this post was submitted on 09 Oct 2024
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Housing Bubble 2: Return of the Ugly

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Florida's biggest insurer cuts over 600K policies after Hurricane Helene (www.newsweek.com)
submitted 2 months ago by SeattleRain to c/housing_bubble_2
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[–] TropicalDingdong 7 points 2 months ago* (last edited 2 months ago)

It.. it was a private insurer?

The hand off would be to the FAIR plan. Which is a state run/ subsidized insurance company.

Now keep in mind that the FAIR plan is subsidized by the admitted market. IF there are fewer plans in the admitted market, the FAIR plan is less fully backed. At a certain point the whole thing goes ass-over-tea-kettle if too many people end up on the FAIR plan.