Florida insurance companies add new requirements to avoid insuring older homes
Insurance agents say that companies are changing policy requirements to avoid the financial risk of older roofs. www.abcactionnews.com/news/pr...
Жүктеу.....
Пікірлер: 512
@jamjam350 Жыл бұрын
My question is why do homeowners who have NEVER MADE A CLAIM have to pay for all the frivolous lawsuits. It’s clear who is suing the company for more than just a new roof….they have tarps for months to years on their roof….so sad that people doing the right thing suffer…..shouldn’t they just charge more to the homeowners making bogus claims to offset the losses instead of punishing everyone?
@boomerzman6148
Жыл бұрын
It's not about fraud! Its about corporate greed and betrayal by your so-called representatives!
@SL-pg4dh
Жыл бұрын
Simply put, there's not enough money in the pot once they settle with those suing. They most likely drop those people's coverages and now have to make the money back for the next people that will sue.
@tqlla
Жыл бұрын
Thats the way insurance works. everyone chips in, and the insurance pays the people that need it. unfortunately there are a lot of natural disasters and people who are taking advantage.
@matthewmolina2706
Жыл бұрын
Unfortunately people have to sue to even get a claim or the claim was under funded and only way to get the full amount to cover repairs is a law suite
@danielterry382
Жыл бұрын
Everyone needs to pay more as they would have to increase by 12X the costs for the ones who have claims.
@michaelmullin7941 Жыл бұрын
I am surprised that insurance companies insure in Florida at all.
@GilmerJohn
Жыл бұрын
Some may have too much exposure in some areas but you can do "back of the envelop" calculations to show that overall, a 1% of value insurance rate should be able to pay for all the storm damage.
@mmoarchives2542
Жыл бұрын
yeah, i'd be running for the hills too, they can't pay all of that all at once, not without filing chapter 13
@GilmerJohn
Жыл бұрын
@@bert1450 -- Yep! The mortgage company wants its interest insured. But if you have purchased a home in the last 20 + years you might have noticed that there is a lot of competition among the mortgage providers. If you have trouble getting insurance, odds are the at least one mortgage provider can arrange insurance. If, later, you can't renew that insurance but keep on trying the mortgage company will not sue to re-possess because of insurance. They would still have a property that needs insurance. They will do what needs to be done to get insurance. When insurance rates skyrocket, there is opportunity for other companies to step in. Again, the mortage companies have more leverage than to the individual homeowners.
@neilkurzman4907
Жыл бұрын
Most of the big companies don’t insure Florida anymore.
@GilmerJohn
Жыл бұрын
@@neilkurzman4907 -- Well, I suspect that they "over insured" before and found out that the "occasional" storm threated the financial status of the organization. Until and unless conventional insurance work things out, the combination of mutual insurance companies and "insurance" worked out by mortgage companies will get the job done.
@URRT Жыл бұрын
I checked on buying a home in Texas, located in a flood zone. When I was told 8 thousand dollars a year extra for just flood insurance, we let it go! Why anybody would build a beautiful home in a flood zone, makes no sense!
@mikeunt7021
Жыл бұрын
A lot of southeast TN is on a documented flood plain. No insurance companies here even offer flood insurance. It is a flat out NO from them if you ask about flood insurance, but they happily support developers clearing natural wetland and building ridiculous priced new neihhbirhoods and apartment complexes on them.
@vw8886
Жыл бұрын
@@mikeunt7021 Flood insurance is a government program.
@jackwilson8051
Жыл бұрын
Most cites will not allow you build in a flood zone.
@thomasallen6980
9 ай бұрын
The government pays them to rebuild every few years. For now. That party is coming to an end soon.
@karenstein8261 Жыл бұрын
No insurance = no mortgage. This can kill a market.
@GilmerJohn
Жыл бұрын
Well, perhaps the mortgage brokers can start working the insurance market and find ways of at least protecting the mortgage holders at reasonable cost.
@robsemail
Жыл бұрын
The beach-front housing market in Florida needs to be killed.
@jcx5659
Жыл бұрын
@@GilmerJohn You mean the ones who don't live in hurricane zones.
@GilmerJohn
Жыл бұрын
@@jcx5659 -- There is a special problem with hurricane zones and that is when the storm hits it "takes out" a lot of homes at essentially the same time. And THAT is what scares the insurance companies. The various federal schemes aren't designed to subsidize that actual risk but to "cover" the massive payout after each storm. It's possible that these is a subsidy involved and perhaps the federal premiums should be increased. Increased federal premium will cause folks with paid off mortgages to go bare. This will have to be expected and after every major storm (or flood) we will see news reports of folks that "lost everything" and don't have any insurance. The only formal help they may have is the casualty loss provisions of the tax code. (But "tax reformers" have eliminated much of this.)
@thomasallen6980
9 ай бұрын
right, I think that is the idea. We cant afford to keep bailing people out. WE dont have floods where I am from. Why should I pay for people so stupid they build next to a low lying river that fills in from the ocean every time it rains?
@stars1861 Жыл бұрын
A lot of insurance fraud and frivolous lawsuits in Florida, especially in Miami/Dade County. I'm talking billions of dollars a year. If the insurers spent even the smallest effort investigating sketchy claims instead of just passing their losses on to the consumers and if the state went after scammy homeowners and lawyers, maybe this wouldn't be such a problem.
@avflyguy
Жыл бұрын
Roofers are like bandits in the night. It's crazy how much the roofing companies make, but use cheap labor and materials. 50% profit margin ain't bad.
@alexb5681
Жыл бұрын
Unfortunately insurers pay both sides when litigating lawsuits, so they're fighting themselves when dragging cases along. Also, what they're fighting isn't easy. How do you prove a homeowner didn't have slight hail damage on a specific spot on their roof three years ago when the attorney's just point at a documented day of hail in that area based on the national weather service? Granted these are all 20ish year old roofs, so they look like garbage to begin with. I've yet to see a 'hail' claim on a 5 year old roof, which is funny.
@GilmerJohn
Жыл бұрын
Well, perhaps a practical solution would be to permit policies that DON'T cover basic roof repair. In the shingles get blown into the next county, that's on you. If the sheaving gets lifted up, your insurance will cover the sheaving but not the shingles. But the base problem remains: When a quare mile of homes get's leveled, it's a company busting claim.
@user-oe5ey3ex8b
8 ай бұрын
It's getting to the point that insurance costs more that the mortgage. I'm fortunate enough to not have any mortgages thus I can "go bare" or not have insurance. I put those would be premiums into a separate interest bearing account. A big part of this recent insurance rate hike is caused by big financial investors like BlackRock and Vanguard forcing insurance companies to retaliate against Florida for the recent anti-ESG legislation. Another part is roof scammers filing lawsuits against insurance companies. This could be solved by placing a separate roof rider for at risk roofs and by catching and removing these scammers from society.
@johnnynick6179
8 ай бұрын
@@user-oe5ey3ex8b None of this is about insurance companies retaliating against anti-ESG legislation. This entire problem was created by the alliance between specific attorneys and specific roofing contractors, along with help from crooked judges who have made it easy for homeowners and roofers to scam insurance companies for a free new roof. Do is a KZread search for "Free Florida Roof" to see what caused this problem.
@hockeyheather3321 Жыл бұрын
My in laws had damage from Irma, both in their 80's, one using a walker to get around, their insurance company refuses to cover the roof damage. Because of the roof damage, they have had water leaking into their home causing black mold. They sued the insurance company and they insurance company said they cannot do any repairs when the investigation is pending. ....5 years. 5 years of water damage, their things damaged, a hole in their kitchen ceiling, and black mold. Every time it rains (which is quite frequent in Florida), they have water running down the wall of the office. The insurance company allowed them to put a tarp on the roof with sandbags (for 5 years...again...), and they have plastic liners duct taped to the damn walls. They're supposedly going to a court hearing in January (that may be the wrong terminology, but finally get to plead their case to a judge). Florida insurance companies suck. Why pay for insurance when in the long run, they won't actually help you. Same with home warranties. It's nonstop patch jobs and then a slap of the hands like, "Well, we said we would fix it, our job is done here."
@lochnessamonster1912
Жыл бұрын
Ah, capitalism. Scams layered on scams on scams.
@thomasallen6980
9 ай бұрын
Guess they should take that rainy day money out of the bank and fix their house.
@mikes6449 Жыл бұрын
But her 'hurricane premium' didn't go up nearly as much as the 'regular' insurance premiums. So nice that the insurance companies just blame hurricanes and not that they're making more and more money every year. On the one hand, it sucks. On the other hand, insurance companies are in the business of making money, not paying out money. And with the folks in Tallahassee firmly in their pockets, they get to do whatver they want.
@rayh592 Жыл бұрын
If you choose to live in a hurricane prone area, of flood prone area, or any area more likely to have claims, expect higher prices.
@Kandralla
Жыл бұрын
That's not really the problem. If you have insurance through a large company the rates haven't gone up nearly as much. So either the big companies are stupid, or it's not a 'cost to insure' problem. It appears to at least partially be a beuacracy problem with insurance ratings agemcies and Fannie May/Freddie Mac regarding "what rating does the lender require for an insurer insuring their interest.
@taylordooley3765
Жыл бұрын
At some point, with how the climate is basically washing southern Florida away, they will stop insuring homes in weather prone areas. Imagine what that does to the equity these people have built up? Very sad
@wednesdayschild3627
Жыл бұрын
We have people in my state that build in Mountains and then complain about fire insurance.
@SL-pg4dh
Жыл бұрын
Right. I don't feel bad for these people at all. I feel more bad for victims of car insurance because they are forced by the government to have insurance. But if you choose to move to a high risk area, you better have your own money for repairs or get ready to pay someone else a lot of money to handle your cost of repairs. Woe is me.
@jayjaynella4539
Жыл бұрын
that would include all areas of the US. Tornadoes, floods, bush fires, blizzards, droughts, heat waves, hurricanes, wind storms, volcanoes, hail storms,
@mylifeintexas Жыл бұрын
It’s all over the country. Insurance companies are hitting people harder than the IRS. Why do you think rents are going up so much? Insurance and taxes, the uncontrollable costs keep going up faster than inflation.
@zoner__
3 ай бұрын
Seattle - $650 and auto with 2M umbrella $2200
@daversj Жыл бұрын
Isn’t the real problem that legislation created previously required insurance companies to replace damaged roofs more easily when slightly damaged. So homeowners have been taking advantage getting new roofs for nothing and insurers have had to adjust premiums accordingly. All those free roofs have driven premiums up. Realistically homeowners should get policies with higher deductibles and assume some risk themselves to mitigate costs.
@lateblossom Жыл бұрын
I work for one of the insurance carriers and this news report was pretty accurate. We are seeing some very high increases. They actually had to train us to be able to explain these accurately and truthfully to the policy holders. But people are pretty ignorant in general and they really don't understand how bad it is or what's going on
@couponuser
Жыл бұрын
The negative reaction to the rate increases can be attributed to the insurance carriers' actions. It appears that the marketing tactics employed by these companies, specifically the "switch and save" approach, have now backfired on them.
@danschwartz1950
Жыл бұрын
@@couponuseryou do not understand concept of insurance
@thomasallen6980
9 ай бұрын
You claim more losses, your rates go up!! How hard is that to understand. I think they call it an "assigned risk pool".@@couponuser
@mikedoran4763 Жыл бұрын
I sent my insurance company packing. I installed a metal roof ($25K), new hurricane shutters ($10K), and reinforced the roof strapping ($5K) on my block home, which has never seen a flood since originally build 50 yrs ago. The cost of this "storm hardening" cost more than the cost to build the entire home in 1973. The insurance company still wanted a rediculous premium after I mitigated their risk. BTW, my Port Charlotte house went through the eye of Hurrican Ian without any damage that would exceed even a small deductible. (a rain gutter blew off).
@alexb5681
Жыл бұрын
You didn't send anyone "packing", you simply exercised your right to self insure based on not having a mortgage. Not sure why you feel like you won some sort of battle against the big bad insurance company for that. I'd love to know if that new roof was your contribution to the problem (in form of a hail claim) before you did decide to self insure.
@mikedoran4763
Жыл бұрын
@@alexb5681 Hail damage?! Jusay'n, you strike me as an insurance sales person. I had huge oak tree limbs and other sizeable debris hit the roof at over 130 mph and a 30 ft palm tree fall on it. All without a dent. So bring on the hail. And yes, I did send them packing. After they saw the integrity of the improvements, they were so eager to "retain me as a client" for 3 times the previous year's premium. This after having paid them 10s of thousands $$ in premiums over decades of patronage. I simply told them "F.U. I'm not contributing to your ponzi scheme any longer". If I could have invested all the money that I paid them in premiums, (like they should have) I'd have an account with enough to rebuild from the ground up.
@charliesargent6225
Жыл бұрын
@@mikedoran4763 "I had huge oak tree limbs and other sizeable debris hit the roof at over 130 mph and a 30 ft palm tree fall on it. All without a dent" "went through the eye of Hurrican Ian without any damage that would exceed even a small deductible. (a rain gutter blew off). COOL STORIES BRO...but IMPOSSIBLE.
@mikedoran4763
Жыл бұрын
@@charliesargent6225 Then I guess the photos of it all aren't real...? I have no reason to BS anyone "Bro".
@saudigold50
Жыл бұрын
@@alexb5681/ Relax, Alex. Is life that bad?
@damnjustassignmeone Жыл бұрын
I only pay $1050 for a house in NYC with a value over a million. I just can’t imagine a world where people are paying so much.
@evanlabonte4571
Жыл бұрын
If it was worth a million 8 months ago. It ain’t worth a million no more my guy
@annhans3535
Жыл бұрын
@@evanlabonte4571 NYC house prices don't go down that much compared to national avg.
@isocarboxazid
Жыл бұрын
@@evanlabonte4571 didn't say a million, said OVER a million. Work on those reading comprehension skills, bud.
@jcx5659
Жыл бұрын
@@evanlabonte4571 NONSENSE. Probably more.
@maintainingmomentum
Жыл бұрын
Ins. companies are Scum
@lg206 Жыл бұрын
I don’t blame an insurance company for not picking up the tab for cheap houses built in the hurricane area
@steve4628
Жыл бұрын
But they didn't mind cashing in the money they received for insuring the home...if they accepted the money, then they should fulfill their part of the agreement.
@jcx5659
Жыл бұрын
@@steve4628 True, agree with that. But when it's time to renew, look out.
@steve4628
Жыл бұрын
@@jcx5659 a family member had, I believe it was Farm Bureau, auto insurance for over 20 years. No accidents or tickets. He received a ticket for 8mph over the speed limit, they dropped him like a bad habbit.
@jcx5659
Жыл бұрын
@@steve4628 Not surprised. Insurance companies are generally evil. I bet people would be shocked if we knew how much money they really give to politicians.
@shenmisheshou7002 Жыл бұрын
I learned that *EVERY* insurance policy in Florida has an assessment attached and that this money goes to the _state's_ storm insurance pool. In other words, even if you live up along the FL GA border, your insurance is being assessed with a charge that subsidizes the insurance for people living in the high risk costal areas. It is an un-sustainable model but the GOP that hates taxes has added this fee, so blame them.
@mikedoran4763
Жыл бұрын
Yep, Florida home insurance has become a huge ponzi scheme.
@thomasallen6980
9 ай бұрын
As long as I dont have to pay for it up where it never floods. Not my problem. You all knew it floods and it gets stormy a couple times a Summer and moved there anyway. You are on your own, I guess. I am not paying for it. I live on a hill so I wont be bothered with black mold and the nasty stuff people do to get free government money.
@tapiocaarrdvark6226 Жыл бұрын
No. It's the roofing companies hiring attorneys to litigate with insurance companies. They have lawyers that is all they do. A few loose shingles they will get a brand new roof even if they don't need it. Part of the problem.
@randerson4383 Жыл бұрын
If you choose to live in an area where there is a high likelihood of damage being done from hurricanes, tornados, flooding, shouldn't you pay a high premium, maybe a huge premium? What bugs me is that after these massive hurricanes, there is a chance that my insurance rates will go up and I live on the other side of the country where none of this stuff ever happens. This is exactly what happened after Hurricane Katrina.
@cmh9932
Жыл бұрын
Yeah but didn't they say that the rise in cost has little to do with storms?
@UgandanAirForce
Жыл бұрын
@@cmh9932 they'll blame it on inflation
@glasslinger
Жыл бұрын
Welcome to SOCIALISM! (Some benefit, everybody pays!)
@ken9720
Жыл бұрын
@@glasslinger lol really? Your response is it's socialism? Yet, I bet you're happy to have that health insurance when you're at the hospital. Unless of course you're independently wealthy enough to pay $100+k bills when you need the care. Hell I bet you'll happily take your social security payments when you can. Hypocrite that you are.
@bukboefidun9096
Жыл бұрын
We got hammered in PA after Hurricane Sandy... although I did lose my roof. $1000 deductible and $1000 for a new skylight... it worked out
@jamesshort5874 Жыл бұрын
I pay 1850 a year and I live in Key Largo ON THE WATER!
@larrys9879 Жыл бұрын
I’m a retired insurance agent. Areas of the country that are exposed to catastrophic losses, on a somewhat regular basis, have to be underwritten more carefully or the insurance companies will not survive. In areas like California, that are exposed to massive fire losses, no insurance company is financially able to survive catastrophic losses like that. Costal properties are subject to frequent catastrophic losses and are thus high risk areas for insurance companies. The only alternative is government funded insurance and the government has proven they don’t do that very well. FEMA being an obvious example. Insurance premiums simply reflect the probability of loss. Drivers with multiple accidents and or tickets obviously pay a higher premium for car insurance than drivers with no accident or tickets. Insurance companies, just like all other businesses, must compete for customers to stay in business. So the price of their policies is relevant and must be competitive with other insurance companies. Sometimes companies determine they cannot be competitive in a particular market and simply pull out of that market. Coastal properties are high risk areas for insurance. It isn’t “if” they are going to have catastrophic losses, it’s when and how many.
@richardreger6026
Ай бұрын
Well said truth hard 4 people 2 accept facts as u laid them out
@vblic Жыл бұрын
That sidewalk looks like a big liability.
@info781
Жыл бұрын
Good call 🤙
@daviddiehl197 Жыл бұрын
Take that premium and put it in the bank. Cost prices are a result of scamming customers to make more profit. Lumber cost has not gone up except in the stores.
@justdoingitjim7095 Жыл бұрын
I had a family member leave Florida because of high insurance rates and they didn't live anywhere near the coast.
@SL-pg4dh
Жыл бұрын
Insurance is robbing peter to pay paul.
@thomasallen6980
9 ай бұрын
You need to elect people who will zone out some of these constantly flooded areas. It is not fair to those who live away to the ocean to be rebuilding the same ten mansions every other year.
@justdoingitjim7095
9 ай бұрын
If they made a practice of what you're proposing, they'd have to "zone out" half the country! By "zone out" I assume you mean to not allow any building to take place in the zoned out areas. They would have to do the same with many coastal communities, including New York city! San Francisco would have to go and Seattle would be eliminated also. Then we'd have to stop building in "Tornado Alley!" That's about three entire states that any kind of building would have to eliminate. And we shouldn't forget about the mountain communities where avalanches have destroyed numerous homes. So, what you're proposing starts you down that "slippery slope" with no end in sight, all because you think you live in a "safe" place and don't want your insurance rates to go up! Now, imagine if your proposed legislation passed. Where would all those people move to? Well, they'd all come to where you live, because it's one of the few "safe places" that haven't been banned from construction! If they ever pass such legislation, I sure hope you like a lot of neighbors, because you'll end up with MILLIONS more! @@thomasallen6980
@dhowto3005 Жыл бұрын
That's insane. $9k+ for home owners insurance. That's insane. Eventually, the owners will have paid more for home owners insurance than it will cost to build the home. Most people I know have never made a home insurance claim; so, it's confusing why anyone would have to pay $9k per year for homeowners insurance?
@SL-pg4dh
Жыл бұрын
Because they live in a very high risk area.
@thomasallen6980
9 ай бұрын
They line up all their possessions next to a river hoping they get flooded. Biggest scams in America happen during disasters. I am glad the companies are slowing down the payments to all these scammers who dont want to pay taxes or insurance premiums but are always lined up for "benefits".
@moresnare Жыл бұрын
Insurance is a racket anyway, doesn't matter if it's car, home or whatever.
@SL-pg4dh
Жыл бұрын
Even worse when you are forced to have one by the government, in the case of auto insurance
@mylifethaidiy7045 Жыл бұрын
Homeowners insurance is increasing like crazy up here in North Dakota as well. It's only a matter of time, before people start dropping their homeowners insurance.
@Cuban-Jo
Жыл бұрын
Most Americans have a mortgage and mortgage providers require insurance.
@jeffreyyankee9714
Жыл бұрын
@Armageddon nope
@knotbumper
Жыл бұрын
@Armageddon No, they are not. Only if you have a mortgage do banks require you to have insurance. If you own your home free and clear, you can gamble and not have insurance.
@lovesosa4926
Жыл бұрын
@@knotbumper yeah. I just keep flood insurance. the other one that cover wind , I remove it because after like 5 years of saving money the wind home insurance you save enough for new roof .
@wisdomandlove1661
Жыл бұрын
when something happens now or 10 years from now, they can deny the homeowners claim because of one stipulation like the lady said in this video
@ronk9830 Жыл бұрын
You want to live in a high-risk area - - you have to pay to insure the property. That's just the way it is. There's no free ride involved.
@kerrykerry5778
Жыл бұрын
LOL, there is a free ride worth hundreds of billions that is supported by every taxpayer in America. The feds write the flood policies, since it's not actually flood insurance, as no legitimate insurer would ever take the risk. It's actually a giant subsidy to the rich. Federal "insurance" covers all the homes built in places where they never should be in the first place. The US taxpayer pays the bill and gets to pay again, and again, and again, as storms damage and destroy these structures. Since it's nearly free government money, and the taxpayer takes all the risk of the stupidity of it all, the whole con game never ends.
@deborahschumann8286
Жыл бұрын
@@kerrykerry5778 want to see the REAL free ride…check out the massive tax cut that only the wealthiest got…. The budget buster tax cut under the GOP is second only to the massive wealth transfer from everyone to the top 1%….brought to you by the fed thru “qualitative easement”. If the average tax payer gets any help…THAT suddenly is a free ride? We are all paying to keep the wealthy from paying anything…never mind a fair share
@hockeyheather3321
Жыл бұрын
Well my inlaws did and they're still waiting for the insurance company to agree to fix their damage from Irma....5 years ago! F insurance companies.
@densels.6089
Жыл бұрын
no one is asking for a free ride moron.
@jonlj77
5 ай бұрын
@@hockeyheather3321 Yup. They are scammers. Self insure. If you have 20% paid on your mortgage you can handle your( escrow ) taxes and insurance on your own. At that point just cancel your insurance. Punish the industry, and fight back. They don’t have your best interest at heart. The coverages and deductibles are getting worse and worse.
@Sunset553 Жыл бұрын
If you need more time to get the roof replaced or upgraded, maybe you can pay insurance by the month this year. If you need a different insurer, find one outside of Florida, because hurricanes won’t affect the majority of their customers. I’m inland in Florida and it bothers me to have to drive to the coast, but it has the one big advantage that hurricanes are downgraded over land.
@GilmerJohn
Жыл бұрын
I suspect the problem is some companies have too many policies in too small of an area. If their area gets "hit" they are out of business.
@zachbobick
Жыл бұрын
@@GilmerJohnthey won’t be. do you really think it’s gonna cost a few billion dollars to fix a few homes? these indirect companies make billions a year, declare bankruptcy and get off scott free
@inquirer1016 Жыл бұрын
Wow, that's just insane! These profit greedy insurance companies are just evil. $9,000 a year just for home insurance? It's no wonder some people just say no and just self insure.
@thomasallen6980
9 ай бұрын
People gotta help themselves too. Some of that stuff is ridiculous. If you park your car on lowlands when a hurricane is forecast you should get NO money. Some personal responsibility goes a long way with us who are stuck with the bill, as usual.
@AudiLaRue Жыл бұрын
I saw a policy in Michigan with a 800k replacement cost for 25,000 a year😳😳😳. Like, is every home in that neighborhood being set on fire? You don’t need insurance if you don’t have a mortgage. If you do have a old roof you should be denied. Absolute risks are not insurable. You should not have a home if you cannot maintain it. That’s not what insurance is for. We are paying the price for years of insurance fraud also. Stop living in Florida. I pay 650 a year for home insurance because my insurer is not doing business in Florida Ny or Cali.😊
@crismcdonough2804 Жыл бұрын
Good Lord. Those poor people. My homeowners is $650/yr. In PA.
@kerrykerry5778
Жыл бұрын
My $300K home in PA runs me a bit over $400/yr. My insurer stopped writing homeowners in Florida, years ago. I had a neighbor that moved to Florida. He had the same insurer that I use for home and auto, and assumed that he could just notify them of his new address and continue his auto policy. They told him that they no longer write auto business in Florida anymore, but own a separate car insurance company in Fl. That company offered to write him a new policy for a bit over 3X what he was paying. He then shopped around, found he couldn't beat that offer, and some "competitors" were offering him the same coverage for over 4X his Pennsylvania price. Florida is a deeply corrupt state where everybody from lawyers to roofing contractors are running a giant scam and robbing the citizens and homeowners of tens of billions a year. Given that it is strictly a "pay to play" state, where you go to Tallahassee, hire a lobbyist who is really nothing but the bag man, and purchase whatever you want, things will only change when the entire system collapses. Until then, a Florida resident, homeowner or vehicle owner is nothing but a victim to rob.
@jcx5659
Жыл бұрын
We all have choices.
@richardreger6026
Ай бұрын
Same here Wi small town hope doesn't go up 2 much this yr. Glad I stayed here
2 жыл бұрын
The fact is that insurance companies are losing money and leaving the state and homeowners are paying sky rocketing rates on DeSantis's watch. Perhaps he should be working to fix real problems instead of fixating on culture wars.
@sharoncrawford7192
2 жыл бұрын
It's happened because of roofing scams.
@flfreefun1246
2 жыл бұрын
When you have no idea what yourtaling about you should't post a comment
2 жыл бұрын
@@sharoncrawford7192 Is DeSantis getting a kickback? He doesn't seem to care.
@zeke5491
Жыл бұрын
No governor can stop hurricanes
@arkadandfortuna1582 Жыл бұрын
I’m curious to see a post of home insurance after hurricane Ian. Seems like pretty soon living in FL will be difficult decision 😢
@realchurch2693
Жыл бұрын
Our hurricane deductible is over $8,000. We live inland on high ground. This hurricane didn't even affect us. Maybe an inch of rain and gusty but not dangerous winds. Welcome to our world.
@joeuser633
Жыл бұрын
@@realchurch2693 So don’t buy insurance if you don’t need it.
@realchurch2693
Жыл бұрын
@@joeuser633 why even comment that? I was simply commenting on how expensive insurance is not complaining. There's a difference....
@glasslinger
Жыл бұрын
@@joeuser633 Mortgage company requires it.
@doorguru168888
Жыл бұрын
I cancelled my expensive and high deductible insurance about 3 years ago. I do get a little nervous when a storm is heading our way, but I also did when I had insurance.
@spocksvulcanbrain Жыл бұрын
I don't understand the logic behind what these homeowners say when they say they're going to get out of Florida. Just who do they think will buy their home with a $10K insurance premium? I certainly wouldn't. Unless an ultrawealthy person is the buyer, no reasonable person will buy such a property. The current owners will be stuck with it until the insurance prices go down or until the property value goes down far enough to offset the cost of insurance over the next 15 years.
@bikndave68
2 ай бұрын
enter the Hedge Fund buyers.... Cash offer, 10% over asking. And they self insure, run it as a business, and write-off the losses to avoid taxes.
@susiesmith546 Жыл бұрын
I would assume that most small insurance companies will not be able to insure in Florida due to all the Hurricane Ian damage.
@avflyguy
Жыл бұрын
All insurance companies buy reinsurance from large worldwide syndicates/brokers. No one company could survive after a CAT loss.
@VoteForBukele Жыл бұрын
Sounds like a logical business decision to me.
@kojack635 Жыл бұрын
-Lives in hurricane prone area -Has high insurance -😵
@gailhasler8435 Жыл бұрын
Floridians need to unite and demand action from their State insurance commissioner. 🙄
@jinsu0504
Жыл бұрын
when floridians leave b/c home insurance becomes unaffordable ....less demand for insurances will drive property prices and insurances down.
@joeuser633
Жыл бұрын
And he will do what exactly? Force others to subsidize your beach house every hurricane season?
@jusletursoulglobaby
Жыл бұрын
he cant force businesses to write policies in florida
@jcx5659
Жыл бұрын
Keep voting for De Santis and see what that gets you. HAHAHA.
@sasha2345
Жыл бұрын
@@jcx5659 exactly
@beckyparker1532 Жыл бұрын
I pay 1500/year for mandated flood insurance in Oregon in an area that has never flooded. I just can't understand why the mortgage lenders in places like Florida don't force flood insurance on borrows like they do here?
@doorguru168888
Жыл бұрын
If you are in a designated flood area, they do.
@cherylT321
Жыл бұрын
It’s all greed!
@speedyd8150
Жыл бұрын
Flood insurance is optional. If it floods and you don't have it then your screwed. Why should they force it on anyone that doesn't want it? That's on the home owner.
@doorguru168888
Жыл бұрын
@@speedyd8150 The insurance companies requires flood insurance to protect the property that they technically own.
@nobodyspecial4702
Жыл бұрын
@@doorguru168888 Technically, they don't own the property at all. The property is owned by, get this, the homeowner. Insurance simply agrees to accept money on a monthly basis from the homeowner and guarantees that they will cover the cost of damages should they occur. Flood insurance is a federal program and is the only insurance that will pay if the property is damaged in a flood. Insurance companies have absolutely nothing to do with flood insurance.
@Frankcapasso Жыл бұрын
Explain to me why you have to force an insurance company to take unnecessary risk they are a business like all others or they have to be compensated for the risk
@pjhey947
Жыл бұрын
So they take your money for 30 years and drop you or increase rates after a claim. They are a business willing to take your money but have a problem if they after pay. Sad
@richardreger6026
Ай бұрын
Can't have all those commercials if ur not making money
@dirk7816 Жыл бұрын
Translation live in Florida at your own financial peril. As it should be.
@1just4laughs
Жыл бұрын
Or at the Tax payers peril
@irepairofpc31familykartrac51
Жыл бұрын
I was unable to afford the insurance on our home built in 1965. Hurricane Michael hit us dead on and we lost our roof and a ton more damage. I had to pay everything out of my pocket to repair my home. Over 4 years and 40,000 dollars later we can live in our house again. We got no fema help other than 1,500 dollars for damaged house contents. 😢
@dirk7816
Жыл бұрын
@@irepairofpc31familykartrac51 Sorry hear that. 18k years ago Florida was more twice the size it is now and by the end of this century 70% of what is left will be sandbar at low tide. Sell why you can. Just look at what's happening along the St. John river and imagine if another big hurricane hit next week. Huge swaths of land would disappear or be 3-10' under water. I personally think in 15-20 years max that that 70% will be uninhabitable for all practical purposes and worthless in value. I lived in Florida for over 15 years and loved every minute of it but it's a vanishing land.
@user-oe5ey3ex8b8 ай бұрын
It's getting to the point that insurance costs more that the mortgage. I'm fortunate enough to not have any mortgages thus I can "go bare" or not have insurance. I put those would be premiums into a separate interest bearing account. A big part of this recent insurance rate hike is caused by big financial investors like BlackRock and Vanguard forcing insurance companies to retaliate against Florida for the recent anti-ESG legislation. Another part is roof scammers filing lawsuits against insurance companies. This could be solved by placing a separate roof rider for at risk roofs and by catching and removing these scammers from society.
@gorgeouslady5612 Жыл бұрын
WHY WOULD YOU KEEP REPAIRING! A HOME OVER! AND OVER! AND OVER! AGAIN?. One Moody Plaza is a 23 floor skyscraper at 1902 Market Street in Downtown Galveston, Texas, United States. The building was designed by the architectural firm of Neuhaus & Taylor. At its completion in 1972, One Moody Plaza was the tallest building in Galveston County, standing 357.6 feet (109 m) tall, but was surpassed by the Palisade Palms Condominiums, built in 2008 with 27 floors and standing at a height of 381 feet. The building was listed on the National Register of Historic Places in 2021.
@weswest8666 Жыл бұрын
Might as well self insure at that point $9k premium would pay for a roof at most small residence each year
@richardreger6026
Ай бұрын
Anything over 2500 self insure
@MannyMaurice5348 Жыл бұрын
It does not matter, even when you replace the roof, they come up with another reason to charge you higher prices. We did everything the insurance asked and the final straw was well your home is 1959. It is just too old. So now we have to deal with that. What, do I knock it down after new roof, new plumbing, new deck, new new new and start from scratch. The insurance companies are useless, never pay out anyways, and we have never put in a claim to begin with. Just sucks,,, big time...
@laurieleannie Жыл бұрын
I hope she didn’t cancel her insurance!
@truthisfree7297 Жыл бұрын
Curious move as there is no reason older homes are a big concern, it is actually the cheaply made tract housing and modular/mfg homes that have often incurred the most losses.
@Shteven
Жыл бұрын
That's just it tho, a cheap plywood house that gets leveled is still probably cheaper than fixing a sturdy brick and mortar house that gets significantly damaged. Cheap to build means cheap to fix. (In the insurances eyes at least)
@GilmerJohn
Жыл бұрын
A part of it might be that it's difficult to determine how a particular old building will do in a storm. In the case of tract housing, they have "experience."
@dannynone2784
Жыл бұрын
New modular home in the Keys are engineered to withstand 180 mph winds. The newer homes in the Keys, built to the newest code, went through the last major hurricane in 2017 with minimal to no structural, wind or flood damage. Older homes built on ground level in the eye zone were flooded and destroyed.
@desertguy1362 Жыл бұрын
9k for home insurance, 😲 that's like mega mansion prices.
@anthonyca Жыл бұрын
In the words of Ron Paul. We subsidize flood insurance so people can rebuild flimsy houses amd not raise them up on a floodplain on the ocean, and who pays for it? Some guy in the desert!
@angelodelacuesta3882 Жыл бұрын
Everything is unaffordable nowadays,everything.
@soisaidtogod4248
Жыл бұрын
Air and sun are free.
@lochnessamonster1912
Жыл бұрын
There are over 30 million millionaires and billionaires that float this service economy and that’s why none of this will ever end.
@jcx5659
Жыл бұрын
Nonsense.
@kevinbrooks6147 Жыл бұрын
Shocker!! Businesses do what it takes to remain profitable.
@ludovician2 жыл бұрын
Oh Florida, a small requirement change will fix insurance issues. 👏
@vblic
Жыл бұрын
Which is?
@damnjustassignmeone
Жыл бұрын
Honestly, I think more home insurers will just pull out of florida altogether if that happens. Many have already.
@danielweston9188 Жыл бұрын
"Let's divide up some swamp in an area where there are no trees because of storms and sell it cheap" "We will call it Florida""
@dlrightnow Жыл бұрын
It's not sustainable to rebuild huge swaths of Florida every year when another hurricane comes. I don't know what to suggest other than build cheaper easier to replace homes like the caribbean.
@swisstroll3 Жыл бұрын
Problem was caused by government. The state mandated that insurance had to pay for a whole new roof if damage from a storm exceeded a certain percentage. Crooked home repair companies went door to door offering a new roof that insurance would pay for, and certified the level of damage. State law gave insurance companies little possibility of contesting the claims. The insurance payouts exploded. Many companies went bankrupt. Rates went “through the roof.” Note: the independent agents have the Cadillacs. They get commission from selling the insurance. The people at the insurance companies usually get unemployment checks after the company goes out of business.
@alexb5681
Жыл бұрын
Independent agents have the Cadillacs, since when? We've had the worst job for the last two years. We're happy when our clients are happy, because we don't hear from them and they don't go anywhere. When clients are mad, they call us mad, and we spend most of our time shuffling policies around to make no additional money.
@jillclarke7264 Жыл бұрын
Once again, insurance companies screwing the consumer. Always been this way.
@thomasallen6980
9 ай бұрын
What kind of common sense does it take to realize that the rest of the USA wont pay for people who moved next to water that constantly floods? AT some point it is time to move up a hill or something.
@GilmerJohn Жыл бұрын
Well, it seems to me that Florida could use some mutual insurance companies. They would need to lay off some of the risk with other companies and even Lloyds but the rates show in the video seem to be well above the actual risk. They can initially charge the same rates as the commercial companies but in the fullness of time they will accumulate a real nest egg which can be used to reduce future premiums. Settlement services can be "outsourced."
@neilkurzman4907
Жыл бұрын
Florida’s insurance problems I’ve been building for years. Insurance companies can’t get reinsurance from companies like Lloyds. It’s a money pit as far as insurance goes. And the states still hasn’t dealt with the underlying issues.
@sns512 Жыл бұрын
Makes sense to me. People don’t understand how insurance works. Premiums are based on risk. If your $500k house has a 2.5% chance of getting destroyed each year the break even insurance premium would be $12.5k per year. But insurance companies aren’t in the business to break even. So add some profit and business costs to that. Then add some more for the risk of claims less than a total destruction ( roof, burst pipe, small fire etc). soon you are at a $15-20k premium. How about just skipping paying insurance? Then people would say “ but my house is gonna get torn up next year in the hurricane, I won’t be able to afford to fix it.” That’s what your insurance company is saying too! In what world does it make sense for them to charge $4k for insurance when they expect to have more than that in claims.
@eckankar7756 Жыл бұрын
I wonder who will be buying these homes with high insurance premiums so these retirees can escape Florida's growing rates?
@libiure Жыл бұрын
florida homeowners have 25 days to put on a new roof - and the anti-immigrate laws just went into effect, so new roofs will not be easy to acquire nor will they be cheap ..
@TheTarrMan Жыл бұрын
It's really hard to feel sorry for those people. Every year since I can remember that whole southern area has been getting with hurricanes. Why those people feel entitled to get their house remodeled every year just because they want to live in "fair weather" is beyond me. If anything it's causing the my premiums to go up too even though I live way up in Illinois.
@davidclay3737
Жыл бұрын
I mean no where is perfect and free of natural causes. I have lived in Florida my whole life and only had once had hurricane damage and it was caused by a small leak. I am sure hard freezes never cause insurance claims.
@lg206
Жыл бұрын
Exactly. One woman interviewed during the last hurricane was on her third totaled house in a decade
@dh5380
Жыл бұрын
Nonsense
@SL-pg4dh
Жыл бұрын
@@lg206 They are the same idiots you see online who brag about how much they love living in Florida, yeah because you are passing the cost of everything to other people.
@MannyMaurice5348
Жыл бұрын
You are grouping everyone of us together. Most of us, pay for our insurance, never ever put in a claim but you folks deem it necessary to group us all together. Hope and pray that nothing happens in your state.
@thomasconley3429 Жыл бұрын
In order for these insurance companies to stay in business, they have to make a profit. Frankly these homeowners all seem to want to forget they live in a state that suffers more from hurricanes than anywhere else. Things are not going to get any better. With climate change there is an increasing chance that losses will be greater.
@tamjeanell Жыл бұрын
They trying to price people out....
@michaelmullin7941 Жыл бұрын
It seems to me that homeowners who can't afford expensive insurance against all things, should be putting half their incomes into a savings account.
@mikedoran4763
Жыл бұрын
Yes'r! If you own your home outright, take the premiums they want and put it into an interest bearing account. If I could've invested the money I've spent on insurance premiums over the past decades (like the insurance companies are supposed to) I'd have enough $$ to rebuild from the ground up. Now these companies operate like ponzi schemes.
@clintwestwood2731 Жыл бұрын
Time to become a roofer.
@jean-claudelol563 Жыл бұрын
That's kind of crazy. Those older homes are often built to much stronger construction codes than newer homes. My parents older home in Florida has been through several hurricanes with very, very minor damage while newer homes nearby have been leveled over and over.
@peterrose5373
Жыл бұрын
The codes are getting stronger, it's just that the older houses that still survive were built in excess of code. (or are just lucky.)
@jean-claudelol563
Жыл бұрын
@@peterrose5373 No those homes are more than lucky! They were built to last generations with proper maintenance. It’s crazy that insurance companies are dropping the homes that are most likely to survive storms even a category 4 storm and insure newer homes that blow away with category 1 & 2 storms. I don’t mention category 5 storms because few constructions exist that can withstand a cat 5. No wonder they are going bankrupt, they don’t know the information in their own claims data.
@peterrose5373
Жыл бұрын
@@jean-claudelol563 Well then I guess you know how to get rich, then. Create your own insurance pool and sell coverage to all those people the insurance industry that their army of actuarial fellows has wrongly identified as a poor risk. Laugh all the way to the bank.
@jean-claudelol563
Жыл бұрын
@@peterrose5373 Sure, I just need a few investors with a few million dollars to invest for start up offices and advertising. Can I sign you up for say $15,000,000 USD start up investment…
@johnjacobjinglehimerschmid3555 Жыл бұрын
.. can you imagine your insurance going up because of hurricanes in FL. And you live in CO. That was the answer 1 year I got from All State. My premiums when up 100 more month and when I asked why.... they said they had a sh!t ton of claims in along the gulf that year. I asked why aren't they paying premiums that respect the dangers of where they live. Was just told well you can renew or not, it's just the way it is.
@DeniceCarlaGordon-kd1kg11 ай бұрын
This is ridiculous I live to live in Orlando Florida and now i need to pay insurance for my apartment now and also my rent increase 😢
@LyRiCss718 Жыл бұрын
Wow... that is crazy!
@mikeunt7021 Жыл бұрын
Try getting flood insurance in SE Tennessee on properties built on documented flood plains.
@jeffmorse645 Жыл бұрын
If you're building a new home (and of course new roof) will you be OK for some years?
@anthonygambitta6220 Жыл бұрын
I just purchsed a 35 year old home, with a new 2022 A/C and roof, and most large, well known insurance companies still refuse to insure me. I might have to go with Citizens.
@zoner__3 ай бұрын
Seattle - $650 and auto with 2M umbrella $2200
@scottrussell6717 Жыл бұрын
Bet those insurance companies will be going out of business soon.. the insurance on my brand new house is 500 a year for 250000 coverage
@Diatonic5th Жыл бұрын
$10,000 per-year to insure a $300,000 home? Why would anyone move to Florida?
@rezasalamat9328 Жыл бұрын
How do you get a home loan from a bank without having proof of insurance? Some are cash but.....
@jjrusy7438 Жыл бұрын
i live in a "mild" disaster area which maybe gets an occasional lighting strike or minor wind damage. I have enough in the bank to fix anything short of a total from let's say a fire. I am contemplating just getting some liability and that is it. I would rather put the several thousand $ a year into investments that can be easily liquidated.
@jcx5659 Жыл бұрын
Geez, I thought Florida just relied on the Federal Government when the inevitable hurricane damage happens. Who would have thought that your decisions matter.....
@funDAYsmiling2 жыл бұрын
We’re getting screwed in Florida…
@sharoncrawford7192
2 жыл бұрын
We sold in 2006 and left before the 2008 housing bubble hit. Sold our home and made over 200,000 dollars on what our home cost us to build. Only lived in it 10 yrs. When they sent our last homeowners insurance bill, it was over 2,000 for a yr. But the buyer had to pay because the house was sold. We did not owe a mortgage either. We moved back to the Midwest after living in SW Florida 25 yrs. I'm glad we did, because we are now getting very close to retirement and there is no way we could have stayed there. Florida is more expensive on everything. When we came back to the Midwest I was surprised at the difference in prices for everything. So it was a good move for us!
@flfreefun1246
2 жыл бұрын
@@sharoncrawford7192 - what do your taxes look like??
@bobklk51
2 жыл бұрын
LOL, you been getting screwed since DeathSantis became governor.
@RichardBaran Жыл бұрын
I'm getting screwed in Pinellas country. They doubled the cost per year. My home is 1959...
@wednesdayschild3627 Жыл бұрын
You cannot sell. The roof has to be fixed first new law. Average price new roof is 20,000 dollars.
@battlestar1788 Жыл бұрын
So what’s going to happen when majority of homes eventually with be consider old 20 years from now
@morrismonet3554 Жыл бұрын
My homeowners ins. is less than $500. I'll take my snowstorms over Florida any day of the year.
@jesusisdead10 ай бұрын
Why are we building houses with disposable roofs? Oh right probably insurance companies
@couponuser Жыл бұрын
Is this woman aware that her hurricane deductible is nearly equivalent to her annual premium? It exceeds $8,900 before any insurance coverage kicks in, and this amount is subject to yearly adjustments alongside her dwelling coverage on the home. This implies that within a year or two, it could surpass $10,000.
@charliesargent6225
Жыл бұрын
And,...what's your point?
@buensomeritano1755 Жыл бұрын
That's usery. Report the insurance company owners for criminal violations of 18 USC 242 and Frauds and Swindles and Whitecapping and reckless endangerment. Shelter is a basic essential need.
@oll19986 ай бұрын
...so what's really happening is, when a claim is made, the "contractor" brings in a public adjuster by "request" and so even if you are just missing a few shingles off one face, they argue for a new roof, threaten to go to suit (which the carriers will almost always lose a jury trial so cave), and yes, you get a new roof because you lost some poorly maintained shingles, your and everyone else's premiums go up, and this goes on for so long that people just get dropped. There's a hell of a lot more to this story than "insurance company bad". You see the same thing with medical billing. It's prohibitively expensive because lawyers get involved. ... The only one who ever wins are the lawyers. Guess what the number one profession of your lawmakers is.
@montibarnett67402 жыл бұрын
Is pure highway robbery
@hassimyousef9683
Жыл бұрын
Yeah till the whole neighborhood gets leveled by Ian and everyone gets new 650k houses
@javaskull88 Жыл бұрын
How are insurance prices further inland?
@brianhenderson9470
Жыл бұрын
We live in Ocala, not bad.
@dennisjohnson3276 Жыл бұрын
I look for the insurance companies not to renew policies when they come up for renewal after this storm payout for damage
@marcbastien6142 Жыл бұрын
Have you try stop scamming insurance companies ...
@criticalloves Жыл бұрын
Instead of paying insurance. Save the money
@cathietonkin5577 Жыл бұрын
The insurance companies have been changing everything in the policy to help them! My son had to just put a new roof on the other day, per his insurance company or they were going to cancel their policy and then the bank would have called in their loan! His roof was order when they bought the house in 2019! When we received out yearly insurance renewal it was yet again more. We were told the only way we could bring down the premium was to remove line items! But what really got to us when we went to the insurance company to pay in person…. the staff all had Cadillac’s in their parking lot! We thought that was very interesting! We were told by other policy owners that insurance companies are not fighting fraud, they just (they were lucky with Ian, they only lost a very shingles) pay it off and get on with business. Now I do not know if that is true, but I do wonder!
@Atemoya26 Жыл бұрын
Someone I know just move to Florida last year. Have fun finding insurance and dealing with hurricane.
@stevencorbo1220 Жыл бұрын
Materials they are using to build new rules are not as strong as what they had before OSB never belongs on a and if they're using an insulation board that doesn't belong there either. The new materials are not better. They may give more insulation but should never be approved for roof.
@billtr8516 Жыл бұрын
mine just double from 4k to 8K under 100k acv What will the mortgage bank do if you can't get insurance No mortgage no one buying homes, our governor will fix it
@nygardenguru Жыл бұрын
Wonder how much property tax. Insurance plus prop tax even more than or equal to Long Island NY
@dannynone2784
Жыл бұрын
I checked my records for 2022. My coastal weekend cottage is valued at about $450K and was built to hurricane/flood codes 30 years ago. We had a new meal roof installed about 5 years ago. 2022 Property tax was $4,700 (non homestead rate). Standard home owner's and wind insurance were about $3,100 for a $7,800 total. Insurance is increasing about 10% this year. Sunset views are priceless.
@zeke5491 Жыл бұрын
The cost of living in Florida just went up. As property values rose so does the price of replacement. Throw hurricanes in the mix-💰💵💸
@johnm29912 ай бұрын
Time to exit Florida ASAP! 💯
@mmoarchives2542 Жыл бұрын
i don't blame them, i wouldn't want to touch those customers either, would you pay up 250,000 hurricane claims?
@mlong9475 Жыл бұрын
Insurance companies gaming the system? Who would have thought...............
Пікірлер: 512
My question is why do homeowners who have NEVER MADE A CLAIM have to pay for all the frivolous lawsuits. It’s clear who is suing the company for more than just a new roof….they have tarps for months to years on their roof….so sad that people doing the right thing suffer…..shouldn’t they just charge more to the homeowners making bogus claims to offset the losses instead of punishing everyone?
@boomerzman6148
Жыл бұрын
It's not about fraud! Its about corporate greed and betrayal by your so-called representatives!
@SL-pg4dh
Жыл бұрын
Simply put, there's not enough money in the pot once they settle with those suing. They most likely drop those people's coverages and now have to make the money back for the next people that will sue.
@tqlla
Жыл бұрын
Thats the way insurance works. everyone chips in, and the insurance pays the people that need it. unfortunately there are a lot of natural disasters and people who are taking advantage.
@matthewmolina2706
Жыл бұрын
Unfortunately people have to sue to even get a claim or the claim was under funded and only way to get the full amount to cover repairs is a law suite
@danielterry382
Жыл бұрын
Everyone needs to pay more as they would have to increase by 12X the costs for the ones who have claims.
I am surprised that insurance companies insure in Florida at all.
@GilmerJohn
Жыл бұрын
Some may have too much exposure in some areas but you can do "back of the envelop" calculations to show that overall, a 1% of value insurance rate should be able to pay for all the storm damage.
@mmoarchives2542
Жыл бұрын
yeah, i'd be running for the hills too, they can't pay all of that all at once, not without filing chapter 13
@GilmerJohn
Жыл бұрын
@@bert1450 -- Yep! The mortgage company wants its interest insured. But if you have purchased a home in the last 20 + years you might have noticed that there is a lot of competition among the mortgage providers. If you have trouble getting insurance, odds are the at least one mortgage provider can arrange insurance. If, later, you can't renew that insurance but keep on trying the mortgage company will not sue to re-possess because of insurance. They would still have a property that needs insurance. They will do what needs to be done to get insurance. When insurance rates skyrocket, there is opportunity for other companies to step in. Again, the mortage companies have more leverage than to the individual homeowners.
@neilkurzman4907
Жыл бұрын
Most of the big companies don’t insure Florida anymore.
@GilmerJohn
Жыл бұрын
@@neilkurzman4907 -- Well, I suspect that they "over insured" before and found out that the "occasional" storm threated the financial status of the organization. Until and unless conventional insurance work things out, the combination of mutual insurance companies and "insurance" worked out by mortgage companies will get the job done.
I checked on buying a home in Texas, located in a flood zone. When I was told 8 thousand dollars a year extra for just flood insurance, we let it go! Why anybody would build a beautiful home in a flood zone, makes no sense!
@mikeunt7021
Жыл бұрын
A lot of southeast TN is on a documented flood plain. No insurance companies here even offer flood insurance. It is a flat out NO from them if you ask about flood insurance, but they happily support developers clearing natural wetland and building ridiculous priced new neihhbirhoods and apartment complexes on them.
@vw8886
Жыл бұрын
@@mikeunt7021 Flood insurance is a government program.
@jackwilson8051
Жыл бұрын
Most cites will not allow you build in a flood zone.
@thomasallen6980
9 ай бұрын
The government pays them to rebuild every few years. For now. That party is coming to an end soon.
No insurance = no mortgage. This can kill a market.
@GilmerJohn
Жыл бұрын
Well, perhaps the mortgage brokers can start working the insurance market and find ways of at least protecting the mortgage holders at reasonable cost.
@robsemail
Жыл бұрын
The beach-front housing market in Florida needs to be killed.
@jcx5659
Жыл бұрын
@@GilmerJohn You mean the ones who don't live in hurricane zones.
@GilmerJohn
Жыл бұрын
@@jcx5659 -- There is a special problem with hurricane zones and that is when the storm hits it "takes out" a lot of homes at essentially the same time. And THAT is what scares the insurance companies. The various federal schemes aren't designed to subsidize that actual risk but to "cover" the massive payout after each storm. It's possible that these is a subsidy involved and perhaps the federal premiums should be increased. Increased federal premium will cause folks with paid off mortgages to go bare. This will have to be expected and after every major storm (or flood) we will see news reports of folks that "lost everything" and don't have any insurance. The only formal help they may have is the casualty loss provisions of the tax code. (But "tax reformers" have eliminated much of this.)
@thomasallen6980
9 ай бұрын
right, I think that is the idea. We cant afford to keep bailing people out. WE dont have floods where I am from. Why should I pay for people so stupid they build next to a low lying river that fills in from the ocean every time it rains?
A lot of insurance fraud and frivolous lawsuits in Florida, especially in Miami/Dade County. I'm talking billions of dollars a year. If the insurers spent even the smallest effort investigating sketchy claims instead of just passing their losses on to the consumers and if the state went after scammy homeowners and lawyers, maybe this wouldn't be such a problem.
@avflyguy
Жыл бұрын
Roofers are like bandits in the night. It's crazy how much the roofing companies make, but use cheap labor and materials. 50% profit margin ain't bad.
@alexb5681
Жыл бұрын
Unfortunately insurers pay both sides when litigating lawsuits, so they're fighting themselves when dragging cases along. Also, what they're fighting isn't easy. How do you prove a homeowner didn't have slight hail damage on a specific spot on their roof three years ago when the attorney's just point at a documented day of hail in that area based on the national weather service? Granted these are all 20ish year old roofs, so they look like garbage to begin with. I've yet to see a 'hail' claim on a 5 year old roof, which is funny.
@GilmerJohn
Жыл бұрын
Well, perhaps a practical solution would be to permit policies that DON'T cover basic roof repair. In the shingles get blown into the next county, that's on you. If the sheaving gets lifted up, your insurance will cover the sheaving but not the shingles. But the base problem remains: When a quare mile of homes get's leveled, it's a company busting claim.
@user-oe5ey3ex8b
8 ай бұрын
It's getting to the point that insurance costs more that the mortgage. I'm fortunate enough to not have any mortgages thus I can "go bare" or not have insurance. I put those would be premiums into a separate interest bearing account. A big part of this recent insurance rate hike is caused by big financial investors like BlackRock and Vanguard forcing insurance companies to retaliate against Florida for the recent anti-ESG legislation. Another part is roof scammers filing lawsuits against insurance companies. This could be solved by placing a separate roof rider for at risk roofs and by catching and removing these scammers from society.
@johnnynick6179
8 ай бұрын
@@user-oe5ey3ex8b None of this is about insurance companies retaliating against anti-ESG legislation. This entire problem was created by the alliance between specific attorneys and specific roofing contractors, along with help from crooked judges who have made it easy for homeowners and roofers to scam insurance companies for a free new roof. Do is a KZread search for "Free Florida Roof" to see what caused this problem.
My in laws had damage from Irma, both in their 80's, one using a walker to get around, their insurance company refuses to cover the roof damage. Because of the roof damage, they have had water leaking into their home causing black mold. They sued the insurance company and they insurance company said they cannot do any repairs when the investigation is pending. ....5 years. 5 years of water damage, their things damaged, a hole in their kitchen ceiling, and black mold. Every time it rains (which is quite frequent in Florida), they have water running down the wall of the office. The insurance company allowed them to put a tarp on the roof with sandbags (for 5 years...again...), and they have plastic liners duct taped to the damn walls. They're supposedly going to a court hearing in January (that may be the wrong terminology, but finally get to plead their case to a judge). Florida insurance companies suck. Why pay for insurance when in the long run, they won't actually help you. Same with home warranties. It's nonstop patch jobs and then a slap of the hands like, "Well, we said we would fix it, our job is done here."
@lochnessamonster1912
Жыл бұрын
Ah, capitalism. Scams layered on scams on scams.
@thomasallen6980
9 ай бұрын
Guess they should take that rainy day money out of the bank and fix their house.
But her 'hurricane premium' didn't go up nearly as much as the 'regular' insurance premiums. So nice that the insurance companies just blame hurricanes and not that they're making more and more money every year. On the one hand, it sucks. On the other hand, insurance companies are in the business of making money, not paying out money. And with the folks in Tallahassee firmly in their pockets, they get to do whatver they want.
If you choose to live in a hurricane prone area, of flood prone area, or any area more likely to have claims, expect higher prices.
@Kandralla
Жыл бұрын
That's not really the problem. If you have insurance through a large company the rates haven't gone up nearly as much. So either the big companies are stupid, or it's not a 'cost to insure' problem. It appears to at least partially be a beuacracy problem with insurance ratings agemcies and Fannie May/Freddie Mac regarding "what rating does the lender require for an insurer insuring their interest.
@taylordooley3765
Жыл бұрын
At some point, with how the climate is basically washing southern Florida away, they will stop insuring homes in weather prone areas. Imagine what that does to the equity these people have built up? Very sad
@wednesdayschild3627
Жыл бұрын
We have people in my state that build in Mountains and then complain about fire insurance.
@SL-pg4dh
Жыл бұрын
Right. I don't feel bad for these people at all. I feel more bad for victims of car insurance because they are forced by the government to have insurance. But if you choose to move to a high risk area, you better have your own money for repairs or get ready to pay someone else a lot of money to handle your cost of repairs. Woe is me.
@jayjaynella4539
Жыл бұрын
that would include all areas of the US. Tornadoes, floods, bush fires, blizzards, droughts, heat waves, hurricanes, wind storms, volcanoes, hail storms,
It’s all over the country. Insurance companies are hitting people harder than the IRS. Why do you think rents are going up so much? Insurance and taxes, the uncontrollable costs keep going up faster than inflation.
@zoner__
3 ай бұрын
Seattle - $650 and auto with 2M umbrella $2200
Isn’t the real problem that legislation created previously required insurance companies to replace damaged roofs more easily when slightly damaged. So homeowners have been taking advantage getting new roofs for nothing and insurers have had to adjust premiums accordingly. All those free roofs have driven premiums up. Realistically homeowners should get policies with higher deductibles and assume some risk themselves to mitigate costs.
I work for one of the insurance carriers and this news report was pretty accurate. We are seeing some very high increases. They actually had to train us to be able to explain these accurately and truthfully to the policy holders. But people are pretty ignorant in general and they really don't understand how bad it is or what's going on
@couponuser
Жыл бұрын
The negative reaction to the rate increases can be attributed to the insurance carriers' actions. It appears that the marketing tactics employed by these companies, specifically the "switch and save" approach, have now backfired on them.
@danschwartz1950
Жыл бұрын
@@couponuseryou do not understand concept of insurance
@thomasallen6980
9 ай бұрын
You claim more losses, your rates go up!! How hard is that to understand. I think they call it an "assigned risk pool".@@couponuser
I sent my insurance company packing. I installed a metal roof ($25K), new hurricane shutters ($10K), and reinforced the roof strapping ($5K) on my block home, which has never seen a flood since originally build 50 yrs ago. The cost of this "storm hardening" cost more than the cost to build the entire home in 1973. The insurance company still wanted a rediculous premium after I mitigated their risk. BTW, my Port Charlotte house went through the eye of Hurrican Ian without any damage that would exceed even a small deductible. (a rain gutter blew off).
@alexb5681
Жыл бұрын
You didn't send anyone "packing", you simply exercised your right to self insure based on not having a mortgage. Not sure why you feel like you won some sort of battle against the big bad insurance company for that. I'd love to know if that new roof was your contribution to the problem (in form of a hail claim) before you did decide to self insure.
@mikedoran4763
Жыл бұрын
@@alexb5681 Hail damage?! Jusay'n, you strike me as an insurance sales person. I had huge oak tree limbs and other sizeable debris hit the roof at over 130 mph and a 30 ft palm tree fall on it. All without a dent. So bring on the hail. And yes, I did send them packing. After they saw the integrity of the improvements, they were so eager to "retain me as a client" for 3 times the previous year's premium. This after having paid them 10s of thousands $$ in premiums over decades of patronage. I simply told them "F.U. I'm not contributing to your ponzi scheme any longer". If I could have invested all the money that I paid them in premiums, (like they should have) I'd have an account with enough to rebuild from the ground up.
@charliesargent6225
Жыл бұрын
@@mikedoran4763 "I had huge oak tree limbs and other sizeable debris hit the roof at over 130 mph and a 30 ft palm tree fall on it. All without a dent" "went through the eye of Hurrican Ian without any damage that would exceed even a small deductible. (a rain gutter blew off). COOL STORIES BRO...but IMPOSSIBLE.
@mikedoran4763
Жыл бұрын
@@charliesargent6225 Then I guess the photos of it all aren't real...? I have no reason to BS anyone "Bro".
@saudigold50
Жыл бұрын
@@alexb5681/ Relax, Alex. Is life that bad?
I only pay $1050 for a house in NYC with a value over a million. I just can’t imagine a world where people are paying so much.
@evanlabonte4571
Жыл бұрын
If it was worth a million 8 months ago. It ain’t worth a million no more my guy
@annhans3535
Жыл бұрын
@@evanlabonte4571 NYC house prices don't go down that much compared to national avg.
@isocarboxazid
Жыл бұрын
@@evanlabonte4571 didn't say a million, said OVER a million. Work on those reading comprehension skills, bud.
@jcx5659
Жыл бұрын
@@evanlabonte4571 NONSENSE. Probably more.
@maintainingmomentum
Жыл бұрын
Ins. companies are Scum
I don’t blame an insurance company for not picking up the tab for cheap houses built in the hurricane area
@steve4628
Жыл бұрын
But they didn't mind cashing in the money they received for insuring the home...if they accepted the money, then they should fulfill their part of the agreement.
@jcx5659
Жыл бұрын
@@steve4628 True, agree with that. But when it's time to renew, look out.
@steve4628
Жыл бұрын
@@jcx5659 a family member had, I believe it was Farm Bureau, auto insurance for over 20 years. No accidents or tickets. He received a ticket for 8mph over the speed limit, they dropped him like a bad habbit.
@jcx5659
Жыл бұрын
@@steve4628 Not surprised. Insurance companies are generally evil. I bet people would be shocked if we knew how much money they really give to politicians.
I learned that *EVERY* insurance policy in Florida has an assessment attached and that this money goes to the _state's_ storm insurance pool. In other words, even if you live up along the FL GA border, your insurance is being assessed with a charge that subsidizes the insurance for people living in the high risk costal areas. It is an un-sustainable model but the GOP that hates taxes has added this fee, so blame them.
@mikedoran4763
Жыл бұрын
Yep, Florida home insurance has become a huge ponzi scheme.
@thomasallen6980
9 ай бұрын
As long as I dont have to pay for it up where it never floods. Not my problem. You all knew it floods and it gets stormy a couple times a Summer and moved there anyway. You are on your own, I guess. I am not paying for it. I live on a hill so I wont be bothered with black mold and the nasty stuff people do to get free government money.
No. It's the roofing companies hiring attorneys to litigate with insurance companies. They have lawyers that is all they do. A few loose shingles they will get a brand new roof even if they don't need it. Part of the problem.
If you choose to live in an area where there is a high likelihood of damage being done from hurricanes, tornados, flooding, shouldn't you pay a high premium, maybe a huge premium? What bugs me is that after these massive hurricanes, there is a chance that my insurance rates will go up and I live on the other side of the country where none of this stuff ever happens. This is exactly what happened after Hurricane Katrina.
@cmh9932
Жыл бұрын
Yeah but didn't they say that the rise in cost has little to do with storms?
@UgandanAirForce
Жыл бұрын
@@cmh9932 they'll blame it on inflation
@glasslinger
Жыл бұрын
Welcome to SOCIALISM! (Some benefit, everybody pays!)
@ken9720
Жыл бұрын
@@glasslinger lol really? Your response is it's socialism? Yet, I bet you're happy to have that health insurance when you're at the hospital. Unless of course you're independently wealthy enough to pay $100+k bills when you need the care. Hell I bet you'll happily take your social security payments when you can. Hypocrite that you are.
@bukboefidun9096
Жыл бұрын
We got hammered in PA after Hurricane Sandy... although I did lose my roof. $1000 deductible and $1000 for a new skylight... it worked out
I pay 1850 a year and I live in Key Largo ON THE WATER!
I’m a retired insurance agent. Areas of the country that are exposed to catastrophic losses, on a somewhat regular basis, have to be underwritten more carefully or the insurance companies will not survive. In areas like California, that are exposed to massive fire losses, no insurance company is financially able to survive catastrophic losses like that. Costal properties are subject to frequent catastrophic losses and are thus high risk areas for insurance companies. The only alternative is government funded insurance and the government has proven they don’t do that very well. FEMA being an obvious example. Insurance premiums simply reflect the probability of loss. Drivers with multiple accidents and or tickets obviously pay a higher premium for car insurance than drivers with no accident or tickets. Insurance companies, just like all other businesses, must compete for customers to stay in business. So the price of their policies is relevant and must be competitive with other insurance companies. Sometimes companies determine they cannot be competitive in a particular market and simply pull out of that market. Coastal properties are high risk areas for insurance. It isn’t “if” they are going to have catastrophic losses, it’s when and how many.
@richardreger6026
Ай бұрын
Well said truth hard 4 people 2 accept facts as u laid them out
That sidewalk looks like a big liability.
@info781
Жыл бұрын
Good call 🤙
Take that premium and put it in the bank. Cost prices are a result of scamming customers to make more profit. Lumber cost has not gone up except in the stores.
I had a family member leave Florida because of high insurance rates and they didn't live anywhere near the coast.
@SL-pg4dh
Жыл бұрын
Insurance is robbing peter to pay paul.
@thomasallen6980
9 ай бұрын
You need to elect people who will zone out some of these constantly flooded areas. It is not fair to those who live away to the ocean to be rebuilding the same ten mansions every other year.
@justdoingitjim7095
9 ай бұрын
If they made a practice of what you're proposing, they'd have to "zone out" half the country! By "zone out" I assume you mean to not allow any building to take place in the zoned out areas. They would have to do the same with many coastal communities, including New York city! San Francisco would have to go and Seattle would be eliminated also. Then we'd have to stop building in "Tornado Alley!" That's about three entire states that any kind of building would have to eliminate. And we shouldn't forget about the mountain communities where avalanches have destroyed numerous homes. So, what you're proposing starts you down that "slippery slope" with no end in sight, all because you think you live in a "safe" place and don't want your insurance rates to go up! Now, imagine if your proposed legislation passed. Where would all those people move to? Well, they'd all come to where you live, because it's one of the few "safe places" that haven't been banned from construction! If they ever pass such legislation, I sure hope you like a lot of neighbors, because you'll end up with MILLIONS more! @@thomasallen6980
That's insane. $9k+ for home owners insurance. That's insane. Eventually, the owners will have paid more for home owners insurance than it will cost to build the home. Most people I know have never made a home insurance claim; so, it's confusing why anyone would have to pay $9k per year for homeowners insurance?
@SL-pg4dh
Жыл бұрын
Because they live in a very high risk area.
@thomasallen6980
9 ай бұрын
They line up all their possessions next to a river hoping they get flooded. Biggest scams in America happen during disasters. I am glad the companies are slowing down the payments to all these scammers who dont want to pay taxes or insurance premiums but are always lined up for "benefits".
Insurance is a racket anyway, doesn't matter if it's car, home or whatever.
@SL-pg4dh
Жыл бұрын
Even worse when you are forced to have one by the government, in the case of auto insurance
Homeowners insurance is increasing like crazy up here in North Dakota as well. It's only a matter of time, before people start dropping their homeowners insurance.
@Cuban-Jo
Жыл бұрын
Most Americans have a mortgage and mortgage providers require insurance.
@jeffreyyankee9714
Жыл бұрын
@Armageddon nope
@knotbumper
Жыл бұрын
@Armageddon No, they are not. Only if you have a mortgage do banks require you to have insurance. If you own your home free and clear, you can gamble and not have insurance.
@lovesosa4926
Жыл бұрын
@@knotbumper yeah. I just keep flood insurance. the other one that cover wind , I remove it because after like 5 years of saving money the wind home insurance you save enough for new roof .
@wisdomandlove1661
Жыл бұрын
when something happens now or 10 years from now, they can deny the homeowners claim because of one stipulation like the lady said in this video
You want to live in a high-risk area - - you have to pay to insure the property. That's just the way it is. There's no free ride involved.
@kerrykerry5778
Жыл бұрын
LOL, there is a free ride worth hundreds of billions that is supported by every taxpayer in America. The feds write the flood policies, since it's not actually flood insurance, as no legitimate insurer would ever take the risk. It's actually a giant subsidy to the rich. Federal "insurance" covers all the homes built in places where they never should be in the first place. The US taxpayer pays the bill and gets to pay again, and again, and again, as storms damage and destroy these structures. Since it's nearly free government money, and the taxpayer takes all the risk of the stupidity of it all, the whole con game never ends.
@deborahschumann8286
Жыл бұрын
@@kerrykerry5778 want to see the REAL free ride…check out the massive tax cut that only the wealthiest got…. The budget buster tax cut under the GOP is second only to the massive wealth transfer from everyone to the top 1%….brought to you by the fed thru “qualitative easement”. If the average tax payer gets any help…THAT suddenly is a free ride? We are all paying to keep the wealthy from paying anything…never mind a fair share
@hockeyheather3321
Жыл бұрын
Well my inlaws did and they're still waiting for the insurance company to agree to fix their damage from Irma....5 years ago! F insurance companies.
@densels.6089
Жыл бұрын
no one is asking for a free ride moron.
@jonlj77
5 ай бұрын
@@hockeyheather3321 Yup. They are scammers. Self insure. If you have 20% paid on your mortgage you can handle your( escrow ) taxes and insurance on your own. At that point just cancel your insurance. Punish the industry, and fight back. They don’t have your best interest at heart. The coverages and deductibles are getting worse and worse.
If you need more time to get the roof replaced or upgraded, maybe you can pay insurance by the month this year. If you need a different insurer, find one outside of Florida, because hurricanes won’t affect the majority of their customers. I’m inland in Florida and it bothers me to have to drive to the coast, but it has the one big advantage that hurricanes are downgraded over land.
@GilmerJohn
Жыл бұрын
I suspect the problem is some companies have too many policies in too small of an area. If their area gets "hit" they are out of business.
@zachbobick
Жыл бұрын
@@GilmerJohnthey won’t be. do you really think it’s gonna cost a few billion dollars to fix a few homes? these indirect companies make billions a year, declare bankruptcy and get off scott free
Wow, that's just insane! These profit greedy insurance companies are just evil. $9,000 a year just for home insurance? It's no wonder some people just say no and just self insure.
@thomasallen6980
9 ай бұрын
People gotta help themselves too. Some of that stuff is ridiculous. If you park your car on lowlands when a hurricane is forecast you should get NO money. Some personal responsibility goes a long way with us who are stuck with the bill, as usual.
I saw a policy in Michigan with a 800k replacement cost for 25,000 a year😳😳😳. Like, is every home in that neighborhood being set on fire? You don’t need insurance if you don’t have a mortgage. If you do have a old roof you should be denied. Absolute risks are not insurable. You should not have a home if you cannot maintain it. That’s not what insurance is for. We are paying the price for years of insurance fraud also. Stop living in Florida. I pay 650 a year for home insurance because my insurer is not doing business in Florida Ny or Cali.😊
Good Lord. Those poor people. My homeowners is $650/yr. In PA.
@kerrykerry5778
Жыл бұрын
My $300K home in PA runs me a bit over $400/yr. My insurer stopped writing homeowners in Florida, years ago. I had a neighbor that moved to Florida. He had the same insurer that I use for home and auto, and assumed that he could just notify them of his new address and continue his auto policy. They told him that they no longer write auto business in Florida anymore, but own a separate car insurance company in Fl. That company offered to write him a new policy for a bit over 3X what he was paying. He then shopped around, found he couldn't beat that offer, and some "competitors" were offering him the same coverage for over 4X his Pennsylvania price. Florida is a deeply corrupt state where everybody from lawyers to roofing contractors are running a giant scam and robbing the citizens and homeowners of tens of billions a year. Given that it is strictly a "pay to play" state, where you go to Tallahassee, hire a lobbyist who is really nothing but the bag man, and purchase whatever you want, things will only change when the entire system collapses. Until then, a Florida resident, homeowner or vehicle owner is nothing but a victim to rob.
@jcx5659
Жыл бұрын
We all have choices.
@richardreger6026
Ай бұрын
Same here Wi small town hope doesn't go up 2 much this yr. Glad I stayed here
The fact is that insurance companies are losing money and leaving the state and homeowners are paying sky rocketing rates on DeSantis's watch. Perhaps he should be working to fix real problems instead of fixating on culture wars.
@sharoncrawford7192
2 жыл бұрын
It's happened because of roofing scams.
@flfreefun1246
2 жыл бұрын
When you have no idea what yourtaling about you should't post a comment
2 жыл бұрын
@@sharoncrawford7192 Is DeSantis getting a kickback? He doesn't seem to care.
@zeke5491
Жыл бұрын
No governor can stop hurricanes
I’m curious to see a post of home insurance after hurricane Ian. Seems like pretty soon living in FL will be difficult decision 😢
@realchurch2693
Жыл бұрын
Our hurricane deductible is over $8,000. We live inland on high ground. This hurricane didn't even affect us. Maybe an inch of rain and gusty but not dangerous winds. Welcome to our world.
@joeuser633
Жыл бұрын
@@realchurch2693 So don’t buy insurance if you don’t need it.
@realchurch2693
Жыл бұрын
@@joeuser633 why even comment that? I was simply commenting on how expensive insurance is not complaining. There's a difference....
@glasslinger
Жыл бұрын
@@joeuser633 Mortgage company requires it.
@doorguru168888
Жыл бұрын
I cancelled my expensive and high deductible insurance about 3 years ago. I do get a little nervous when a storm is heading our way, but I also did when I had insurance.
I don't understand the logic behind what these homeowners say when they say they're going to get out of Florida. Just who do they think will buy their home with a $10K insurance premium? I certainly wouldn't. Unless an ultrawealthy person is the buyer, no reasonable person will buy such a property. The current owners will be stuck with it until the insurance prices go down or until the property value goes down far enough to offset the cost of insurance over the next 15 years.
@bikndave68
2 ай бұрын
enter the Hedge Fund buyers.... Cash offer, 10% over asking. And they self insure, run it as a business, and write-off the losses to avoid taxes.
I would assume that most small insurance companies will not be able to insure in Florida due to all the Hurricane Ian damage.
@avflyguy
Жыл бұрын
All insurance companies buy reinsurance from large worldwide syndicates/brokers. No one company could survive after a CAT loss.
Sounds like a logical business decision to me.
-Lives in hurricane prone area -Has high insurance -😵
Floridians need to unite and demand action from their State insurance commissioner. 🙄
@jinsu0504
Жыл бұрын
when floridians leave b/c home insurance becomes unaffordable ....less demand for insurances will drive property prices and insurances down.
@joeuser633
Жыл бұрын
And he will do what exactly? Force others to subsidize your beach house every hurricane season?
@jusletursoulglobaby
Жыл бұрын
he cant force businesses to write policies in florida
@jcx5659
Жыл бұрын
Keep voting for De Santis and see what that gets you. HAHAHA.
@sasha2345
Жыл бұрын
@@jcx5659 exactly
I pay 1500/year for mandated flood insurance in Oregon in an area that has never flooded. I just can't understand why the mortgage lenders in places like Florida don't force flood insurance on borrows like they do here?
@doorguru168888
Жыл бұрын
If you are in a designated flood area, they do.
@cherylT321
Жыл бұрын
It’s all greed!
@speedyd8150
Жыл бұрын
Flood insurance is optional. If it floods and you don't have it then your screwed. Why should they force it on anyone that doesn't want it? That's on the home owner.
@doorguru168888
Жыл бұрын
@@speedyd8150 The insurance companies requires flood insurance to protect the property that they technically own.
@nobodyspecial4702
Жыл бұрын
@@doorguru168888 Technically, they don't own the property at all. The property is owned by, get this, the homeowner. Insurance simply agrees to accept money on a monthly basis from the homeowner and guarantees that they will cover the cost of damages should they occur. Flood insurance is a federal program and is the only insurance that will pay if the property is damaged in a flood. Insurance companies have absolutely nothing to do with flood insurance.
Explain to me why you have to force an insurance company to take unnecessary risk they are a business like all others or they have to be compensated for the risk
@pjhey947
Жыл бұрын
So they take your money for 30 years and drop you or increase rates after a claim. They are a business willing to take your money but have a problem if they after pay. Sad
@richardreger6026
Ай бұрын
Can't have all those commercials if ur not making money
Translation live in Florida at your own financial peril. As it should be.
@1just4laughs
Жыл бұрын
Or at the Tax payers peril
@irepairofpc31familykartrac51
Жыл бұрын
I was unable to afford the insurance on our home built in 1965. Hurricane Michael hit us dead on and we lost our roof and a ton more damage. I had to pay everything out of my pocket to repair my home. Over 4 years and 40,000 dollars later we can live in our house again. We got no fema help other than 1,500 dollars for damaged house contents. 😢
@dirk7816
Жыл бұрын
@@irepairofpc31familykartrac51 Sorry hear that. 18k years ago Florida was more twice the size it is now and by the end of this century 70% of what is left will be sandbar at low tide. Sell why you can. Just look at what's happening along the St. John river and imagine if another big hurricane hit next week. Huge swaths of land would disappear or be 3-10' under water. I personally think in 15-20 years max that that 70% will be uninhabitable for all practical purposes and worthless in value. I lived in Florida for over 15 years and loved every minute of it but it's a vanishing land.
It's getting to the point that insurance costs more that the mortgage. I'm fortunate enough to not have any mortgages thus I can "go bare" or not have insurance. I put those would be premiums into a separate interest bearing account. A big part of this recent insurance rate hike is caused by big financial investors like BlackRock and Vanguard forcing insurance companies to retaliate against Florida for the recent anti-ESG legislation. Another part is roof scammers filing lawsuits against insurance companies. This could be solved by placing a separate roof rider for at risk roofs and by catching and removing these scammers from society.
WHY WOULD YOU KEEP REPAIRING! A HOME OVER! AND OVER! AND OVER! AGAIN?. One Moody Plaza is a 23 floor skyscraper at 1902 Market Street in Downtown Galveston, Texas, United States. The building was designed by the architectural firm of Neuhaus & Taylor. At its completion in 1972, One Moody Plaza was the tallest building in Galveston County, standing 357.6 feet (109 m) tall, but was surpassed by the Palisade Palms Condominiums, built in 2008 with 27 floors and standing at a height of 381 feet. The building was listed on the National Register of Historic Places in 2021.
Might as well self insure at that point $9k premium would pay for a roof at most small residence each year
@richardreger6026
Ай бұрын
Anything over 2500 self insure
It does not matter, even when you replace the roof, they come up with another reason to charge you higher prices. We did everything the insurance asked and the final straw was well your home is 1959. It is just too old. So now we have to deal with that. What, do I knock it down after new roof, new plumbing, new deck, new new new and start from scratch. The insurance companies are useless, never pay out anyways, and we have never put in a claim to begin with. Just sucks,,, big time...
I hope she didn’t cancel her insurance!
Curious move as there is no reason older homes are a big concern, it is actually the cheaply made tract housing and modular/mfg homes that have often incurred the most losses.
@Shteven
Жыл бұрын
That's just it tho, a cheap plywood house that gets leveled is still probably cheaper than fixing a sturdy brick and mortar house that gets significantly damaged. Cheap to build means cheap to fix. (In the insurances eyes at least)
@GilmerJohn
Жыл бұрын
A part of it might be that it's difficult to determine how a particular old building will do in a storm. In the case of tract housing, they have "experience."
@dannynone2784
Жыл бұрын
New modular home in the Keys are engineered to withstand 180 mph winds. The newer homes in the Keys, built to the newest code, went through the last major hurricane in 2017 with minimal to no structural, wind or flood damage. Older homes built on ground level in the eye zone were flooded and destroyed.
9k for home insurance, 😲 that's like mega mansion prices.
In the words of Ron Paul. We subsidize flood insurance so people can rebuild flimsy houses amd not raise them up on a floodplain on the ocean, and who pays for it? Some guy in the desert!
Everything is unaffordable nowadays,everything.
@soisaidtogod4248
Жыл бұрын
Air and sun are free.
@lochnessamonster1912
Жыл бұрын
There are over 30 million millionaires and billionaires that float this service economy and that’s why none of this will ever end.
@jcx5659
Жыл бұрын
Nonsense.
Shocker!! Businesses do what it takes to remain profitable.
Oh Florida, a small requirement change will fix insurance issues. 👏
@vblic
Жыл бұрын
Which is?
@damnjustassignmeone
Жыл бұрын
Honestly, I think more home insurers will just pull out of florida altogether if that happens. Many have already.
"Let's divide up some swamp in an area where there are no trees because of storms and sell it cheap" "We will call it Florida""
It's not sustainable to rebuild huge swaths of Florida every year when another hurricane comes. I don't know what to suggest other than build cheaper easier to replace homes like the caribbean.
Problem was caused by government. The state mandated that insurance had to pay for a whole new roof if damage from a storm exceeded a certain percentage. Crooked home repair companies went door to door offering a new roof that insurance would pay for, and certified the level of damage. State law gave insurance companies little possibility of contesting the claims. The insurance payouts exploded. Many companies went bankrupt. Rates went “through the roof.” Note: the independent agents have the Cadillacs. They get commission from selling the insurance. The people at the insurance companies usually get unemployment checks after the company goes out of business.
@alexb5681
Жыл бұрын
Independent agents have the Cadillacs, since when? We've had the worst job for the last two years. We're happy when our clients are happy, because we don't hear from them and they don't go anywhere. When clients are mad, they call us mad, and we spend most of our time shuffling policies around to make no additional money.
Once again, insurance companies screwing the consumer. Always been this way.
@thomasallen6980
9 ай бұрын
What kind of common sense does it take to realize that the rest of the USA wont pay for people who moved next to water that constantly floods? AT some point it is time to move up a hill or something.
Well, it seems to me that Florida could use some mutual insurance companies. They would need to lay off some of the risk with other companies and even Lloyds but the rates show in the video seem to be well above the actual risk. They can initially charge the same rates as the commercial companies but in the fullness of time they will accumulate a real nest egg which can be used to reduce future premiums. Settlement services can be "outsourced."
@neilkurzman4907
Жыл бұрын
Florida’s insurance problems I’ve been building for years. Insurance companies can’t get reinsurance from companies like Lloyds. It’s a money pit as far as insurance goes. And the states still hasn’t dealt with the underlying issues.
Makes sense to me. People don’t understand how insurance works. Premiums are based on risk. If your $500k house has a 2.5% chance of getting destroyed each year the break even insurance premium would be $12.5k per year. But insurance companies aren’t in the business to break even. So add some profit and business costs to that. Then add some more for the risk of claims less than a total destruction ( roof, burst pipe, small fire etc). soon you are at a $15-20k premium. How about just skipping paying insurance? Then people would say “ but my house is gonna get torn up next year in the hurricane, I won’t be able to afford to fix it.” That’s what your insurance company is saying too! In what world does it make sense for them to charge $4k for insurance when they expect to have more than that in claims.
I wonder who will be buying these homes with high insurance premiums so these retirees can escape Florida's growing rates?
florida homeowners have 25 days to put on a new roof - and the anti-immigrate laws just went into effect, so new roofs will not be easy to acquire nor will they be cheap ..
It's really hard to feel sorry for those people. Every year since I can remember that whole southern area has been getting with hurricanes. Why those people feel entitled to get their house remodeled every year just because they want to live in "fair weather" is beyond me. If anything it's causing the my premiums to go up too even though I live way up in Illinois.
@davidclay3737
Жыл бұрын
I mean no where is perfect and free of natural causes. I have lived in Florida my whole life and only had once had hurricane damage and it was caused by a small leak. I am sure hard freezes never cause insurance claims.
@lg206
Жыл бұрын
Exactly. One woman interviewed during the last hurricane was on her third totaled house in a decade
@dh5380
Жыл бұрын
Nonsense
@SL-pg4dh
Жыл бұрын
@@lg206 They are the same idiots you see online who brag about how much they love living in Florida, yeah because you are passing the cost of everything to other people.
@MannyMaurice5348
Жыл бұрын
You are grouping everyone of us together. Most of us, pay for our insurance, never ever put in a claim but you folks deem it necessary to group us all together. Hope and pray that nothing happens in your state.
In order for these insurance companies to stay in business, they have to make a profit. Frankly these homeowners all seem to want to forget they live in a state that suffers more from hurricanes than anywhere else. Things are not going to get any better. With climate change there is an increasing chance that losses will be greater.
They trying to price people out....
It seems to me that homeowners who can't afford expensive insurance against all things, should be putting half their incomes into a savings account.
@mikedoran4763
Жыл бұрын
Yes'r! If you own your home outright, take the premiums they want and put it into an interest bearing account. If I could've invested the money I've spent on insurance premiums over the past decades (like the insurance companies are supposed to) I'd have enough $$ to rebuild from the ground up. Now these companies operate like ponzi schemes.
Time to become a roofer.
That's kind of crazy. Those older homes are often built to much stronger construction codes than newer homes. My parents older home in Florida has been through several hurricanes with very, very minor damage while newer homes nearby have been leveled over and over.
@peterrose5373
Жыл бұрын
The codes are getting stronger, it's just that the older houses that still survive were built in excess of code. (or are just lucky.)
@jean-claudelol563
Жыл бұрын
@@peterrose5373 No those homes are more than lucky! They were built to last generations with proper maintenance. It’s crazy that insurance companies are dropping the homes that are most likely to survive storms even a category 4 storm and insure newer homes that blow away with category 1 & 2 storms. I don’t mention category 5 storms because few constructions exist that can withstand a cat 5. No wonder they are going bankrupt, they don’t know the information in their own claims data.
@peterrose5373
Жыл бұрын
@@jean-claudelol563 Well then I guess you know how to get rich, then. Create your own insurance pool and sell coverage to all those people the insurance industry that their army of actuarial fellows has wrongly identified as a poor risk. Laugh all the way to the bank.
@jean-claudelol563
Жыл бұрын
@@peterrose5373 Sure, I just need a few investors with a few million dollars to invest for start up offices and advertising. Can I sign you up for say $15,000,000 USD start up investment…
.. can you imagine your insurance going up because of hurricanes in FL. And you live in CO. That was the answer 1 year I got from All State. My premiums when up 100 more month and when I asked why.... they said they had a sh!t ton of claims in along the gulf that year. I asked why aren't they paying premiums that respect the dangers of where they live. Was just told well you can renew or not, it's just the way it is.
This is ridiculous I live to live in Orlando Florida and now i need to pay insurance for my apartment now and also my rent increase 😢
Wow... that is crazy!
Try getting flood insurance in SE Tennessee on properties built on documented flood plains.
If you're building a new home (and of course new roof) will you be OK for some years?
I just purchsed a 35 year old home, with a new 2022 A/C and roof, and most large, well known insurance companies still refuse to insure me. I might have to go with Citizens.
Seattle - $650 and auto with 2M umbrella $2200
Bet those insurance companies will be going out of business soon.. the insurance on my brand new house is 500 a year for 250000 coverage
$10,000 per-year to insure a $300,000 home? Why would anyone move to Florida?
How do you get a home loan from a bank without having proof of insurance? Some are cash but.....
i live in a "mild" disaster area which maybe gets an occasional lighting strike or minor wind damage. I have enough in the bank to fix anything short of a total from let's say a fire. I am contemplating just getting some liability and that is it. I would rather put the several thousand $ a year into investments that can be easily liquidated.
Geez, I thought Florida just relied on the Federal Government when the inevitable hurricane damage happens. Who would have thought that your decisions matter.....
We’re getting screwed in Florida…
@sharoncrawford7192
2 жыл бұрын
We sold in 2006 and left before the 2008 housing bubble hit. Sold our home and made over 200,000 dollars on what our home cost us to build. Only lived in it 10 yrs. When they sent our last homeowners insurance bill, it was over 2,000 for a yr. But the buyer had to pay because the house was sold. We did not owe a mortgage either. We moved back to the Midwest after living in SW Florida 25 yrs. I'm glad we did, because we are now getting very close to retirement and there is no way we could have stayed there. Florida is more expensive on everything. When we came back to the Midwest I was surprised at the difference in prices for everything. So it was a good move for us!
@flfreefun1246
2 жыл бұрын
@@sharoncrawford7192 - what do your taxes look like??
@bobklk51
2 жыл бұрын
LOL, you been getting screwed since DeathSantis became governor.
I'm getting screwed in Pinellas country. They doubled the cost per year. My home is 1959...
You cannot sell. The roof has to be fixed first new law. Average price new roof is 20,000 dollars.
So what’s going to happen when majority of homes eventually with be consider old 20 years from now
My homeowners ins. is less than $500. I'll take my snowstorms over Florida any day of the year.
Why are we building houses with disposable roofs? Oh right probably insurance companies
Is this woman aware that her hurricane deductible is nearly equivalent to her annual premium? It exceeds $8,900 before any insurance coverage kicks in, and this amount is subject to yearly adjustments alongside her dwelling coverage on the home. This implies that within a year or two, it could surpass $10,000.
@charliesargent6225
Жыл бұрын
And,...what's your point?
That's usery. Report the insurance company owners for criminal violations of 18 USC 242 and Frauds and Swindles and Whitecapping and reckless endangerment. Shelter is a basic essential need.
...so what's really happening is, when a claim is made, the "contractor" brings in a public adjuster by "request" and so even if you are just missing a few shingles off one face, they argue for a new roof, threaten to go to suit (which the carriers will almost always lose a jury trial so cave), and yes, you get a new roof because you lost some poorly maintained shingles, your and everyone else's premiums go up, and this goes on for so long that people just get dropped. There's a hell of a lot more to this story than "insurance company bad". You see the same thing with medical billing. It's prohibitively expensive because lawyers get involved. ... The only one who ever wins are the lawyers. Guess what the number one profession of your lawmakers is.
Is pure highway robbery
@hassimyousef9683
Жыл бұрын
Yeah till the whole neighborhood gets leveled by Ian and everyone gets new 650k houses
How are insurance prices further inland?
@brianhenderson9470
Жыл бұрын
We live in Ocala, not bad.
I look for the insurance companies not to renew policies when they come up for renewal after this storm payout for damage
Have you try stop scamming insurance companies ...
Instead of paying insurance. Save the money
The insurance companies have been changing everything in the policy to help them! My son had to just put a new roof on the other day, per his insurance company or they were going to cancel their policy and then the bank would have called in their loan! His roof was order when they bought the house in 2019! When we received out yearly insurance renewal it was yet again more. We were told the only way we could bring down the premium was to remove line items! But what really got to us when we went to the insurance company to pay in person…. the staff all had Cadillac’s in their parking lot! We thought that was very interesting! We were told by other policy owners that insurance companies are not fighting fraud, they just (they were lucky with Ian, they only lost a very shingles) pay it off and get on with business. Now I do not know if that is true, but I do wonder!
Someone I know just move to Florida last year. Have fun finding insurance and dealing with hurricane.
Materials they are using to build new rules are not as strong as what they had before OSB never belongs on a and if they're using an insulation board that doesn't belong there either. The new materials are not better. They may give more insulation but should never be approved for roof.
mine just double from 4k to 8K under 100k acv What will the mortgage bank do if you can't get insurance No mortgage no one buying homes, our governor will fix it
Wonder how much property tax. Insurance plus prop tax even more than or equal to Long Island NY
@dannynone2784
Жыл бұрын
I checked my records for 2022. My coastal weekend cottage is valued at about $450K and was built to hurricane/flood codes 30 years ago. We had a new meal roof installed about 5 years ago. 2022 Property tax was $4,700 (non homestead rate). Standard home owner's and wind insurance were about $3,100 for a $7,800 total. Insurance is increasing about 10% this year. Sunset views are priceless.
The cost of living in Florida just went up. As property values rose so does the price of replacement. Throw hurricanes in the mix-💰💵💸
Time to exit Florida ASAP! 💯
i don't blame them, i wouldn't want to touch those customers either, would you pay up 250,000 hurricane claims?
Insurance companies gaming the system? Who would have thought...............