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Huh, it's almost like for-profit insurance companies shouldn't be a thing...
On the other hand, maybe we should rebuilding in places with catastrophic disasters on an annual basis. How long should we keep doing the same thing expecting different results?
It’s hard to stomach bailing out people and parts of the country for events caused by a process they actively deny and lie about.
From what I understand a large portion of the problem is rampant fraud in Florida. Florida accounts for 9% of the insurance claims nationally, but 79% of the insurance based lawsuits. Additionally 71% of the money spent for claims in Florida has gone to attorneys fees.
From what I understand, every time there is a storm contractors go around and tell people that their property (roof, deck, whatever) was damaged and they can get them a new one for free. The catch is that you have to sign over your power of attorney to file the claim. They do this whether your roof was actually damaged by the storm or not.
So the homeowner says yep, gets a new roof, and doesn't think anything more of it. The contractor sends in the claim and the insurance company responds saying you have to have an adjustor come out and evaluate the damages before doing the work if you want to file a claim. And it makes perfect sense, the insurance company has systems in place to protect against fraud, but the contractor ignores that and tries for it anyways. The contractors then respond by suing the insurance companies.
Because the contractor has gone around to several hundred houses he has a critical mass of cases that even if sole of them lose the settlements from those that succeed are enough to still make a profit.
https://www.iii.org/press-release/triple-i-extreme-fraud-and-litigation-causing-floridas-homeowners-insurance-markets-demise-062322
I'm all for hating on the insurance companies, but your approach is a bit short sighted. This isn't just getting even with the insurance companies, it's wide scale fraud. The fraud was so rampant that Florida passed two insurance reform bills to help protect the insurance companies and they are still leaving.
Most mortgage lenders require you to have home owners insurance through the life of your mortgage. If you lose your insurance and can't replace it it will result in defaulting on your loan. This is the reason why Florida has the highest inflation in the Country right now and unless something happens soon people might start losing their homes or be priced out of them.
Florida actually has a state sponsored home owners insurance.
https://www.citizensfla.com/who-we-are
This was after private insurers started bailing out in the early 2000s when it became clear how ridiculously expensive it would be to provide hurricane insurance there.
I'm on Citizens. Every year I get a letter telling me they have the legal right to sell my policy if they find a comparable one in the private sector within 20% of what I'm paying. Every year they fail to find one. The best thing about Citizen's is that they can't leave the state.
They won't be in Florida soon.