HOMEOWNERS Insurance NIGHTMARE Just Got WORSE 

Time to GET OUT! INVOLUNTARY Condo Terminations ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE--RV7GIDALoI.html

What burns me? All the fools in my neighborhood decided they needed new roofs after a hurricane, getting checks for spoiled food when there was no need, the game of getting generators and charging some government agency. They bragged about how they milked the system. Meanwhile, these same people rage over social agencies that handle poor folk. Greed is destroying Florida.

Greed and fraud is what plagues Florida. If this was addressed things would not be so bad.

High prises+high interest+the most expensive insurance cost= collapse of real estate here in Florida.

Insurance costs are only one reason to leave Florida! We escaped in 2010 and even though it was a financial bloodbath we were glad to get out of the state. Michael, you’re covering so many different aspects of the market that we look forward to your videos. Your information is relevant to people in any state. Great stuff.

I live in FL. It's not cheap to live here. Hey, wait until you have to go to the Tax Collector to register your out of state vehicles 😉.

Michael, I am so glad that you brought up animals. Back in 2015 my second-to-last insurance company dropped my policy. We had a dangerous breed dog he was 1/5 Pitbull. We had a piece of sh*t walk around my house and seeing my dangerous breed dog by in my patio. My house was already 21 years old at the time. They were looking for any excuse to drop me as a policy owner . I am 56 years old and I never seen this country and this state of disrepair. I feel sorry for the younger generation they have a long tough road ahead of them😔

My agent just told me that my insurance company is dropping my policy because I'm doing my hurricane Ian repairs myself. The insurance company said they require a certified contractor to maintain my policy. Since I'm not done making the repairs yet, my agent told me I have no option to purchase insurance. They said no company and not even Citizens insurance will write me a policy until the repairs are complete. He told me that my mortgage company will most likely buy a policy for me. I didn't have flood insurance and my insurance company didn't pay anything on my claim. FEMA did not approve me for home repairs on their initial inspection so I had to file an appeal. I finally got 6k from FEMA 2 weeks ago and can move forward on doing my own repairs. From what I understood in the last legislation to try to fix this mess, they made it so you can't sue insurance companies and they no longer pay for full roof replacements. They only pay a percentage of wear and tear. How in the world is this going to help the consumer? This is going to be a mess for a long time to come. BTW.. I was paying ~$1800 about 5 years ago and now they quoted me $5400 this year for the same policy until they canceled it.

Wow, that 2 million dollar house at 9:30 was only worth $389 in 2012.

I'm in California and I received notice that my homeowners insurance premium was going from $2400 per year to $6400 per year. I started shopping around and was able to find a policy for $3400 - still $1000 more than I paid last year and I have NEVER filed a claim, ever. Homeowners insurance is a complete scam and should be illegal.

This is why insurance fraud is so bad. People know that insurance companies won't hesitate to screw them over, so people don't care if they commit insurance fraud. They consider it getting even. I was an insurance adjuster for 4 years. The outright fraud without fear is just amazing and people get away with it.

I live in Central Florida with no mortgage on a modest 300,000 home and mine went from 2200.00 a year to 3200.00 a year. I also had my car insurance go up 1000.00 I’m not rich just worked my ass off to pay off my home and I am retired at this rate I will run out of money if the stress of this doesn’t kill me first.

My homeowners insurance went up $2200.00 this year . And I’m in south florida

They will make it too expensive for working folks to own real estate. “You will own nothing and like it.”

When insurance companies form in Florida, part of the startup package is the bankruptcy filing. When the next big one hits, they just fill in the date, sign the paperwork, and mail it in to the state. As long as they don't have to pay, the owners collect big bucks. When the next big one hits, they fold up like a house of cards and start all over again.

Get rid of AOB (assignment of benefits) and all the roofing crooks and our problem will not be nearly as bad!

premiums just went up 70% this last year, and 100% over the last 1-2 years. Tampa FL. I had 3 policies dropped. And getting a new policy the companies required a laundry list on all of the properties including all new electrical, and new water heaters. Nothing was broken. Spent 6k per property just to get insured again. Insurance is a mess now, definitely not buying any more real estate in Florida.

Fire insurance in Northern California is around 3000-6500/yr top of your home owners insurance.

Thanks for your honesty Michael. For a South Florida Realtor on RU-vid you are without a doubt the Best! lol and I'm a South Florida Realtor and enjoy your content!

Great state to visit but, with alligators, hurricanes and humidity I will take a pass on moving there. I lived in South Florida back in 89 90. It was crowded then. Probably a lot worse now.

I was honestly expecting them to have a Chihuahua on their no-policy list 🤣

I appreciate your honest relaxed walk and talk approach.

Every company right now is trying to avoid bankruptcy, they will do anything to rip people of their money like smh 🤦🏽‍♀️

this is why insurance is a scam.

This is a ton of info. I'll retire in Texas. Thank you.

I only have USAA for Homeowners insurance as well as Auto insurance etc.

I believe that tree is a banyan tree. They get huge.

I think that tree was used in Sleepy Hollow (1999) with Johnny Depp. Scary. Thanks for the home owners information Michael! Have a great Friday!

Thanks, Michael. You pack a lot of real information into your videos!

I appreciate you telling us the real stories of the Florida real estate market. Many other realtors focus on promoting the "glamorous lifestyle". Their pitches do not tell the full story.

The dog 🐕 part is true to certain extent. If it's an allowed breed that you disclosed at policy inception they will cover if it causes injury to another person.

The problem is the building rules. Beach bungalows are small and cheap to rebuild for a reason. Now, the building regulations basically require that bungalows destroyed by Ian must be replaced with stilted mansions. So when the next hurricane hits, the losses multiply.

Florida's Governor is for big business before his constituents is the reason for these crazy rules, laws etc.

Not only "Florida", Insured got 'SCAMMED", my "Florida Based", Home Owners, Insurance Doubled the Premium, in 2022, I got another, Company, based in Ohio, I'am in Pennsylvania.

I pay... 1) homeowners insurance 2) auto insurance (2 cars) 3) motorcycle 🏍 insurance 4) boat insurance 5) health insurance Roughly about $2500 month! More than half my income!!

The hurricane has to hit the building that’s covered for the hurricane deductible to kick in. However, most policies in Florida have a wind deductible so that could be any type of wind. I’ve been in the insurance business here in Florida on the commercial side since 2004. The only market I’ve ever seen so crazy was the 2008-2010 financial crisis soft market where prices on property coverage were falling just as fast and down as they are now going up. If the recession that’s coming is as bad as expected I think that will happen again in the next few years.

have friend on miami police plan...just bumped thousands, $5400/yr insurance for 440,000 house

Every 2 years I spend about $550 to $600 to have my & my neighbor's tree trimmed away from my house. The tree service also checks for rot as they do the branch trimming.

Ten years ago my policy was $1,200, now it’s $3,400 and I live in central Florida, I’m 50+ miles from either coast. It’s getting crazy.

As soon as these companies go insolvent, the parent company, severs the cord, washes their hands of the whole thing and leaves it to the state guarantor to clean up the mess.

There’s nothing wrong with an automatic water shut-off valve and app being required by an insurance company. It’s actually a good idea for all parties concerned. The issue is how much does it cost to install the shut-off valve and app? If it’s relatively affordable, it would definitely be worth installing.

We just lost our insurance with AAA, both our house and cars, even though we haven't made any claims. We live in Sarasota, our house is above flood plain, no damage from Ian, and all the money we paid is gone.

Also if you add solar to your roof in florida insurance is canceling you. oh you just covered it.

USAA used to be good. That listing is a flip. Those are all over Martin and St. Lucie county. They’re sitting on the market.

I don't think enough Floridians have asked themselves what their home is worth if its uninsurable because it a lot less, a lot lot less.

Its wind deductible not hurricane. If wind causes damage that's what pays not homeowners coverage.

Don't forget we are gonna get slammed by Reinsurance. Reinsurance companies like Muchich RE are huge international insurance companies. UPC couldn't buy enough reinsurance hence the collapse. The losses exceeded their reinsurance. Reinsurance charges are going up 40-50%.

Three homeowner's insurance companies dropped me within 10 years. They fled the state. They don't have to file bankruptcy: The can just leave anytime they want.

Super useful! You explain so clear, thank you! ❤

My policy is $1,357 per year. My house is a single story brick house in Jacksonville. 1800 sf. That premium is after a $400 discount for passing the wind mitigation inspection.

Solid info. Thanks! Great work.

Just received my premium notice by email...exactly 100% increase, nearly fell out of my chair with shock and anger...no claims in 15 years, no hurricanes last year, and from what I'm seeing and reading I'm lucky since I have a home built in '52 and a tile roof. Older homeowners can be dropped or required to repair any issues. Older shingle roofs of a few years may need replacement or no coverage. Florida is becoming a nightmare, too many people, more and more properties so these weather disasters are causing immense property damage. Add to that #1 state for lawsuits by crooked lawyers, contractors adding to the cost of insurance, numerous rip off artist, DeSantis' possible cozy relationship with insurers and Biden's inflation and trillions going to his war in Ukraine and open border people.

My insurance went from $2800/yr to $6k a year. Which made my mortgage go from $1400/mo to $2200/mo. Any more increase and I'll have to sell a house I bought in 2000.

Hi Michael, FYI my Condo Insurance in Sunny Isles Beach went up by 32% vs last year. Same coverage and no claims.

Great video with tons of valuable info for people thinking of buying in Florida and are not familiar with the pitfalls, like me. Thank you

Insurance companies are never your friends.

numbers don't make you smart... unless you can get to the critical ones. houses go up in price with demand. we have demand.

I was day dreaming about moving to Florida prior to the hurricane Ian. I saw a few video that you posted prior to this, talking about home insurance and I’ve changed my mind since. Thank you for your informative post again Michael 👍👍 Good luck to the poor and the average Floridians.

Yeah. Motor Oil spills also on your garage will make your insurance go up. Watch out.

a "well-known" insurance FL Claims dept hired my friend. No experience needed. $18 an hour. You almost make the same pay as a cashier at Aldi's. Our insurance went up, they blamed it on "inflation". No claims, long time policy holder. Central Florida. thanks

Thanks!

I remember when USAA raised my rate after the hurricane hit Galveston. I left them after nearly 14 years

Mike love your videos showing the truth on real estate situation, keep up the good work, thanks and God bless.

Great information thanks

Florida is catching up to California.

I love your videos The information and the scenery’s Thank you

So the walks are great, but your voice is very nice and calming. And I get to learn as well. Thanks.

Wow, so much for solar panels and EVs! Too much pressure on the grid anyhow in a country with outdated grid.

Just got our homeowners insurance canceled because of fire risk. We r in California and had Farmers ins.

Great video Michael. You always hit the nail on the head.

I’ll stick with visiting Florida & not buying there. This isn’t going to end well…

Michael, back during 2008, Lee county Florida was ground zero for the housing market crash. Does everyone out there remember the rocket 🚀 docket. The court system was pushing forward home foreclosures at a record rate . I do. Yes it can happen again 😷

Great information, Michael.

We must ALL UNITE & file CLASS ACTION LAWSUITS!

Always informative. Thanks buddy

Well put.

Informing, entertaining, fun, honest, coherent, and, as usual, flowed very smoothly. Yes, yes, yes..., unaffordable. Great insurance info today.

staying in N ohio is becoming more the best option as time rolls on. i could type a book on the advantages vs the sloppy 4 months of the year.

Insurance rates are projected to increase to 20 to 30% by June. Overpriced homes, high-interest rates, and skyrocketing insurance rates will drop the housing market in Florida. I have lived in Florida for over 40 years and have never seen this kind of disaster. Wait for buyers' remorse!!

In Collier and Lee for the last 2 months new listing to closed is 2 to 1. Roughly let's say for 100 new listings 50-60 closed e eru day. It means inventory is piling up steady like tsunami combined with cash dollar currency shortage worldwide cheap money times are over for unforseen future ahead. Probably it will take 2-5 years prices to go down dramatically. Thanks for the updates!

I agree with the Insurance companies regarding certain dogs. and other reptiles etc... cancelling policies over these stipulations are justifiable... good on the Insurance companies, would like to see this particular issue become a Nationwide issue/debate... people are so ridiculous these days, with the so-called dangerous pet thing...

Roofing fraud is one of the main reasons !!

So true

Great Video. Extremely informative

The problem is that insurance on houses near the ocean need to be capped to about $200,000. Remember this is cost to rebuild not the cost of the land. This would avoid these million-dollar houses being built near to the ocean so they are damaged by every storm. Also deductibles should be raised to a minimum of twenty thousand to avoid all these claims for pool enclosure screens and minor losses. Make homeowners insurance in effect for a catastrophic loss, not simply for every little damage along the way.

We are seeing the same thing in Georgia. If you live in a condo in Georgia, you probably saw your condo master policy increase by at least 35%. Many insurance companies have left the market. The four day freeze we had at Christmas caused more damage claims in Atlanta than major hurricane causes in Florida. What people don't realize is that insurance companies make most of their money in investments in the stock market. When the stock market is losing the insurance companies are losing and they don't have enough money to meet their liabilities.

Does this affect all of Florida equally? We have family that moved to panhandle area and they don’t act like theirs is very expensive which is surprising to me.

Don Johnson here could talk as much bad news about Florida..but these scenic walks make me want to move there 😄

It is going to be interesting seeing how theses next couple of months play out, because home prices usually rise during the warmer months.

I love all of the brick and stone driveways. I'd love to have that done on my new house.

Bizzare insurance conditions! Thanks Mitch

Thanks ❤ excellent

I went right to Lloyds of London for my homeowner’s policy. they are unlikely to go under.

Wow, I was born and grew up in FLA... looking back to to pre 2019, it was a relative low-cost paradise. These days, no matter which way you turn, expect to get punched right in the face. I really don't understand the current wave moving to Florida. Insurance, hurricane risk, prop taxes, home prices, HOAs, oppressive heat 7 months of the year... and add high interest rates on top of that! Might be time to look elsewhere for your paradise.

Thank you Michael Bordenaro for creating this excellent video. It is a treasure chest of pertinent information regarding the insurance industry in Florida. Time to rethink my future plans on moving to Florida.

WOW 😮❗️ You always have great content on your channel. Thank you again for everything you share with us. Blessings, Carlos ✝️🙏❤️😊❗️

please continue doing my daily walking under the sunshine, make feel Good !

I would still move to Polk county because of sheriff Grady saying get a gun use it on perps and no harm no foul I'm sure crime is very low there... now do open carry Desantis so the criminal element can see the armed populous and live in fear.

Amen! It's happening Michael in "the Palm Coast", lol. Home prices starting to be reduced quicker, and steeper, from $5k - $50k. Sellers reducing twice a month. Inventory is decent, and competition significant with new construction. Yay for all of us who just want to downsize, ready for a simpler lifestyle.

Great information! There are so many real estate you tubers . After months , I got bored of watching them cos they are repeating the same things . However , your contents are more and more interesting!