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Last year I got a notice saying they dropped me. Not an increase in rates, just goodbye! I never made a claim on any insurance policy of any kind in over 30 years. I just pay my preimums. I called them and they said they were dropping everyone that lives within 2 miles of the coast. I told them I am 64 ft' above sea level, even if the polar ice cap melts, I still will be dry. They didn't care.
My insurance agent said she is getting 60 of these per month.
She had a hard time finding someone but in the last days she did. The rate went up a lot (like double) and there was a insane (20K) wind damage deductable that covers their butt.
This is where IMO isurance companies get away with too much. The theory of insurance is based on numbers, the more you cover the lower your risk. Now they are allowed to cull out what they deem higher risk to boost their profits. This is where the gov't should step in. IF THEY WANT ALL THESE FAT TAX BREAKS AND OTHER INVESTMENT INCENTIVES, THEY NEED BE RESTRICED FROM CULLING OUT SEGMENTS OF THE MARKET. It happens in medical insurance as well. Companies will do all they can to exclude you from covering whatever they can if they think you have a higher risk to get cancer even if your phycsial if fine.
Their lobby is huge. They think insurance is the foundation of this country...I swear. I have been to DC and listend to these goons.
What other business do you know that gets to say... I took your money for 30 years and you never made a claim, but I am going to drop you now because I think you are a high risk. Look, you can't change your mind if I make the payments !!!!
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