto Gene Taylor when I say we won't miss State Farm in Miss. Why do we want them writing policies, when they don't stand behind their words or policy promises? I hope and pray the bill to legislate stripping them from antitrust exemption will happen. Its difficult on a daily basis to watch their commercials in your face, see high-priced commercials during Super Bowl and other events where State Farm is the major contributor. They have money for those things, but NOT to pay their policyholders.

Ditto to everything Phyllis from Austin, Texas said. We also paid premiums for 35 years to SF & got nothing so far. If we were late in paying our premium, SF would have cancelled our policy. Maybe its time for them to be cancelled.

http://youtube.com/watch...

The insurance industry has long been overlook. Raking in profits, upon profits with no oversight. When it came time to pay what we have been paying in premiuns for, they refused. The engineering reports they have were done by people of questionable expertives. One of the biggest jokes so far is when State Farm stated that there where no tornados before/during/after the storm, they need just to look around to.
My insurance has double since the storm, but the amount of coverage has been reduced.
All this while the CEO's of both State Farm and Allstate made more than $10,000,000 each last year (this does not include bonus, bennies, perks). Both companies had record years even after paying out some money.(They include Federal Flood insurance money when they try to make claims about total payout).
One of the questions I have is where is George Dale (State Insurance Commissioner)? Busy speaking at Insurance semiars/dinners, telling them that there is nothing wrong, while collecting his $10,000 speaking fee? I wish I could be paid like that for a 5 minute speech. Why doesn't somebody investigate him again?

Due to the uncertainty of having to pay for perils not insured from the Homeowners Policy, likely other insurers will flee this environment to sell policies. This will in effect ratchet up your premiums. It is easy to be pleased now but look to the grim future. Especially if there is an All Risk Policy that will insure for flood, earthquake, war, your premiums will skyrocket. Double edged sword ladies and gentlemen.

I agree with Phyllis, Fran C, and E Mc. "Earstohear" obviously is blissfully naive, and doesn't realize that EVERYONE lives in "harm's way" everyday. I don't mind spending my tax dollars on the all-perils policy to help out my fellow Americans.