AdvertisementAdvertisementThis as-told-to essay is based on a conversation with Oscar Seikaly, CEO at NSI Insurance Group, which is based in Florida but underwrites policies nationally, about skyrocketing insurance premiums and how unpredictable disasters around the country raise prices for everyone.
Over the past 10 years, insurance premiums have changed dramatically.
AdvertisementAdvertisementTake the average house in Aspen: You have $5 million for the house, $3 million for the contents, another $2 million for loss of rents.
All these insurance companies have to buy from reinsurance companies and there's only three or four main ones in the world.
When you buy a $5 million house or a $10 million house, paying $30,000 or $20,000 a year is not going to make a difference.
Persons:
Oscar Seikaly, Seikaly, —, that's
Organizations:
Service, NSI Insurance
Locations:
Aspen, Florida, California, Colorado, Northern California