Editorial: Our Late Florida Mortgage Payments Become Insurance Exec’s Bonus

Is it any wonder that 1,168 Broward County homeowners have endured submitting late Florida mortgage payments?

Carla S. Shulman, a concerned Fort Lauderdale resident, doesn’t believe it’s much of a shock, given the rise of property insurance costs in the region and state.

The South Florida Sun-Sentinel reported a 331 percent jump over the 271 residents who made payments late last year in Broward County, she notes in an editorial to the paper.

In addition, the publication reported homeowners expressing concern to Gov. Charlie Crist regarding a 100 percent jump in insurance and requesting relief in property taxation.

Is it possible that this increase in insurance premiums helped pay CEO of Allstate Corp. Edward Liddy’s bonus of $3.73 million this year? This bonus is reported as a seven-fold increase over last year.

Could this seven-fold increase be related to the 100 percent increase in premiums paid by Broward County property owners, many of whom are fighting tooth and nail to pay their Florida mortgages every month?

This bonus was awarded from money the property insurance company saved because of “good weather.” What influence does Liddy have with the weather? Good weather, indeed.

Sounds like Mr. Liddy could afford to assist with the late Florida mortgage loan payments of the Broward County homeowners who must pay increasingly high premiums to Allstate Corp.

In fact, maybe Allstate should have first considered a refund to the homeowners who generated the bonus.

SOURCE: South Florida Sun-Sentinel