See Part 1 of Insurance Getting Dropped kzread.info/dash/bejne/g5xsr6iEmsmrcdY.html

@nidbeachbum4495

6 ай бұрын

Your starting to sound like a communist Michael. Time to leave Florida and move back to Illinois.

@lisad2701

6 ай бұрын

I hate to break it to you BUT your lender is NOT going to accept $15,000 coverage because it would not cover replacing the interior of your condo.

@the_gilded_age_phoenix8717

5 ай бұрын

"Finally...it's happened to me..." - 90s club song

The effects of the downturn are beginning to sink in. People are being impacted by the long-term decline in property prices and the housing market. I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy or not?

@berniceburgos-

Ай бұрын

Given the current market situation and the precarious state of the economy, I would recommend refraining from investing in stocks for a while or, alternatively, seeking guidance from a financial advisor. However, keeping a portion of your wealth in gold remains a wise choice.

@nicolasbenson009

Ай бұрын

I completely agree. I have been consistent with my profit regardless of the market conditions. I got into the market early in 2019 and the constant downtrends and losses discouraged me, so I sold off. I got back in December 2020 and this time with guidance from an investment adviser who was recommended by a colleague

@BridgetMiller-

Ай бұрын

Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now

@nicolasbenson009

Ай бұрын

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.

@Michaelparker12

Ай бұрын

Thank you for the helpful tip. it was easy to find your coach. Before scheduling a phone call with her, I made sure to do my due diligence. Her résumé looks impressive, and she appears to be highly proficient in her field.

The Insurance Industry learned the ropes from organized crime- it Is called a protection racket!

@curie3938

6 ай бұрын

not true, at least the mafioso actually protected you!

@wxxw-pc7qq

6 ай бұрын

No that will be the politicians particularly democrats

@almoreno3299

6 ай бұрын

@@wxxw-pc7qq Democrats, yea right. Republicans and their De-regulation policies has given companies more incentive to price gauge without oversight.

@ManAndMachine23

6 ай бұрын

Protection racket is exactly what it is. Forget these people man!!

@hallhv01

6 ай бұрын

Meanwhile desantis felt "woke" Disney world was more worth his time than Florida residents and real insurance issues. Lol.

Real Estate prices NEED to tank. A huge segment of the population can't even buy a 1 bedroom apartment.

@markadler8968

6 ай бұрын

Never happen. Population growth, high immigration levels, endless red tape, high interest rates, skilled labor shortages, less home being built, higher costs for building materials combined with an existing housing shortage guarantees homes will continue to rise forever. If you think it is expensive now wait ten years, It will be double what it is today.

@HomesonLocke

6 ай бұрын

Good luck. Prices will tank when this guy gets positive.

@richardjohnson8114

6 ай бұрын

Real Estate prices don't NEED to do anything, but they WILL follow the law of supply and demand. If enough buyers are willing to buy at the current housing prices they will continue to go up. When there are no longer enough buyers then prices will come down. That's really all there is to it, regardless of what the average person can or can't afford.

@loisaustin6200

5 ай бұрын

A huger segment can't even rent a 1 bedroom apartment.

Insurance is a scam. Go file a claim and you’ll be dropped that day.

@gregorylyon1004

6 ай бұрын

Spot on Buddy. Insurance companies were designed to turn a profit, not pay out claims. Warren Buffett didn't buy into GEICO insurance for nothing. Lol

@Juliet875

6 ай бұрын

Yes, it's happening to a lot of people. Better off self insuring if you can.

@joefer5360

6 ай бұрын

Add up the years upon years paid towards insurance and you sometimes ask yourself, "hmm maybe had I just saved that money in reserve I could afford the repairs myself." Eh, who knows. The insurance companies have us scared of our own shadows and are ready to sell us a plan for it.

@commonsense6967

6 ай бұрын

That's exactly what my State Farm Insurance Agent told me 5 years ago! File a claim, get dropped!

@curie3938

6 ай бұрын

somebone has to step in on this, we are being robbed

A condo is just a apartment with extra fees !

@JodyMay05

6 ай бұрын

And equity and tax deductions but ok

@MuzicTunes-lk6np

6 ай бұрын

The good thing about a condo is that once your mortgage is paid off, that's one less bill you have. If you're a renter, you'll pay rent for the rest of your life(never ending). Plus, you can sell your condo & get money back on the sale of your condo. 😉

@realestatebykemi

6 ай бұрын

Your condo HOAs are so high, you’re still paying as much as rent. Especially when you factor taxes & insurance.

@Laura-ed5kf

6 ай бұрын

My MI-mortgage/taxes/insurance/utilities/HOA fees are a THIRD the price of local rents. And I’ll pay off the loan w/in 15-years of purchase. Halve my housing cost and I’ll be paying 25% what the families renting ugly apartments next door pay w/ half the square-footage, no garage & no basement. So I think it really depends where one lives. For me, renting wasn’t the best option. I’d rather have a house, but at my budget then, the only homes were in need of 100K of reno.

@MuzicTunes-lk6np

6 ай бұрын

@realestatebykemi my HOA payments are $254 a month(mortgage free). An apartment runs around $1,500 for one bedroom. I qualify for a homestead cause I'm over 65, so my property taxes are friction of what it was. Between my HOA, insurance, & property taxes, I pay a little over &500 a month. Plus, if I sell it, I get more money back for the condo than what I paid for it back in 1984. 👍

I swear they would put all of us on the streets and let homes, apartments and condos stay empty without batting an eye! We are in big trouble because its more than just the issue with housing. We are in serious trouble in every aspect of our lives!

@TrueBeliever6491

6 ай бұрын

💯

@diesel104

6 ай бұрын

True, it's about to get ugly.

@shadowfilm7980

3 ай бұрын

It’s called Democrat run cities. And this country. They simply don’t know what they are doing. Incompetent. With the economy etc. Why so many cities being run by democrats are getting ruined. NYC, Chicago, Seattle, Portland, LA. If we don’t get better stronger leadership in November then we are all in very big trouble. More so than now!

It's not insurance... It's a home owner's permit!

@bentonx9063

6 ай бұрын

also a deed to your house and land is also just a permit saying I am the only one allowed in this area. I will pay taxes and take care of things until the next guy comes along and I will sell him the permit and he will pay the tax ins fees.

@andydhillon1977

6 ай бұрын

I told my friend that anything with a title issued by the state is never truly owned by an individual. I told him he doesn't really own his house. He thinks I'm crazy. Lol Then I told him the state owns all children. He flipped out. 😅

Housing Insurance, Car insurance, health insurance!!!! Why is the ENTIRE INSURANCE INDUSTRY screwing us over??? I have a hard time believing they are all losing money when by law you are required to participate in their business!!

@KingdomFromHeaven

6 ай бұрын

It could be part of the plan to make us "own nothing and be happy" because when you own nothing you have nothing that needs to be insured.

@jsd354

6 ай бұрын

It’s your lender not the government that requires homeowners insurance. Your lender, 75% anyway, is servicing your loan and are contracted by Ginny, Fanny and Freddie to collect payments, pay taxes and insurance. The potential explosion over insurance is a real issue. As for the ballooning taxes Tallahassee could pass a law restricting the amount of taxes the local counties gouge the homeowners with. Your friendly county administration is happy getting fat off the residents tax money and blaming it on the tax laws that require them to tax hell out of you. They are lying to you. Dropping the mills is the answer.

@JBoy340a

6 ай бұрын

Because of us. We people are the ones suing other people and driving up costs.

@AR-rn8ok

5 ай бұрын

@@JBoy340apeople will make up lies and sue other people all the time. Even if h the lawsuits bogus, it’s still expensive to defend.

It's interesting to me that in the 70s a person did not have 401ks, outrageous insurance on home & auto, rental property, airbnb, 2nd jobs, overtime and they could retire comfortably in a humble intension & SS. And now we have had crisis after crisis since the 2000s with more wealth transferred to the super rich & lost more rights.

@leetjohnson

6 ай бұрын

Limited resources, unlimited money printing.

@hallhv01

6 ай бұрын

Yes. And even more interesting the poor keep voting for the very folks who are against unions and better tax policy and benefits. It blows my mind. We are well trained to identify as rich folk just in a temporary slump. Why do folks vote for those who support taking away the Medicare they already paid into involuntary? Those who want to raise the retirement age? But yeah. Trans people book banning and bathrooms are proving good distractions for voters. Lol

@JBoy340a

6 ай бұрын

Many of the things you listed have to do with lifestyle creep. Drop new cars every 4 years, owning a rental property with airbnb expenses, and a home where every child has their own bedroom and a spare room for guest/office even though you commute, a trip to Disney every year or so, Doordash every week, Starbucks every day, drinks on Friday nighs and the weekends, etc. Most of the millionaires next door types are good at holding these optional expenses very low.

@toddlavigne6441

6 ай бұрын

out gov't has screwed up so badly, printing money, driving inflation up and up. Eventually the house of cards will crumble. It's just a matter of when.

@linmal2242

6 ай бұрын

@@leetjohnsonNailed it, but add 'more people' , declining standards !

I feel like airbnb has become wildly overpriced. I used it all the time in the beginning but eventually went back to hotels. Cleaning fee, taxes just make hotels more desirable.

@tammyicious

6 ай бұрын

Exactly... my brother just stayed at one in Pennsylvania and it didn't have heat... just a space heater. He said it was horrible.

@flipdiva0007

6 ай бұрын

Not realistic for large groups however. We have 6 going on a trip next month and it's far cheaper to rent a house instead if 3 rooms at a hotel.

@tammyicious

6 ай бұрын

@@flipdiva0007 , right. We rent a condo at the beach for a week in the summer. 🏝️

@xxxxMonkeyGirlxxxx

6 ай бұрын

@@flipdiva0007and you annoy everyone else around you who doesn’t want a revolving door of random people coming into their neighborhood.

@flipdiva0007

6 ай бұрын

​@xxxxMonkeyGirlxxxx when airbnbs no longer exist we'll have to go back to hotels. For now, I guess we "annoy" the neighbors. But actually we're super fun, so they'll want to be with us! 😂

Never could understand the logic behind Buying a Condominium. It's like Owning an Apartment. And the biggest problem with Apartments is having no control when it comes to neighbors. You couldn't GIVE me a Condo.

@user-gr4ie5lu4e

6 ай бұрын

you have no control over your neighbor when you own a house either....

@primalprosperity8117

6 ай бұрын

I owned a house with a horrible neighbor next to me. Now in a condo and no one is a problem.

@JBoy340a

6 ай бұрын

Some people do not want the headache and costs of yard, pool, and building structure maintenance. And every decade or two you have major maintenance and the costs for these can be high. I am going to have to spend around $80K for tearing down and replacing the deck with Treks and re-landscaping my front and back yards over the next few months.

@russellseilhamer4552

6 ай бұрын

A condo can be good and bad. You just have to remember that there are unexpected expenses and liabilities far beyond your mortgage, HOA dues, property taxes and insurance. It’s nice to have a pool, a gym, a place with amenities to enjoy. You don’t control who your neighbors are in either a condo or house. I think the idea of an HOA isn’t bad but there should be a homeowner’s bill of rights that spells out what is legal and what isn’t. Each HOA should be governed by universal state and federal laws; it should not be able to make it up as it goes along

@linmal2242

6 ай бұрын

@@JBoy340a That seems a lot just for landscaping and deck, but then things cost more now !

Small town Alabama checking in. Just got my renewal notice for home owners. Went from $1700 to $2760. Never a claim in 33 years.

@Breathless00700

6 ай бұрын

@markgibson7123 What town are you in?

@vWaLLBangz

6 ай бұрын

At least a minimum 30% increase for AL home renewals is what I’m seeing under the carrier I work for.

@hallhv01

6 ай бұрын

End stage capitalism has arrived. That house you're in is destined to be corporate owned and funding a 9 figure CEO soon. They don't want you to afford it.

@Laura-ed5kf

6 ай бұрын

@@vWaLLBangzI’m an independent-agent in MI: the average started at 20% late-‘23 and is easily at 30% here too. one client’s home increased 108%. No claims, no changes to the home…. And my other carriers are the same or more when I requoted. are you also getting non-renewal notices too, for silly things like overhanging-tree branches or “debris in yard”?

@linmal2242

6 ай бұрын

Blame Warren Buffet; he owns General RE !

My ex asked my kids how I'm able to take vacations and buy them all kinds of things she can't afford for the decades. She says I'm pensioned so she don't get it (she actually makes almost twice as much as me now/she works two jobs). When she left me and moved in with another guy, they got an apartment for a few years.. blowing money. I had bought her out and since the house was paid off, then dropped the insurance. Kids think I'm a hero with all this magic money from someplace. If the house burns down or floods, they can move in with their mother. I'm 60, I seen worse than this.

I Just realized another reason that I really like your channel and that is You never use Notes and no editing. You’re very knowledgeable and just speak from your knowledge and experience. It’s a very nice way to bring us up to date on current topics. Blessings,Carlos ✝️🙏❤️😊🇺🇸

@ronpedersen6649

6 ай бұрын

I was trying to put my finger on that too….its like walking n talking with a bud 🤙

@SirCarlosMusicBMI

6 ай бұрын

@@ronpedersen6649That probably sums it up better than I. 😂😊

@OGJeff685

6 ай бұрын

just fyi, he is reading notes, I appreciate that though. Best to be accurate.

@johnmitchell2741

5 ай бұрын

Ano he's editing @@OGJeff685

And our government is arguing amongst themselves about giving $80 billion in foreign aid to Ukraine Taiwan and Israel. Not a word about US citizens and home owners insurance issues!😂

@user-gr4ie5lu4e

6 ай бұрын

80 billion went to Ukraine only...US and NATO forced Putin's hand - really sad so few understand this. Israel is another issue - Israel lobby controls our congress; Taiwan - would you like Chinese ships control US coastal waters ?

This is the insidious way centralized gov't fleeces the middle class: Create an environment where if you don't speculate, you fall seriously behind, then pass laws to strip you of any wealth you acquired in the process.

@hallhv01

6 ай бұрын

Ah capitalism! Pull yourself up by your bootstraps and work hard!

I must be the odd one out here, I have never had a desire to stay at an Air B&B... I prefer a hotel with all their amenities. Kudos to Palm Springs. 🏝

@WA-de3gf

6 ай бұрын

Personally I think the hotel chains will only allow ab&b to be relevant when and where it has no effect on their business. They have a huge advantage and could build or remodel rooms and add suites.

What happens if you get dropped… and can’t get a citizens policy. The bank insures you at an insane rate. What happens if you had the house for 17 years and can’t get insurance anymore because you made one claim in 17years. Does the bank take your house when you only have 3 years left on the loan? WTF? And the insurance the bank offers is literally the cost of the mortgage. So from $2000mo to now $4000mo. Sounds like a land grab to me

@yorsan2240

6 ай бұрын

Yeap ,that's how it's, the bank owns insurance companies too

@matl7560

6 ай бұрын

@@yorsan2240Yeah man my aunt now pays almost $800mo and she’s been there since 1995 house has been paid off and that’s the cheapest she can get. (Vero Beach) this was after she had upgraded her windows and did all the anchor upgrades to the roof of she was going to get dropped. She’s not once made a claim. Not one time. We need a new law or company that takes your money and puts it into an escrow fund and OMG you need to fix some windows when your 80 years old you can use some of that cash to deaden the blow a little..

@charmainmorrison8615

6 ай бұрын

Probably BlackRock owns them too

@Peace2all4vr

6 ай бұрын

AND the banks, the insurance cos., and Blackrock are all owned by the same tribe.

@commonsense6967

6 ай бұрын

If you're in FL, Citizen's HAS to insure you, if you cannot find insurance elsewhere.

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

Ban short term rentals in the Florida Key's. Workers and locals are being forced out. Bring it on. Don't feel bad at ALL for the wealthy jerks buying 15 homes

I pay the bills online for my mother. Her home insurance bill came today. 53% premium increase, with 0 claims. I called the office of course. The agent used the standard ration of BS about the insurance associations. This is an unexpected increase. I know how this is crushing families in the nation. Notice how rarely politicians talk about insurance. Their policies or lack of increase the rates.

@hallhv01

6 ай бұрын

Yes. Desantis was off chasing mickey mouse and training people to say "woke" and no, he doesn't care about your insurance issues. But hey....banned books and bathroom usage is HOT! 😂

@FreeAmericanUSA

6 ай бұрын

@@hallhv01 We are in SC. Florida is going to go through a nightmare for the next few years. Money alone is not solving problems.

Air b&b is now heavily regulated now in Canada. This is due to housing shortages in big cities like Toronto, Montreal and Vancouver. In those cities, you can no longer claim any business expenses for short term rentals. You need to rent the property a minimum of 6 months to be able to write off expenses. AND any income you generate is still 100% taxable… so it’s no longer profitable and real estate values are going down on these properties.

This will continue until we revolt against this greed

The lesson here is that large companies like Blackstone shouldn't be allowed to buy real estate at will. This is Capitalism at its worst.

@murrayterry834

6 ай бұрын

a major part of the problem there.

Insurance isn’t insurance anymore. It’s extortion. I’m not sure who knows this but most of the wealth in this country is held by insurance companies. Not banks. There’s a special place in hell for insurance companies

@linmal2242

6 ай бұрын

Warren Buffet owns General RE !

“Forced to pay triple and get nothing extra in return” should be Florida’s new motto.

@DrunkenUFOPilot

6 ай бұрын

Works in California too!

@Dshzzzt

6 ай бұрын

@@DrunkenUFOPilot yeah but that’s not new. 😂

Best part of paying off your house is not ever having to pay insurance again

@georgedreher2322

6 ай бұрын

To live in a valuable paid-off home in Florida, during hurricane season without insurance, you have 3 choices: 1) Be wealthy enough in order to cover potential losses 2) Be ignorant or 3) Have a brass set of balls.

@Tampa_tom

6 ай бұрын

@@georgedreher2322 I use to build houses. I’ll fix it myself if anything happens

@joellee5863

6 ай бұрын

Concrete tile roof with an elastomer roof paint and caulking to seal all joints. Somay is a very good brand. I painted it onto my friends roof in Miami after Wilma and various other hurricanes hit and he was an adjuster and noticed that roofs coated with that had no problems. More than 12 years and his roof is great.

@Tampa_tom

6 ай бұрын

@@joellee5863 Tampa has never had a direct hit from a major hurricane btw

@jsd354

6 ай бұрын

@@georgedreher2322well 2 out of 3 works

Insurance companies aren't your friends. Their commercials are full of lies. What they're really saying is, we like your money but not your claims.

I’m not shedding a single tear for people who bought second, third properties with the prospect to make them short term rentals, to then lose money on them. Them and their greed were too PART of the problem when the rental prices skyrocketed due to the loss of long term rentals.

@OGJeff685

6 ай бұрын

A large majority of people who should have been able to buy a house were not able to do so. I'm one of them. 100k job 40 years old, priced out of everything. I hope they all go bankrupt. I live on a boat now.. and actually enjoy it everyday, so I did end up doing something better - but they are still jerks.

@Ziguly

6 ай бұрын

@@OGJeff685 you got a heck of a silver lining! Good for you!

@shanerogers9386

6 ай бұрын

There isn’t enough harm that can come to all the people hoarding homes away from families and traditional buyers.

I just saw a video on TikTok where a homeowner was renting their Airbnb that was not allowed and got fined $180,000. They have implemented a lot of rules here in Vegas regarding Airbnb’s because folks in neighborhoods don’t want them for the reasons you mentioned. Glad your insurance got straightened out. Crazy what is going on. How will many of us afford these ridiculous rates! FYI, back when I lived in NYC I use to have to send a copy of my insurance to the coop’s mgmt office or face a fine.

@iworkout6912

6 ай бұрын

I read that, and my first read is that's terrible. But thinking about it, I have read about the way some renters invite their young relatives and friends and trash the place. Or worse yet is its rented out to a porno video maker and they really mess up the place with who knows what. That happens a lot in Palm Springs.

@linmal2242

6 ай бұрын

Just move to NM or Ariz and build yourself a solar aspected adobe ranch ; too late for me, I am past it and anyway I have built all mine in AUS ! Too old now but the spirit is still keen !

Great news about Palm Springs! This is exactly how you prevent greed from ruining your neighborhood. I hope everyone follows this model.

I filed a claim to get my roof fixed in Va and the company increased my pament by $900. I dropped them and got statefarm lol

I don’t see how this system of housing prices, mortgages, insurance, property taxes .. etcetra last in its current form much longer .. it just gets worse

Love how you put in the view of the California coastline! Palm Desert is worth a visit and then a day trip into Palm Springs, in cooler weather. We have been in October snd December and it was 85 degrees or cooler. Lovely to visit them. Glad you finally got some insurance, Michael!

Airbnbs are a nightmare for the first time home buyer. A home should be a place to raise a family. My township in Michigan banned Airbnbs last year and the state of Michigan is fighting the townships to keep the law in place. So states are trying to over power the counties. It's a power grab leaving the first time home owner on the streets.

@SamuelClemente7718

6 ай бұрын

Capitalism. Not everyone wins.

@Su-Jo

6 ай бұрын

​@@SamuelClemente7718under pure capitalism, any home operating as a hotel would be zoned, taxed, and regulated as a hotel but we haven't had a pure capitalist economy in decades. AirBNB has been getting away with avoiding their fair taxation for too long and should be appropriately held to the same regulations that every hotel is. I'm sick of short term rentals in residential neighborhoods and I'm fully supportive of either banning them completely or forcing them to pay the same fees and taxes a hotel is required to pay.

@deedevries1123

6 ай бұрын

I wouldn't call the state of Michigan fighting against the will of the township capitalism. More like dictatorship.@@SamuelClemente7718

@well-blazeredman6187

6 ай бұрын

I don't like them either. In the UK, on my estate, one homeowner was taken to court by the HOA to suppress his covenant-breaching. He lost and was hit with a legal-costs bill of over £100,000.

@hallhv01

6 ай бұрын

That's capitalism for ya! everything is for sale to the highest bidder! The public good doesn't matter.

Good evening Michael. You're spot on how the high insurance and other costs will impact the Florida real estate market. I am not alone, several of my senior friends have also decided to stay put in Michigan. Initially, we were all set to relocate back to Florida since we lived in the Orlando Bay Hill area back in the lates 80s to early 90's. Job transfer took place back to the midwest. Never the less, Sarasota was on our radar back in early 2019 for a move in q3 of 2020. Pandemic changed everything. Here we are in 2024 and the Florida value proposition is gone. The Florida home prices, taxes, insurance, medical and auto insurance, etc no longer make Florida desirable. We now just rent a small villa from a private owner in Florida for 2 visits a year.

@lindylou3519

6 ай бұрын

Yes. That’s going to be the majority of seniors decisions…to vacation in FL & stay put where they are. My hubs & I are located in GA so at least we aren’t too far. We are still very disappointed though.

I left Miami 4 years ago and moved to Tucson Arizona and will never move to Floria ever again. My apartment in Arizona would of cost at least $3 grand a month for rent in Miami. I pay less than $1600. And no tolls, and no hurricanes

@ukulelebutterfly

6 ай бұрын

I've been looking into Tuscon. It's a pretty nice city from what I see. And, I'm not a City Girl. I'm small town. Food is less expensive. Gas is about the same. Thanks for more positive feedback. ~ 🦋

@JBoy340a

6 ай бұрын

I like Sedona.

@ukulelebutterfly

6 ай бұрын

@@JBoy340a Thanks! I just took a peak. I'm interested. ~ 🦋

@MrRperez26

6 ай бұрын

@@JBoy340aSedona is one of the most beautiful places I’ve ever been. But it’s more expensive

I outright own my very small home in FL. I also reduced my coverage a lot. I would really like to go with a no wind damage policy if possible. I just need liability and maybe fire and other non wind hazards. Flooding is already not covered without special hard to get and expensive insurance.I think that is where we are going down here. Insurance is becoming useless other then liability

Glad to hear you got insured. We had someone from our insurer come over and take some picture of the house and yard. We were worried they would find something that would let them drop our insurance. We have not heard anything in 3 months, so I hope we are good.

My daughter did a gymnastics meet at Palm Springs in July and it was 120F. Freaking hot and the tank top is of no use in that environment.

The entire nation needs to sue the insurance companies

@well-blazeredman6187

6 ай бұрын

On what basis? They are not making abnormal profits, are they?

@kurtturner5703

6 ай бұрын

It’s weather my friend that is screwing us not the insurance companies.

Outstanding insight, Micheal!!! It's great to see communities & city council in Palm Springs, Ca 🌴 support the resident owners 🎉... Great analysis as usual! By the way, we are from the Palm Springs area. The best time to visit is in April. The snowbirds leave & weather is awesome 👌. Cheers to you!🎉

Rich people only go to their houses in Palm Springs during the winter

Bottom line, the federal government will have to get involved. A lot of it is flat-out price gouging by the insurance companies because there's no government oversight.

@commonsense6967

6 ай бұрын

There's definitely gov. oversight in FL. OIR is heavily regulated.

@almoreno3299

6 ай бұрын

@@commonsense6967Really, are you sure. I find it hard to believe with the governors most recent state budget giving homeowners insurance companies a 406 million dollar tax break. How does that help the average Floridian? And BTW, OIR is a joke. It's a totally worthless Florida government agency.

It happened because the rent is too damn high!

Yep and apartment rents are collapsing in Dallas now. They are currently offering a 2 bedroom at the complex I used to live in for only $100 a month more than I was paying in 2017. Personally, I think AirBnb is fine for renting your spare room but AirBnb is a commercial business like a Hotel and should not be allowed for full home rentals in a residential area.

I had my own homeowners policy in FL, and one of my required fees was a payment to Citizens. In other words, it is paid for by everyone else not using it.

@commonsense6967

6 ай бұрын

Yes, Citizen's is a socialized (and unfair) holdover from years ago, when FL was a purple or blue state. We in FL are ALL paying for it, subsidizing the insurance for people CHOOSING to live in condos and houses built on or near the coast, unfortunately.

Yeah. I will just continue to rent.

Thanks for the heads up, glad you got insurance. That happened here in Charleston SC with State Farm.

@lindylou3519

6 ай бұрын

I love Charleston!❤

Oh by the way I am in BC Canada and the government just cancelled all airbnbs that are individual residents . One can still airbnb as long it’s attached to your personal residence ( a suite) but no more separate homes or condos etc .

@P8intballEvans

6 ай бұрын

Wish they would do that here ... People with money need to find something else to invest in besides the basic need of a home.

Another great one Michael! I’m so glad to hear about the going’s on in Palm Springs.👏🏾🥂🎉

Thanks Michael 😊 I am waiting for rental to drop a bit in Florida before I relocate to Florida and get back to normal

Just the beginning. Plan accordingly.

The problem with trying to self-insure is liability coverage. If you own a condo and someone falls off your balcony, you could be sued for hundreds of thousands of dollars. Unless you are very wealthy (or very poor which makes you judgment proof) it's the liability risks that can get you. My condo (long sold, thank God!) in Florida was paid for, no mortgage to worry about. So I wanted the insurance company to just write me a liability-only policy. No one would do it.

@ThuyPham-lr5dc

6 ай бұрын

Umbrella Insurance 😊😊😊😊😊

@linmal2242

6 ай бұрын

Yes and I sold my industrial properties after developing/building them since '82 . Had a good run, all up, with only one bad tenant who did not cost me too much. But kept the insurance up; it was the biggest expense after council rates. Did dodge the Land Tax here in New South Wales which was a big slug once. (n b This is not in the U K )

I am done in Florida I stay here this year only

Michael, I'm glad you got your insurance situation resolved, even though it's not exactly ideal. We're looking at buying a new build in FL, in hopes that it will be a little easier to get insurance.

@vWaLLBangz

6 ай бұрын

New builds are what carriers want in FL. Built to code, built out of concrete blocks. You’ll be in the best shape with a new build

Michael…as an attorney and a real estate investor/landlord I fully understand what you’re having to do with this insurance nightmare but as a smart guy please be aware of your low liability limit of $100k…these days with friends/guests possibly visiting you and with Lizzis dog walking business you need to be cautious with slip and falls at your home and/or your wife having an incident with a nasty client that intices someone to file suit against you or her…a $100,000 liability limit can be eaten up in a hurry…IMHO you should at least look at increasing that to $300k if you can…just a thought that maybe you should discuss with your broker…another great show today.

@HarrisonCountyStudio

6 ай бұрын

I was once told by an attorney, the bigger the coverage, the more money he can sue for.

@lidam

6 ай бұрын

He is complaining about insurance. And you are selling insurance with more premium 😂😂

@chastalksrealnews

6 ай бұрын

You left out. Water leaks and fires. If your condo is responsible for damage to other units your policy coverage pays.

@m.f.m.67

6 ай бұрын

True, but as long as it's the insurance companies money, who cares? Nobody that's ever been sued ever said, "gee, I've got too much insurance." @@HarrisonCountyStudio

Hell, in 2020 my car was rammed while it was parked and I was in the house. I called my insurance, but I never even paid the deductible or took a payout and it STILL caused me to pay significantly higher premiums for 3 years thereafter regardless of who my insurer was. Never report damage to your insurance company if you aren’t planning on paying the deductible and using the coverage. At least, don’t call them unless you have to by other circumstances

Owning and ARBNB and not having insurance leaves you vulnerable to any crooked renter with an imagination.

@commonsense6967

6 ай бұрын

Yeah, it's super-dumb to rent out a house either long OR short-term without insurance.

great video! besides the property insursnce increases, the hoa fees are also sky high now in south florida.

That is a beautiful area you are walking around at the end.

Everyone is paying much higher property insurance. Why doesn't the Federal Reserve recognize this severe increase in their inflation calculations?

You are right about the real estate status in Palm Springs. Most of the houses are 70-80’s construction. Uninspired homes in standard home lots. Way over priced and distorted by the speculators. The caps will reduce the market inflation and allow real people to live in neighborhoods with community. Your assessment was spot on.

These companies think that everyone in Florida is rich and can afford insane prices.

Thank you to our host for the VPN recommendation. I’ll definitely sign up because I’m going again to Brazil next month. The IP address needs to be “masked” in order to perform certain banking transactions

Live from Colorado, insurance has skyrocket!

Glad you were able to find insurance Michael.

Michael - you visited Palm Springs during a heat wave. People go there during the winter . ( I dont like the extreme heat either so would never move there personally), I prefer the milder Los Angeles climate

We were able to sell our house in Brevard County last month. We made money on our house, and now we are in Michigan. But we have 30 acres, a house, pole barn and it’s all paid off. No mortgage. It feels great. I’m so glad we were able to sell before prices really sank.

I work for an insurance company, thanks for the heads up. I will c if I can get your rates up 😊

Mike, my condo in Naples is paid for, so I don't have to worry about a mortgage company. However, we are required to have insurance by our condo association, I just sent in my renewal, it was around $950.00 for the year.

@canyonoverlook9937

6 ай бұрын

Is that just for liability and the contents of the unit but not for rebuilding the building? If so, that is high.

I'd double check about the mortgage requirements. You're basically uninsured on the dwelling coverage. That's the part the lender cares about. They could hold you in breach of mortgage for not covering the dwelling for replacement value.

@commonsense6967

6 ай бұрын

That's right, if all he purchased is the equivalent of a renter's policy.

@paulconner4614

6 ай бұрын

He lives in a condo. The dwelling is covered under the HOA policy. He just needs Personal property and liability (same as a renters policy)

Many folks we know in Florida who own condos have informed us that their HOA have more than doubled due to insurance cost.

One has to ask if homeowners are not only footing the bill for natural disasters, BUT could homeowners also be footing the bill for insurance companies' bad investments in commercial real estate, detivstives, etc.?

Than’ you to our host for this walk-around tour and presentation. Scary thought being canceled. Glad you worked out a plan.

Buy a house cash-small, concrete block, hurricane roof, high ground, then skip the insurance. Save what you would've spent on insurance for repairs. Not the ideal, but the only way I know to beat this ripoff.

I like your content . I had a home in Indio just outside of Palm Springs . Sold April 2022 for $1,200,000 , the buyer wanted to make it a serious airbnb so put in another $50,000. Now has tired to sell for last six months since airbnb is down 50% , at last he was at $1,000,000 and still no buyers , I am told by realtors it’s now $900,000. Now the entire neighborhood is Airbnb and not good for those who live there . Major changes all over .

Ban Greed from normal family homes, it outta control 😢

Congratulations on new insurance🎉🎉🎉

you did a great job negotiating your premium Michael. Your vids are so educational.

I didn't follow your advice! I purchased a single story ranch style house in early 2021 about an acre with lake access in Lutz as a rental property and future retirement home after military service. I had no idea about the insurance problem. The first year My Citizens bill was about $1500 then I was notified then I would be dropped then I was dropped and had to pay the mortgage imposed insurance until.i got my roof recertified that it had 5 more years of life. Then it went up to about $2000, then I had to prove the house was rented, then I got a new policy with another company and my bill went up again I think it is about $2500. So every year it's a guessing game whether I'll have problems with my policy.

I opted to not have homeowners insurance on my primary residence because it's paid off and the insurance companies are charging a ridiculous amount for basically nothing. I figured that the amount I would pay for insuring my primary home would be better spent just repairing the damage if something were to happen unless it caught on fire. Then I would be screwed. My auto insurance on my 01 Dodge 2500 diesel 4wd cost me $110 a month which is more than you pay per year on your homeowners insurance. I have a spotless driving record and am thinking of lowering my policy since two years ago I was paying $62 a month for the same coverage on the only vehicle I drive. I do pay $11 a month to keep my other vehicle in storage mode with my auto insurance policy and I never seem to use it.

The beach house that I manage got new insurance for $18,000/yr. Huge increase!

@commonsense6967

6 ай бұрын

yikes!!!😮

Your visit to Palm Springs was the wrong time of the year. Right now it’s perfect weather (actually cold at night).

It's appalling how State and local governments tell people what they can do with their property. Pure Socialism.

@commonsense6967

6 ай бұрын

They don't. Fact is, if you have a mortgage, it's the lien-holder's property until you pay off the mortgage. (So do it!😊)

@ericl452

6 ай бұрын

@@commonsense6967 True that the lien holder owns the property. Paying off your mortgage is a huge and important milestone. Even then, you only own your property as long as you pay your annual taxes.

If you live on the coast it should be high. Then you can get insurance or just put money in an account and hope it doesnt happen. Up to you

Max out my house insurance deductible to $10k to reduce premiums and prepared to self insure if things get any worse.

@georgedreher2322

6 ай бұрын

My house in Florida has been paid off for years. I still do, however, carry home insurance, but maintain a 20% policy deductible. I insure for a possible total catastrophe, but at a much lower premium rate.

Just WOW. You provided Great insights too! Indeed, this may very well kill real estate dead. Wow. I own my home outright in central TX and have no HOA. If they ever try to jack up my insurance like that, I will DROP it! I will not be held hostage to gouging.

michael sir im glad your covered with house insurance, cause im riding dirty in kentucky car insurance. lol

As you're well aware the phoenix area is large some 40 miles wide. The vacant airbnbs were mostly near the super bowl game some 30 west of the party areas of scottsdale,tempe and Biltmore phoenix. The good value ones compared to hotels were booked. In scottsdale there's an on duty police unit who respond to disturbance airbnbs requiring 1 hour on site response by the listed contact

I lost insurance on one of my Florida properties this month as well. Citizens actually dropped me haha. The premium only went up $100 year with the new company so I didn't fight it.

@commonsense6967

6 ай бұрын

This is exactly what should be happening!

@OGJeff685

6 ай бұрын

Good - try owning one property maybe.

@SigmaGentPodcast

6 ай бұрын

@@OGJeff685 Why would I do that?

I live in Baldwin county Alabama 30 miles from the gulf coast and have been dropped by our insurance company every year for the last 5 yrs. Never have had a claim it’s not just Florida

I have a house built in 1949. As of right now, my Citizens policy ends Aug 7th. I'm still waiting to hear from my agent. I'm so freaked out because HOI is a must in Florida! As of now, come Aug in the middle of Hurricane season, I won't be insured!

My niece in Charlotte, NC had her home insurance dropped on their 3 yr old new construction home. They were able to get insured by another insurer, thankfully. They did not make any claims and no explanation for dropping them.

I live on the oceanfront in Daytona Beach Shores in a condo. Was paying about $1500 per year and they more than doubled it this year to over 3000. Same insurance company, same coverage. And, as mentioned here, a condo policy is only contents Coverage. I also would like to self-insure, but it is not allowed.

Las Vegas also has some sort of rules on Air B and B as the neighbors complained a lot! Most people here are on a HOA.

It’s a two way street if property values go down I would think that The assessed values of the houses would come down so that property taxes for those people that are in for the long-haul will come down

@commonsense6967

6 ай бұрын

They do, at least in FL.

I dropped all my insurance and I buy exclusively lottery tickets it's a lot sure and more secure..... Now hit all the likes on my comments below unless KZread has got me compromised so only a very small percentage of viewers can see my comments

One of the biggest reasons for insurance rates going up is due to the high construction costs. As an insurance adjuster, the prices are 3x what they were in 2019. Some materials have went up even more than that.

@rustynail3630

6 ай бұрын

I mind it hard to believe construction costs have gone up 3x. I am a building products rep in Chicago and building costs have risen 20%

@user-gh6uz5ll9c

6 ай бұрын

Way more than that compared to 2019. Roofing alone has at least doubled sometimes more depending on the type of roof. Labor rates have increased as well.