So now Nationwide - apparently not on our side anymore - wants a 71.4% increase in premiums in Florida. The average increase in Orlando will be 50%+. State Farm wants 70% so they are apparently not a good neighbor either.
Let's have a history lesson. Prior to the Summer of 2004 - and more on that in a moment - there had not been a Hurricane in the Orlando area for 40 years since Hurricane Donna struck in the 1960s.
In other words Nationwide, along with other insurance companies (for they are not alone when it comes to this) seemed perfectly capable of collecting premiums for 40 YEARS when they didn't have to pay anything out. Now after one bad season (2004) and one minor season in Orlando (2005) they feel the need to increase rates by this incredibly dramatic amount.
And what can we do? Nothing is the simple answer. We pay up and shut up because their increase in premiums will be approved and we either have to accept that or go uninsured.
Someone please explain to me what exactly happened to those 40 years of premiums they collected without payout and I will gladly pay my increase. Just makes me sick frankly...