This years hurricane season is drawing to a close. We saw 2 cat 5's this year. One, the first week in July, the last in October. That makes 8 in the last 8 years. The National Hurricane Center estimates there were a total of 11 cat 5 from 1850-1959, 60 years. Does anyone still want to claim this it's another normal pattern of Earth's climate evolution of over thousands of years? Watching Desantis denying the obvious last week was embarrassing. It's not a case of "if" we'll get hit, it's "when", and how many. The financial hit from such a storm will be huge for Texas taxpayers as we are forced to keep our subsidized plan viable. This doesn't include problems with our national flood plan. Even the most conservative estimates of rising sea levels will exacerbate problems more.
Insurance companies have had enough and Progressive became the latest insurer to announce their pulling back from Texas. Florida has seen almost every company pull out or reduce their policies. The few left have decreased coverage and dramatically raised premiums. Both states have instituted state supported insurance plans, ours being the Texas Fair Plan. The state insurance commission agreed to a 10 percent premium increase this year due to our cat 1. Imagine what we could see with a cat 3 or 4, or heaven forbid, a cat 5.
Insurance companies have had enough and Progressive became the latest insurer to announce their pulling back from Texas. Florida has seen almost every company pull out or reduce their policies. The few left have decreased coverage and dramatically raised premiums. Both states have instituted state supported insurance plans, ours being the Texas Fair Plan. The state insurance commission agreed to a 10 percent premium increase this year due to our cat 1. Imagine what we could see with a cat 3 or 4, or heaven forbid, a cat 5.
