Apparently Gas Companies aren't the only ones price gauging.

http://communitydispatch.com/artman/publish/article_5048.shtml

LOS ANGELES – Today, Insurance Commissioner John Garamendi released a new report on the burgeoning profitability of Homeowners and Private Passenger Automobile Insurance companies. The study discloses that for the past two years insurance companies have enjoyed a scenario in which the amount they pay for claims has dwindled, while the money they keep has soared. The Commissioner has scheduled a hearing for July 20, at which he will examine this issue.

What's next??? The gov't telling the company I work for that since we had over $800 million in profits, we have to charge Boeing less $$$ for the equipment we install in their aircraft? Don't get me wrong...I hate insurance companies as much as anyone and would love reduced rates, but to say they make too much money is getting crazy...yet all the so-called "studies" into Exxon-Mobil and the rest of the oil companies always end up with "everything seems to be on the up-and-up; there's no evidence of colusion." If they're going to start doing crap like this, then where's the incentive to have a profitable company headed?

yea, thats what i was gonna say, isnt the point of owning and runnin a business to make profit?

BUUUUUT, i can kinda see where people have a point on this one, even more so than gas, in most states, it is the LAW to have your vehicle insured, theres no way around it. so it shouldnt be hugely profitable

yea, thats what i was gonna say, isnt the point of owning and runnin a business to make profit?

BUUUUUT, i can kinda see where people have a point on this one, even more so than gas, in most states, it is the LAW to have your vehicle insured, theres no way around it. so it shouldnt be hugely profitable

My homeowners insurance went from $602. to $1,975.00 in one year. Everybody in the state of Florida is being forced to take a state run insurance because all the insurance companies don't want the risk of hurricanes. I am sorry but on the west coast we haven't had a hurricane hit here in more than 30 years. They claim our area increase is more because of sinkholes. Though when you look at the payouts it was only a fraction of what they have paid out other places. We have taken 112% increase in rates in 1 year this is insane. I would like to know why insurance companies should be allowed to do nothing but make profit. What I mean by that is as soon as something like a hurricane or sinkholes start happening the run and drop out of the state. What about all those years of pure profit and no claims. I am sorry but that is bullshit. They are in a job with some risk they should be forced to take some. Not just stay in the states where nothing goes wrong. If i had my choice I would take my chances and insure my own home instead of having a company take my money for years and drop me when things got bad. Now let me just add on that I have never filed a claim against my homeowners yet i am forced to get state run insurance which has to charge 20% higher than private insurance by law so that they are not competing. Here is a link about all of what is going on here with insurance it is crazy. http://web.tampabay.rr.com/hac I wish someone would step up to the plate and help us.

Google 'mandatory health insurance'...See how ya like dim' apples!

boom, what year was your house built?

boom, what year was your house built?

1980

hmmm....thats why your stuck with citiznes. theres a ton more choices if your house was built after 02. its obviouslt becoming a real affordabilty problem down here

The thing I hate about Citizens here in Florida is because it is really Citizens'. I get to help pay for losses on rich people's homes. It's nice how the state spreads out the loss to all insured regardless of carrier. They claim property taxes make it up but I don't live in areas where that tax does anything for me.

And the theme of the article is no surprise. Insurance companies take in a premium and avoid paying a claim. That is how it works!

Oh and I have AXA, not Citizens and I still pay a ton like Julie and just like her, I've never filed a claim.

hmmm....thats why your stuck with citiznes. theres a ton more choices if your house was built after 02. its obviouslt becoming a real affordabilty problem down here

My house was built in '83 and I have a "conventional" carrier. My wife works for a environmental company. We had them bring a GPR device to inspect it. We have no sink holes and are not on the water but it still goes up, up, up

cause you are paying for everyone else....my house in hillsborough is reasonable at 1200 per year....my house in land o lakes is about 2200....one is worth 400k, the other 650k.....the farther west you are in Pasco usually the worse off you are for premiums, which is likely why boomer is getting screwed

Well, I do understand that but the thing about Citizens that burns my crack is that they insure a lot of these mini-mansions. My house is valued at about 300K. I pay out the ass for private insurance but then I get bent over so someone on Tierra Verde can insure their palatial estate on my money and have it paid for in the event of a catastrophic loss. The laws in this state are totally tilted towards the insurance companies as well. Gallagher was a good lap dog for them. It is true you can't force a company to do business in this state but you can prevent insured from being butt raped.

Something Bootz wrote strikes a cord. They claim sink holes are the cause of premium increases and yet they all look to exclude coverage for such a thing. Well, If they don't want to pay for that then how in the hell do you justify a policy increase based on sinkholes? It makes no sense at all.

yes, i believe if the sinkhole issue is so large, they should make it a seperate deductible like the hurricane coverage is....of course then they would have to lower everyones premium, which is not gonna happen

yes, i believe if the sinkhole issue is so large, they should make it a seperate deductible like the hurricane coverage is....of course then they would have to lower everyones premium, which is not gonna happen

I am convinced that nothing will happen to help anyone. I just paid $1600. to escrow for shortage and my mortgage is going up an additional $100. a month on top of that. If I was unable to pay the shortage my mortgage would have increased $200. a month. It makes sense how people will lose there homes. I mean a lot of people are living paycheck to paycheck now could you imagine getting an increase like that. Someone has got to step in. I have tried every route to get off this state run insurance and there really is nothing available. My in-laws have a different insurance but they are paying more than me. I heard AAA was writing policies so I called right away and that company stopped writing unless you sign a no sinkhole coverage form. Which personally I would be fine with, but my bank sure as hell won't let that happen. I will probably watch this group that I linked on the first page and at least get myself involved in some way. I also heard and I don't know how true it is if we had a big hurricane hit that Citizens are not going to pay the claims. They are going to file bankruptcy and leave everyone with nothing. Is that even possible. I didn't think it was but I am hearing it is the truth and there is nothing anyone can do about it. I just figured since it was state run they couldn't do something like that.

the citizens BK issue is not likely....the state bailed them out this year and would likely bail them out again if need be....Florida actually had a very lagre budget surplus this year, which will likely continue....i wouldnt worry about that.....Aslo its not so easy to just file for BK and walk away. Corporate BK is quite a bit different than personal.

the citizens BK issue is not likely....the state bailed them out this year and would likely bail them out again if need be....Florida actually had a very lagre budget surplus this year, which will likely continue....i wouldnt worry about that.....Aslo its not so easy to just file for BK and walk away. Corporate BK is quite a bit different than personal.

Well that makes me feel the tiniest bit better. There still ripping us off!