Property Insurers and insurance agents claim that significant rate increases right now have a lot to do with inflation and the increase in cost to rebuild a home.
And then when it comes time to do right and pay out for a loss they find any and every resource to deny your claim. Biggest thieves in the entire world
@@HebrewJerusalemPrince777they're charging more because it's required for them to afford to even stay in business down there. If it was a profitable scam so many companies wouldn't be fleeing the state entirely
Every insurance company in Florida is paying more than they are taking it. If they don’t increase rates they will close. Get the public adjusters and bus stop lawyers under control.
If the insurance companies are saying its inflation, you can guarantee it's NOT inflation. Like every other company saying "its inflation", its really price gouging.
They passed a Florida statue last year were the builder only has to pay one percent interest for the loan to rebuild. It’s a big club and we’re not in it.
@@geocam2 what a stupid comment. I don’t look to get anything for nothing. My comment has to do with people still believing Florida is a cheaper place to live than others. That is no longer the case!
@@geocam2 When did I ever say I didn’t want to pay for taxes and insurance??? You sound like a typical Florida person. Can’t even have an intelligent conversation because you can’t comprehend a simple statement without getting nasty.
i got out 4 years ago and thank the heavens i did! i wont even visit the state anymore!! sorry mickey mouse,, ill go to california if i need a disney fix. florida is OFF MY LIST forever!
People have for decades been claiming that my home state of CT is too expensive to live in and moving to FL. We see so many FL plates on cars around here because we pay personal property tax on them and FL doesn't so everyone "claims" they live in FL for 6 months + 1 day, even though they're here the majority of the time. But in reality, people in FL weren't paying the true cost of living there. It was heavily subsidized by the federal government bailing them out after every hurricane and artificially low insurance rates. Now I don't hear anyone talking about moving to FL anymore, and several I know have moved back full time.
I am from Florida and now I'm in Kansas City, Missouri. I left the madness and the wages are so low in Florida, too. I see Florida license plates everywhere in Kansas City.
Sounds absolutely crazy, I have a high-rise condo right in a great area of downtown Detroit on the river and a great cottage on a small lake in northern Michigan, I paid $1300 total a year for both, can’t believe what people are paying in Florida, just craziness, feel sorry for them
@@scott331 actually it’s not his fault. The weather has a lot to do with it and the rise in the price and value of the houses.. it costs more to replace them. And there is that issue with the rising water because more houses are going to be in the floodplain.
"We can tweak." Funny how they always want you to give up something while paying more. I've never had an insurance co call me and say "hey we're doing this for your benefit at no extra cost to you." It's NEVER a two way street.
The problem is mandatory Replacement Coverage. Personal example. I wanted to buy a house valued at 100K fair market value. I got insurance quotes based on a $300K replacement value! It was a small house. Is this a law or something the companies are colluding on?
Yeah, Insurance Laws are a mess in Florida but it is mostly about Roof Replacement and lawsuits frivolously brought by Roofing Contractors against insurance coverage that is also very predatory and since the State Legislature is pretty much owned by Insurance Corporate Powers nothing seems to change.
100-400 percent higher vs the start of 2021 here in Delray Beach. Mostly driven by flippers and investors fleecing the market. There has never been so many speculators hoarding homes.
@@Wisepati yes. Usually they deny their initial hike but insurance companies always get the ok for higher premiums. What happen to all those years without hurricane claims, big profits.
And now, if we want to move, we have to sell our home to rich people because who else can afford to live in Florida under these circumstances. They're forcing US all out of our homes and our state!
I think when insurance companies are doubling or more, premium increases, then they should be required by law to provide notice to the insured a full 90 days before policy renewal. How many people just happen to have an extra $1500 --- $5000 sitting around to pay for the massively increased premiums?
How is all that " Freedom working out ? You are all beholdin to the insurance business!, Funny, the insurance companies don't seen to address the roofing scams, and bs litigation.
I have to explain daily why mortgage payments are increasing and it's because of insurance and taxes. Florida, Texas, Louisiana, and parts of California due to fire in certain areas. I've had folks tell me they might sale because they can't afford the insurance.
I dont even live in FL and my home insurance is doubling from last year. And thats with a $1000 deductible. I don’t understand…. Just gotta keep at it till I finish paying off this mortgage. From VA.
I know a person that had their homeowners insurance premium triple, So they replace their roof from a shingle to a 24g metal roof and the only deductions after the new roof on were $131.00 Unbelievable.. These insurance companies are robbing people
Not that this is an easy issue to solve but Florida politicians made it easier for companies to do whatever they want and monopolize the market. The monopoly from utility companies or no caps on rent increases are a couple of examples.
Home, Auto & Medical insurance become a *Ransom* You will also notice insurance monopolies lobbying to make home owner's insurance mandatory if you take out a 30 yr. government backed mortgage.
Yeah sure, lets focus our attention on inflation. Why not focus on the real reason insurers are leaving and dropping people. We need some new companies to come in under the new regulations and compete for market share. The premiums are not going to come down until the insurers have a reason to try to keep customers.
Lol new companies will not enter Florida because it's a risky investment. They are here to make money not lose money. Especially with the weather conditions in Florida.
People don’t understand how insurance not just home owners insurance works. Everyone pays premiums that goes into a pool of money that is supposed to be used to pay for things covered by the policy. Insurance companies estimate rates based on RISK (in this case the likely hood of a natural disaster) a lot of things are factored into this risk assessment. If the insurance company makes a mistake and they don’t charge enough premiums and disaster strikes they won’t have enough money to pay home owners for repairs and the insurance company goes bankrupt.
These insurance agents all get a cut ya know. While they tell you to tweak your wealth. How’s about they take a cut? If it’s mandatory for most homes, let them sit and make $15 an hour selling policies. Flat rate for all of them.
If it wasn't for the weather, I would not have a home in FL. The replacement costs are way to high for the stat The labor costs are cheap in FL. But the cheap labor costs are not passed on to the homeowner. Insurance companies pay double for a roof replacement than I would on the open market. The guys in the trades who work new builds for the sub contractors for DR Horton and company don't make swat. When the storm comes, they quit. Then they go make real money on the storm rebuilds.
Think the Florida insurance crisis sucks. Just wait til you see the next Florida self inflicted crisis on the horizon. Healthcare. Its already affecting many in "quality of service" but costs will be the real issue for Florida residents.
Self insure? How...houses cost a fortune. There is no way personal savings can replace your home unless you are already rich. And if you are under a mortgage home owner's insurance is MANDATORY.
Im goin through this right now! Its ridiculous that they think that a house worth $200k-$300k would cost double to rebuild. When they are building new homes cheaper than older homes on the market right now. Makes zero sense!
Florida’s governor and legislature don’t really care about this, not when there may be gays or transsexuals visiting Disney. That’s what really matters.
So have the rates in Florida been deregulated? As far as I know, all rates have to be submitted to the state to get approval for the increase and have to be justified.
The price of a home in Florida is starting to drop now. Because of rising property taxes and insurance it is now no more expensive to live in some place like Rochester NY then in Florida and in Rochester, although you do have a winter, you don't have that never ending brutal heat, hurricanes and insane increases in insurance rates and property taxes. Also, houses are larger for the same money and much better built in upstate NY and the public services are much better then in Florida.
The reason they want new roofs is that contractors have solicitors that go around after a storm and tell people we can put a new roof on your house for free. Even if there is little to no damage
@@rack9458 After any storm there is some damage, I equate this practice by contractors to an ambulance chasing lawyer. They are going to find damage and they are going to inflate the cost as much as they can. They will take an 30K roof replacement and make it a 80K roof replacement and insurance is a pool of money where our premiums pay for our neighbor's losses. I definitely think the department of insurance should also investigate insurance companies to make sure they don't have excess profit's. But how many people have to pay their insurance to cover one roof claim 30 people?
In California the Insurance commissioner just forced insurance companies to cover high risk fire zone areas. To cover this HUGE expense he has allowed them to spread those huge increase in rates to all Californians!
Homes in the US are very poorly built. My husband and I are quite surprised how cheap the quality of homes in the US are. Also Florida is a hazard for natural dissenters, insurance companies are there to protect themselves not the people they serve.
This is great. I'm from Florida born & raised and I had to leave due to the influx of wealthy people driving up prices. I am so glad you folks are now getting the karma you deserve. Folks this is just the beginning. Property insurance, property taxes, car insurance, its all going UP!!!
bad take. this is screwing over locals too. if anything the wealthy people coming are eating the increase with no issues. it’s the people with less means that are getting screwed.
What a scam! I own a beachfront home in Costa Rica worth about 1.5 million dollars. I have owned the home 8 years, with no insurance. My area has great weather, and no hurricanes. The funds I save on insurance, I use to upgrade my home, and invest.
If you own your home out right like buy it was cash it’s up to you if you want to have insurance. Buy with a mortgage banks won’t give you a mortgage without adequate insurance coverage.
And why is it a scam? If you have great weather, and no hurricanes, then your insurance cost would be low. The problem of Florida is it they have a lot of bad weather and there’s also rising water, which is going to lead the floods. Or maybe you were just posting to brag about what an expensive house you own?
How about I go down to Florida and start a cheap insurance company and wipe the floor with the competition. Then when a hurricane hits we don’t have enough money to payout and people are stuck waiting years to get their house repaired. Or they get a drastically decreased amount of money.
Exactly just like when gas prices go up by its but 10 and 20 cents overnight but when they come down it’s by pennies. Funny how it always seems to work that way.
Insurance companies shouldn't insure these high risks homes in the first place and we would finally see people stop building homes back in those areas and our Insurance payments wouldn't keep going through the roof to cover these idiots who keep building back in high risks areas.
This is what you get for living in a hurricane prone zone where a lot of houses get destroyed every five years. The rest of the country is subsidizing Florida and other states where natural disasters are regular occurrences.
@@rooster1012 Florida, in general, is hit by an astonishing number of powerful hurricanes. Of 290 Category 1+ hurricanes documented by HURDAT since 1851, 117 - or 40 percent - have occurred in the Sunshine State. folks should be paying more, they choose to live in Florida, with all of the sunshine and beaches? The price to pay is what it is. Folks need to come to grips with it?
When the price of a house goes up 40% in two years then the cost to insure that house is also going to go up 40% (and also in two years unless regulators limit it).
people ,news talk about but nothing gets done about people with low income can not pay those high prices i understand 50 100 200 0r 300 raise but not thousands
no local taxes....hence ya have to pay MORE in property taxes as the money HAS to come from somewhere. Want to live in a storm state........so pay the insurance so the companies can make a profit, its called Capitalism.
It's already hurricane season and some tropical disturbance off of Africa is headed toward Florida with a new Category 5 storm! Kiss more insurance companies bye bye!
Take a look at political donations to the governor deesantos boy for the rate approval increase. Deesantos boy Ya gi me da bribe money and you get approval on your rate increase
Even when u cut coverage like personal item etc the insurance company only takes a little off the bill not worth it and if u own ur home outright and tell insurance dont insure for hurricanes just fire etc they drop u so another words legal extortion
It all depends where you live in Florida. I just talked to a couple that live in the middle of Florida, so they are away from both coasts and the tax assessor said their home is worth $400,000 but their homeowners insurance is only $3000/year and the property taxes are $2500/year. Not bad at all. If you live by the ocean, of course your insurance is going to be high with the hurricanes.
