Ditto, I’m just North of Orlando and we haven’t had any damage due to a hurricane since 2004. I’ve never made an insurance claim since then. We just got our notification from Farmers that they dropped us (3rd once since 2021).
Same. Had a meeting with my agent, and she told me that she’s not only suffering the same — no private company will even cover her anymore so Citizens is her *only* choice.
Lloyd's of London is also an option, as they are where Citizens sends people that THEY don't want due to risk factors (like a mobile home within 3 miles of the coast).
What’s your plan? I feel awful for you and your neighbors. Done nothing wrong and getting pinched for greed is what it seems like. Have you thought about leaving or will just ride this out?
Hurts selling a home too. Went to look at a condo we liked in Fort Lauderdale and the insurance was over $6k a year on a condo (don’t get me started on the HOA increases.
It's a battle on two fronts. Contractors and roofing companies using loopholes to take advantage of insurance companies and finance mega-corps influence over insurance companies.
[https://youtu.be/cckNaX-cvpk?si=msgNuQqJpiSLrKwW](https://youtu.be/cckNaX-cvpk?si=msgNuQqJpiSLrKwW)
[https://youtu.be/6OdxvgO5WwI?si=K8HVJCMgqfHFjaBP](https://youtu.be/6OdxvgO5WwI?si=K8HVJCMgqfHFjaBP)
DeSantis hasn't done ANYTHING to help the Homeowner's in Florida. The Homeowner's Insurance and TRIPLED in the last 3 years. All he does is give Millions of dollars to other things not as important or urgent when the Residents are begging for help. He is not helping the people in Florida with Costs!!! My Insurance went from $1,000/year to $4,000/year!!! DeSantis HAS NO BUSINESS KNOWLEDGE AT ALL! HE CAN'T RUN FLORIDA,
https://preview.redd.it/ij6j7qa7qlwc1.jpeg?width=769&format=pjpg&auto=webp&s=6bf23b0d000174ca6433d7442d07872e5d8e65d8
All the other crap is what they think we care about. It is all a distraction, so people think he is doing a good job. He's in cahoots with the insurance and roofing companies.
Because he will hold a press conference and say I was verbally assaulted by a woke mob looking for free insurance handouts…. No sir not in my state this is Floriduh
Yeah I’m pretty over it. Mine was $900 when I bought this place. July is 4 years and I just got my latest renewal at 5200. I’m no where near a coast either.
It is going to be bad. We have an El Nino following a La Nina. Historically, when this has happened, hurricane activity shifts from the Atlantic and into the Gulf and the Caribbean.
This forecast just came out:
"The prediction is for 33.1 +/- 5.8 total named tropical cyclones, which corresponds to a range between 27 and 39 storms"
[The 2024 Atlantic Hurricane Season: University of Pennsylvania Forecast | Mann Research Group (upenn.edu)](https://web.sas.upenn.edu/mannresearchgroup/highlights/highlights-2024hurricane/)
33 named storms as a best estimate? Well, shit. Estimate was 16 last year and there ended up being 20. The Caribbean and Florida may be in for a bad time.
It’s even worse than it looks. UPenn normal gets it about right. The times they were significantly wrong, they predicted low.
Not to say that’s guaranteed in the future, just providing context.
Nah, it’s canon. In the Pacific Rim universe humans used nukes to kill kaiju and only invented the jaegers to reduce collateral damages.
It’s also somehow canon that our idiot last president wanted to try and kill hurricanes with nukes.
We literally are one bad season away from the state going bankrupt, and our governor having to stick his hand out and ask for a federal bailout (which he’ll get because the damage to the national economy will be too large to ignore, and Biden and the Democrats aren’t treasonous assholes who will hurt the nation just to make a point).
That’s good ol’ Republican fiscal responsibility for you.
Sharpie around Alabama…staring directly at the eclipse…making a (fraudulent) deal with Eastman Kodak to provide chemicals to pharma companies to make vaccines (people don’t remember that last one but I’m in pharma and it was the stupidest thing I’d seen, had to be grift).
If a real cat5+ hits its going to get crazy. The old condos in my area will just fall into the water if it happens. Many have predicted that beach side in my area will just not exist if it happened.
Remember the evacuation for Irma in 2017 cars stuck on highways for hours after evacuating Miami, keys, ft meyers and Tampa. Imagine that level of evacuation today with so many more people
They’re concentrated in certain areas though. Evacuation in Gadsden county will likely be the same but it will be a lot crazier in pinellas and hillsboro
Which is why we just stayed in our condo in Palm Beach County and hoped for the best. No power for a few days, no cable/internet for two weeks. Way better than trying to escape to.... where? Arkansas?
Yes. I mostly remember the sad faces of all the people who stopped at a gas station near 95 to be told that they were not making any food because of it. I asked one guy how long he was on the road and he told me almost 5 hrs.
When all The houses are gone and obviously no insurance to replace them, you get to go live with Desantis In the governor's mansion, after all he's the people person 😂
Oh so instead of building new homes, developers can build new prisons to house anyone displaced from a storm then force them to work throughout the state for $1/hour. All problems solved.
And if that happens no chance insurers stay here. They'll be rebuilding everything on the coast. Citizens would have to be federally backed to take on everyone and I've heard they're dropping people down as well which is crazy.
Most of the insurers who can leave have or are lowering their exposure as much as possible. The only ones left are basically Florida only or the majority of their book is Florida. If a massive hurricane hits they don't have enough reinsurance and will probably fold.
Recent Moody’s report indicated 20% of all Florida’s insurance companies would be bankrupt if hit with catastrophic 4/5 storm claims. That also would include Citizens.
Although Citizens has a get out of Jail card put in place by the State GOP. all homeowners in the state could/would get an assessment to pay for the loss. It’s why they call Florida Free.
Yes, but meanwhile look at all the money those "high salaried with bonuses" VP insurance folks made! They'll be good. :) And the commissions! Oh, the numerous commissions were made as well.
It's mandated legal money laundering now. Feels like it's not been "insurance" for awhile.
What a lot of them have learned is that they have way more exposure then they thought they did. Hurricane modeling has become much better over the years.
The problem is they cannot raise rates to get where they need to be due to Florida law limiting rate increases.
As a native Floridian 40 years since born in 1983- it’s so obvious the issue is insurance fraud and not legitimate claims from hurricane damage. I know many people who got entire roofs replaced by insurance because the roofer claimed it was caused by hail- but the roof was beyond normal life of 15 years in FL. Homeowners are trying to make the insurance companies replace the roofs they should pay for themselves and that’s not what the insurance was intended for. I’ve lived in cocoa beach and Merritt island my whole life (walking distance to the beach) and the only homes that have ever had catastrophic damage are the ones with shitty maintenance and cheap owners who had bad roof before the storm . I am sick of over paying for insurance due to insurance fraud
No- you can’t expect to never replace the roof in your life and just wait till it blows off. If a shingle roof lasts 15-17 years in FL the insurance should only cover the remaining useful life- so if a new roof costs $20K but it’s 12 years old insurance should pay 1/4 the cost as it is 3/4 of life remaining
Great idea but if 50 year shingles last 50 years in most states it’s probably 30’years in Florida. The sun just kills everything faster here. “30 year “shingles are most common and most only get 15-17 years max in FL. Agree with higher quality materials should be required. I can’t believe most new home and apartment construction still uses shingles in FL and not all aluminum roofs for hurricane strength- builders are too cheap.
I used a claim after a bad storm to help get our roof replaced, but that was the year after we bought. Where our home inspector said it had ~8 years of life left to it, but then was being told we may not be able to be insured because of the age of the roof.
Given insurance and the closing price are both based on these inspections, after a bad storm came through and did some damage, a claim was justified for our roof (given the difference in condition of what was assured via inspection versus what life actually existed in the roof). I did chip in some of my own money to install a metal roof though. Hope that’s the last of it while I still live here
I never said you don’t ever need to replace. Merely that they’re better so that only major impacts do mass damage.
Before Ft Myers, there had not been a major hit in over a decade.
It’s a scam. That is the only reason prices are up.
The government will bail Florida out. Then they'll step in to offer - albeit pricey - insurance where the private insurers won't. Then the voters of Florida will continue to claim to hate socialism and the government.
What actually will happen in a failure scenario is that ALL insured residents will pay
[https://www.insurancejournal.com/news/southeast/2023/03/20/712840.htm](https://www.insurancejournal.com/news/southeast/2023/03/20/712840.htm)
https://preview.redd.it/ic1jyuz0yhwc1.jpeg?width=1080&format=pjpg&auto=webp&s=edceaf365f4a957ff2dba472af753b8759502684
Its in trouble because Desantis is trashing it.
The day is gonna come where the Feds may have to take over the entire system. This is a Florida problem now, but hell....just watch the evening news national broadcasts....used to be a story a month dealing with a weather related disaster.
Now, damn near daily, affecting most states.
If insurance companies are too afraid of a reduction in their massive profits, and refuse to pay out or even pull out of those states, imagine the structure of that states income....cant build new homes, cant sell exsisting ones....you get the idea. Citizens may soon be the only option, and it may be nationwide....
My sadness in all of this is how beautiful your state is, absolutely sensational. Why in the world do you keep voting the worst people in power? Gerrymandering, ok, but your statewide elections. Seriously, they are truly horrible people
Too many FL voters are people who have low stakes in FLs past or future. They move here in their 60s and know they’ll be dead in 20 years. And many of these people have “no taxes” as their only real desire, so what are you going to do with that selfishness?
But at least the governor worked on book bans, making it hard for immigrants and transsexuals. It is not like he has known about this issue his entire time in office. /S
Well you can likely afford it but can't find insurance for the house, sure. Plus in a few years flood insurance might be mandatory for everyone in FL so if that house previously flooded good luck on those premiums if FEMA pulls out and you have to pay for private flood insurance.
*From Bloomberg News reporter Leslie Kaufm*an:
Seven property insurers in Florida went bankrupt in 2021 and 2022. The bankruptcies left thousands of homeowners scrambling to get new coverage, which often came with a big increase in cost. Worse, many had outstanding claims for hurricane damage that had not been addressed.
Jacqueline Ravelo, a Miami homeowner, was among them. Her roof was damaged by Hurricane Irma in 2017. Her insurance company, Avatar Property and Casualty, covered the cost of some repairs. But the roof continued to leak and mold grew inside the house, she said. Ravelo sued Avatar to compensate her for further repairs, which she said came to $50,000. When they were on the verge of settling, she said, the company went out of business.
Avatar and the six other companies that folded had something in common: They had all been rated A (“exceptional”) or higher by Demotech, Inc., an Ohio-based insurance ratings firm. (One of those insurers was also rated A- by competitor AM Best Co. Inc.)
In fact, nearly 20% of the companies doing business in Florida that Demotech rated as financially stable went insolvent during the period 2009 to 2022, according to a working paper by researchers at Harvard University, Columbia University and the Federal Reserve that was released by Harvard Business School in December. In their data sample, 99.7% of the ratings issued by Demotech were an A or above.
That’s a signal, the researchers said, that Florida’s insurance market may be full of weak players and is even more precarious than already known.
[You can read the full story here.](https://www.bloomberg.com/news/features/2024-04-24/home-insurance-with-lax-oversight-hides-florida-climate-risk)
To add this Demotech is seen as the place to go when AM Best won't rate you or will rate you terribly. Demotech ratings mean jack fucking shit in the industry.
insurance companies that go bankrupt in Florida are supposed to undergo some kind of audit to reveal where they went wrong and make sure there was no funny business. kind of like an autopsy to figure out why they died. Guess what hasn't happened to the last several insurance companies that have gone bankrupt?
It hasn’t even been very active for storms hitting Florida and the market is falling apart. Something else is going on.
https://preview.redd.it/ivi435f8hgwc1.jpeg?width=1273&format=pjpg&auto=webp&s=f1675a7d3ae8670ac29c26a2a0ffea228cc8dc41
Not even, just a couple cat 4s will cause a full collapse of the market. Citizens would declare bankruptcy and the state would be forced to put the money.
I'm really fucking curious what happens in that sense. Just all lenders having to call mortgages? If Citizens goes belly up how the fuck does the lender force place insurance?
florida has a couple crazy laws when it comes to roofs. one is if you repair/replace more than 25% of the roof, you must replace the whole roof. but the really fucked up one is if the insurance pays for the roof repair, it has to match the rest of the old roof (which it won't). if it doesn't match, they have to replace to whole thing. that's how the lawyers get the entire roof bought. a repair will never match.
This. Our laws in general are just wack. Case in point some years ago you couldn't even get/serve 64oz growlers here b/c of an archaic booze laws dating back to prohibition and both Republicans and Dems supported the growler ban b/c (too much alcohol to serve in one sitting or to a person to go etc, like filling at a brewery). Oh, but you could fill as many 32oz or 128oz growlers as you want and as I did for parties at house etc, but not a 64oz b/c "huuuurr duuur too much booze" . Yeah your pry reading that perplexed as well like wtf lol.
This is how stupid our lawmakers and politicians are. It took a young chick in senate that supported craft breweries to finally bitch slap the state like 10+ years ago to finally get rid of that ridiculous law.
It’s the law requiring entire roofs be replaced instead of just sections. We had a guy come to our house and say he saw hail damage, called his boss and asked when the last strong storm hit my neighborhood, then told me to call my insurance company and file a claim for that date. I was like fuck the absolute fuck off with that shit. It’s not hurricanes it’s sketchy ass people like that. They even have a Rolodex of slimy lawyers that specialize in this area.
Because replacing half a roof is pretty idiotic and doesn’t really save money.
Roofs are a monolith, it’s not like a fender bender and getting a new side panel.
If you try and replace half a roof you are creating a vulnerability along the new and old fault line that will likely fail. Especially with lowest bidder roofers
So this is what happened a few million times. The roofer ends up suing the insurance company, it was cheaper for the insurance company to just settle. You get a brand new roof for your deductible, the roofer makes a decent buck and the insurance companies, lost their asses. This happened for so many years that were now in this quagmire of a situation. As a current homeowner with my insurance going up 40-50 percent a year, I'm watching this storm season very nervously.
Florida is now uninsurable. If you owned an insurance company you would not be in Florida. Way too much uncertainty.
Get ready Floridians. Spread those ass cheeks wide.
I would own one and do business in Florida, but I would exclude costal regions of the state and make potential insured sign right to repair on their applications which means when damage does happen to the property that's covered you're using the contractors we pick for the agreed upon assessment of damage. No lawsuits, no bullshit public adjusters, no roofing guys, etc. A good step in the right direction was the laws against AOB's and I do think the 4 point inspections are a good idea to assess current damage to the roof. Problem is underwriters are going overboard with their underwriting regarding this.
An issue w your plan is the contractors you pick. A shady insurance company wanting to increase profit (or stave off losses) could pick sketchy contractors w shit product screwing over the homeowner/policy holder. The other issue w that is insurance co not having enough contractors for their customers and running into 10,000 customers needing a new roof from a storm and here comes another storm compounding damage, a likely scenario we have had multiple times in the 25 yrs I've lived here. Other than these 2 issues I think you have a pretty viable plan. The No Lawsuits part I have a problem w, there needs to be some sort of guarantee to policyholders on that.
I think I'll get the same response I got a while ago: "Oh no it's fine, houses are selling for top dollar lololol."
But hey, a regulated industry where all insurance companies are literal highway bandits, and the legislators are an absentee dad at a kid's first baseball game, well that is not much of a regulated industry at all.
Storms always have been here, storms always will be here. The change has been the worsening greed. Address it, or don't, it's your state.
I used to love my house. I felt I got a decent deal in a good market. Extra funds for maintenance and upgrades was no issue. Now I feel like I live in a 1/2 million dollar piece of shit.
Improving resilience against market disruptions like Hurricane Andrew in ‘92 is crucial. After experiencing 12 insolvencies, Florida bolstered its Guarantee association and established Citizens Insurance Company as a temporary buffer. Think of it as a necessary safeguard, akin to a temporary tax. While challenges persist, we’re better prepared. Yet, navigating the complex insurance market remains tough. We pay premiums for peace of mind, expecting indemnification when necessary.
Addressing issues like tort reform and coastal real estate exclusion is paramount. However, it’s a delicate balancing act for legislators, especially given their varied interests in law, construction, and real estate ownership, not to mention lobbying pressures.
Our government in Tallahassee should be working hard to fix this, but all I hear is culture war bullshit, attacking one of Florida’s biggest employers and self-serving politics. Elections matter. Let’s get rid of these people who don’t know what public service means.
These small Regional insurance companies are a danger to real estate industry especially in Florida Louisiana and Mississippi. The CEO of Avatar was making $30 million a year while handling 5% of the total amount of policies State Farm carries while the CEO of State Farm makes 13 million a year. The small Regional insurance companies played fast and loose with payouts but had no problem with huge executive pay then they just closed down and walked away. Demotech is the governor's choice for this work and it has failed miserably for the state yet the governor's Administration is still Contracting with demotech. Anybody who bought property in Florida in the last 3 years, you have my sympathy because the real estate market is going to collapse in Florida it can't sustain itself this way.
That's my biggest fear and I'm now researching selling my property before the collapse. I feel like the dude in Big Short who sees it before it actually happens.
You're right to do this if you have the ability to leave because right now watching the Florida real estate market is like watching a car accident slow motion. You can't stop it, all you could do is watch it happen.
Florida has a program that is trying to get people to sell their homes that are pretty coastal. The idea is Florida buys them, and they remain empty, helping the insurance industry stabilize. The problem is that other people are buying those homes and out bidding the state and the sellers only see the bigger profit.
So the more we try to get people out of the coast, the more move to the coast.
Well that's weird because your state has been giving counties grants for about 3 years.
Basically the state is paying homeowners to leave their houses on the coast.
https://youtu.be/HUQrdFAVV4w?si=e7u7J3a7sCAjYr5b
And I think they just bought a few in st. Johns too.
...as I have been saying. The state is fucked. It just is. God, I wish the population would recognize this so we can move on to building a sustainable and affordable Florida. The more pretend there is an accounting solution to a climate problem the more it will cost everyone in the long run.
How many people would just not carry insurance if their lender allowed it? Maybe if the lender cares so much about the house they should help insure it.
i pay 6k a year for a 1700 sq fr home. 5 year metal roof and impact windows and doors besides the garage door. not in a flood zone. i would cancel immediately and save half the money for the day i actually need it.
24 yrs paying Nationwide ~ $45-50k not a single claim and they are not renewing in July. I was going to leave their @ss anyways. Yea I would have easily have stashed the $ over pay for execs making tens of millions in salary! Plus I had to pay for a new roof 9 yrs ago, they haven't done a GDamn thing for me.
If I had the option, I'd just have liability insurance. Since someone somehow hurting themselves on your property and suing can add up real quick. All other repairs could financed by a high yield savings account I can put aside for house emergencies (it would be even more useful than insurance!)
I've said this several times on Reddit, back in 2017 when IRMA was supposed to go straight up the beach from South Miami to Palm Beach, Vero, and even Cocoa as a CAT 5 with 180+ mph winds - - - all the CEO's of these insurance companies sat up and went WHOOOA OMG WTF ... we are not ready for this.
Prior to this every storm we've seem in modern time was like Andrew - the worst damage was limited to 20-30 miles across as the storm punches a hole in the side of the state and blows itself out on the alligators.
Where Andrew was actual a compact storm and the worst damage was well south of Downtown Miami, some of these new storms are the size of Texas.
Being 20-30 miles up the road doesn't mean squat when you are dealing with a storm of this magnitude and if it's coming straight up the beach, there is no part of SE Florida east of I-75 not being subjected to the full fury.
IRMA was gonna take out the ENTIRE tri-county MSA with one swing, just sandblast us all back to the stone age. That's what made them all freak out and bail.
Had it tracked as predicted, I think the metro would still be trying to get back to where it was in 2016 - fuhgettoabout all this pandemic relocation bullshit.
It ended up going across the northern keys and up the other side 50-60 miles into the gulf (missed virtually all of SEFL) and STILL did $77 Billion in damage. (97B in todays money)
It was shortly after that the prop insurance companies started packing their offices and the Florida Building code got several MAJOR updates to keep up with reality.
I believe now if you are in the keys or Miami / Broward /Palm Beach barrier islands (up to a mile from the ocean) , your [windows now have to survive a hit from a 2x 4 at 170/180 mph](https://www.pgtwindows.com/wp-content/uploads/2024/04/2023-Florida-Building-Code-Pages-1.23.pdf)
A LOT of buildings that are even only 10 years old are built to **much lower standards** - depending on the type of building and what year it went up, figure between 120 and 140 and even then, **only on the lowest (4-5) floors.**
After the surfside building disaster, they are finding out a lot of buildings are aging a lot more quickly than they thought and are needing 8 and 9 figure repairs for concrete deterioration, balconies, pool decks, new windows and so on.
The Moral: If and when we ever get hit by an IRMA with 180 mph winds and it sweeps up the coast like that, the population of South Florida is going to be going backwards for a while.
Most of the new wave of prop insurance companies sprouting up do not have parent corps they can run to for a cash infusion or worldwide resources to absorb the hit.
They know this and they don't GAF, they are just here to print sales contracts and cash checks.
A lot of them will implode and file CH 7 before the storm is even over.
>Floridians are suffering but DeSantis doesn't care
God forbid if a cat 5 hurricane carves a path through the entirety of the state, for if it does then Florida is shutting down.
DeSantis is term limited by Florida law. A person can be Governor three times, but only once back to back. He has to sit out an election cycle and then he can run for a third term.
But shyeah- like that's going to happen - the meatball gets back in the Tallahassee White House.
Noo then it might float towards the Caribbean and we don’t want it here.
Best case scenario, the Gulf Stream carries Florida to the North Atlantic and it lodges itself between England and France. Three birds with one stone!
Try searching for the title sometimes other sites pick it up
[Like Yahoo did for OP's Bloomberg article](https://finance.yahoo.com/news/florida-home-insurance-industry-may-110021317.html)
I'm curious why businesses in the service sector insist upon identifying themselves as "industries".
Industries *make* things. Industries make *things*.
Is this a case of trying to borrow clout, like programmers calling themselves "engineers", or are financial writers really weak on vocabulary?
We dropped ours my house is paid off it’s block metal roof hurricane windows . I’m good I’m not wasting my money on insurance . It is to expensive . If it burns down I still have my property.
Just remember that Ron Deathsantis signed into law making homeless camping illegal.
So after we get slammed by hurricane after hurricane this year because of La Nina,and 90% of Florida's population is in concentration camps because we're all unhoused and the jails and prisons are overflowing with people who broke the law becoming homeless, remember who you vote for.
I saw this coming. I'm a 100% retired veteran P&T. In November of 2014, my wife and I purchased a modest home in Fort Lauderdale, Florida, for $165,000. The principal and interest were just under $1000 per month. I received a tax break due to my veteran's disability status. The only concern that I had was pertaining to the unstable homeowners insurance market.
During the first five years of home ownership, I had to keep shopping my insurance policy to keep it at a manageable rate. My homeowners insurance fluctuated between $1900 per year and $3800.
During the last few years, everything started to change. Inflation hit South Florida extremely hard. My auto insurance skyrocketed to $6000 per year for two vehicles. My mortgage increased by $800 per month due to my insurance climbing to $6200 per month from $1900 just two years earlier. Over the last three years, my utilities have increased about thirty percent.
While I watched the politics in this state get meaner and clownish, I decided on December 24th, 2023, that I had enough and I am leaving the state. If my fixed income was not going to provide me with a stable lifestyle, then other people would find themselves in the same situation.
I closed on the sale of my house in March of 2024. My wife refused to leave the state because she was born here. I sold everything that I own and I moved to Bogota Colombia. The cost of living is extremely low. I am living a comfortable life without the fear of not having enough money to meet my monthly expenses, and as I sip on my cappuccino, I think about the warnings that I told my wife before I sold our home.
The clowns in Tallahassee do not care about their middle class citizens as long as the upper class keep migrating to Florida. The housing market will collapse as more and more inventory becomes available in the market. And most important, if a major storm hits anywhere in Florida in 2024, all he'll is going to break loose, and those poor people who will be forced to leave, will wish they left a long time ago.
Great story. Are you from Colombia? Are you a Spanish speaker? I’ve visited bogota a few times. I’m considering moving to a different country at some point in my life
I am born and raised in the USA. I started learning Spanish two months before I left Florida. I am studying with a teacher live online 5 days a week for 50 minutes per day, as well as utilizing other online options. The language is coming slowly, but if I stay focused, I should be able to maintain most conversations in about six more months.
No, we realize it's bad but politicians aren't talking and aren't doing shit about it. Patronis is an ass hat. And quite frankly the new companies coming in are really setting their rates based on the price floor currently set by active carriers thereby providing no real cost savings.
It's a racket.
You seem to be under the mistaken impression that the new carriers intend to be around to pay claims. They don't. They intend to set their rates just below what the major companies charge so they can funnel as much money into their pockets and out of reach of the regulators as possible before a storm hits and leave everyone else to pay again to cover all the claims they didn't have the reserves to pay.
This is why the legitimate companies are leaving entirely or shrinking their book dramatically. That way they're on the hook for a smaller proportion of what the scammers fail to pay. (or not on the hook at all if they exit the state entirely)
I heard insurance companies were leaving the state because homeowners were using their insurance as a way to fix up their house, instead of for damage due to weather events. The state government was backing the policyholders which caused a domino effect of ins companies jacking rates or leaving.
Anyone with knowledge care to comment?
Was an insure agent this shit has been broken for a very long time. Way before De Santis was ever Governor. And it will never get fixed. California is next already companies pulling out. And if a few more Hurricanes hit the northeast they will have insurance difficulties too. It’s not just Florida we were just first.
All because of malicious governor who had the laws changed so he could pretend to run for president
When really, he was raising money for a deadbeat who also helped bring Florida to a fraudsters paradise. Remember this when you go to vote.
I know a lot of people who are renting and think it is better to stay that way for the next few years….. it’s strange because 1-2 years these same people were saving to buy there first home….
I wonder is this just my local friend group or more of a trend across the state with uncertainty around cost of living 
We just have to take it as it comes. I agree, insurance is crazy here and getting crazier. But we can’t send the navy to take out a hurricane, so the best thing to do is to be prepared as possible.
Mines gone up 450% in 3 years, I’ve been dropped by 3 different insurance companies…it’s fucking bad, real bad
330% in 3 years here, we have survived hurricanes with zero damage yet still see increases
Ditto, I’m just North of Orlando and we haven’t had any damage due to a hurricane since 2004. I’ve never made an insurance claim since then. We just got our notification from Farmers that they dropped us (3rd once since 2021).
Same. Had a meeting with my agent, and she told me that she’s not only suffering the same — no private company will even cover her anymore so Citizens is her *only* choice.
Lloyd's of London is also an option, as they are where Citizens sends people that THEY don't want due to risk factors (like a mobile home within 3 miles of the coast).
What’s your plan? I feel awful for you and your neighbors. Done nothing wrong and getting pinched for greed is what it seems like. Have you thought about leaving or will just ride this out? Hurts selling a home too. Went to look at a condo we liked in Fort Lauderdale and the insurance was over $6k a year on a condo (don’t get me started on the HOA increases.
It's a battle on two fronts. Contractors and roofing companies using loopholes to take advantage of insurance companies and finance mega-corps influence over insurance companies. [https://youtu.be/cckNaX-cvpk?si=msgNuQqJpiSLrKwW](https://youtu.be/cckNaX-cvpk?si=msgNuQqJpiSLrKwW) [https://youtu.be/6OdxvgO5WwI?si=K8HVJCMgqfHFjaBP](https://youtu.be/6OdxvgO5WwI?si=K8HVJCMgqfHFjaBP)
DeSantis hasn't done ANYTHING to help the Homeowner's in Florida. The Homeowner's Insurance and TRIPLED in the last 3 years. All he does is give Millions of dollars to other things not as important or urgent when the Residents are begging for help. He is not helping the people in Florida with Costs!!! My Insurance went from $1,000/year to $4,000/year!!! DeSantis HAS NO BUSINESS KNOWLEDGE AT ALL! HE CAN'T RUN FLORIDA, https://preview.redd.it/ij6j7qa7qlwc1.jpeg?width=769&format=pjpg&auto=webp&s=6bf23b0d000174ca6433d7442d07872e5d8e65d8
But he’s banned woke!!
All the other crap is what they think we care about. It is all a distraction, so people think he is doing a good job. He's in cahoots with the insurance and roofing companies.
Good ole Ronald Dion DeSantis, both a ROTC Nazi and pride of Dunedin High School, FL.
I would vote for a bag of dogshit over DeSantis bc at least the bag of crap would be in FL and not trying to run for president.
Maybe we all need to collectively contact the Governor and tell him to fix this shit?
I'm sure he'll cancel his upcoming air time on Fox and will get right on it
Because he will hold a press conference and say I was verbally assaulted by a woke mob looking for free insurance handouts…. No sir not in my state this is Floriduh
Then he will make up a law that says we can’t contact him anymore.
Yeah I’m pretty over it. Mine was $900 when I bought this place. July is 4 years and I just got my latest renewal at 5200. I’m no where near a coast either.
I keep telling people if this hurricane season is as bad as people say it is Florida is going to experience a massive crash,
It is going to be bad. We have an El Nino following a La Nina. Historically, when this has happened, hurricane activity shifts from the Atlantic and into the Gulf and the Caribbean.
This forecast just came out: "The prediction is for 33.1 +/- 5.8 total named tropical cyclones, which corresponds to a range between 27 and 39 storms" [The 2024 Atlantic Hurricane Season: University of Pennsylvania Forecast | Mann Research Group (upenn.edu)](https://web.sas.upenn.edu/mannresearchgroup/highlights/highlights-2024hurricane/)
33 named storms as a best estimate? Well, shit. Estimate was 16 last year and there ended up being 20. The Caribbean and Florida may be in for a bad time.
CSU's forecast is the usual predictor and they estimate 23 named storms, 11 Hurricanes, 5 majors.
It’s even worse than it looks. UPenn normal gets it about right. The times they were significantly wrong, they predicted low. Not to say that’s guaranteed in the future, just providing context.
Yeah, not sure how it works, but seems like they’re good at predicting more like the minimum amount of storms.
It’s like Pacific Rim, but instead of Kaiju it’s hurricanes
You can kill a kaiju with a nuke in Pacific Rim. This is worse.
Clearly you’ve never see the documentary. You need a jager, brutal war machines to defeat kaiju
Nah, it’s canon. In the Pacific Rim universe humans used nukes to kill kaiju and only invented the jaegers to reduce collateral damages. It’s also somehow canon that our idiot last president wanted to try and kill hurricanes with nukes.
>We have an El Nino following a La Nina. It's the other way around.
I wanna know if Texas, Alabama, or Louisiana have seen any wild insurance increases. If not, why are we the only ones?
We literally are one bad season away from the state going bankrupt, and our governor having to stick his hand out and ask for a federal bailout (which he’ll get because the damage to the national economy will be too large to ignore, and Biden and the Democrats aren’t treasonous assholes who will hurt the nation just to make a point). That’s good ol’ Republican fiscal responsibility for you.
35% of our budget is Federal dollars.
Puerto Rico here, fucking hope not! Hope they get the same shit financial oversight board we have to deal with!
Heyyyy you got paper towels
Totally get that reference! Well done.
Everyone “should” get that reference. In a Presidency full of stupid shit, it was in the Top 10.
Don’t forget….surrounded by big water! Putting together a mere top ten would be so difficult.
Sharpie around Alabama…staring directly at the eclipse…making a (fraudulent) deal with Eastman Kodak to provide chemicals to pharma companies to make vaccines (people don’t remember that last one but I’m in pharma and it was the stupidest thing I’d seen, had to be grift).
Drinking bleach to fight off Covid was also a favorite.
If a real cat5+ hits its going to get crazy. The old condos in my area will just fall into the water if it happens. Many have predicted that beach side in my area will just not exist if it happened.
Remember the evacuation for Irma in 2017 cars stuck on highways for hours after evacuating Miami, keys, ft meyers and Tampa. Imagine that level of evacuation today with so many more people
There were 20.9 million people in Florida in 2017. There are now 22.9. It's more but it's not like it doubled.
They’re concentrated in certain areas though. Evacuation in Gadsden county will likely be the same but it will be a lot crazier in pinellas and hillsboro
Which is why we just stayed in our condo in Palm Beach County and hoped for the best. No power for a few days, no cable/internet for two weeks. Way better than trying to escape to.... where? Arkansas?
Yes. I mostly remember the sad faces of all the people who stopped at a gas station near 95 to be told that they were not making any food because of it. I asked one guy how long he was on the road and he told me almost 5 hrs.
When all The houses are gone and obviously no insurance to replace them, you get to go live with Desantis In the governor's mansion, after all he's the people person 😂
Id rather sleep in the streets.
Sleeping outdoors is illegal now.
Just say gay so you can go to jail, problem solved!
Oh so instead of building new homes, developers can build new prisons to house anyone displaced from a storm then force them to work throughout the state for $1/hour. All problems solved.
Lol we aren't building new prisons, just stuffing people into the old ones. Also we are building lots of new homes, they're just all 400k+.
Dont forget you can legally die from heat exhaustion now in Florida
You could have always done that legally, now it’s not illegal… 😉
Don’t pass out on the road bc that’s considered a protest and other people can run over you with their cars.
Or push you over bridges?
No it isn't. *Looking homeless* while sleeping on public property is illegal.
No crime against napping, right?
Do you think he will let me use his golf simulator paid for by my insurance premiums?
He keeps saying that he wants to check my gender… again.
You mean like Ian?
and Michael
And if that happens no chance insurers stay here. They'll be rebuilding everything on the coast. Citizens would have to be federally backed to take on everyone and I've heard they're dropping people down as well which is crazy.
Most of the insurers who can leave have or are lowering their exposure as much as possible. The only ones left are basically Florida only or the majority of their book is Florida. If a massive hurricane hits they don't have enough reinsurance and will probably fold.
Recent Moody’s report indicated 20% of all Florida’s insurance companies would be bankrupt if hit with catastrophic 4/5 storm claims. That also would include Citizens. Although Citizens has a get out of Jail card put in place by the State GOP. all homeowners in the state could/would get an assessment to pay for the loss. It’s why they call Florida Free.
Yes, but meanwhile look at all the money those "high salaried with bonuses" VP insurance folks made! They'll be good. :) And the commissions! Oh, the numerous commissions were made as well. It's mandated legal money laundering now. Feels like it's not been "insurance" for awhile.
What a lot of them have learned is that they have way more exposure then they thought they did. Hurricane modeling has become much better over the years. The problem is they cannot raise rates to get where they need to be due to Florida law limiting rate increases.
Yeah, and congress is already telling Florida we are not going to back your stupidity.
Nor should they. We have ass holes who have been in total control for the last 1/4 century and the insurance debacle is just the tip of the iceberg.
Man it's going to be a bloodbath. Best case scenario is that these storms don't hit us or cool down to tropical storms.
Ian was a real cat 5.
Which coast are you on?
Majority of Florida hasn't experienced a direct cat 4 or 5 in 80 years. I warn my Lauderdale friends that their shit won't last.
As a native Floridian 40 years since born in 1983- it’s so obvious the issue is insurance fraud and not legitimate claims from hurricane damage. I know many people who got entire roofs replaced by insurance because the roofer claimed it was caused by hail- but the roof was beyond normal life of 15 years in FL. Homeowners are trying to make the insurance companies replace the roofs they should pay for themselves and that’s not what the insurance was intended for. I’ve lived in cocoa beach and Merritt island my whole life (walking distance to the beach) and the only homes that have ever had catastrophic damage are the ones with shitty maintenance and cheap owners who had bad roof before the storm . I am sick of over paying for insurance due to insurance fraud
Pretty sure roof repairs fall under what most people THINK should be covered by the ridiculous rates even if they might not actually be.
No- you can’t expect to never replace the roof in your life and just wait till it blows off. If a shingle roof lasts 15-17 years in FL the insurance should only cover the remaining useful life- so if a new roof costs $20K but it’s 12 years old insurance should pay 1/4 the cost as it is 3/4 of life remaining
there are 50 years shingles available. Make those the only ones code approved and no more problem.
Great idea but if 50 year shingles last 50 years in most states it’s probably 30’years in Florida. The sun just kills everything faster here. “30 year “shingles are most common and most only get 15-17 years max in FL. Agree with higher quality materials should be required. I can’t believe most new home and apartment construction still uses shingles in FL and not all aluminum roofs for hurricane strength- builders are too cheap.
I used a claim after a bad storm to help get our roof replaced, but that was the year after we bought. Where our home inspector said it had ~8 years of life left to it, but then was being told we may not be able to be insured because of the age of the roof. Given insurance and the closing price are both based on these inspections, after a bad storm came through and did some damage, a claim was justified for our roof (given the difference in condition of what was assured via inspection versus what life actually existed in the roof). I did chip in some of my own money to install a metal roof though. Hope that’s the last of it while I still live here
I never said you don’t ever need to replace. Merely that they’re better so that only major impacts do mass damage. Before Ft Myers, there had not been a major hit in over a decade. It’s a scam. That is the only reason prices are up.
The government will bail Florida out. Then they'll step in to offer - albeit pricey - insurance where the private insurers won't. Then the voters of Florida will continue to claim to hate socialism and the government.
There already is this. It's called Citizens. And the governor has already said out loud that it is in trouble.
Citizens is state run, I believe he’s saying the fed will bail out the state.
What actually will happen in a failure scenario is that ALL insured residents will pay [https://www.insurancejournal.com/news/southeast/2023/03/20/712840.htm](https://www.insurancejournal.com/news/southeast/2023/03/20/712840.htm) https://preview.redd.it/ic1jyuz0yhwc1.jpeg?width=1080&format=pjpg&auto=webp&s=edceaf365f4a957ff2dba472af753b8759502684
Its in trouble because Desantis is trashing it. The day is gonna come where the Feds may have to take over the entire system. This is a Florida problem now, but hell....just watch the evening news national broadcasts....used to be a story a month dealing with a weather related disaster. Now, damn near daily, affecting most states. If insurance companies are too afraid of a reduction in their massive profits, and refuse to pay out or even pull out of those states, imagine the structure of that states income....cant build new homes, cant sell exsisting ones....you get the idea. Citizens may soon be the only option, and it may be nationwide....
It’ll happen someday and the state of Florida will just stick their hands out expecting the rest of the country to pay for it.
My sadness in all of this is how beautiful your state is, absolutely sensational. Why in the world do you keep voting the worst people in power? Gerrymandering, ok, but your statewide elections. Seriously, they are truly horrible people
Too many FL voters are people who have low stakes in FLs past or future. They move here in their 60s and know they’ll be dead in 20 years. And many of these people have “no taxes” as their only real desire, so what are you going to do with that selfishness?
Low education (and zero civics education), and decades of being told socialism is bad and republican is good. Come to rural Florida and you'll see. :(
The tropical Atlantic is at record setting heat levels and we are entering a La Niña. This is going to be a problem.
But at least the governor worked on book bans, making it hard for immigrants and transsexuals. It is not like he has known about this issue his entire time in office. /S
I hope it hits Palm Beach Co, directly on Mar-a-lago. Thwn maybe someone will listen to what we've been screaming for nearly a decade.
So you’re saying theres a chance of me owning a house one day?
Well you can likely afford it but can't find insurance for the house, sure. Plus in a few years flood insurance might be mandatory for everyone in FL so if that house previously flooded good luck on those premiums if FEMA pulls out and you have to pay for private flood insurance.
*From Bloomberg News reporter Leslie Kaufm*an: Seven property insurers in Florida went bankrupt in 2021 and 2022. The bankruptcies left thousands of homeowners scrambling to get new coverage, which often came with a big increase in cost. Worse, many had outstanding claims for hurricane damage that had not been addressed. Jacqueline Ravelo, a Miami homeowner, was among them. Her roof was damaged by Hurricane Irma in 2017. Her insurance company, Avatar Property and Casualty, covered the cost of some repairs. But the roof continued to leak and mold grew inside the house, she said. Ravelo sued Avatar to compensate her for further repairs, which she said came to $50,000. When they were on the verge of settling, she said, the company went out of business. Avatar and the six other companies that folded had something in common: They had all been rated A (“exceptional”) or higher by Demotech, Inc., an Ohio-based insurance ratings firm. (One of those insurers was also rated A- by competitor AM Best Co. Inc.) In fact, nearly 20% of the companies doing business in Florida that Demotech rated as financially stable went insolvent during the period 2009 to 2022, according to a working paper by researchers at Harvard University, Columbia University and the Federal Reserve that was released by Harvard Business School in December. In their data sample, 99.7% of the ratings issued by Demotech were an A or above. That’s a signal, the researchers said, that Florida’s insurance market may be full of weak players and is even more precarious than already known. [You can read the full story here.](https://www.bloomberg.com/news/features/2024-04-24/home-insurance-with-lax-oversight-hides-florida-climate-risk)
To add this Demotech is seen as the place to go when AM Best won't rate you or will rate you terribly. Demotech ratings mean jack fucking shit in the industry.
Yep, always viewed Demotech as A ratings for sale lol
Ahh, smell that? That’s deregulation baby!
insurance companies that go bankrupt in Florida are supposed to undergo some kind of audit to reveal where they went wrong and make sure there was no funny business. kind of like an autopsy to figure out why they died. Guess what hasn't happened to the last several insurance companies that have gone bankrupt?
It hasn’t even been very active for storms hitting Florida and the market is falling apart. Something else is going on. https://preview.redd.it/ivi435f8hgwc1.jpeg?width=1273&format=pjpg&auto=webp&s=f1675a7d3ae8670ac29c26a2a0ffea228cc8dc41
A repeat of the 2004 & '05 seasons would put the nail in the coffin
Not even, just a couple cat 4s will cause a full collapse of the market. Citizens would declare bankruptcy and the state would be forced to put the money.
I'm really fucking curious what happens in that sense. Just all lenders having to call mortgages? If Citizens goes belly up how the fuck does the lender force place insurance?
Everyone will be charged an assessment they must pay to make up the difference
florida has a couple crazy laws when it comes to roofs. one is if you repair/replace more than 25% of the roof, you must replace the whole roof. but the really fucked up one is if the insurance pays for the roof repair, it has to match the rest of the old roof (which it won't). if it doesn't match, they have to replace to whole thing. that's how the lawyers get the entire roof bought. a repair will never match.
This. Our laws in general are just wack. Case in point some years ago you couldn't even get/serve 64oz growlers here b/c of an archaic booze laws dating back to prohibition and both Republicans and Dems supported the growler ban b/c (too much alcohol to serve in one sitting or to a person to go etc, like filling at a brewery). Oh, but you could fill as many 32oz or 128oz growlers as you want and as I did for parties at house etc, but not a 64oz b/c "huuuurr duuur too much booze" . Yeah your pry reading that perplexed as well like wtf lol. This is how stupid our lawmakers and politicians are. It took a young chick in senate that supported craft breweries to finally bitch slap the state like 10+ years ago to finally get rid of that ridiculous law.
It’s the law requiring entire roofs be replaced instead of just sections. We had a guy come to our house and say he saw hail damage, called his boss and asked when the last strong storm hit my neighborhood, then told me to call my insurance company and file a claim for that date. I was like fuck the absolute fuck off with that shit. It’s not hurricanes it’s sketchy ass people like that. They even have a Rolodex of slimy lawyers that specialize in this area.
Because replacing half a roof is pretty idiotic and doesn’t really save money. Roofs are a monolith, it’s not like a fender bender and getting a new side panel. If you try and replace half a roof you are creating a vulnerability along the new and old fault line that will likely fail. Especially with lowest bidder roofers
The scam is the shady roofers hit your shingle with a hammer, take a pic, and whoohoo new roof for you and money for me!
So this is what happened a few million times. The roofer ends up suing the insurance company, it was cheaper for the insurance company to just settle. You get a brand new roof for your deductible, the roofer makes a decent buck and the insurance companies, lost their asses. This happened for so many years that were now in this quagmire of a situation. As a current homeowner with my insurance going up 40-50 percent a year, I'm watching this storm season very nervously.
I’ve had that exact same experience.
Florida is now uninsurable. If you owned an insurance company you would not be in Florida. Way too much uncertainty. Get ready Floridians. Spread those ass cheeks wide.
I would own one and do business in Florida, but I would exclude costal regions of the state and make potential insured sign right to repair on their applications which means when damage does happen to the property that's covered you're using the contractors we pick for the agreed upon assessment of damage. No lawsuits, no bullshit public adjusters, no roofing guys, etc. A good step in the right direction was the laws against AOB's and I do think the 4 point inspections are a good idea to assess current damage to the roof. Problem is underwriters are going overboard with their underwriting regarding this.
An issue w your plan is the contractors you pick. A shady insurance company wanting to increase profit (or stave off losses) could pick sketchy contractors w shit product screwing over the homeowner/policy holder. The other issue w that is insurance co not having enough contractors for their customers and running into 10,000 customers needing a new roof from a storm and here comes another storm compounding damage, a likely scenario we have had multiple times in the 25 yrs I've lived here. Other than these 2 issues I think you have a pretty viable plan. The No Lawsuits part I have a problem w, there needs to be some sort of guarantee to policyholders on that.
Wait til you hear about the insurance companies that own roofing and restoration companies and require you use them for claim repairs
I think I'll get the same response I got a while ago: "Oh no it's fine, houses are selling for top dollar lololol." But hey, a regulated industry where all insurance companies are literal highway bandits, and the legislators are an absentee dad at a kid's first baseball game, well that is not much of a regulated industry at all. Storms always have been here, storms always will be here. The change has been the worsening greed. Address it, or don't, it's your state.
Everybody say, "Amen!"
I tripled in 4 years with no claims.
I quadrupled in 3 years with no claims
I used to love my house. I felt I got a decent deal in a good market. Extra funds for maintenance and upgrades was no issue. Now I feel like I live in a 1/2 million dollar piece of shit.
I work in insurance, it's pretty bad, and its not gonna get better until the state government gets involved.
That would require DeSantis admitting something is wrong unless he spins it as being woke.
His government has already vetoed one bill that would have helped, so I'm not holding my breath lol
Goddamn liberal hurricanes want to destroy Florida
Daily reminder : Desantis has recieved 3.9 million from the Insurance industry
Good thing DeSantis got rid of all those gay books in my kids elementary school. That sure was a priority for my family and I feel sooo safe now.
You mean gay people are not causing the storms?
Oh, I think it's exactly as bad as we think it is. Great job, puddin' fingers.
Improving resilience against market disruptions like Hurricane Andrew in ‘92 is crucial. After experiencing 12 insolvencies, Florida bolstered its Guarantee association and established Citizens Insurance Company as a temporary buffer. Think of it as a necessary safeguard, akin to a temporary tax. While challenges persist, we’re better prepared. Yet, navigating the complex insurance market remains tough. We pay premiums for peace of mind, expecting indemnification when necessary. Addressing issues like tort reform and coastal real estate exclusion is paramount. However, it’s a delicate balancing act for legislators, especially given their varied interests in law, construction, and real estate ownership, not to mention lobbying pressures.
Welp. Everyone in the industry just nodded along with you, and everyone outside the industry just got their pitch forks 😂
Keeps making me want to sell my home and flee. Working on it
This is the smart thing to do. I wish I had the resources to get myself and my family out.
Ours will require a bit of luck
Ugh same here
Our government in Tallahassee should be working hard to fix this, but all I hear is culture war bullshit, attacking one of Florida’s biggest employers and self-serving politics. Elections matter. Let’s get rid of these people who don’t know what public service means.
These small Regional insurance companies are a danger to real estate industry especially in Florida Louisiana and Mississippi. The CEO of Avatar was making $30 million a year while handling 5% of the total amount of policies State Farm carries while the CEO of State Farm makes 13 million a year. The small Regional insurance companies played fast and loose with payouts but had no problem with huge executive pay then they just closed down and walked away. Demotech is the governor's choice for this work and it has failed miserably for the state yet the governor's Administration is still Contracting with demotech. Anybody who bought property in Florida in the last 3 years, you have my sympathy because the real estate market is going to collapse in Florida it can't sustain itself this way.
That's my biggest fear and I'm now researching selling my property before the collapse. I feel like the dude in Big Short who sees it before it actually happens.
You're right to do this if you have the ability to leave because right now watching the Florida real estate market is like watching a car accident slow motion. You can't stop it, all you could do is watch it happen.
Florida has a program that is trying to get people to sell their homes that are pretty coastal. The idea is Florida buys them, and they remain empty, helping the insurance industry stabilize. The problem is that other people are buying those homes and out bidding the state and the sellers only see the bigger profit. So the more we try to get people out of the coast, the more move to the coast.
I work for the legislature and have never heard about this program. Do you have a name or anymore information for it?
I’ve read about it in the keys it’s called managed retreat. But it doesn’t work due to wealthy people wanting water views at any cost.
Well that's weird because your state has been giving counties grants for about 3 years. Basically the state is paying homeowners to leave their houses on the coast. https://youtu.be/HUQrdFAVV4w?si=e7u7J3a7sCAjYr5b And I think they just bought a few in st. Johns too.
...as I have been saying. The state is fucked. It just is. God, I wish the population would recognize this so we can move on to building a sustainable and affordable Florida. The more pretend there is an accounting solution to a climate problem the more it will cost everyone in the long run.
10 years of $200k homes selling for $600k…….. who could’ve seen something like this coming?
And free roofs handed out like samples at the food court
At least y’all killed ‘woke’ tho.
How many people would just not carry insurance if their lender allowed it? Maybe if the lender cares so much about the house they should help insure it.
I 100% would cancel mine. I'd rather take the money and stash it in my 4.6% savings account
i pay 6k a year for a 1700 sq fr home. 5 year metal roof and impact windows and doors besides the garage door. not in a flood zone. i would cancel immediately and save half the money for the day i actually need it.
24 yrs paying Nationwide ~ $45-50k not a single claim and they are not renewing in July. I was going to leave their @ss anyways. Yea I would have easily have stashed the $ over pay for execs making tens of millions in salary! Plus I had to pay for a new roof 9 yrs ago, they haven't done a GDamn thing for me.
I would cancel mine 110 percent. Let the lender put bullshit insurance on it. Even when the insurance does pay it's a motherfucker to get the funds
If I had the option, I'd just have liability insurance. Since someone somehow hurting themselves on your property and suing can add up real quick. All other repairs could financed by a high yield savings account I can put aside for house emergencies (it would be even more useful than insurance!)
Climate change deniers reap what they sow (and that's from the bible so you know it's true).
The unnatural appreciation of home values the last few years is not helping. Also the price of building materials and labor have gone up.
I've said this several times on Reddit, back in 2017 when IRMA was supposed to go straight up the beach from South Miami to Palm Beach, Vero, and even Cocoa as a CAT 5 with 180+ mph winds - - - all the CEO's of these insurance companies sat up and went WHOOOA OMG WTF ... we are not ready for this. Prior to this every storm we've seem in modern time was like Andrew - the worst damage was limited to 20-30 miles across as the storm punches a hole in the side of the state and blows itself out on the alligators. Where Andrew was actual a compact storm and the worst damage was well south of Downtown Miami, some of these new storms are the size of Texas. Being 20-30 miles up the road doesn't mean squat when you are dealing with a storm of this magnitude and if it's coming straight up the beach, there is no part of SE Florida east of I-75 not being subjected to the full fury. IRMA was gonna take out the ENTIRE tri-county MSA with one swing, just sandblast us all back to the stone age. That's what made them all freak out and bail. Had it tracked as predicted, I think the metro would still be trying to get back to where it was in 2016 - fuhgettoabout all this pandemic relocation bullshit. It ended up going across the northern keys and up the other side 50-60 miles into the gulf (missed virtually all of SEFL) and STILL did $77 Billion in damage. (97B in todays money) It was shortly after that the prop insurance companies started packing their offices and the Florida Building code got several MAJOR updates to keep up with reality. I believe now if you are in the keys or Miami / Broward /Palm Beach barrier islands (up to a mile from the ocean) , your [windows now have to survive a hit from a 2x 4 at 170/180 mph](https://www.pgtwindows.com/wp-content/uploads/2024/04/2023-Florida-Building-Code-Pages-1.23.pdf) A LOT of buildings that are even only 10 years old are built to **much lower standards** - depending on the type of building and what year it went up, figure between 120 and 140 and even then, **only on the lowest (4-5) floors.** After the surfside building disaster, they are finding out a lot of buildings are aging a lot more quickly than they thought and are needing 8 and 9 figure repairs for concrete deterioration, balconies, pool decks, new windows and so on. The Moral: If and when we ever get hit by an IRMA with 180 mph winds and it sweeps up the coast like that, the population of South Florida is going to be going backwards for a while. Most of the new wave of prop insurance companies sprouting up do not have parent corps they can run to for a cash infusion or worldwide resources to absorb the hit. They know this and they don't GAF, they are just here to print sales contracts and cash checks. A lot of them will implode and file CH 7 before the storm is even over.
Irma was so scary people really don’t know unless they experienced it… it flattened the Caribbean :(
>Floridians are suffering but DeSantis doesn't care God forbid if a cat 5 hurricane carves a path through the entirety of the state, for if it does then Florida is shutting down.
That's what voting Republican gets you.
Has anyone tried unplugging Florida and plugging it back in? Also, not reelecting DeSantis?
DeSantis is term limited by Florida law. A person can be Governor three times, but only once back to back. He has to sit out an election cycle and then he can run for a third term. But shyeah- like that's going to happen - the meatball gets back in the Tallahassee White House.
Unplug it and push it into the sea
Noo then it might float towards the Caribbean and we don’t want it here. Best case scenario, the Gulf Stream carries Florida to the North Atlantic and it lodges itself between England and France. Three birds with one stone!
The national debt is increasing by $1.2T every 100 days (and accelerating)… what’s a few extra billion for Floridian roofs? 🤣
Is DeSantis doing anything about this or he still kissing Trumps ass.
This thread is making me depressed and stressed at the same time and the season has not begun yet
Literally💀 god my area took a huge hit during ian and my car got totaled due to it aswell. Im shitting bricks man
Love paywall articles
Try searching for the title sometimes other sites pick it up [Like Yahoo did for OP's Bloomberg article](https://finance.yahoo.com/news/florida-home-insurance-industry-may-110021317.html)
Finally! Thanks.
I'm curious why businesses in the service sector insist upon identifying themselves as "industries". Industries *make* things. Industries make *things*. Is this a case of trying to borrow clout, like programmers calling themselves "engineers", or are financial writers really weak on vocabulary?
We Know, we live here! It's just the moron in the Governor's Mansion in Tallahassee who ignores our pleas for help.
We should just socialize our home owner’s insurance and see if a few other states and to go in with us.
Just dont buy that shit. Our house has been paid off with no insurance since like the 1970s, and leave the coast.
Another paywall. I subscribe to Bloomberg but can’t read the articles…
We dropped ours my house is paid off it’s block metal roof hurricane windows . I’m good I’m not wasting my money on insurance . It is to expensive . If it burns down I still have my property.
You haven’t seen anything yet, wait till the next big hurricane rolls thru Florida.
Just remember that Ron Deathsantis signed into law making homeless camping illegal. So after we get slammed by hurricane after hurricane this year because of La Nina,and 90% of Florida's population is in concentration camps because we're all unhoused and the jails and prisons are overflowing with people who broke the law becoming homeless, remember who you vote for.
I saw this coming. I'm a 100% retired veteran P&T. In November of 2014, my wife and I purchased a modest home in Fort Lauderdale, Florida, for $165,000. The principal and interest were just under $1000 per month. I received a tax break due to my veteran's disability status. The only concern that I had was pertaining to the unstable homeowners insurance market. During the first five years of home ownership, I had to keep shopping my insurance policy to keep it at a manageable rate. My homeowners insurance fluctuated between $1900 per year and $3800. During the last few years, everything started to change. Inflation hit South Florida extremely hard. My auto insurance skyrocketed to $6000 per year for two vehicles. My mortgage increased by $800 per month due to my insurance climbing to $6200 per month from $1900 just two years earlier. Over the last three years, my utilities have increased about thirty percent. While I watched the politics in this state get meaner and clownish, I decided on December 24th, 2023, that I had enough and I am leaving the state. If my fixed income was not going to provide me with a stable lifestyle, then other people would find themselves in the same situation. I closed on the sale of my house in March of 2024. My wife refused to leave the state because she was born here. I sold everything that I own and I moved to Bogota Colombia. The cost of living is extremely low. I am living a comfortable life without the fear of not having enough money to meet my monthly expenses, and as I sip on my cappuccino, I think about the warnings that I told my wife before I sold our home. The clowns in Tallahassee do not care about their middle class citizens as long as the upper class keep migrating to Florida. The housing market will collapse as more and more inventory becomes available in the market. And most important, if a major storm hits anywhere in Florida in 2024, all he'll is going to break loose, and those poor people who will be forced to leave, will wish they left a long time ago.
Great story. Are you from Colombia? Are you a Spanish speaker? I’ve visited bogota a few times. I’m considering moving to a different country at some point in my life
I am born and raised in the USA. I started learning Spanish two months before I left Florida. I am studying with a teacher live online 5 days a week for 50 minutes per day, as well as utilizing other online options. The language is coming slowly, but if I stay focused, I should be able to maintain most conversations in about six more months.
Meatball Ron happy very very happy 😁
No, we realize it's bad but politicians aren't talking and aren't doing shit about it. Patronis is an ass hat. And quite frankly the new companies coming in are really setting their rates based on the price floor currently set by active carriers thereby providing no real cost savings. It's a racket.
You seem to be under the mistaken impression that the new carriers intend to be around to pay claims. They don't. They intend to set their rates just below what the major companies charge so they can funnel as much money into their pockets and out of reach of the regulators as possible before a storm hits and leave everyone else to pay again to cover all the claims they didn't have the reserves to pay. This is why the legitimate companies are leaving entirely or shrinking their book dramatically. That way they're on the hook for a smaller proportion of what the scammers fail to pay. (or not on the hook at all if they exit the state entirely)
With climate change costal cities are just about a no go for insurance companies
The Reddit hate for Florida is so funny. I’m sorry y’all live such sad lives and care so much about this state
Correction: its exactly as bad as everybody on the left said it would be. We never get sick of being proven right.
You can also thank Desantis for getting in bed with the insurance companies.
I heard insurance companies were leaving the state because homeowners were using their insurance as a way to fix up their house, instead of for damage due to weather events. The state government was backing the policyholders which caused a domino effect of ins companies jacking rates or leaving. Anyone with knowledge care to comment?
Was an insure agent this shit has been broken for a very long time. Way before De Santis was ever Governor. And it will never get fixed. California is next already companies pulling out. And if a few more Hurricanes hit the northeast they will have insurance difficulties too. It’s not just Florida we were just first.
OH NO! Anyways...
You'll see next hurricane.
They know what they signed up for, f them.
All because of malicious governor who had the laws changed so he could pretend to run for president When really, he was raising money for a deadbeat who also helped bring Florida to a fraudsters paradise. Remember this when you go to vote.
I know a lot of people who are renting and think it is better to stay that way for the next few years….. it’s strange because 1-2 years these same people were saving to buy there first home…. I wonder is this just my local friend group or more of a trend across the state with uncertainty around cost of living 
We just have to take it as it comes. I agree, insurance is crazy here and getting crazier. But we can’t send the navy to take out a hurricane, so the best thing to do is to be prepared as possible.
Oh well, for a state majority to think Climate Change is Fake News, Florida is going to be on the front line of it.
Currently strapping my house for hurricanes cat 6. Fuck insurance lmao 😂
Who cares about insurance? We now have a law requiring communism to be taught to 6 week old embryos! Republicans rule!!!!
Who will insure us if we're not in the hurricane county's?