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Home Insurance CRISIS - What YOU NEED TO KNOW!

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Homeowners insurance premiums, particularly in Florida have been skyrocketing. In some cases doubling or tripling year over year, leaving many homeowners with making some extremely difficult financial decisions. If anything can bring down Florida's robust housing market it is this insurance crisis.
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Опубликовано:

20 авг 2024

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Комментарии : 904

@MichaelBordenaro Год назад

MORE Home Buyers SAYING NO! (Housing Market Recession) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-p3ELdMnJRuQ.html

@gordonkistler916 Год назад

how old is the video clip you are showing of the gas lines?

@gordonkistler916 Год назад

Insurance is a scam! they offer cheap rates until something happens like a major storm then they run off with your money because they knew they could not honor their claims!

@gordonkistler916 Год назад

well of course your insurance will go up, because the toilet paper we use as a currency is becoming worth less and less!

@gordonkistler916 Год назад

socialism is great until the government runs out of other people's money!

@gordonkistler916 Год назад

Now if you try to sell insurance without a license, you will be locked up, but if you get a license, which is just the government's cut of the profits then you can steal all you want!

@MaryOKC Год назад

I recently moved a mile from the beach in Florida where my condo owners association fees were $650/month ($7800/yr) which went up over a 2 year period from $225/month because of increased insurance and past maintenance costs as a result of hurricane Michael in 2018 and past mismanagement and past contractor issues and my annual insurance costs were around $1700/yr. I now live in Oklahoma and love it.

@rvdareyet7201 Год назад

Here in Ecuador, we live in a lovely beachfront condo and the HOA fees are only $86 a month. Yearly property tax is $230.

@MaryOKC Год назад

@@rvdareyet7201 I love that…I’ve been thinking of moving to a foreign country for awhile but I’d have a language barrier issue and frankly I’m not that smart so learning a second language would be a challenge unless immersed.

@destroytheboxes Год назад

@@MaryOKCthe ppl living on beachfront property are literally the reason for insurance hikes. Insurance is a purely socialized system where the whole pays for the few and their poor decisions.

@kzen848 Год назад

Lots of people need to liquidate and ACCEPT they cannot afford their situation. Your lifestyle isn't a public concern.

@Brandon579JB Год назад

Is not a public concern until Is you problem right?

@user-wh3cz5iq9v Год назад

This is not a new problem. The problem started with people not being correctly charge for insurance for the risk of building close to the water. The rest of the Florida are paying for them with higher insurance cost. Also, the condos did not just happened ,the situations were ignored. You are taking a risk owning any condo because they are known for not being proactive to mitigated any future problems. If you think your condo association knows what they are doing, the people running the board are the owners with little to no experience with condos or businesses. By the way, you videos are great. Thanks.

@edwardsalvetti6358 Год назад

I was going to move to Florida. You talked me out of it.

@AmandathePandaBooks Год назад

Lots of cheap states! Just stay away from the capitals! WV, Iowa, north and South Carolina, etc!

@quantumquestions5849 Год назад

stay away from common wealths too.

@joseCalderon1976 Год назад

Don't do it. Hurricanes suck. Tropical storms suck, and the cost of living is too high. Specially in south FL. I moved out of there in 2003 and I never looked back. I just visit family and that's it. Too many mosquitoes and it's humid AF. It's over rated (FL) just like California. Another place that I moved out of too and will never go back. I love my current place (south Texas). Not as nice, but for now, cost of living is less.

@bl1429 Год назад

@@AmandathePandaBooksThe Carolinas aren't bad. North Carolina is more expensive to live than South Carolina, but in South Carolina, there's nothing to do. Great for retirement....

@steven4315 Год назад

Here's a fun thought. South Florida's fuel shortage was caused by flooding blocking access to the fuel terminals for a short time. Imagine a hurricane destroying these terminals, knocking them out for months.

@eattradetravel Год назад

Non-profit actually means: We take a bunch of money from you and spend it all on big parties, big salaries and "work trips"!! leaving nothing left which means "we show no profit"

@commonsense6967 Год назад

Yes, and a perfect example of that is the scam "Childrens'Services Council" that our stupid county in N FL passed a couple of years ago! But S FL has been ripping off taxpayers with it for years!

@tmartin5562 Год назад

Exactly! Don't donate, unless you know the organization.

@nygardenguru Год назад

Lmao

@jimshoe402 Год назад

@@tmartin5562 Some just write checks the costs are 25%..🙄🙄

@hipmoma Год назад

That is why I paid off my mortgage as soon as I could. Homeowners ins. is now an option, not a must!

@lulufulu4867 Год назад

People who choose to live in high risk areas, can’t be subsidised by the rest of the insurance base, when those risks which have been foretold, come to pass. The cost of the risk must rest with the individuals who choose to live in those areas.

@joshuaerickson2458 Год назад

Agreed, Similar issues with wildfires in the West where I live. Not only do they live in high risk areas, they build their home outta sticks!

@gypsygirl9 Год назад

I agree. I live in FL but even when we have no hurricanes here, they still jack the rates a huge percentage.

@jamesgardner6499 Год назад

There is a very good reason people endured the cold winters in the NE and upper Mid-west for several generations. As cold and sometimes miserable the weather was that was the worse most people had to deal with. Very few hurricanes, flooding in low-lying areas, t-storms with hail, and tornados can still happen but they were rare. Earthquakes were even more rare. Droughts happen but not nearly as severe as other parts of the country. Water supply is not an issue (at least the availability, can't say that for the delivery). Only in the last few generations have people decided to challenge nature and build in harms way. I'm not saying these places are great and I understand why someone would move. But when folks leave its amazing how they take for granted these things.

@zdfdando Год назад

Properties on the Florida coasts are at the most risk, but I believe they pay a higher rate than the cities inland. But when Ian came through Orlando houses were wrecked with roof and flood damage. So, generally no city in Florida is low risk and everybody must pay more.

@hycoperosity5843 Год назад

True, they won't sell fire insurance in a fire zone or flood insurance in a flood zone etc...

@VirginiaScratcher Год назад

I was just in FL last week, interviewed for a job, got it, then declined the offer because of cost of a home and child care. Child care over twice what I'm paying here, rent over 3 times my current mortgage (almost paid off). They offered me about the same pay I make now. I am now interviewing in my current state of Virginia and putting my FL dreams on hold. My parents moved there and health is getting worse, but it doesn't make financial sense for me to relocate. I will get my land here in VA and build a suite for them if they decide they are priced out down in FL, even though they love it there.

@foxychic3859 Год назад

And if you were to get laid off the max unemployment benefit is 140 week

@victorsong8416 Год назад

I'm a Floridian. My insurance almost tripled (1700 to 4900). Got a brand NEW 50-year 160mph wind roof - by the way. I decided to roll the dice. Got regular house insurance WITHOUT hurricane coverage. Cost: 1000 with a one-time 4 point inspection. That leaves me 4 grand a year plus the $7K deductible. If I go 5 yrs without a major, cat.4 or 5 hurricane, that's $20K + interest + $7K deductible, for a total of at least $28K. My total damage with Ian was a tad below 30K - including the new roof. I'm in Cape Coral, we were 2mph short from a cat 5 hurricane and it was a SLOW moving one at that, so it had a long time to do its damage at those wind speeds. This is the point when self-insurance makes sense.

@mamaitaliano9774 Год назад

@Michael. All these problems are done by design you know what claus schwab said... "You will own nothing and be happy!" Michael happy early birthday and a May baby just like me, a Taurus! No wonder why I like you!I'm glad you're gonna go see your grandpa's place and show us Venice Beach!🙂

@bigdog9596 Год назад

Those barrel tile roofs look nice til you have to pay $50k+ to replace it

@donnaflorence5673 Год назад

Thank you Michael you are one of the few that people that has laid this issue out in such an understandable manner.

@shauntaprahamian3142 Год назад

these longer videos are great. Don't feel any pressure to keep them shorter. You have lots to say and we like it. Keep up the great work.

@echogl Год назад

I left FL 2 1/2 years ago and premiums were going up. My friend lives there in a 900 sq ft. mobile home and is now paying $2100 a year and it keeps going up. What a mess and a shame.

@bryanbunday781 Год назад

We have been looking to buy in Florida since 2014, pre retirement. Now retired,, the home prices in every area we considered have now increased to a point beyond our means. Our dream to live in Florida has been abandoned and are currently looking at alternatives in Georgia and South Carolina which offer more affordability and insurance options.

@roxann. Год назад

Yessss I drove to 5 gas stations today and finally found some. Cruising on fumes and a prayer. I had no idea everyone was out. Still $4.30 a gallon for 89.

@MichaelBordenaro Год назад

Wow, that is expensive! Most of the stations around here are 3.69 to 3.79

@roxann. Год назад

@@rockycodyjesse we’ve dipped down to 3.50 a few times but not been consistent.

@markzick9236 Год назад

Two years ago I purchased a seventy year old, one owner home in wonderful condition in central Florida. The insurance premium was $5700 for the 2200 sq. ft. home. The home had a brand new roof with new wind resistant dual pane windows. Fortunately I had the funds to upgrade the following items. Cloth wiring $19000, 18 yr. old HVAC system $4800, hurricane clips tying the roof rafters to walls $2600, new water heater $1000 and new wind compliment garage door $1400. All these upgrades brought the same policy premium down to $1200. This is my retirement home in a wonderful historic town. I have a half acre with No Home Owners Association. For me the added investment was worth it giving me the peace of mind I could get the home insured in the future for a reasonable cost.

@trainsandlocomotives Год назад

Vary good on you bro! 👍

@makoado6010 Год назад

just add 4-6kW solar cells. because the next thing what will be skyrocketed will be the electricity and fuel costs.

@RAVENZFANLC Год назад

@@makoado6010 if you want insurance options, never add solar

@trainsandlocomotives Год назад

@@RAVENZFANLC I know a smart someone who has solar panels in their backyard

@pkal244 Год назад

Those hurricane clips should be regulated and required to be installed on all new south FL homes

@retromoto9456 Год назад

Crossed Florida off my retirement list...for sure!😢

@Archangel55 Год назад

I don't even care to vacation in Fla any more

@SiLaChaCha Год назад

My ex husband lives in Fort Lauderdale we've been arguing about this for over a decade. If ever I wanted to be wrong it would be about this. It's been clear as day to many that this would happen very soon. I pray he can keep him home.

@WarbirdPylonRacer Год назад

@MichaelBordenaro Thanks Michael!!!! I was going to retire in Florida from SoCal because I wanted a beach house on the white sand beaches and crystal clear waters but thanks to you I'm finding out Cali ain't so bad. Its not perfect by any means but it sure the hell ain't Florida!!! 😂

@lovly2cu725 Год назад

GAS WENT FROM $3.30 LAST MONTH TO $4.99 A GALLON IN PHOENIX

@BeachbumBrianCampbell Год назад

The gas comes from the port so this is obviously a manipulation of some sort. There is zero supply issue. If there was an actual shortage why is port of Miami still getting gas up to pbc etc...?

@legalbeagle4187 Год назад

You are probably the most honest person on RU-vid

@ferhierro8123 Год назад

Hahhahaahaha

@dharmansquad Год назад

I can’t believe he is telling the truth I love this guys who ever he is. We moved in 2020 to Tampa from Cleveland OH. Oh man this is crazy the home insurance and the auto insurance not to mention property taxes CDD and HOA. the heck is going on here…we can’t survive to be honest!

@kathleenmcbride1471 Год назад

Looking for somewhere to go to escape this madness...

@cosmiccharlie8294 Год назад

Watching those floods in Lauderdale you could tell the insurance issue was going to bloom.

@FloridaGirl- Год назад

Thing is house insurance doesn’t cover flooding. Yiu need flood insurance through FEMA to cover flooding. And that’s anywhere.

@markrichards6863 Год назад

Just like red tide

@a.m.6594 Год назад

I know many Floridians who purchased w cash - & do not carry homeowners insurance/ never have since mid ‘70’s - they’ve always reckoned- one storm surge would take them out- & because investment was easily tolerated - they would just walk away - to this day - still there still no insurance

@bobfredericks6545 Год назад

It sounds like the Florida housing market is a mess right now. Thank God we decided to back out of a Lennar condo in Punta Gorda due to the way Lennar Mortgage treated us. Thank you Lennar for absolutely terrible customer service.

@rickd955 Год назад

So many people believe that in order to survive increasing cost you just go out and make more money. How long can a person keep up?

@elenakelley9147 Год назад

Yes, there is only 24 hours in a day.

@juandorta-duque6028 Год назад

Michael we have been waiting for prices to go down in St Johns County so we can pick up a good deal but what’s the point if insurance and taxes are so high. I never thought I would say this but Puerto Rico with all their financial incentives is looking better and better.

@johnhaller5851 Год назад

Don't convert any IRA to a Roth IRA, as PR taxes that as ordinary income when you withdraw from non-PR retirement accounts, including Roth.

@juandorta-duque6028 Год назад

@@johnhaller5851 Thanks John, I am in PR with the Act 60 individual investor so there are no capital gain taxes paid on real estate, stocks, crypto and such.

@LDavis-ll5yr Год назад

A $50k roofing cost on an average house (i.e. not a castle or something) is really absurd. Let's play a thought experiment. For a $50k roof, let's imagine half the cost is materials (which is way ridiculous in itself for a shingle roof) and half for labor. Most roofs are done in a couple of days, but let's say it's four 12-hour days. That's 48 hours. Let's assume it's a crew of 10 (generous). That is 480 man-hours. $25k/480h is $52/hr, which the crew members are most certainly NOT being paid. These are, of course, broad strokes and very approximate, but $50k is ridiculous. So sad.

@MR..181 Год назад

Cant find somebody to color cement and move 2 wheel barrels full ..and trowel it on the cement wrongly installed roof..

@yorsan2240 Год назад

I did my metal roof last year by myself, passed inspection easily , cost me 7.5k on materials , five days on a 2500 sq ft home with the garage

@morganhill2586 Год назад

A 11k square ft house could easily get up there... especially if the insurance paid for 1/4 of what actually needs to be installed... o&p Steep charge, Arc shingles. Ridge vent. OSB boards the right nails...

@frankd3505 Год назад

Got 2 price quotes for asphalt shingle roof , approx 2200 sq ft, single story, not a mansion obviously, $26000, $ 29000. Crazy prices yeah my guess is materiel cost is $5000 ,2 to 3 days labor, So how to get to $29000, laborers are subcontractors in almost every company , so yeah Not exactly $45.00 Hour Union workers, Its Florida remember, anti union etc., Crazy price

@bl1429 Год назад

Just paid $11,000 for my roof in Rhode Island

@The_Lion-King Год назад

As long as the roof has 5 years or more life expectancy you should be okay to get a policy in Florida as long as the 4-point inspection shows that everything is satisfactory on the home. Absolutely, everyone should get a wind mitigation inspection to try and save money on your policy. Keep up the good work Micheal. One of the best RU-vidrs without all the exaggerated click bait and stupid faces of themselves in shock

@TM-nu5vd Год назад

I know EXACTLY who you're referring too with the "stupid faces in shock"! That dude is Mr Drama...

@kosmylife Год назад

He is a Taurus and by our very nature we wouldn’t be caught dead doing anything uncouth.

@gypsygirl9 Год назад

I read that now, if your roof is older than 10 yrs, they will not insure you. That is total bs. We had new roof done 3 years ago with 20 or 25 year shingles..but once we hit 10 years, we're uninsurable! We just lose out on 10-15 years of the life expectancy of our roof.😢

@The_Lion-King Год назад

@@gypsygirl9 Im sure there are companies that won’t write roofs over 10 years old but as a current Florida insurance agent I personally can write policies with roofs that are 15 years old or older as long as it has at least 5 years life expectancy left. I write with Tower Hill and Security First if you want to know

@roseeze166 Год назад

Oh u mean like Orlando Miner😂😂😂

@danman1287 Год назад

My understanding is u cannot let insurance lapse ...they won't give u a new policy...it's so u can't cherry pick cycles... Peak hurricane cycle insure...then self insure in a down cycle

@Juliet875 Год назад

Florida Insurance is a Hot Mess and I don't see it getting better anytime soon. Along with rising taxes, Assessments, HOAs, etc... not good. Citizens won't cover an over valued home, go figure. They know the homes are over valued but Florida will still increase your taxes, etc...Realtor just said we will have a another housing wave and they are talking about foreclosures. Thank You Michael and Happy Thursday!

@MichaelBordenaro Год назад

It is a huge mess hopefully people that are thinking about moving here See this video. Happy Thursday Juliet!

@Archangel55 Год назад

paradise lost

@nancymorera2119 Год назад

Thanks so much for the info! Amazing! It’s sad what’s happening in Florida . It’s out of control.

@chompnormski Год назад

This will affect insurance policies all over the USA, it always does

@cavejohnson4054 Год назад

Gas went up $0.20 this week in central Florida. Effects trickling up here!

@MichaelBordenaro Год назад

I guess you're lucky you can still get some

@courtneynicholson122 Год назад

Michael thank-you so much for your videos on Florida Real Estate and additional cost.. in 2012 was planning to retire to Florida...but some health procedures delayed my departure...and i'm no longer considering a return to Florida..lived in Broward County and have an A.A. Degree from Broward North..

@alfonsosalinas3026 Год назад

Michael Bordenaro for Miami mayor 💪

@KingDavidz08 Год назад

Same in AZ!! No gas anywhere..

@j4513 Год назад

:( what is causing the shortage in Arizona? Are you in Phoenix?

@charlamagnum Год назад

dude it should be illegal for these insurance companies to just take your money and then file for bankruptcy when they have to pay out

@yorsan2240 Год назад

They pay politicians instead so they're fine 😂

@johnhaller5851 Год назад

They filed for bankruptcy because they ran out of money because they didn't charge enough. But, instead of the survivors increasing rates enough to pay claims, they get the state to not allow attorney's fees when the allowed claims are far lower than what it costs to fix the problem. Who can pay for an attorney when you owe an $18,000 deductible?

@jrizzo3579 Год назад

Blame the politicians that allow this …. You can’t blame a snake for being a snake

@Sixbears Год назад

A friend just looked at a place in very rural NH. They were shown a tear down shack on .2 acre and it was listed for $110000. Crazy, but at least we don't have FL insurance problems.

@nicknite10 Год назад

if you are smart,and have a backyard I recommended growing your own food. I have a ton of Blueberry bushes ,blackberry bushes ,lemon tree, squash ,peppers, and tomatoes plants and etc . I just bought my house just two months ago. Not only will you eat healthier, you save money on meals. I plan to make a ton of smoothies this year! I don’t see there being a food shortage tho,as most of this is happening bc there is a very low amount of truck drivers to transport it. I have two good friends who drive trucks, and they never get time off ,bc there is a shortage of drivers right now. Also another reason it seem like a shortage in stores is ,bc a lot of stores are cutting back on products bc of budgeting. Right now, everyone is budgeting or getting smarter with money, so watch your money right now,especially if you have a tight income. Like right now I hit up Bin Stores or Amazon Overstock for my housing products and etc,and buying things I need for 1/4 of its original price.

@magicparkmemories Год назад

Happy Birthday to you in May. You are so blessed to have your Grandpa. My son is a year younger than you and lost his Grandpa at age 13. I hope you spend time with him.

@jet4415 Год назад

That ole lady, insurance story was sooooo sad.

@jeffbasile9321 Год назад

Thanks Michael. Florida is definitely off our retirement list.

@Holyheart1 Год назад

Where is the next state your thinking about going to Iv been looking for another state also

@jeffbasile9321 Год назад

@@Holyheart1 Hey Tom , looking at either North or South Carolina.

@Holyheart1 Год назад

@@jeffbasile9321 that’s funny been looking there also mainly south previously all set in Florida but not no more Iv been studying South Carolina for about a yr there’s good and bad also they have some crazy different type of taxes that scary me a little I have time on my side I live in Ill tired of cold and taxes here Thanks

@jlr3636 Год назад

“Be careful what your wish for “ Years back, living in Colorado, locals were complaining about people from California moving in and driving up the housing prices, however these same people were more than happy to sell at the highest price possible and brag about how much money they made. Just the nature of greed.

@diabeatit5189 Год назад

That's so sweet you're going to see your Grandpa on your birthday!

@standinginthegap7118 Год назад

A problem that will result from this is most of the labor force (restaurant workers, massage therapists, hairdressers, auto mechanics, grocery store workers, everything) because an average to low income wage earner will all hightale it. So who's going to provide services for all of these retirees? I'm leaving in the next 2 months for Georgia and I have no dependents and make 60k. But I'm not dealing with all of this. Just not worth it at all.

@junserafin5241 Год назад

60k for a single person isn't much these days- I would call it 'just getting by' .

@janityy Год назад

60,000 is a lot of money in certain part of the States

@nicknite10 Год назад

@@junserafin5241 you are crazy, my brother lives in GA and 60k for one person is great! I laugh when people say, oh 60 is not much? No one told you to live in NY and LA or Miami? I live in South Carolina,and 60k for one person is well enough!

@fugitive011 Год назад

@@janityy In my city the average yearly income is 25,000. I make 50,000. I think people who have money are disillusioned to the reality of the average person these days. And thats part of the problem. The haves VS the have nots.

@glbligliliyglihglig Год назад

It will never get better, It will always go up every year, Until they force you out of your home.

@MR..181 Год назад

Exactly..hoa..ditto

@elenakelley9147 Год назад

Yeah, i dont see how they dont get it. It is clear as day

@steven4315 Год назад

Smart move is to move before you are priced out.

@Username_CC_ Год назад

Then you're too broke to live there

@carl9901 Год назад

Thanks for keeping it real. As adults we must realize most decisions have a compromise baked in. Wanna live by the beach? It’s more risky, gonna have to pay higher premium

@taroman7100 Год назад

Man has pushed himself into areas he has no business building. Take a look at S Padre Island, Port Isabel and Laguna Vista Tx. If a hurricane hits the pocket that will be one expensive distaster. Forty years ago nothing was there!

@markhetz1119 Год назад

Oh my gosh I remember this back in 1973 how we would wait in line and sometimes run out of gas and have to help my dad push the car to the gas pump ….. I remember that like it was yesterday

@jimshoe402 Год назад

I was the kid stealing it but only a Gal. It was Fun keep us from robbing Banks..🤗🤗🤗🤗

@InsuranceSpecialist Год назад

You need to interview an insurance consultant, we would help you improve this type of content

@yvettewilliams6259 Год назад

You did a great job. You covered every nook and cranny and gave a lot of food for thought. Thank you so very much.

@carlr9554 Год назад

Great info Michael, but I don't think this insurance fiasco will get any better. If people really think that a few more companies will come into to Florida and save the day I just don't think it will happen. The insurance rates may stabilize but it is not in any companies interest to all of a sudden to just lower rates. What ever those crazy rates are they will not be going down, never heard of the cost of insurance to go down.

@Shaqlife Год назад

State Farm had 2 rate increases Jan/Apr My Auto went up 33% I’ve never seen an increase this high since 1993. Fema rezoned thousands are now in a flood zone Flood insurance will increase annually as long as you have a mortgage. Hm owners insurance has been increasing since 2018 bc of Irma and Michael. Ian will hurt us even more. The homeowners insurance crisis is at its worst this affects everyone owning or renting regardless you will pay an increase. Why hundreds of people move here weekly is beyond me. The price to pay to live in paradise 🌴 unfortunately

@robertsugarland Год назад

Moving to Florida might be a very bad financial decision right now. It could even end in a divorce!

@sandblast5636 Год назад

I am a lawyer we give you a great deal on Divorces"Please move to Fl. My business needs work🤑🤑!

@littleredhen3354 Год назад

Florida is great for divorce, especially if you want to be a deadbeat . Our Courts love deadbeat parents. It's gross.

@martinbroverman7955 Год назад

Right! My EX Moved to FLA. AND THE DIVORCE FOLLOWED. WOULD HAVE " BROKE" ME!!!

@Norm475 Год назад

Not me, I was divorced in '87 and I swore I would never marry again, I have shacked up for around 32 years now.

@AldoFelt Год назад

money is the number one reason for people to get div.

@trainsandlocomotives Год назад

I definitely would rush in to fill up. I got caught when I didn’t have toilet paper during that shortage. Had to wait until I got to work to use the bathroom.

@junserafin5241 Год назад

You don't have a shower? Where do you live?

@dsj9831 Год назад

My auto insurance here in SWFL just went up 30%. I have had no claims or tickets. I guess it's happening across the board to everyone to help insurance companies pay out hurricane claims.

@matthewsmith2362 Год назад

Mine as well Both our vehicles up about 30%

@matthewsmith2362 Год назад

@@hft3564 he’s “for the people” lol

@Norm475 Год назад

My auto liability insurance on my Odyssey went up 50% in Wisconsin and I only drive it around 3K a year. I also have not had a ticket or claim in at least 15 years.

@sandrarunyon1901 Год назад

So helpful, Michael. You're amazing.

@jethrotoll457 Год назад

Michael, great advice and insight into the costs that people often overlook when buying a house, especially in your neck of the woods. Ouch! 😮

@echogl Год назад

Yes - many people are buying homes and don't realize the insurance cost/issue.

@LA70S Год назад

Move out of FL. So glad I never gave in to the temptation of moving to FL. It's awful that people have to sell their homes because of insurance costs.

@MR..181 Год назад

Hoas everywhere...

@LA70S Год назад

@M R True but I won't move into any HOA controlled building or neighborhhod.

@jeffreycarter3066 Год назад

Spot on with the subsidies. It’s what is destroying this country. Let the free market work!!

@Thiago_TT_MIA Год назад

I noticed it as well. But Luckily I have a Diesel BMW and I telework. I refill every 3 months dont really drive so I was surprised to be the only one filling up because only Diesel remained

@MeJonTheDon Год назад

Ya know, if they just stopped lending for homes and made you actually have to pay for all or at least most of it in cash, the insurance would go down because home prices would drop like a stone. Housing market is like a bunch of addicts in a casino with easy access to credit. We're supporting prices that should not actually exist

@MR..181 Год назад

And forcing the bills on to non debt "owners".

@yorsan2240 Год назад

@@MR..181that's how financial system keeps manipulating us all 😂

@mikeflair6800 Год назад

The Insurance industry (home, car, boat) in Florida is in a financial death trap. It will never end, kind of like buying into a time-share. Why? How many hurricanes, floods and direct hits will Florida take over the next 20 years? The cost driver is the weather / Florida location, and that can not be controlled by man.

@krismarsh6978 Год назад

Please do a video on all the people who own their property and are going no insurance. TY

@lawrencearnemann3923 2 месяца назад

We paid cash for our house near new port richey 6 years ago. People called us idiots for not having insurance. Ive saved more money in insurance premiums than i paid for the house

@andredaedone7732 Год назад

Problem with Florida, is they do not allow a homeowner to.put there own roof on their house and that makes it expensive. I replaced a roof in Michigan once. Stripped 2 layers, replaced wood, reframed the chimney, put ice and shield on the whole roof and used 30 years shingles. Cost me 650 for.materials, 400 for tools, of course materials were cheaper then. I also took the old shingles to the dump. Took me two weeks and pulled a permit. But 1100 for everything is a far cry from 55k.

@brianphillips9631 Год назад

But they will allow you to place a blue tarp over it for years on end! Go figure

@MichaelBordenaro Год назад

Exactly even having a crew of friends help that know how to do it can save a lot of money. But of course insurance won't allow that.

@FloridaGirl- Год назад

Andre. Ditto. Did the same at my old house in Mich! It’s INSANE

@MR..181 Год назад

Exactly. .

@MR..181 Год назад

@@FloridaGirl- same unusually ny..az

@PlainOlPatty Год назад

"You will own nothing, and you will be happy." Now I see how they're doing it. Slowly but surely, playing the long game.

@diedonner299 Год назад

I can see how they are doing the “you will own nothing” part. I don’t see yet how that will make me happy.

@theladynextdoor313 Год назад

Which is why we must be the Great Resist. They will not own you and they will be unhappy! Fight like hell!

@lynnec6325 Год назад

I knew that was coming. Just like homeowners insurance. They will spread the pain. I would suggest that anyone buying a used car to get it inspected. I turned down one after my mechanic put it on a lift and found salt water residue. A car from Car Max. The mechanic showed me the undercarriage. Ijs.

@user-zs5kl7vb6d Год назад

Yikes, Michael this was extremely informative and realty scary!! As we are retiring there in next 3-4 months. Fortunately, we have a few homes already completely paid for and we are both going to be working part time. Curious to see the future changes and will share, once we see the true realty. Despite all the above, we are paying 12.5 K in this s___ state called NJ. Can’t get out of here, quick enough..

@131313griffin Год назад

I see more problems ahead in Florida as people I know are starting to look south to Mexico, Ecuador , Peru, Chile, Panama, Costa Rica plus many Caribbean islands. Sure people have for years but not looking in these numbers. Also many of my native Floridian neighbors are moving out as well in droves, mostly into other US states. The migration will start to slide as we could always depend on the baby boomers ;but this is the tail end of them.

@lifewith9cats153 Год назад

I live in AL but have been looking to leave the US since the pandemic. I'm finally visiting other countries and hope to relocate within the next year. My top 3 areas are Nicaragua, Mexico, and Belize. The price to live in the US is no longer worth it for me.

@junserafin5241 Год назад

Florida will be like San Francisco. The city of SF, spread out over Florida in let's say 3 to 7 years.

@emzywillrich7243 Год назад

Michael, my homeowners insurance went up about $500 bucks!! I sent an inquiry to my agent to ask her to explain the increase. Okay, a vehicle did run into the front of my home earlier this year and they had to payout over $11K for the repair because the driver was not covered under her husband's policy.

@seameology Год назад

That just ticks me right off. Minnesota here. I had an uninsured person take out my PARKED car at work. I wasnt even parked on the end but in the middle. She backed into me. No insurance. So my insurance paid $2,800! Thank God my work sent the surveillance videos or my insurance would go up. I was still out the $500 deductible.

@emzywillrich7243 Год назад

@@seameology I was out $1,000.

@croswellianprincess3590 Год назад

I bought a rv condo lot. If my trailer gets too old I’ll haul it out and get a new one. Hopefully the HOA fee won’t go insane.

@chp6489 Год назад

Hey Michael! You don’t solve money problems with money! Thanks for the information.

@dianeanderson3335 Год назад

Does the seller have to disclose the fact that he can't get insurance on the disclosure form that the seller is supposed to give the buyer about known problems with the house?

@gypsygirl9 Год назад

INMHO ..I doubt it. Sellers Disclosures are for listing any known defects about the home being sold. Insurances change their rules all the time. Insurance is a product notthing to with the dwelling or land.

@dbrew2u Год назад

As the Property Assessments in Florida continue to increase . Property Insurance and Taxes are sure to follow .

@MichaelBordenaro Год назад

They sure are. I've been covering that every time I see your house for sale how much people are paying in property taxes it's a lot.

@inthegame26 Год назад

I moved into my home in spring 2021. Home insurance was $3300, now Im paying $4500. That’s in just 2 years.

@BopsStudios Год назад

I don't understand what warrants a guarantee if people choose to live in a 'luxurious' volatile environment..

@andredaedone7732 Год назад

No gas shortage here in South Carolina. At least they aren't hoarding toilet paper, yet. My insurance rate was 640 dollars this year. Better to pay off the house and self insure in Florida,.specially if you are inland.

@okimitchell1043 Год назад

Your absolutely right because when I pay this house off soon,I have a feeling they are gonna drop me like a bad habit 😢.

@shelley8270 Год назад

@@okimitchell1043 Why would you assume that your insurance company cares if you have a mortgage on your home or not? They're insuring your home, not your mortgage.

@davidlundy5007 Год назад

My house is paid for and like a lot of other people I’m thinking seriously of not renewing my home insurance. I’m waiting to see my next premium total next month. If it goes up 30% or more I’m done. I have never had a claim in my lifetime.

@lenr7068 Год назад

I was about to call out because I was at quarter of a tank. The only think available is super premium.

@sittinguysittinguy789 Год назад

Central Fl here, just got my renew, went from $3100 to $4500, I canceled wind. I can't eat that price. I'll take my chances I guess.

@overthehilldill3626 Год назад

Crazy from a few thousand in your pocket to a few 10's of thousands or even 100's of thousands. This whole mess is going to be worse than any of our imaginations could ever fathom.

@Username_CC_ Год назад

Sounds like these people need to budget their Starbucks coffees

@noogman Год назад

This is what happens when insurance companies and the government base your insurance and taxes on projected unrealized value of a home and not the real value.

@shelley8270 Год назад

@@mike-uw6wt Thank you for that. Most people don't know how insurance works and make wild assumptions.

@moebanshee Год назад

I live in a manufactured home... I received notice that I had to pay my house insurance. I took proof of my insurance to the development office. The manager of the office told me she was surprised they renewed my insurance. The company is going out of business. So far my insurance company has not said anything about it.

@PaulaPatioOfficial Год назад

my heart and prayers goes out to all affected.... very very sad ....

@TheSkete Год назад

When I went to work yesterday morning at 4:30am the nearest gas station already had a block long line. This is just a reminder about how fragile our supply chain is. And Hurricane Season is just around the corner. Let's keep our fingers crossed 🤞...

@CarlaQuattlebaum Год назад

@E.Duane Mitchell - Although we're not having that problem in West Central Florida, I DID notice how the price of gas JUMPED on Tuesday. I drove past the station nearest my home, and gas was 3.47 at about 6:30 am. I drove past that same station a little after 9 pm, and gas was 3.77!

@cosmiccharlie8294 Год назад

I have gas in order to get to the family farm. Of course in FL you cannot really get to anywhere with an extra tank full unless you live in the panhandle.

@tombecky3544 Год назад

Thanks for all you do and info very good

@carlo6912 Год назад

What are these disgusting politicians doing with the extra income from property taxes. Who is holding local government accountable?

@Mc.flyyy11 Год назад

Noone

@yorsan2240 Год назад

We're on our own

@chargermopar Год назад

Thankfully I have enough fuel to last 2-3 years. Also thankful I live in a dump and do not need insurance. Hopefully a property crash will lower values so my taxes go down as well.

@mikefreigruber1098 Год назад

Love you talks. I was just in Miami great weather when I was there. The rental car I just took it back with the gas it had. Couldn't find any stations

@MrCSRocker Год назад

I like those concrete slab driveways

@angeliamattingly Год назад

In Texas my auto insurance went up but my renters insurance went down. It's wild

@MichaelBrown-ny3et Год назад

I’m out. Home ownership has become overrated and now way overpriced. I’ve owned 5 homes over the years and haven’t seen anything like this. The Florida retirement plan may be changing. What’s worse is I’m in my home town.