Coming up for renewal on my commercial insurance package and the rates for windstorm are crazy. They also want to raise the amount of insurance required for replacement cost, as the cost of building has gone up, so it's like a double increase. I fail to see how our risk for major wind losses on the Texas coast has increased from last year because New Orleans flooded. What is the point of having a private insurance system? Seems like the taxpayers always end up picking up the tab on big losses, anyway. Why not just have at least a state-funded default insurance pool - like Texas Mutual in Worker's Comp. People and businesses should be able to buy a minimally adequate coverage. Seems like the state dept of insurance is just pushed around by the major carriers. The best form of persuasion would be direct competition - it would certainly set a baseline, which is sorely needed.
