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SAY GOODBYE! NO MORE Insurance Coverage For NATURAL DISASTERS

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Numerous big insurance companies such Allstate, American Family, Nationwide, and Berkshire Hathaway have stepped forward and told regulators they are no longer going be covering homeowners natural disaster claims in vulnerable areas. This is going to send shockwaves through the housing market starting in 2024.
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Опубликовано:

20 авг 2024

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Комментарии : 1 тыс.

@Stephanie_12345 11 месяцев назад

No home insurance coverage for earthquakes, wild fires, hurricanes, tornadoes, wind/ hail, ... Then what is the good of insurance 🤔?

@maple913 11 месяцев назад

useless, that's the point

@MsMaxinejoy 11 месяцев назад

By a home outright. You won't need insurance. Insurance is a SCAM! Have monies to rebuild your home.

@aliciahernandez6203 11 месяцев назад

so disgustingly ruthless

@Shelilah41 11 месяцев назад

Exactly this is huge. What are we to do? The government needs to step in. How about they compensate these insurance company’s and hold of giving money to Ukraine.

@AffluentBlacks 11 месяцев назад

Yep. Seems like they only want to insure if someone slips and falls on your property as they know how to wear people down in court if they try to sue for too much

@snakei01 11 месяцев назад

Florida insurance is gonna be more than your mortgage

@Jack-pd4ps 11 месяцев назад

Glad I don’t live in that state

@DianaCarolinaGirl22 11 месяцев назад

Me too!

@annberlin5811 11 месяцев назад

Me too

@Jersey1971 11 месяцев назад

Exactly that's why I'm paying down my mortgage in 10yrs my taxes will be the mortgage I just paid off but I hope I can sell for a good price by then and get a profit plus my 100% equity 🙏

@JBoy340a 11 месяцев назад

It could become that. Especially since much of the state is a under 100 feet above sea level, without storm surge.

@patrickbuob5392 11 месяцев назад

I live in WA state and my home insurance premium just went up 45%. I have been with the carrier for over 20 years and have never had a claim. The American dream is gone...

@JNoMooreNumbers 11 месяцев назад

Before the run to Tennessee, I was trying to get my sister out of there and go in on property and build a couple of houses. Now prices jumped up dramatically since that's the new Florida where people are running to. I do have inlaws in North Carolina boonies that's a possibility. Brother in law has family in WV. Could pick their brains about that.

@lovly2cu725 11 месяцев назад

IT DOESNT MATTER U DIDNT HAVE A CLAIM. THEY LOST $ ELSEWHERE

@southeastern9989 11 месяцев назад

What’s the point of having insurance in the first place,a big scam.

@lovly2cu725 11 месяцев назад

TO COVER THE MORTGAGE COMPANY BC THEY OWN THE HOUSE UNTIL U PAY T OFF

@taroman7100 11 месяцев назад

People in the past never had it. My father never carried it on home or car.

@AlexPerez-rt5yg 11 месяцев назад

If you own it outright then you don’t have to get insurance. Your choice to gamble if something happens like a fire from a candle & your home gets burned, ect, ect. I’m not in the insurance business , but I suggest we all get coverage with this crazy natural disasters going on . Look at Maui . Well that was not a natural disaster. That’s was planned. Very sad greedy times too. But for those folks with no fire insurance . Sadder times 😢

@truthbetold3931 11 месяцев назад

Since we don’t actually hold the deed of ownership until the mortgage is paid in full, and since the bank owns the home until you pay for it in full, and since the bank makes hundreds of thousands of dollars over and above the loan amount,…..maybe it’s time they insure their assets

@hvaball150 11 месяцев назад

Why? People gladly pay it.

@carolbagwell6769 11 месяцев назад

I can see this becoming a new offer or program to help them sell houses like what rocket mortgage is doing with their 1% down payment.

@billbillards569 11 месяцев назад

Not being insurable may be the thing that drop home values for sure.

@mohammedjeffali1076 11 месяцев назад

This is why Amish homes are less.

@mrporter2256 11 месяцев назад

Pretty soon ‘extreme heat’ will be considered a natural disaster and used as an excuse to deny claims.

@Mita7401 11 месяцев назад

Arizona will have to close down then lol. I lived there for ONE YEAR. And that was enough! Beautiful in view. But it’s hot and hard living for 8 months out of the year 🥵

@markkrispin6944 11 месяцев назад

Tell me about it. I live in Arizona and I am going to move out of the state next year. 120 F temperature ....I am DONE!@@Mita7401

@arizonan1 11 месяцев назад

Already happening in Metro Phoenix.. Never ending global warming rhetoric.

@tHebUm18 11 месяцев назад

You jest, but fun fact: climate modeling projects that some areas closer to the equator may routinely reach 150F by the end of the century. A non-zero chance tenuously inhabitable areas (the Arabian Peninsula for example) today do in fact become uninhabitable in the future, not even related to sea level rise ending them like a lot of Florida.

@videos_varios5764 11 месяцев назад

You're under the impression that extreme heat is not a threat, but it is. Extreme heat makes it easier for forest fires to happen, because they dry up vegetation, making it the perfect fuel to burn large swaths of land. Extreme heat makes it easy for infrastructure, such as roads and bridges to be put under physical stress. Have you ever heard of roads buckling under the heat? Maybe you're conveniently trying to forget that.

@oona9874 11 месяцев назад

Basically giving insurance companies a 2k-3k gift every year at this point. If they are going to drop people they should be mandated to refund them a portion of the money they have paid

@JavierGarcia-hd7xm 11 месяцев назад

You can’t… the state governor in Florida made sure that doesn’t happen to his donors.

@night2102 11 месяцев назад

Thats what i said

@MrNiceGuy500 11 месяцев назад

Even when you have all the coverage insurance companies still don’t come through! Trying to repair our place after hurricane Ian

@tHebUm18 11 месяцев назад

Listen buddy, as long as the shareholders are happy then all is good--shareholders are the only people who matter in this country. Customers? Nope. Workers? Certainly not. Hope you manage to navigate the BS and get stuff repaired soon. 🤞

@skratchmyass 11 месяцев назад

Going through the same over a burst pipe. Wish you luck.

@markme4 11 месяцев назад

Banks will be forced to stop lending for homes in high risk areas

@operasinger2126 11 месяцев назад

Banks need to protect their loans.

@markme4 11 месяцев назад

@@operasinger2126 Yep

@lingham2099 11 месяцев назад

The influx of people to Florida in the last 10 years has been phenomenal. As a retired person living in North metro Atlanta, I have often pondered if the folk deciding to move are oblivious to the fact that they will have to live with the constant worry. I couldn’t take the stress associated with the threat of hurricane related disasters.

@PSCA1988 11 месяцев назад

Atlanta is a pretty good location for the South. You are far enough inland that the storms off the ocean dissipate enough that you don't get wiped out.

@danman1287 11 месяцев назад

@@PSCA1988 lmao... beach or saltwater fishing... cold during winter time... u might as well live in Tennessee

@kleetus88 11 месяцев назад

we moved from Duluth, GA to the east coast of FL and we haven't looked back. The first year, we were a bit nervous, but we have made our peace with the fact that weather events happen. The year we moved to GA, 2008, there were massive tornados that hit downtown ATL. I never worried then, I don't worrry now. My neighbor has lived in FL his whole life and doesn't even watch the weather news and relies on me to tell him about the hurricane. Not sure I'd be that slack, but people are just more chill here.

@lovly2cu725 11 месяцев назад

SO ATLANTA & THE CAROLINAS GET THEM AS WELL

@NoName-zm1ks 11 месяцев назад

Nice chill attitude down in Florida! Having no insurance coverage for natural disasters is like water off a duck’s back for them cool Floridians! 👌😎

@MalloryBoyd-fp9ip 11 месяцев назад

We are witnessing the beginning of a mass transfer of land ownership from those who have to have insurance to those who do not

@sadiegirl5312 11 месяцев назад

Absolutely. Take everyone’s property give to the rich then MIrACULOUSLy they get insurance or self insure!!!!

@georgecuster527 11 месяцев назад

In the beginning days of Loyds of London , men would gather in the green room and place bets on if the captain and ship would make it to the destination unscathed with the cargo . Today they look at the weather report . Thanks Michael , you are killing it on the west coast !

@ColdPotato 11 месяцев назад

One problem is home prices have gone up so much that insurance companies can't hoard your money and cash in on interest/bonds to keep up with claims.

@jeffferguson69 11 месяцев назад

Good point, never thought about that

@sharonlynn609 11 месяцев назад

Yes, but many people have not updated their policies in years, therefore they are not covered for replacement cost. I had to fight with my ins.agent for 2 years to up my coverage & it still isn’t enough to replace it should it be totaled. Premium’s have also continued to go up.

@basha0810 11 месяцев назад

EXACTLY.

@FreeAmericanUSA 11 месяцев назад

Reality and the hard truth are always the hardest things for people to accept. This is the worst time to buy a house IMHO. The economic outlook for the nation is discouraging.

@kayak9078 11 месяцев назад

A friend of mine just west of Colorado Springs has had homeowners insurance with one of the big companies for over 40 years. They just raised her insurance from 6k-10k a year because she lives in a fire prone area. We’re seeing massive increases all across wooded areas of CO.

@taroman7100 11 месяцев назад

no doubt

@MR..181 11 месяцев назад

A non owner hence a debter ruler?

@MR..181 11 месяцев назад

In debt using leverage to own what they can not afford?..living way beyond their means ...or another Trump..????

@kathrynj.hernandez8425 11 месяцев назад

Blue state. Gonna see DEW events. And Smart Cities.

@Nancy80911 11 месяцев назад

There was an article in the Gazette on Monday that certain insurance companies are pulling out of Pockets in our State.

@binks7831 11 месяцев назад

Goes to show that insurance has always been a scam.

@markhetz1119 11 месяцев назад

YES THANK YOU 👍

@huemann7637 11 месяцев назад

🎯

@Freepr411 11 месяцев назад

That insurance issue in florida has been in a death spiral since hurricane Andrew

@markpitchford7375 11 месяцев назад

that fema 50% rule and the new building codes are killing pricing.

@adoss7273 11 месяцев назад

Nearly $10k in damage from Ian and the insurance company didn't pay s**t. They take your money, don't want to pay and it's all enforced by your lender.

@carolbagwell6769 11 месяцев назад

You would think that the mortgage companies would be on your side since these insurance companies are scamming them too since these homes are their collateral for the mortgage. I would think they might be able to get an insurance company to pay for the damage that was insured. Goliath vs Goliath.

@GScully42 11 месяцев назад

The buyer of my house was having a hard time getting insurance because i didn't know when the roof was replaced, they were saying they wouldn't cover the house if the roof was over 20 years old.😊

@MCC876 11 месяцев назад

Insurance companies not insuring for natural disasters is just another problem that homeowners don’t need. In Florida you can’t have older roofs, condo owners need to have full reserves starting 2025, homeowners insurance shooting up, property tax shooting up, HOA fees shooting up. This is just crazy.

@taroman7100 11 месяцев назад

They can take those HOA fees and you know>>>

@JBoy340a 11 месяцев назад

Same in Texas, Austin burbs. If you roof gets over 12 years old, your insurance company starts suggesting you replace it. Then they start getting more insistent every year. At around 14-15 years they are done asking and start threatening.

@ponygirl1624 11 месяцев назад

yep Floridian here. But if you look around this country Insurance of Any Kind is becoming impossible to obtain and sustain. Everyone will become self insured in everyway. Sounds like 3rd world to me.

@llew-AZ 11 месяцев назад

Bought my first home in Northern California in 1987. During the closing process there was in earthquake in So Cal and all insurance for earthquakes are locked for 6 months. We were lucky that we did not need that coverage but this has been going on for quite some time.

@dogsarefun2 11 месяцев назад

@@JBoy340a Insurance companies own roofing companies?

@user-jn9gv9ve6e 11 месяцев назад

i don't know how this will work because a lot of people won't be able to get house loans with no insurance.

@debbiec6216 11 месяцев назад

*Good Point* !!

@ld9044 11 месяцев назад

That's the plan

@francismarion6400 11 месяцев назад

Then I guess the banks have a lot of liability. oh well

@rsj2027 11 месяцев назад

I guess banks will lose business because they have to ensure the loan has insurance, unless the customer pays cash, but they are still required to have insurance. Either way, you have to have it. 😊

@francismarion6400 11 месяцев назад

@@rsj2027 you don't have to have insurance if your house is paid off

@christinecortese9973 11 месяцев назад

I lived in Hawaii from 1974 to 1997. Was shocked to learn the vast fields where sugarcane and pineapple were grown are now uncultivated due to those industries pulling out of the state. Apparently much of that land is filled with flammable scrub weeds and wildfires have been increasing in frequency due in large part to these fuels.

@wxxw-pc7qq 11 месяцев назад

Thank the commy democrats for making them leave

@jdenino6022 11 месяцев назад

I read that these grasses are not native to Hawaii. Sad situation in Maui.

@jimshoe402 11 месяцев назад

Make them Replant SIMPLE !!!!!!😁😁😁😁😁

@SAVEDBYGRACE2 11 месяцев назад

Oprah Winfrey purchased 1,000 acres in Maui Also,I think not that long ago. She most likely snatched up some of that farmland where sugarcane & pineapple industries left.

@jimshoe402 11 месяцев назад

@@SAVEDBYGRACE2 $26m wants More HaHa..ALOHA 😁😁😁

@persius-t7m 11 месяцев назад

The Insurance wants your money but don't want to have to pay any Claims. Tornado country,they are doing this in Oklahoma

@kathysanders3915 11 месяцев назад

People are always in denial until it slaps them in the face

@Daveyjonesvi 11 месяцев назад

They are saying the quiet part out loud. Quite literally saying we wanna charge you and not give you any services. At this point insurance should be optional since it’s going to cost a mortgage payment to have it

@silver-en7kl 11 месяцев назад

We are mortgage free….no bank telling us we must have insurance. When our policy came up for renewal they tried to increase it by lots, I told them to pound sand and said if they didn’t sharpen their pencil we would cancel our insurance with them. Magically, they called back with a much lower rate. Don’t let these insurance companies bully u, especially if you are debt free.

@qbanb8582 11 месяцев назад

I believe this. When I was shopping for insurance for my rental property I got a quote from one place that wouldn't insure for hurricanes. The policy wouldn't be worth the paper its printed on. I don't see any light at the end of this insurance tunnel especially for Florida. I'm anticipating it to be even worse in 2024.

@JBoy340a 11 месяцев назад

As more storms come and the infrastructure ages you have to wonder home many places are going to become uninsurable. Financiers like Buffet (Berkshire/Hataway) will pull their money out of insurance and put it somewhere else where it can earn more. Without their reinsurance, many of the retail insurers will fold.

@RobertLeeAtYT 11 месяцев назад

See, shoud'a sold when there were still idiots, err, ummm buyers right? Even bet that by next hurricane season, there will be no insurance companies selling policies in Florida.

@qbanb8582 11 месяцев назад

@RobertLeeAtYT I actually did sell it. Closed on the sale two weeks ago.

@jeffl.dillard8681 11 месяцев назад

Absolutely fantastic video! I’ve been struggling with what to do about my Florida insurance issues. I’m looking to pay off my mortgage just so I don’t need to have insurance any more. I’ll just carry liability. I have a alarm system that has fire and smoke detectors and I don’t live in a flood zone. In 45 years of living in Florida I’ve never had a claim. I estimate I’ve paid out more than $300,000 in premiums. I’ll just take my chances with a hurricane! My next house which I’m looking for now will be a hurricane proof house that’s also fire proof. There is a way to beat this insurance bullshit!

@hotelcalifornia715 11 месяцев назад

Hear your pain and frustration!! Good people who follow rules and play by the rules are suckers in this country. Only speculators, thugs and criminals seem to be thriving.😢

@AlexPerez-rt5yg 11 месяцев назад

@@hotelcalifornia715, excellent point. Thanks.

@Aar0nsite 11 месяцев назад

At this point… what is the point of insurance if they don’t want to cover the reason why I pay for them in the first place!?

@Mita7401 11 месяцев назад

Insurance companies have been scams forever. It’s truly sad. I’m in coastal Georgia waiting to buy and I’m closely watching how all this unfolds. As much as I hate the thought, but I will leave here if they start acting like they wanna pull that garbage in this state. We aren’t as prone in this area I’m in but it seems like you don’t even have to be slightly prone. They just wanna go on a cancel spree! I don’t want to go back to the Midwest (Iowa). It’s just too cold and I can’t handle it anymore. That’s why I left.

@charletonzimmerman4205 11 месяцев назад

Preach it sister, same in every State.

@Mita7401 11 месяцев назад

@@charletonzimmerman4205 I’m tired of waltzing and doing these Doo wop dances in America right now 🤣. Tired of it!! I just wanna get somewhere and sit down lol.

@MalloryBoyd-fp9ip 11 месяцев назад

If they don’t cancel you before you file a ‘natural disaster’ claim, they right after your community suffers a large loss

@yorsan2240 11 месяцев назад

Can't trust a product brought to us by bankers

@bryanchowchow2202 11 месяцев назад

The market is very unstable and you can not tell If it's going bearish or bullish. I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses.When these reports are bullish take some off to the side lines, when news gets bearish start buying. "Keep it simple simple" that bear/ correction was the best thing that happened me. But all thanks to Tammy Brockman for her amazing skills for helping me to earn 32 Btc through trading chart. I believe we are in the spring phase

@FedericoGraces 11 месяцев назад

Tammy Brockman crypto knowledge is like a secret recipe for success!

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My increasing fascination with crypto led me on a journey of discovery until I encountered Tammy. Without exaggerating, she's truly the best. No empty hype, just genuine motivation to engage in crypto trading!

@Franhunley3 11 месяцев назад

I agree with you and i believe that the secret to financial stability is having the right investment ideas to enable you earn more

@Allyekuerzi 11 месяцев назад

It's remarkable to have faith in someone who can consistently deliver profits under any circumstances, and they never disappoint. I trust Tammy Brockman implicitly, and since trading with her, it's been nothing but victories.

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@marylyon1230 11 месяцев назад

Please consider doing a relocation guide which tells us the areas in the country that would not affected by insurance increases. We need to know the apartment prices after we sell here in Florida. And when should we put our homes on the market? If we wait, will we lose value in a down market?

@JoeBell9924 11 месяцев назад

So they just want to take your money for years and years and not have to ever pay out anything. What's the point of the insurance if they don't cover anything?

@timr31908 11 месяцев назад

Insurance companies are worse than the casinos

@Happy32153 11 месяцев назад

Government mandated fraud

@tuannguyen-zk3lv 11 месяцев назад

Nah. Without them, good luck to buy property without mortgage.

@jobellecollie7139 11 месяцев назад

I have always carried Flood Insurance. I'm betting $800 against removing, rebuilding and replacing my entire home and contents. I also have homeowners and an Umbrella Policy to cover my Service Dog. I've been with the same company since 1979.

@AffluentBlacks 11 месяцев назад

Yep the "house" always wins (pun intended)

@jayafow84 11 месяцев назад

At least at the casinos you can control what you lose

@night2102 11 месяцев назад

Insurance is such a scam. You pay in towards the policy for 30, 20, 10, and 5 years make ZERO claims, and still get dropped. Those customers who have made ZERO claims, and got dropped from their insurance "just because" or because the insurance company decided to move to a "safer state" need to pay at least 50% of premiums back to the customer. My advice that no one asked: learn to save money to insure yourself. Lots of these insurance companies are like new age "loan sharks", you pay and pay, and they barely pay claims for customers. Then if you make a claim, you get dropped or your insurance policy is raised substantially, as a way to deter you from making future claims. EDIT: Get liability insurance only, and cover the rest out of pocket.

@janityy 11 месяцев назад

it's the law u have a mortgage u must have insurance . only way out is don't have a mortgage . why should a company pay for a natural disaster

@night2102 11 месяцев назад

@@janityy And I still believe insurance is a scam. If you had your mortgage for 30 years first of all your house should be paid off by now. Second if you had your mortgage for 30 years and made zero claims you should get at least 50% back in the premium is paid out to the home Yes it is required to have insurance but if you have a mortgage. However, if you paid on your insurance for 10 years or 20 years and you made zero claims after that 10-year mark or 20-year mark the insurance company should give you at least a portion back of the premiums paid into the policy. Whether it's 20% or 30% or 50% for making zero claims. By that time your home should have equity anyway. Why should you pay for a full price policy. If you have 50% or more equity in your home.

@formula112967 11 месяцев назад

@@janityy It is not a law....it is mortgage company policy to protect their loan investment.

@robertmanley2687 11 месяцев назад

Insurance is the only service you hope you don't have to use especially medical.

@alucard4860 11 месяцев назад

Maybe it’s time to stop living in luxury homes and more in live in affordable/durable homes.

@larkatmic 11 месяцев назад

My friends bought in Topanga Canyon near Malibu a few years ago. They spent a fortune for it. Their insurance company just dropped them last month and they are now looking for an out of state insurance company to insure their home. I grew up in pacific palisades and this happened afte4 every major fire (10 years or so) Insurance companies would pay out then pull out. They always come back eventually, because there is money to be made. But this is the first time they pulled out before a fire. Btw, I enjoy your content very much. You are authentic and research so much that’s helpful when one can no longer rely on any single news source anymore. Thanks 🙏

@barjer54 11 месяцев назад

I was vacationing in NW South Carolina when Irma hit. Florida refugees were given shelter space. I had to extend my vacation due to losing electricity for 2-days. Upon leaving, the Interstates in SC and Georgia were gridlocked. It took 8-hrs to go 250-miles. Exhausted, my SO and I called it quits in Mississippi for 2-days before resuming our 500-mile trip home.

@FloridaGirl- 11 месяцев назад

Another reason why it’s almost impossible to vacate an area. A couple days before a sure hit coming your way. “IF” you are lucky to find gas. Because everyone is out filling containers for generators. No joke. Long hellacious line at gas station. Days before Ian 2022. There was no gas in my whole area. Then think of getting on a grid lock I-75 to get out of town. Only to be sitting bumper to bumper for HOURS on end. Go 20 miles and need gas . Only to sit at a long gas station line for 3 hrs to fill up to go sit in grid lock again. There were tons of people ran out of gas on eway. Plus all the way up into GA and TN. Hotels raising night rates to $400 and up a nite. Insanity.

@BashoStrikes 11 месяцев назад

Well, at least there won't be much reasoning for buying anything from them anymore. Anything else an insurance company would cover I can easily take care of with my own finances. I've always owned my houses outright, but still insured them and almost never collected from the policies through 45 years. I wish I had all that money now - if I'd invested it instead I could rebuild many houses such as the one I own and live in presently.

@Akrios1337 11 месяцев назад

Thank you man, I’ve got a bad feeling about this…

@cindylin335 11 месяцев назад

Wow is it the end of the housing market in FL

@chodkowski01 11 месяцев назад

Someone needs to come up with a solution to this escalating rates/less coverage policies.

@tinacubbon1021 11 месяцев назад

control the crime, it's hitting the insurance companies more than wildfires or floods. Who pays for all of the crime in small businesses? Insurance companies do.

@nicolasbenson009 11 месяцев назад

The disheartening aspect of the United States is that even when you successfully accumulate savings, unforeseen circumstances can swiftly deplete them. I dedicated five years to building a substantial reserve for unexpected situations. However, a few months ago, I suffered a severe back injury, and my savings vanished in an instant, despite having insurance coverage. This raises the question: what is the appropriate amount? How can one ever attain a sense of true security?

@rockymtnman1760 11 месяцев назад

So true! Insurance premiums in Colorado are getting crazy too, because of the wildfire danger and hail damage. Your point about moving to a lower cost state makes a lot of sense. I guess you just have to get there before "herd" all starts stampeding there too.

@kleetus88 11 месяцев назад

no, there aren't more disasters, just more people living near where the same number hit in the past.

@asullivan4047 Месяц назад

Exactly-!!!😉. Residing along the Atlantic or gulf coast. Increases storm damage 10 fold worse then residing 10 + miles inland.

@muscleboystud5291 11 месяцев назад

If the insurance companies aren’t going to cover natural disasters, then why the hell would anyone have insurance? How ridiculous.

@kblynch67 11 месяцев назад

I sold in Florida because although the last 273% increase did not break me, the next one will! I read the writing on the wall and left Florida in July! Moved to Ohio and enjoy a great older home with a roof that would fail in Florida and my rates are 25% of Florida rates at $1000 per year.

@LL-wu8zt 11 месяцев назад

I live in Florida also but you were smart to leave.

@hectorrodriguez2686 11 месяцев назад

Instead of relying on engineering and construction to mitigate natural disasters, the developers have used insurance. The reason was that until now, insurance was cheaper than building right.

@jimshoe402 11 месяцев назад

Correct I was in Key West 30 years ago they had Metal Roofs, With 5/16in Hex Head Screws at the Bottom with Big washers on Them Wow..🤑🤑🤑🤑🤑 SMART I was a carpenter 😁😁

@ColdPotato 11 месяцев назад

I have a feeling we're going to see a trend toward smaller/more functional homes. Like your self insurance video. Build/buy within your means to repair. Get liability to keep lawyers off your back.

@seascape35 11 месяцев назад

Sometimes having liability insurance encourages lawyers to go after you. The best is to have just enough, but not too much.

@MR..181 11 месяцев назад

Saw a realy nice 18 thousand dollar 2 bd 1bth kitchen model..with car port..

@MR..181 11 месяцев назад

Theives..

@mirelinde5430 11 месяцев назад

Time for more creative housing. Monolithic domes and Quonset huts. Look them up-pretty cool.

@meropee9994 11 месяцев назад

Fl insurances not offering just liability....not sure if that option is viable

@user-kx9de1tv7v 11 месяцев назад

So paying for home insurance that covers nothing. Should be an option to opt out then if they won't cover damage in those areas. This will also affect denial of mortgages for the common family.

@curie3938 11 месяцев назад

When I see mail from my insurance company, I get the same feeling as when I see a letter from the IRS.

@sadiegirl5312 11 месяцев назад

Ditto

@emptybuddha5308 11 месяцев назад

Michael, if they do this, they also need to lower premiums massively as their risk portfolio will shrink dramatically. Biggest catastrophic risk will be fire, which happens rarely. Government will need to step in and create new entities and raise money with new or higher taxes, including an income tax. Or pass legislation requiring insurance companies to offer this coverage if they want to do business. FL won’t be livable anymore. Get out while you can!

@williammathis6044 11 месяцев назад

So basically they are only going to write policies for the dark side of the moon (with exclusions for asteroids, solar flares, and alien invasion)

@travelguy1564 11 месяцев назад

I almost moved to Florida a few years ago - so glad I didn't now! I just drive down there for a few vacations a year, then come home to my quiet , reasonably priced, mid western city.

@Dohair879 11 месяцев назад

My friend is in Jupiter with no mortgage. Taxes and insurance is $1100 a month. Another is in Port St Lucie insurance went from $6000 yr to $10,000 year on a new roof and windows. Insane! Needless to say they are selling and moving.

@JSustain 11 месяцев назад

With all the crime that is allowed today, insurance fraud is also becoming more rampant. I remember a roofing contractor telling me he could not do my roof because he was going to get rich in New Jersey off that Hurricane.

@lyceum4177 11 месяцев назад

Disaster capitalism

@kevinstrong7520 11 месяцев назад

The Warning signs showed up YEARS ago. Some people need to feel the burn before they notice the FIRE. If you have the option to leave Florida but don't, IT"S ON YOU!

@lovly2cu725 11 месяцев назад

IT ISNT JUST FLORIDA. U SOUND JEALOUS

@AffluentBlacks 11 месяцев назад

With the increase in extreme "natural" disasters these days, no state is safe from this. Private home ownership as we know it is at risk. Might be time to consider tiny homes, which people laughed at a few years ago but now they look like the only hope for hone ownership people can afford without insurance.

@danman1287 11 месяцев назад

I love renting, traveling n living free of stress...

@Mimlou 11 месяцев назад

@@danman1287do you intent to rent forever? How long have you been renting? Wondering if I should consider the same

@danman1287 11 месяцев назад

@@Mimlou I have owned 32 homes ...most were flipped... but now after living overseas it's so much better than owning a home in US... it depends on your lifestyle... I travel. Feel story for those who stay in one place. If u live overseas u will never own a home again in the US... the freedom is amazing. Right now I am in Mexico city ... hotel apt... once a week cleaning n linen/ towel change... during winter I head for the Caribbean waters... next year I will be back in SE Asia... Thailand Vietnam n Malaysia. All the places have significantly lower rent n higher std of living than in US -- believe it... plus they all have public transportation n super cheap Uber. U don't need to own a car. Michael should sell n buy in Mexico imo...coastal city w water access east or west coast

@Mimlou 11 месяцев назад

@@danman1287 Very nice!! Hopefully I’ll be following that plan as well. My father recently moved (and retired) in the Philippines this year. Built a whole house for 30k cash. He’s happy, needless to say.

@danman1287 11 месяцев назад

@@Mimlou so many people want to know how to build a home in the phils... he can probably offer consultation svcs for side hustle

@l.ls.8890 11 месяцев назад

I agree when you want to live along the coasts or in the woods surrounded by trees when disaster strike you need to be financially prepared.

@lovly2cu725 11 месяцев назад

SAME WITH LAKES & RIVERS. IF 1 FOOT OF UR PROPERTY IS FEMA DESIGNATED U PAY FULL RATE FOR THE ENTIRE PROPERTY

@kathleenepugh9495 11 месяцев назад

Michael, your honesty is your best policy...that is why I tune in. Also, your prior claims information comes in when you are trying to get coverage from another carrier as well.

@allen2zulu 11 месяцев назад

It's not more events... it's inflated "value" of everything that results in bigger numbers. The last several hurricane seasons have been quiet

@lakenneth374 11 месяцев назад

Famers Insurance cancelled property and fire insurance (California) but our HOA got Accelerant Specialty Insurance Company to pick up the coverage - monthly payment is now $350/mo. which also includes greenbelts, three pools, volleyball court, pickleball court, boat docks, cable TV, 600 mbps internet and trash pickup = not bad:)

@Kitchentarot 11 месяцев назад

Yes I was in deleware..met alot of Ex floridians living in RV there at seashore campsites...stories about cost & insurance..

@Daveyjonesvi 11 месяцев назад

The government needs to step in to radically change how they can operate

@BinkyTheGoddessDivine 11 месяцев назад

Lol. The most capitalistic country in the world now has people begging for government intervention, (what's that called?), and have taxpayers pick up your bill.

@Daveyjonesvi 11 месяцев назад

@@BinkyTheGoddessDivine I’m all for socialism and have been for a while now. And I think many of the biggest industries need to be under the foot of the government. Unfortunately the corporations control many of the people writing the laws and those same people are blaming trans people for the problem’s of the poor. It’s a very somber life to live

@thetapheonix 11 месяцев назад

@@BinkyTheGoddessDivineHow is this country capitalist with all the entitlements we have? The system is mixed.

@MMAgreatness 11 месяцев назад

We as the people have the numbers and we are treated like this because we are willing to tolerate anything and say nothing

@JBoy340a 11 месяцев назад

Michael. I live part time near some of these places and have never visited them. Thanks for being my tour guide!

@FolM82z 11 месяцев назад

Just crazy. I would think that people are going to start doing what Michael is talking about and start leaving in mass exodus away from areas that are getting way too expensive. The future is starting to look very scary!

@TheyRiseBand 11 месяцев назад

We're running out of affordable areas to go to. A buddy of mine moved his family to South Dakota from Colorado, for affordability. He got in early. I'm sure it will blow up, soon.

@tHebUm18 11 месяцев назад

@@TheyRiseBand But then you'd have to live in South Dakota.

@taroman7100 11 месяцев назад

These natural disasters have been going on across the country for the past twenty years that I recall a continous pattern. I began to wonder how long the insurance companies could keep this up!! Think about it.

@operasinger2126 11 месяцев назад

As his video ponited out. Highest insurance payouts in the last 3 years. Things are getting worse.

@lockhamj 11 месяцев назад

Floridians already pay for hurricane deductibles. This is crazy

@tacmason 11 месяцев назад

The concept of "Double Standards" comes to mind !

@Jeannified 11 месяцев назад

Tough, but important information and discussion, for sure! I imagine you and sweet Lisi have had to have some heart-to-heart’s about what you guys might have to do in the future, as far as moving/selling. Can’t believe these insurance companies can squeeze everyone so hard, snd give less service, but I guess if they all agree to do it, it happens. What can you do? I can only imagine that this will backfire on them at some point!

@Lisithedogwalker 11 месяцев назад

Indeed my dear!🙏🤍

@Jeannified 11 месяцев назад

Hugs and prayers to you guys! You are both smart, strong (both physically and mentally), and hard workers, so I know you both will be alright and will land on your feet no matter what life throws at you. The way will always be bright for you both, because you look at the positive side of things, and can find the silver lining in situations. @@Lisithedogwalker

@Lisithedogwalker 11 месяцев назад

@@Jeannified So amazing how I feel like you already know us so well!🫶🙏😘🥰💜

@markpitchford7375 11 месяцев назад

Maui changed its own weather when they ended farming and irrigation and let the whole island just dry up. It's like California ending brush clearing. They created their own fire hazard where none previously existed.

@johncortes4103 11 месяцев назад

Huntington, Long Island This week I received a statement from my home insurance provider that they are raising my rate from$2242 to $3200.00

@prd004.2 11 месяцев назад

There would be no point in having insurance if this is the case

@lovly2cu725 11 месяцев назад

ITS REQUIRED IF U HAVE A MTGE

@drivingphoenix3019 11 месяцев назад

Well, I guess that means that property insurance will start to skyrocket here in Arizona too since our governor has asked the federal government to designate heat as a natural disaster. To me I've never heard of anything so ridiculous as that. Have you ever seen a house swept off its foundation by heat? Like a previous commenter noted, anything to deny claims can and will be used by insurance companies against homeowners who pay their premiums on time.

@fastmph 11 месяцев назад

As I think about this, what else do we really insure our homes for? Tornado, hurricanes, winds, hail, wildfires…all natural disasters. What’s the benefit of carrying insurance, and even more importantly….are the mortgage companies going to accept no insurance on their exposed properties?

@hvaball150 11 месяцев назад

We insure against some dummy tripping on the sidewalk and getting injured. Basically. That and covering the mortgage typically.

@sharonlynn609 11 месяцев назад

I have had insurance for over 50yrs. Only used it 3 times in that time period. What about all the years they were making millions & no payouts. You didn’t see them giving any rebates to those of us who never used them before. I’m from Florida now & pay 10 times for the same square footage as ppl in my hometown of Indiana. The state should not allow these companies to sell any ins.product in Fl. if they refuse to cover homes. This is crazy. I will definitely be leaving if mine is raised anymore. I’m a disabled widow and can no longer absorb any more increases in taxes & ins.nor can I go back to work at 73. More likely sooner than later. Fortunately I live in a area that sells fast & 90% + pay cash. Even more important is where are the teachers,fireman,police, hospitality, gardeners, pool ppl., etc. Where are those ppl going to live ? Who is going to provide services to this aging population. This is going to turn into 😂major mess.

@144Donn 11 месяцев назад

What will have to happen is this: New construction methods which fortify and protect homes without fail...that is the only option left. Truth is: People are moving into highly risky areas (like Houston building in flood plains) and these places should have never been built up!!

@tHebUm18 11 месяцев назад

As long as there's been insurance or the gov't to bail them out, who cares about living in a stupid place!

@shanagirl33 11 месяцев назад

Love this video, Michael. I’m glad you’re considering all of your options!! You practice what you preach. Love your honesty.

@Lisithedogwalker 11 месяцев назад

🙏🙏🙏

@groovy3130 11 месяцев назад

They just want to collect premiums. Might as well just drop the insurance business if they cannot do what they are in business for!

@jeanhughes7449 11 месяцев назад

I love how your channel covers so many aspects to consider. Facts and figures prove your research and the facets that make up a wise and complete decision to keep an eye on your future. I am retired but I learn something new from your channel every day. Hopefully, younger people will take heed from an expert like you. Thank you for giving us data that is in plain English. Health insurance doesn't pay for what we think it will when you need it, so homeowners need to have even more reserves. Thank you for your insights. Michael, I appreciate you! 😎👍

@ownsilver 11 месяцев назад

I paid 1995 prices when I bought my home at 8% interest on a 30 year fixed mortgage paid it off in 14 years, never tapped into any of the equity

@JNoMooreNumbers 11 месяцев назад

Not too bad. Got a brand new house when married for 65k in 93. Adding a 2.5 garage was 10k. Ended up leaving when widowed and getting a 29k foreclosure in cash. Needed work but mostly cosmetic. A lot of cosmetic I did mostly myself. Just needed a roof, some electric and plumbing done in bartering. Smaller but still 3 bedrooms and enough yard for lots of garden, patio, pond and room leftover.

@ownsilver 11 месяцев назад

I love a success story

@TraciBinIT 11 месяцев назад

The storms are definitely more intense than they were 20 years ago. I lived in Stone Mountain, GA when a hurricane spawned a massive tropical storm that toppled 70ft pine trees like twigs.

@lovly2cu725 11 месяцев назад

LOOK UP HURRICANE DONNA IN 1960

@TraciBinIT 11 месяцев назад

@@lovly2cu725 Yes! The storm followed a similar path to hurricane Donna. Thanks for sharing 👍

@stanleysokolow 11 месяцев назад

The policy in California is called the California FAIR Plan, which covers only fire damage. I had to get the FAIR plan when my home insurance company declined to renew and no other company would write a new policy. I have FAIR Plan plus a policy from a regular insurance company that writes a policy excluding whatever the FAIR Plan covers. The total cost is higher than what I used to have in one homeowner policy, but at least I have coverage.

@mrbob19561 11 месяцев назад

I'm so glad I live on 40 acres at 9000 ft in rural Colorado. No HOA bs.neighbors all 40s. I bought in 95 land contract 256.00 for 10 years..dirt poor. On ss..but it is rich mentally..cattle antelope deer elk..best move I ever did after a divorce

@GScully42 11 месяцев назад

Maybe insurance companies should be non profit.

@SW-Video 11 месяцев назад

It might get to a point with insurers where they will only cover the amount left on a mortgage to pay off a bank and personal property (documented of course) inside the house and garage. The house itself will be un-insureable. Basically the property itself and what you lose (in a fire or whatever) will be recoverable. No telling if the clean up will be covered.

@hvaball150 11 месяцев назад

I've been there for 12 years already.... FL

@CryptoVin 11 месяцев назад

If you own your house in FL, it’s built to withstand a hurricane, it’s not in a flood zone, and you have a contingency fund, you don’t need insurance. I had a concrete built home in Naples, Fl, 20 minutes from the beach, it got hit with a category 5 hurricane. I had a little water under the door, that’s it, no other damage.

@FloridaGirl- 11 месяцев назад

Yup. Same here in Sarasota county. I didn’t have water of any kind. Some ripped screens on lanai and one bent post. That was it.

@larryeifler2994 11 месяцев назад

My wife and I bought a 3-story shop house in Thailand for $37,500 cash. We are quite comfortable. We only buy car insurance, no house or health insurance. So long to USA.

@ddphotoadventure2657 11 месяцев назад

Hi - I thought the federal government pays in to disaster relief for a major weather disaster. If so I would think that would off set what the insurance companies pay out. Also you do a great job on your videos. I wish you would do some in the midwest

@virginiav1704 11 месяцев назад

You'll own nothing and be happy is becoming more real day by day.

@truthseeker6610 8 месяцев назад

I live in a historic brick house in FL , one company dropped me because of the age of the house and the material it was built with during that time; another company dropped me because my electrical wiring is cloth sheathed. Soon as I correct one problem, they come up with another.

@katydid2877 11 месяцев назад

So, hurricanes, tornadoes, snow storms, earthquakes, heavy rainfall/thunderstorms, ice storms, flooding. What cities or states have none of those ever? Insurance companies want risk free areas so they never pay any claims. Nice work if you can get it.

@maple913 11 месяцев назад

no one will want to buy a house

@kim.in.nature. 11 месяцев назад

Michael, here's my 2 cents: we are probably at the 11th hour of this market. Sell your condo and RUN! I sold my house 7/21 and have been renting since. I haven't been a renter for many decades prior. I am liking not having all the burdens of owning a house. I may stay a renter and sit on my cash. Unless house prices fall below 2019.

@Kitchentarot 11 месяцев назад

Yes. U so true❤ 👍

@JesseDavis7373 11 месяцев назад

Our home insurance wanted to drop our roof from coverage. Fortunately, our roof was relatively new, so we were able to keep the coverage for a few more years anyway.