10-16-2018, 02:48 AM
Much to my surprise, apparently insurance renewals are being offered in Leilani, although the rate is about 10% higher, and volcanic eruption is an enumerated, covered peril on our policy. I'm sorry to disappoint some people that we won't all be foreclosed for lack of coverage. Private market as well, not some state pool.
My friends who bought a condo on the beach front in Panama City are so much more intelligent and responsible than those of us who bought in Lava Zone 1. Which event(s) will be viewed as a bigger problem to the insurance industry?
Of course I would not have bought if insurance wasn't available because then I could not have secured financing. Now over the course of the last 6 years we've paid like $20,000 in insurance premiums (plus another like $2500 in mandated but useless hurricane insurance). So in like 60 years we'll pretty much have paid the cost of the place in premiums (yes, I know not accounting for net present value, etc). Odds are in Leilani, on any given lot you will go several times that before getting wiped out. Kinda on the same order of time as house in tornado alley is likely to meet it's EF-4 or EF-5.
Yes, a lot of folks just lost that bet. Couldda been me, but then it might not have been them. People who do not want any rebuilding in lower Puna - what is your motivation, simply to deny others a chance to live as they see fit? Or is it to allow others who have their development plans elsewhere to line their own pockets and allow crooked banana-republic politicians to enrich themselves in the process?
Just want to be left alone to live my deplorable life, and pay my bills and excessive taxes.
Benny
My friends who bought a condo on the beach front in Panama City are so much more intelligent and responsible than those of us who bought in Lava Zone 1. Which event(s) will be viewed as a bigger problem to the insurance industry?
Of course I would not have bought if insurance wasn't available because then I could not have secured financing. Now over the course of the last 6 years we've paid like $20,000 in insurance premiums (plus another like $2500 in mandated but useless hurricane insurance). So in like 60 years we'll pretty much have paid the cost of the place in premiums (yes, I know not accounting for net present value, etc). Odds are in Leilani, on any given lot you will go several times that before getting wiped out. Kinda on the same order of time as house in tornado alley is likely to meet it's EF-4 or EF-5.
Yes, a lot of folks just lost that bet. Couldda been me, but then it might not have been them. People who do not want any rebuilding in lower Puna - what is your motivation, simply to deny others a chance to live as they see fit? Or is it to allow others who have their development plans elsewhere to line their own pockets and allow crooked banana-republic politicians to enrich themselves in the process?
Just want to be left alone to live my deplorable life, and pay my bills and excessive taxes.
Benny
Benny