Russ Lemmon: Cost of property insurance has created ticking time ... - TCPalm

Eight bite-size Lemmon Drops to nibble on while waiting for the Heat to win the NBA championship:

• The so-called "Doomsday Clock" — created in 1947 to give us an idea how close we are to global nuclear war — is currently set at 5 minutes to midnight.

I'm thinking Florida needs a clock to show how close we are to an economic calamity because of the skyrocketing cost of property insurance.

Given that it's hurricane season, I'd set the clock at 11:56 p.m.

Come Aug. 1, I'd probably move it to 2 minutes until midnight.

We've run several stories about the sharp spike in premiums for Citizens Property Insurance, which has about 1.4 million policyholders in Florida. (For those just tuning in, state-backed Citizens has gone from being "the insurer of last resort" to the largest insurer of homes and businesses in Florida.)

Two Indian River County residents, Lee Simmons and Richard Shepard, urged me to write more about the current insurance situation.

Simmons says he knows quite a few people who, after paying off their mortgages, have opted to "self-insure" their homes for storm damage. He is one of them — he has only fire and flood insurance.

"If you can afford to put the premium into your own interest-bearing account, you will soon have a growing fund that will, in most cases, far exceed the cost of most storm damage," Simmons said.

Talk about rolling the dice, though.

At least you won't have an exorbitant deductible to pay.

Those of us with mortgages have no choice in the matter. We must pay for home insurance.

Shepard believes newspapers should be sounding the alarm bells over just how little Citizens' policies will cover in the event of a hurricane.

"Put it in big, bold print and let 'em know," he said. "Bring them up to date. Tell them, 'This is not what you're going to get.' They don't really know what's coming down on them."

Got it?

If you're insured by Citizens, sit down and talk with your insurance agent. Shepard says it's that important.

He believes state legislators have failed the citizens of Florida — especially transplants — by not getting a handle on the cost of insurance.

"You can't keep inviting people down, and then turn your back on them," he said. "After a while, it catches up with you."

• Taxpayers will be footing the bill for another study of the Twin Pairs through downtown Vero Beach. This one — with parking on State Road 60 being the focus — will cost $81,768.

Wouldn't a one-hour field trip by City Council members save — um, I don't know — $81,768?

• The subject of Thursday's column, Barefoot Bay resident Bruce Alger, a former five-term congressman from Texas (Jan. 3, 1955, to Jan. 3, 1965), could easily be considered a forefather of the tea party. Some of the "then and now" parallels are incredible.

During our breakfast interview the other day, he repeatedly railed against spending by the federal government. Eventually, I responded like one of Pavlov's dogs.

Alger: "When you're given something from the federal government, what do you want?"

Me: "More!"

• During an appearance Thursday in Sebastian, U.S. Rep. Bill Posey (R-Rockledge) indicated sacrifices will have to be made to fix Social Security.

"If you're over 55, nothing changes," he said. "But if you're under 55, there has to be a change."

Just my luck. I'm 17 months shy of 55!

Actually, I'd be OK with it — because those of us born in 1958 didn't have to worry about being drafted and we never had to register with Selective Service.

It all evens out, right?

• Speaking of which, a front-page story in Tuesday's edition of The Wall Street Journal (under the headline "Foreigners Snap Up Properties In the U.S.") included a Vero Beach mention. Gotta love a free plug in the newspaper with the largest circulation in the country.

However, Vero Beach was inexplicably dissed in an article on the website gobankingrates.com (under the headline "The Top 5 Worst Possible Things You Can Do With Your Savings").

An excerpt from No. 3 on the list, which was "Purchase a Timeshare":

"There are also annual maintenance fees that you are responsible for paying (whether you use the timeshare or not) and there's no refund if your trip is canceled due to bad weather, like a hurricane in Vero Beach."

Huh?

• Milestone alert: Tuesday's column will be my 900th for the Press Journal. Seems like only yesterday tar-and-feather types were rolling out a large "(un)welcome" mat for me.

• If you're planning to do a drive-by inspection of the infamous "sidewalk to nowhere" (Old Dixie Highway, between 45th and 65th streets), may I suggest a 2-for-1 tour?

Check out the new stretch of 53rd Street, from Old Dixie Highway to 58th Avenue. It's very scenic.

• Happy Father's Day to all of the dads out there.

Russ Lemmon is a columnist for Scripps Treasure Coast Newspapers. This column reflects his opinion. Contact him at 772-978-2205 or russ.lemmon@scripps.com.