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To the editor: Ron Rollo’s letter concerning increase of insurance rates contained bad examples. Ron, living in Myrtle Beach S.C., has “no dog in this fight,” and his voice and opinions should be moot.
Ron used teenage drivers as an example to justify increase. With young drivers the rate is decreased each year if driver has no claims, tickets or accidents until they reach a certain age, and then regular rates apply.
Coastal insurance rates are different in the fact they continue to increase with little or no major payout due to storms. When was the last year the insurance companies had a major storm and massive payouts at the coast?
What about the floods in the eastern part of North Carolina as a result of coastal storms? The hurricane several years ago that went inland causing major damage to Charlotte? These areas are not paying the price.
Insurance companies claim this increase is to payout for future coastal damage. Will this extra money be escrowed and earmarked only for the coast and if not used in several years returned to policyholders that paid extra premiums? That, you can bet, will not happen but you can expect future increases.
As for the cost of living in “paradise,” the coastal area is what is today due to the “salt of the earth” people who have worked hard, and many had two or more jobs so they could enjoy “paradise” in their golden years.
My wife and I have worked hard to own property at the coast. We did our research and were aware of the cost associated with our purchase. What we, like everyone else did not know, was these costs would increase sharply, property values would decrease and we would lose 30-40 percent of our 401K twice in our lifetime.
Add to that the loss of jobs and family income. My wife and I are going through these life-changing events today and have a daughter in college. We are not alone.
Anyone reading this knows someone experiencing the same issues. We will survive and keep our “bit of paradise” because we are hard-working people and worked too hard to give up.