Analyzing Florida's 2024 property insurance report
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- Опубликовано: 24 апр 2024
- In crisis for years, Florida’s troubled property insurance market is showing small signs of improvement, according to the state Office of Insurance Regulation.
However, homeowners say their insurance premiums are still sky-high as we brace for another hurricane season.
They value the land and the structure together. The structure can get fire, flood and wind but the land will face no damage. I don’t want to insure the land just the structure which is usually half the value of the home.
Insurance company can scam consumers but we cant scam them. Dissatisfied.
How else is the CEO supposed to get millions in compensation?...
Mine went from $1700 a few years ago to $7200 last year. I increased the deductible and got $1000 off. This year I got a letter from ins company My pool is unattended what ever that means! Above ground poll I have had for 40 years. In winter I do not keep up with cleaning, cl2 No one swims no need to keep it up. I never have in 40 years kept it open all winter. Next. I spent $3000 on tree trimming during winter. Now a century live oak is to close to house! What! The tree has been there before the house was built in 1940. Then they tell me my roof is not un compliance with the underwriters. I sent a roofer report saying I have at least five years left in it. So. I don’t owe anything on house. I’ll take roof savings and ins savings and keep it in house damage account. When all theses folks without ins get hit, the state will be in it deep. Make Fl great again vote !
Yeah, the government says it is getting better, must be the truth. What a bunch of nonsense.
If you own your home flat out... put the premium money in a savings account for damage and new roof.. you will be much better off than giving it away to the insurance company. There is plenty of Federal money for an SBA loan in a disaster event... if we don't keep giving it away to other countries first. People with loans are really bad off, hostage to the insurance company.
Well how much is your property worth. That worth will establish the cost of insurance premiums. That’s a fact.
That’s like saying that only candy bars should be 5 cents so you can buy your candy bars. Give us a better explanation since you posted this. Thank you
🤣 sure, voting will fix the issues with insurance and the climate 🤣
Insurance has always been a scam.
You’re the scammer for thinking that way.
Life insurance is a scam but home insurance is not ! They live in Florida , where hurricanes happen on a yearly basis. It’s common sense not that hard to understand
@@r.r4981 it’s a scam brother. As an investor or money wise life insurance is way way better. You have people saving a lot of money opting not to use home insurance. Not only just that but if you need to use your home insurance to pay for damages they have the right to deny your claim and guess what, most likely they will. Oh wait you said life insurance is a scam I suggest you go talk to a financial adviser and see how life insurance can help you financially in case of a life situation also if you opt for term life insurance investment you get your returns if you out live your policy. What do you get back from home insurance?
I paid $700a year for my house in nyc . I thought that was expensive
The state says that home owners insurance policies are going to stabilize ,but the truth is they will not stabilize and will continue to rise. The state of Florida will never say publicly that the insurance industry in Fl. is unstable because that would create panic, the same would go for law enforcement staffing you will never hear a state say they they have staffing shortages because then the criminals would have the upper hand
Especially as florida has managed to be lucky and most major huricanes has missed them lately. If they get hit by a big one, that state backed insurance is going to go broke and take the state government with it. Wait for them to go running to the federal government to bail them out.
there will come a point when banks and loan companies that hold your mortgage will need to come up with a plan to put in place a loan self insure policy, which basically means the bank or loan company will be insuring your property. and you will not have a choice in the matter or the cost either.
Time to start self insuring in groups.
They just want to reduce their hurricane exposure.
Even if the house would be new and up to code, it still would not make a difference, and they would drop the coverage.
The only way out would be if the state would take the role of reinsurer for florida insurance companies, but that has massive financial risk for the state and market distorting issues in general.
This is already happening, its called Citizens. They are backed by the state government, except the second they have a major hurricane the state will go crying to the feds for help.
Half my neighbors got free roofs and now everyone is paying .
There is no such thing as free! We pay the insurance premiums and then the deductible after a loss from a covered peril. Where is the free part?
@@mikehamm648 It’s the bill of goods they’re being sold which is the problem. One neighbor was complaining their insurance went up over $300 a month after a $20,000 roof claim for hail even though her roof looked like new . I told her she didn’t get a free roof, she got a loan .
This isn't true. I have relatives who live near the Destin area in the panhandle and they have no insurance issues whatsoever and they have lived there for years. In fact they say it's the cheapest they've ever had!!!
Sky high Premiums and cancelations on the go by progressive insurance. Florida has did nothing to little over these issues and allow companies to bolt leaving consumers in jeporady. The state of florida is the issue only extorting the people for their money as they get so much revenue from permits and fines after hurricanes. Do you think these local extorters will wave their extortion during these trouble times.
Florida cannot force companies to do business in Florida.
@@steven4315 Thats given however they can force them not too as shown by this state governor. Floridia insurance commisioner can however allow compaines to leave whenever they want just cutting policy holders off at a whim.
Junk response. You are clueless my junkyard respondent.
Well what they doing here in Atlanta burning down apt building because rent to high every one in that building have to suffer bc of that one.
If you want to live in a high risk area. YOU pay to rebuild. Insurance companies AND the taxpayers have had it!
Yeah, thats not what is happening though. Citizens is now the insurer of last resort in florida as they are backed by the state. So the only one paying will be the taxpayers, except they won't be able to cover a major catastrophe, in that case the state will go belly up and they will ask the feds to bail out florida so all the taxpayers across the country will bail out florida.
These was 2 days ago and yesterday Progressive said it will drop 100k from FL. I wonder what insurance companies did the 1$ billion the feudal lord Desantis and his minions gave as a gift to insurance companies.
What is Desantis is doing about this he knows this is a problem for everyone who lives in Florida.
They made the most socialist of decisions...they created a state backed entity called Citizens to be an insurer of last resort with apparently very low premiums. Except when a hurricane hits it will bankrupt the state government, so they will go asking the feds for a bailout.