@@jennychurchill2716 I don’t do any calculations, I have 2 properties, one in Ocala and one in Bradenton, I don’t pay insurance to those monsters the only insurance I need is GODS insurance , thankfully he gave me knowledge to fix my stuff in case it gets ugly, I save my money obviously…but that’s just me, we are all different and aren’t the same, you may live in a million dollar home so that’s def different. God bless…
@@jennychurchill2716ive done the math too, my odds of saving money after a hurricane takes down my roof without insurance is way higher than having ton pay for a service that never comes through when you file a claim.
If you own your house outright, do what you want. It's a free country. But if you have a mortgage and drop your insurance, your bank will move to foreclose.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
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Fort Lauderdale hasn’t had a hurricane in 8yrs. That’s $160,000 in insurance. If your roof blows off that’s about $50,000. So I’d rather pay out of pocket and save $110,000.
@@drinny26: 'Fort Lauderdale hasn’t had a hurricane in 8yrs. That’s $160,000 in insurance.' Did you drop your insurance 8 years' ago and now have $50,000 to replace your roof?
😂I bet you believe Trump cares for you and the Governor is perfect. I bet you deny climate change and hate masks. And now you want free home insurance.😂😂😂
@@Tony-lc5xo said " Yet the experts are convinced the mortgage required insurance is the best way. " Say you had a company offering mortgages and the collateral for the loan was the home it's self. Say the home burns , is a total loss and the owner does not have the $ to pay off the loan. Would you be OK with taking the loss on the property?
@@bobroberts2371if the premium is proportional to the debt, yes. Say you owe $100000, insurance pays $100000 to the bank. Any extra coverage should be optional, allow the borrower to decide what he needs after the loan is satisfied.
@@bobroberts2371 millionaires and billionaires do that all the time. Take out a bunch of debt. Gamble with public money. Keep the winnings and default when you lose.
I've been saying this for years that "by the way home prices outpace wages, you will have to work 40 hours a week just to pay insurance and property taxes."
Could you please perform a study to see how much the CEOs are drawing from these new insurance companies. How much of our premiums go to the owners of these companies. Then they fail after a catastrophic hurricane and the homeowner is left with nothing.
@@bryone6421 The more stories from the press, the more pressure on the state government to do something other than giving the owners of "Fly By Night Insurance" large paychecks. I wonder who insures the Governor's mansion?
@Tekniq182 Yeah, you are living comfortably now, but there is no guarantee that you will be comfortably next year or the year after. Nobody is immune from a major event that will cause financial distress.
@@Tekniq182I have my own home and live comfortably too. I also recognize that many don’t. I’d say they could work harder but I’ve seen too many hard working people not make the money. Essential personnel are paid crap here.
I’ve been through four hurricanes. When my premium was $2,000 on my $300,000 home I never collected more than $3,000 from insurance claims over 15 years. Now my insurance company wants close to $10,000. I have an exceptionally strong home and roof. Concrete walls with a Steel roof, fastened every three inches on steel girders. It cost me a pretty penny compared to a regular roof, but as an aerospace engineer it should be good for excess of 250 mph gusts. I will keep the ten thousand rather than give it to an insurance company.
It's a joke when your insurance cost more than the cost of your home. If a rate at 20k a year is for the next 5yrs you can actually sell your home and move out of florida and pay way less for a home and live without insurance. It's not insurance when the cost is for 30yrs mortgage is less than the premiums you would pay in thiry years, It buying another home for someone else.
$20,000 a year? 😨😨😨 If your house is paid off and in your name, it is better to take all that money you're paying the insurance company and put it in your account then use it when something happens. I know a few people in Louisiana who are doing this and everything working out fine for them. 🙂
Self insure if you own I self insured 7 years ago I have never had a claim in 15 years I put 2500 a year up. For the past 7 years in a high yield account.
My dad and my stepmom Sarah did that three years ago with their house when they paid it off. They decided to ditch insurance altogether because it was going to cost them 7000. I’m sure it’s more now at around 8000 9000 or even 10,000. Or even 11,000 or 12,000 to 18,000.
The insurance companies try to scare the public by talking about a catastrophic loss. In reality, how many houses, not including houses on the beach, do you see that only lose a few tiles on the roof, or in the worse case, a portion of the roof? A completely new roof costs on average about $20k and that is the deductible you pay even with insurance. Think about it, what are the chances you would lose your entire house down to the foundation? (Unless you own a beach front house.)
Imagine paying $7-10,000 yearly for insurance. That’s $70k in 7 years. Never had a claim and insurance companies pulling out of state with all that money! They’re CROOKS and this needs to be changed and regulated‼️‼️IDC what anyone says, this is WICKED WORK ‼️‼️‼️
If you can go without insurance, go. You pay them all that money but as soon as something happens and you file a claim, they give you every excuse they can think of NOT to pay you. You end up having to pay to fix and repair yourself.
It’s all part of ending home ownership. If you cannot get the insurance you cannot get the mortgage. Then private equity waits for prices to drop and buys all the single family homes outright to rent back to you at a premium.
@faiqquraishy9896 How much are you willing to give up in the name of climate change? They will take away everything you have and it still will not be good enough.
Don’t forget the double and triple home prices in 2-3 year thanks to the out of control flippers and investors hoarding everything in sight. Insurance is based off bubble prices.
Don't confuse the emoters by providing them with factual information. Their heads will explode. It's much easier to blame faceless people or a politician. But when these people who go bare and lose it all, they'll be running to *someone* to help them rebuild their lives. It's also amusing that they can't afford the insurance premiums but they claim they can bank the $20K that they would otherwise pay for insurance. I find it hard to believe that they have that kind of discipline. And what happens when that $20K per year you were going to "save" is lost in the market or interest rates return to near zero and your return collapses? I also wonder if these people will ever again be able to get insurance once they cancel. When we moved, the only reason we were able to obtain insurance on our new home was that we were existing policyholders. A wise person once told me: Only insure what you can't afford to replace.
Black Rock and Vanguard, the asset manager and equity funds that buy up all the real estate also hold significant interests in the mortgage industry and, drum roll please........insurance sector! This is all by design, nothing is left to chance when you control all the cards being dealt.
they won't insure anything that might actually happen for less than getting it fixed 3x over. save your money and just fix it yourself, or abandon the property if something bad happens.
Theory: the insurance company wants you to forgo insurance so the can have the government pass a law that allows them to charge homeowners for the service availability even if you are not connected (i.e. sewage lines). Reason being, some states charge off grid solar people a monthly fee which is crazy
@@Shellm-r3e yes i saved up the last 50k and paid off my mortgage, i don't care if interest rate was like 4 percent...the mortgage company wanted to add on additional insurance on my house that i havent had for like 15 years but out the blue they wanted it
Everybody wanting a 4,000+ sf home has also added to the problem, a lot of million dollar houses out there these days so imagine having to repair most of them after a storm.
The government should put a cap on it. People like us are elderly and don't own our home so if we don't carry insurance we loose our home. It is ridiculous
The gumment is not the answer unless they can work with an industry in a quasi type partnership that would lower cost or at the very least stabilize the cost. Not sure the zero common sense gumment can accomplish anything without more regulations. But, I understand the dilemma of the housing market values that have increased drastically over the last few years. Maybe there could be a cooperative of sorts put together whereby a certain group of home owners could self insure themselves with the money deposited into safe investments to cover a potential loss. Have a minimum set up where you can't claim for just small claims and have clauses to stop the greed factor of too many claims. Again,this is just ideas. Specifics would be area by area even within each state since values of homes can change by subdivision. I live in a existing mid century subdiv. where there are 200 homes. We had a tornado recently in the past three years. But, a small percentage of homes severely damaged. Do the math. 200 x whatever x the few that were hit. Yes there are other type claims but I think the numbers could work for a cooperative and in essence a self insurance policy for many. Just need to have solid guidelines for too small stuff and frivolous claims. Anyhoo , maybe better than insurance companies.
Dropping ins in our current ‘lawsuit’ society is not an option. Sell the home and move while the market is still up. All those people (most) with a mortgage have no choice, you either pay the premium,sell the house or go into foreclosure. I foresee a lot of inventory coming to the market in Florida,not necessarily by choice.
I’m shocked any insurance company would be willing to insure homes anywhere in Florida except near the northern most border. The next big hurricane that hits, and it will, will see almost every insurance company leave the state. Between the weather and its corrupt contractors, it’s a state that’s uninsurable.
A lot of talk about how this affects home owners. What about how it affects 1st time home buyers or just about anyone considering buying a home with a mortgage that requires insurance. Another obstacle in the real estate market in addition to home prices and higher interest. It's getting to be that the only people that can afford to live here have to buy with cash and go without insurance.
It's not worth it .. I cancel my insurance 3 years ago iv saved nearly 10k my coworkers also cancel there's they paid 15 year's never had a claim their insurance increased nearly 4k .. car insurance is on the same track 2017 chevrolet cruze worth 3k insurance cost $2000 6 months 2024 volkswagen atlas sel peak edition loaded worth $54000 cost $2200 6 months this is my daughter payments makes no sense
@@RobertZemeckis2025 Been living in Florida when it was purple (1993). 2 homeowners insurance crises since 2000. How do you think Citizens was created? Under Republicans. Majority Red since after 1998. Now Super Majority Red. All issues in Florida are Republican faults. Homeless population just as bad/worse than California (homeless in Florida sleep in the woods). Top 5 in auto thefts. 17 million less people than California. Bottom 12 in median household income. Top 5 in fees & tolls. Yup. Democrat. My party is not to blame for the issues in Florida. Florida Homestead Exception & higher minimum wage were all state constitutional amendments. DeSantis will take $18 billion in Federal Infrastructure spending (& take all the credit) & immediately allocate $7 billion of it to 4 long overdue funding of needed interstate projects. All Florida Infrastructure work is at least 20 years behind all new home construction (that's why congestion gets worse & worse). I have lived in 5 Florida counties. I have driven through over half this state (work). I have talked to many long time Red Floridians who are leaving Florida because of the above issues.
@@jasoncrandall73 NY still giving free hotel room for this border crossing people, its already cost them billion s of dollar tax payer money, NY also getting fed money, so hotel rooms cost subsidized by feds, and FL paying more fed tax than NY and IL, CA also doing this we dont know total cost of money
@@RobertZemeckis2025 🤷 More Red states are welfare states than blue states. More blue states are donor states than red states. Under DeSantis Tallahassee has more say over building density than local governments. Florida only cares about 2 entities- Developers & Insurance Companies. Blue cities were "Sanctuary cities" so they can get anyone to talk to law enforcement to solve crimes. Red states made it a political issue when it wasnt. Republicans had the White House & Both Congressional Chambers in 2017 & did nothing on immigration reform.
Pay off your 2.9% mortgage and let FEMA pay for any hurricane damage. Time to push the reset button on the Florida Insurance Industrial Complex. Don't get me started on the South Florida Car insurance rates....
Its not just south florida, its all of florida. our monthly insurance cost for house knocked our mortgage up by almost 1k and when we added our newly driving daughter to our policy it knocked the bill up by over 500 dollars. I live in the part of the panhandle that is considered alabama.
To be fair, Florida does have a problem with scam artists soaking the car insurance companies. Which I blame on the auto insurers because they refuse to fight fraudulent claims, even when they tell the the car owner that they know the third party suing them is a scammer. It’s completely the opposite of the way they treat property claims.
To be clear for self insurance you need a minimum of 50% of your properties value as a disposable cash equivalent. That liquid cash equivalent must not be any part of your retirement plan. Ideally you would have 150% cash equivalent for a valid self insurance plan. Basically if you can’t afford the insurance you sure as hell can’t afford to self insure. If your premium on a 300k home is 10k the insurance company is basically telling you there is a 1 in 30 chance of a total loss on your property each year.
This extreme capitalism has been going on for decades. It’s not good for 99 percent of Americans. First step to correct the course is to take big money out of politics.
Its not so much capitalism, its corruption within gov't that have allowed predatory type regulations against the consumer. Insert Socialism or communism and it gets even worse because now the corrupted govt has even more control over you and your rights. Not all [insert your ism here] are the problem or the solution. Some sectors will do better under [insert ism here] but socialist and communist system typically fail the hardest because of human nature. The best system is capitalist because of human nature and self preservation always coming on top. Capitalist system is driven by self preservation [incentives] . However our current incentives are against the consumer because of govt conflict of interest and corruptions. So the issue is not that we have a capitalist society but rather that our incentives are all WRONG for many things. Healthcare being the biggest failure when it comes to properly structured capitalist incentives. As you say the guard rails are fckd but so are the incentives that heavily favor the Oligarch(the few) versus the consumers( the many)
@@BM_100 It reaches a stage of oversaturation & widespread abuse where you cannot squeeze any more money out of a rock & then begins to devour itself & destroy the social & economic fabric of society with it.
Insurance is some what like a ponzie Scheme you pay and in the end you Get very little or nothing . Always a loophole in the fine print On the last page of the policy.
Dropped my house insurance years ago. The money I would have paid for premiums is kept in an emergency fund. One claim in 40 years for hail damage. They paid at the time but now refuse to cover hail damage. They are useless.
Good for them ... just save the money you would have paid the premium with for repairs and hope nothing terrible happens..they don't pay claims anyway 😂😂
Lesson learned buy a house 25 miles inland and every other year drop insurance and take a gamble. Remember NO STATE TAX MEANS A INCOME SAVINGS OF about $10,000 a year for a household as compared to NY NJ CONNECTICUT CALIFORNIA. we also have HIDDEN speed cameras in NY and a household spend $1000/yr paying in top of Bridges and Tunnel tolls that average $1000 a year. Oh and gray skies 200 days a year with cold weather from December - middle of May.
For 20 grand a year you might as well save that 20 grand yourself every year and if something happen fix your house yourself. .. INSURANCE HAVE BECOME A SCAM ..
In 2015 my Florida property (3700 sq ft on the Lauderdale canal) was $2.5K to insure. Four years later it was $16k so we decided to self insure since we own it outright. Insurance industry is out of control
It's not only in Florida. The weather is not as bad in New Jersey as in Florida and our rates are just as high and are going up yearly. I've owned my home for 19 yrs and never had a claim. BUT I KNOW IM NOT GETTING ANY KIND OF REFUND OR REDUCED RATE!!! ITS ALL A SCAM!!
Look at the numbers.....approximately 10 million homes in Florida at a premium of 3000 dollors a house...... where is all that money going? OUT OF YOUR POCKETS AND OUT OF STATE, BILLIONS SCAMED OUT OF HONEST HARDWORKING PEOPLE !😢
Well, guys down there in Florida, what do you expect when you live in hurricane alley? Do you expect your insurance company to spread the risk to, say, me in the boring Midwest ? I have to pay a higher rate, so that you can continue to live in "paradise" for cheap?
That’s what I did sold the condo on the beach and bought a bigger newer house inland and paid cash so I wouldn’t have a mortgage added accordion Shutters ,dumped the hurricane insurance and just kept the liability,Fire and then added Flood Insurance (FEMA) total cost $1;500.00. Put the difference into a separate account for emergency repairs if needed.
So, why have it? They fight you every step of the way to payout anyways and end up giving you half of what they should after months or even years of waffling.
With 2 years worth of insurance you can change the roof if a storm rips it off, God forbit...I too plan to drop my insurance as soon as I pay off my house. Insurance is mandatory it you have a mortgage
It’s not coincidence it’s low lying coastal areas dealing with this issue. You can debate climate change but you can’t debate the economic impact of natural disasters
If your house in Fl is not in close proximity to a water surge, 15 -20 thousand x 10 years investing that money u have more that enough unless u have a category 5 “direct hit”
They need policies that exclude named storms. Basically, you can ensure against fires, tree falling on the house, etc., but you skip named storms - why can’t we do this? If your house is rock solid and you’re willing to gamble, why not just hedge against the random stuff like a faulty circuit breaker or broken water line?
It's crazy that the insurance companies will be quick to take your money but they will be very slow to help you when the time comes. Lol. There will be letters in the mail. There will be denials. There will be deductibles and co-payments. 😂😂
Shop around guys. I had nationwide 2100 a year it was going up never file a claim been with them for 20 years. Replace the roof out of pocket and we drop them got all state same coverage for 1200 a year.
There are so many people in Florida like me who are disabled or seniors who have waited and saved their entire lives to buy a house. We can afford the mortgage and property taxes but not the homeowners insurance. Now we're still renting and being priced out. At 58 years old and disabled l cannot keep packing and moving due to yearly rent increases in the hundreds. I pay full market rate rent. It isn't only me. Thousands of Floridians are in this predicament. DeSantis seems to be concerned about everything except this housing crisis. He couldn't even manage his campaign finances and ran out of money so he damn sure can't manage this state. He's incompetent.
Why the SHOCKING emphasis on "seeeeeeeventeeeeeeeen yearsssssss"?!? Big deal lol, what about us NATIVES that have been utterly shafted for SIXTY years?!?!? 🤘🇺🇸✌️
Centauri wrote me a policy that had deductibles that guaranteed that they wouldn't pay after a storm. But, that wasn't good enough, they nitpicked an inspection (policy canceled because an A/C register had a little rust on it).
If your house is being financed, wind insurance is mandatory. The wind policy is what's costing all the money. If you choose not to pay it, the bank puts their own insurance, which is triple the amount.
His house is beautiful, such a nice yard. I've never been to Florida, it looks so beautiful. I'd sell the house and move before going bare. Losing everything, and I guess that's a very expensive house, is not worth it. If he were rich he could afford the $10K a year.
@Thechosen77 Insurance is supposed to cover catastrophic losses. If you have extensive damage, either the insurance company pays or you get a lawyer and the insurance company pays. There is a reason you have a contract.
The man with a 10k yearly premium had all the upgrades. The people complaining about their 20k rates lacked the necessary upgrades. They had old windows and roofs. Yeah, because you didn't do those things you are riskier. You should not self insure unless you can really afford the rebuild value of your house (coral gables houses are often high 6 figures rebuild value). Investing the equivalent of your yearly premiums probably won't equalize the risk during the time frame you will need it. If you have that kind of tolerance, then you're not losing anything by paying the insurance. Basically you're paying a fee to play a lottery game where sometimes they pay more than you paid in. If you can't afford the rebuild value, then it's a painful high stakes game where you have to hope for reimbursement. It's probably also more important to keep your insurance because the downside is big
You are hypothesizing total destruction, 100% loss, when is the last time you saw this? Andrew wiped out Homestead years back but these were also poorly built cheap homes and all built prior to Dade County building standards. Secure your roof, make sure to go with metal, tie your trusses and shutter up. Most homes, especially the better built affluent areas will withstand 130-140mph with no appreciable damage. Insurance is a scam, always has been.
Yes, several operate in this fashion, although the policy-holders are not an actually equity owners of the company. If the company is publicly traded then you can buy stock and share in the windfall profits that way. See: Berkshire Hathaway
