We got sold out to the insurance companies! This also requires HOA’s to provide a Huge Surpluses to Homeowners within the community, which will cause HOA’s monthly payments to skyrocket 300%-400%. This will Bankrupt a Major Majority of Homeowners!
Hi Kim. Thank you for addressing the homeowners insurance crisis. You always nail it Kim!! This is definitely a major consideration for us to purchase in Florida. It’s so frustrating to hear that the insurance costs have increased so much. It is pricing us out for purchasing a home in Florida. We’re wondering if it’s worth the risk to move to the sunshine State. What happens if Florida gets another CAT 5 hurricane? Where will it end for homeowners in Florida?
Well insurance premiums will vary depending on where the house is located and the age of the home. For example my client recently got a policy for 1500 a year. The house is close to the Marsh but brand new so the premium isn't bad. An older house in a known flood zone would probably pay double so there are still options too many variables involved. It's not a one size fits all. Florida has been known as a hurricane prone area but the biggest affect on insurance has been litigation. The good news is these bills should help the insurance market for the future.
Let's be real. Unless the government (Florida state or the Feds here) becomes an insurance agency, there is nothing the Governor can do. You can't force a company to insure people when the cost of doing so will be to bankrupt the company. Even if you mandate you must cover XYZ to do business in Florida, we've already seen companies flee states when insuring becomes unprofitable. I had this happen to me in NJ in 2001 with car insurance. Due to so much fraud, all the companies but 2 fled the state. I had to triple my rate from California when I moved there (to NJ) until I left the state 4 years later. This is no different. No matter how much you study or advise or mandate, a company is not going to willingly open themselves up to failure. The only relief is to make home insurance for loans, ownership, etc, NOT mandatory.
It isn’t legally mandatory but If you loaned someone money to buy a house/car and they told you they were living/driving with no insurance, would you be confident in getting your loan back if something happened? Thats how the leinholder’s feel.
Hopefully soon, we are checking every day what is on the market. Waiting for my stepdaughter to come back from France in February so she can stay with my younger daughter when we will come to Fl. It will be short weekend trip, like last time. We will bring the bagels for sure😆😉
