Florida Spends Billions getting ready for the next “Big One”
5-Year Hurricane Modeling System for Insurance Rates is on hold – Tampa Tribune 5/16/07
Kevin Begos updates us on the decision made to scrap a software model that would have raised Florida homeowners insurance rates even higher.
When are these models going to factor in the billions of dollars in reconstruction that have been rebuilt to a much higher hurricane standard? The building code is not perfect, but no one in Florida is paying attention to the fact that the infrastructure is a lot stronger. In addition, multiple hurricanes have taken out huge numbers of trees and projectiles that caused enormous damage during the storms of 2004 and 2005. And everything that is rebuilt, has to comply with the current building codes.
The hurricane simulators are ignoring a simple question – even if their models are correct about the path of future hurricanes, the damage will not be as significant.
So lighten up and give us a break on insurance rates.
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