Rising Insurance Rates + Banks Requiring Insurance + Poverty = ...

from the NY Times:

External Source, NY TIMES

Abandoned by insurers with cold feet and empty pockets, homeowners are increasingly turning to the Citizens Property Insurance Corporation, the state-created insurer of last resort, which by law must charge more than private insurers to be noncompetitive. Citizens has picked up 150,000 homeowner policies in Florida since June 2005, said Rocky Scott, a spokesman, and expects to add another 320,000 by the end of the summer.

here is a link to the article:

www.nytimes.com...

use www.bugmenot.com to read the article w/o having to register.

this is bad news. the dollar is losing value, ppl are stretched to the limit, and now their homeowners insurance is going up as much as 74%. this means if you can't afford the insurance, the bank will most likely forclose on you.

this could trigger a domino effect accross the whole nation. the finacial implications are asounding. could this be the beginning of the 2nd great depression? i think so. stagnation is a reality, and the .com 90's are this generations version of the roaring 20's.

history repeats itself. and i hate reruns.

[edit on 8-7-2006 by ll0ll0ll0]

Oh my God!!! This bad can this really happen? I do plan to move soon but maybe soon than I thought! Thanks for tell us. Wait can we stop this some how?

Originally posted by El Che
Oh my God!!! This bad can this really happen? I do plan to move soon but maybe soon than I thought! Thanks for tell us. Wait can we stop this some how?

to stop it, the .gov would have to step in and make the insurance companies raise the nations rates accross the board, a fraction of the hike florida ppl are getting. in other words, we need an act of congress.


the best thing to do if you are planning on purchasing a home would be to hold off until after the market crashes. this will equal cheaper homes. good if you don't own one, but bad if your wealth is based the the equity you have in real estate.

i advise ppl to buy lots of silver bullion, which is about to have a major jump in price. the ouput of silver mines is about to fall short of demand. silver is mainly used by mints, like the US Mint and china's mint. when supply surpases demand, the price will jump. its been about 10-12 bucks an ounce, so its affordable for the average person.

gold is also a good one, but less affordable unless you are buying more than $25,000.00. for all your bullion purchases, i suggest www.apmex.com....

or you could get hardcore with some chemistry and extract platinum group metals from catalytic converters. at over one grand an ounce, a gram of platinum is worth about 35 bucks. the average converter has 3-4 grams of PGM in it, more if its from an expensive import car. you do the math, and head to your local junkyard.

any of these suggestions is a smooth move for anyone, especially if you are doing that instead of putting that down payment on that double-wide you've been eye'n.

i don't care if its gonna have a block foundation and you build a front porch on it, you'll lose your ass. horde shiny things instead!

if you still insist on buying a home right now, i've got a bridge accross the hudson river i'll lease to you...