@@info781 funny. We already have high property taxes, sales taxes, and insurance is ridiculous.. You think we could afford yet another tax? that won't work. Unless it's just to run us out of the state. which is what i think is underlying all this.. Run out the natives and let the rich and sleezy stay here.
@@anniesshenanigans3815 Of course , but right now Citizens in FL does not have enough money to cover another Ian and if Citizens runs out of money all tax payers in FL have to pay, that is why they are trying to move people to private.
It’s because for decades Florida allowed contractors to sue insurance companies for many times fraudulent claims. The lawyers made millions so did the contractors. 😂
That's a part of it but it's more complicated than that. Part of it is the cost of construction/repair has greatly increased. Part of it is that climate change, especially in Florida is greatly increasing risk. Part of it is that the reinsurance market is trying to derisk and so reinsurance costs for Florida are skyrocketing. Part of it is that is past bankruptcies of Florida insurers have decreased the number of insurers willing to give you quotes, and many other insurers aren't writing new policies because they are scared about the quality of the people shopping for home insurance right now (many insurers are not renewing their more dangerous/costly customers so if you're shopping around the insurers are going to assume there is a higher risk you are a lemon/high risk homeowner). Finally, the Southside condo collapse also revealed that a lot of condos in Florida, especially the beachfront, are at risk of being behind on maintenance and tougher state regulation will increase the amount of required maintenance they have to cover.
Thank the governor who collected millions from the insurance companies for his campaign. If they are so broke how did they afford that? It’s public information who donates to campaigns
My insurance has gone from $1,530 to $2,500 and when renewal hits in April it will go to near $5,000 and as a 100% disabled vet I can't pay it. I had the house on the market from Halloween till Christmas but house prices have dropped too much. Not just the rates by the way but they are going to require me to get a new roof next year when it is 15 years old. That will be another lump cost of $30,000 on top of these insane premiums. My only option will be to just drop homeowners insurance and pay for the forced insurance from the lender. All that covers is the principal balance on the loan. No liability insurance, no coverage in case of fire or storms. And it is still $4,000. This is probably the year I will lose my house. And insurance is the reason why. There is a lot of insurance fraud in Florida, but 98% of the insurance fraud is on the part of the insurance companies.
Those are some strong claims, that 98% of fraud is in the insurance companies. Lawyers made a fortune on those one way fees and killed the golden goose driving almost every company out of the state. Anyone who has bought a house before 2022, is way in the money, house prices have gone way up in the last few years. .
I won't be able to sell because the HOA and insurance is almost as much as the house payment and they doubled in 2 years. I will have to walk away from my home.
You are spot on!! My insurance is over 6k now. And to clarify your statement about the insurance fraud by the insurance companies... for those who say you are wrong.. I ask them to look at the huge profits that insurance companies are making and tell me that isn't fraud when they claim they are losing money. Insurance is a scam.. I have said it for years... I made a vid about it. I am so PISSED. I had a huge savings account, and I have now paid it ALL to my mortgage so I can pay it off and dump the insurance gougers.
@@info781 fraud or scam. They claim they lose money but if you look at the financials they are making huge profits.... otherwise why would they be in business??
I was planning to move to FL for the last three years. However, watching the weather disasters, the rapid increase in population, increase in the cost of living and especially the insurance crisis and price increases. I decide that retiring and moving to FL was no longer an option. I wonder how many more people made the same decision.
@@jlam3927 insurance companies don't want to pay for claims... that is the biggest issue. They want to take your money and never pay a claim. and take forever. There are homes here still not repaired because insurance thinks a roof should only cost 5k when it's going to be double that. They are useless.
And nobody likes to talk about the elephant in the room, the future hurricanes and major storms, causing billions of dollars of more damage which will have to be accounted for through insurance. You would be fooling yourself to think your premiums are going to be less in the future.
NONE of the insurers in Florida now offer both car and home policies. You can get a bundle of auto+home from State farm but the home policy is through an affiliated company not State Farm, and that policy even with the bundle discount was more than $1,500 higher than getting car insurance through GEICO and house insurance through Citizens. So what few avenues for bundling there are save you nothing but cost you more. And if you are on a fixed income like me as a disabled veteran what would be the point of insurance with higher deductibles that are so big I can't meet those? I would still end up losing my house. Search for discounts? A lot of companies sell insurance but only 5 or 6 underwriters are left in the state and those are the ones who will determine your rates. You can shop around to every agent and every company selling insurance, but it would take you less than an hour to get the lowest rate and the highest rate. I shopped around in 2022 and found rates from $3,400 to over $11,000 per year, I am 66 in the spring and never once had a claim in my life, and am at 90 feet so no flooding even possible.
and yet I bet they want you to buy flood insurance. My house is over 50 years old. SWFL. Never ever flooded. And now they say I have to have Flood insurance if I want any insurance.
State commission for insurance are the problem. At this rate, state should blow private insurers and expand public, which should focus on customers experience.
It's terrible I'm a realtor in Florida don't bother moving here you won't get homeowners insurance and if you do you're going to pay tens of thousands of dollars on the water and 5 to 10,000 in the center of
I live in Broward County FL , had CITIZENS INSURANCE for many years . never made a claim and last year (October 2023 ) they sent me a letter saying WE ARE CANCELLING YOUR INSURANCE (Insurance would have ended December 18th 2023 ) BECAUSE YOU NEED A NEW ROOF , and i was thinking : WELL, I NEED 30 THOUSAND DOLLARS TO GET THAT " NEW ROOF " that according to Citizens i need to change every 15 to 20 years ! so i put every single extra penny i had into paying my mortgage to CHASE BANK , which at the beginning of 2023 was around 29,000 and by January 25th 2024 i finished paying it off completely and i am going BARE , no Citizens , and no other insurance that would have me pay 6-8-10 thousand dollars a year , to only give me a HARD TIME if i dare to make a claim and raise the fees on me even more . They LOVE IT when you pay them on time , but if you dare to make a claim they do anything and everything TO NOT PAY YOU , and i had it , officially !!!!
This governor's all about tackling politically symbolic issues and avoiding real ones. Consistently he abrogates his responsibility for the sake of ambition.
The law taking away the companies paying for attorney fees was nothing more than a cash grab from insurance companies. Now just how much reason do they have to pay a claim, if they know you'll have to pay tens of thousands to an attorney to sue them as they drag out the legal process as long as they can in an attempt to drain you. The solution is simple....if a company or parent company offers home insurance anywhere, they cannot offer other insurance in Florida (car, life etc.) unless they also offer home insurance. - Insurance companies have become far too large, and now want to collect premiums only if the risk of having to ever pay out is very low.
this is not a problem with insurance companies - they have to leave FL due to the RISK. The ones hanging in must charge much more in order to have funds to pay out for the huge disasters.
Ask rural americans what these home insurance companies are expecting from them as well. They are canceling home insurance in the middle of nowhere as well. Check it out.
well I have to explain to you that my house is over 50 years old. Inland from any waterway. Never ever flooded. YET FEMA rezoned the area so that the insurance companies can FORCE me to have FLOOD insurance if I want ANY homeowners insurance at all. That doubles my insurance. DOUBLES it. So if I want coverage for ANY REASON at ALL. I am FORCED to buy the flood insurance as well.
@@anniesshenanigans3815 If your house flooded ( remember floor zones change from time to time ) would you seek some sort of govt assistance? Also know that " Flood " is considered and water that enters from the land surface or sub surface. This might include very severe storms. And, how about you starting an insurance co to help your neighbors?
not just florida, oklahoma insurance is insane due to tornado and hail damage many people have had rates double since last year, ours jumped 60 % and we have 25 thousand deductable
I canjust see that call. "Ma'am, I just ran the numbers for your annual Homeowner's Insurance and I am sorry but I have to make you aware your insurance cost will be going down by 10%" :)
It's time to boycott insurance. I am paying off my mortgage as soon as possible.. and dumping the price gouging insurance companies. the regulators are USELESS!!!!!! I sent them an email and got one back pointing the fingers at other entities. NEVER addressing my issue at ALL. That insurance commissioner is USELESS!!!
And who are you Bob? I see you have posted the same brainless post throughout the threads. How about our legislators do their jobs instead of using these companies as cash cows? Ohh wait..that's the reason we are in this situation. Because it's all a dirty cash grab from the top down. This didn't happen overnight and your solution is a disgrace.
Gouging, get it while you. If you own your home, property or vehicles you have no worries. That being said the greed in the world can all be taken away
Look up the insurances stock portfolio, prospectus. What I read is that there future looks brighter due to high premiums from higher rates for home insurers Really sad for seniors, fixed income homeowners
Hey if that insurance commissioner wants to pay peoples insurance bills until it "levels out" I can send him mine. All that is double speak for "in time it will stop doubling" instead of going down.
In other words you don't want free market you just want everyone on Citizens? Public sector has trouble with price discovery, they are under charging now.
Buying a home that has had claims is risky , in my opinion. How many people actually fix the repairs correctly. Meaning how much money do they pocket instead of lets say replacing kitchen cabinets , then just painting them. When they needed to be replaced. There should be law to follow up on those repairs. Because then it will become a headache for futrue buyers and insurance company I believe. How many people actually like to inflate a claim just to profit from it. These are other issues that should be looked at. In my opinion.
It's time to start or keep calling the insurance commissioner as the insurance companies claims have fallen drastically, yet there is no relief for the homeowners. Furthermore, property taxes have doubled and what are we getting for that money? "0"
Going bare and having a catastrophic storm and take your home along , but your land is going nowhere ,so you can rebuild on your own land ,or sell the land
@@dgibbsfl Florida real estate has been boom and bust for the last 125 years, if you understand the history, you can prosper. Many folks don't understand the booms and busts can last decades. Boomers are still coming for next 10 years. I am sure you know what I mean.
Well the idea is that even if the fault of the insurance company is limited they still have to pay the plaintiff, attorneys fees, and so therefore they will just settle. That is no longer the case. All lawsuits being filed now are almost certainly legitimate with substantial damages.
When the cost to build a house doubles the cost to insure doubles. We thought we were safe in Florida but no one is safe from the cost of the Wuhan lockdowns.
Wuhan Lockdowns? You’re watching too much, Fox News, try mother nature who is not going to be gentle in the future on Florida, as well as greedy, crooked, insurer agents, and contractors. Has nothing to do with Wuhan.
I can't believe that anyone with less than a million dollar portfolio can live in Florida. I left 20 years ago and never looked back. I seen building sites for sale in Port St Lucie for $99K. And here I was earning $20K . Lol. I figured at that rate I could own a home by age 80. Bye