HOAs are the worst. I learned this lesson the hard way. I got my condo in 2006. The HOA payments at time of purchase was $115 with a $825 mortgage. It wasn't even 5 years later when my HOA jumped to $600 a month and then to $1100 a month in 2015. Sad to say I had to give my home back to the bank since no one wanted to buy it and I couldn't afford a $1100 HOA and $825 mortgage. Thankfully now I've been blessed with a normal house And don't have to deal with the nightmares of having an HOA anymore.
It really goes back to the builder. The builders set up the HOA such that people aren't initially paying into a fund saving for future major expenses or rising future costs but just present costs that are at their absolute minimum when the building is newer. Later when enough lots are sold control of the HOA is transferrred to the homeowners, but unless you have someone savvy with a budget they probably won't forecast future expenses and amortize them to reduce future painful special assessments or huge rate hikes. Builders set you up in a trap because they know they can sell the condo for more if you see a small HOA fee even if it is unsustainable. But eventually those big ticket items come do and the building gets older so costs go up but there was no savings. Sometimes it is less than a year before annual expenses arrive and the new board realize the original budget was unsustainable.
Nobody could see this coming? I did years ago. Nobody has any "investment" in condos so there is no desire for long term maintenance work being done. Poor condo's go from crisis to crisis instead of fixing things before they become assessment-able. Too many people "flipping" property that dont want high condo association fees. Did not work very well. Pick your condo's carefully. There are good ones out there too. You have to pay a little for the peace of mind.
It's time to pay the piper. If you are still in Florida you are the one who is stuck holding the bag. This is not the insurance or HOA's fault. This is the real cost of living on the Florida coast. Just wait for sea level rise to start accelerating.
lol😅 ridiculous! I am born and raised in Florida, and I had to leave because I could not afford to live there anymore. There is no way I could afford rent, I can’t even afford to buy a house in Florida. So I had to move north, one state up (Georgia). I was able to buy a brand new construction townhouse here in GA, in 2022, and my mortgage is $1000 a month (which includes my PITI, PMI, 4.5% interest rate) and I have no HOA here
I live in Massachusetts and our insurance went way up here resulting in an increase in condo fees. And my condo is far from the ocean so that's not the reason for the increase. It's scary being retired with things costing more and more.
Not true. Rates are going up differently all over. Places that are experiencing more damage from natural disasters will rise more and reinsurance causes rates to rise elsewhere. Auto insurance is rising because the cost or repairs have risen.
Not just condos. I am in a 50-year-old subdivision of smallish houses. We have a clubhouse with pool and a small commons. Insurance for the clubhouse is now astronomical.
When you own part of a building worth millions of dollars as owners of condos, you have to realize large buildings are expensive to insure. You can’t expect it to be the same price as a single-family home. if your condo is oceanfront you’re gonna have your balconies refurbished every 7 to 10 years and that is just normal building maintenance. It has nothing to do with HOA. It has to do with insurance companies. .
Two months after that Miami HOA fight, our community voted them out for the same reason. Now they have restart all over the whole insurance and roof process. It’s ridiculous. I can’t wait to see that the assessment will be basically the same 😂
I don't see how recalling the HOA Board helps. The quotes came from insurance companies. After the Surfside building collapse many insurance companies are trying to run away from Florida.
This is not just Florida. I am in Oklahoma. In 1995 our master policy was 6k. Last year it went to 51k. We have called every insurance company possible and most won’t offer condo insurance. The few that do turned us down do to age of roof or building. This year our insurance quit covering condo insurance altogether and we can’t find any one to cover us.
Yeah but i would argue thats probably because the value of your property skyrocketed from 1995... In florida, insurance are out of control because we deal with hurricanes... Imagine having a master policey in 2020 for 6k and now paying 51k in 2023... Insurance nearly tripled in 2-3 years.
@@Diabolical05. . Actually no. In 2005 the average unit sold for 80-90k. I bought in 2016 for 126, now they are worth about 175k. So yes higher, but only double in 20 years. Our insurance doubled in a year and increased almost 15 times in the same time our condos doubled. We did just get a quote for 106k per year for the master policy
Curious if you are in tornado alley, and/or if there have been costly storms through this area in recent years. That is what insurance companies are fearful of.
@@curtandoscar Thats what i'm saying. Never heard of a carrier increasing the premium that much for no reason. Atleast in FL we know the reason, Hurricanes that causes billions of dollars in damages every year to the entire state..
I've been with the same job for 48 years and am months from retirement. This condo meltdown has me confused over what to do now. I thought Florida was paradise and cheaper to live. I wouldn't mind price increases, but the rates are unpredictable and unreasonable. Good luck to anyone in a bad situation.
Retired people get the same amount monthly retirement check for the rest of there lives. No increase on cost of living raise or anything always the same. Fixed income.
@@kirrus4781 Oh so a fixed income can be $11,000 or even $200,000 or maybe $300,000 per year depending on the person. Many people and news readers imply fixed income is a hardship.
@@kirrus4781 If the fixed income includes social security, there are cost of living increases that will occur at times - automatic increases in the monthly amount someone receives, but I'm not sure how often that happens. I think it's mostly "fixed" otherwise.
Can't the residents sue the HOA to keep their financial responsibilities, such as carrying insurance on the building, to themselves?? They gouge enough, already. I'd never buy a place with an HOA. They're a scam.
Those kinds of places are very dangerous for people on fixed incomes and those who live on tight incomes because they are so massively popular and in demand
Davis Island? That's where the ultra wealthy live. It's prohibitively expensive to even live there. Why they would bother insuring trinkets is beyond me, HOAs can be voted out by all the tenants if I recall, correct me if I'm wrong but this sounds like a self inflicted injury.
I agree. You get what you elect. Un-elect the grifters and con artists out of your HOA and get people who are more interested in long term health of the association and the people funding it. Slightly higher HOA can make a condo unattractive for the "quick flip" crowd which is exactly the people you DONT want in the HOA. They only want short term gains and dont care about long term health of the building or the people in it.
Lawsuits against whom? Insurers? HOA bylaws requires insurance. Insurers will just leave the unprofitable markets. No worries though, just pull yourself up by the boot straps. You made your political bed now lay in it.
Commercial insurance is negotiable. They're making money hand over fist. As the prices go up the insurance agents get more commission too. The companies are using this "hard market" to drive rate and profitability.
What an idiotic take. Insurers are f*cking off FL due to actual cost to insure. Those who stay need to raise rates or go bankrupt. Good job electing leopards to deny climate change and now enjoy your face being eaten.
@@DiscoLobster-j3zexactly. Last year we could only find 2 that would offer quotes. This year the one we went with stopped covering condos and the other won’t cover us now so we are completely out of options now
Who is making the money? You dont make any sense. They are just being remiss in their duties to keep up with long term maintenance. I guess people are temporarily saving a few bucks but you can only kick maintenance issues down the road so far before it becomes a huge assessment.
Tell your Governor to stop fighting “liberal indoctrination” in schools and their libraries, and trying to stick it to those dastardly folks at Disney (Gay. There, I said it). Then maybe he’d tackle some real problems, like this insurance thing.
The schools are the problem. People would make more money if they were better educated and financially literate. American education is a joke - not the liberal arts part... But schools fail to prepare young adults for real world. After learning to read, write, and do basic math (I'd say around 8th grade, that's where they really start to fail). Also schools should flunk out the bad students - that way a high school and college degree means that you showed up and did the work. A barometer for employers. If you pass kids that don't deserve it, and pass kids that don't show up - a high school diploma means nothing. A college degree means nothing.
@@Aaron_R Agreed. Remember that also means not passing the quarterback so he can play on Saturday. Better yet, eliminate the quandary altogether and get rid of interscholastic sports teams in high schools.
It’s not the insurance companies. It’s the lawyers in that state, plus the large amount of storms. But the lawyers and all those frivolous lawsuits that they file in FL that make the insurance companies bail.
Too good to be true huh? lol. You pay the same rate as you did in Indiana or where ever you came from but claim a loss every single year. Whoever figured they would raise the rates. Same as a car insurance company. You get put in a risk pool. You moved to Fl which has the highest claims. You should pay the highest rates. Some people spent extra money to live on a hill where it will NEVER flood.
HOAs are the worst. I learned this lesson the hard way. I got my condo in 2006. The HOA payments at time of purchase was $115 with a $825 mortgage. It wasn't even 5 years later when my HOA jumped to $600 a month and then to $1100 a month in 2015. Sad to say I had to give my home back to the bank since no one wanted to buy it and I couldn't afford a $1100 HOA and $825 mortgage. Thankfully now I've been blessed with a normal house And don't have to deal with the nightmares of having an HOA anymore.
It really goes back to the builder. The builders set up the HOA such that people aren't initially paying into a fund saving for future major expenses or rising future costs but just present costs that are at their absolute minimum when the building is newer. Later when enough lots are sold control of the HOA is transferrred to the homeowners, but unless you have someone savvy with a budget they probably won't forecast future expenses and amortize them to reduce future painful special assessments or huge rate hikes. Builders set you up in a trap because they know they can sell the condo for more if you see a small HOA fee even if it is unsustainable. But eventually those big ticket items come do and the building gets older so costs go up but there was no savings. Sometimes it is less than a year before annual expenses arrive and the new board realize the original budget was unsustainable.
Nobody could see this coming? I did years ago. Nobody has any "investment" in condos so there is no desire for long term maintenance work being done. Poor condo's go from crisis to crisis instead of fixing things before they become assessment-able. Too many people "flipping" property that dont want high condo association fees. Did not work very well. Pick your condo's carefully. There are good ones out there too. You have to pay a little for the peace of mind.
Wtf HOA goes up that much. Sounds like HOA fraud to me.
@@jofujino Very well put.
There really ought to be a law preventing HOA to hike up their rates. They can bankrupt anyone with HOA rate hikes and special assesment
This was so predictable after the 1 billion settlement in the Surfside collapse
It's time to pay the piper. If you are still in Florida you are the one who is stuck holding the bag. This is not the insurance or HOA's fault. This is the real cost of living on the Florida coast. Just wait for sea level rise to start accelerating.
Go self insured.
lol😅 ridiculous! I am born and raised in Florida, and I had to leave because I could not afford to live there anymore. There is no way I could afford rent, I can’t even afford to buy a house in Florida. So I had to move north, one state up (Georgia). I was able to buy a brand new construction townhouse here in GA, in 2022, and my mortgage is $1000 a month (which includes my PITI, PMI, 4.5% interest rate) and I have no HOA here
I live in Massachusetts and our insurance went way up here resulting in an increase in condo fees. And my condo is far from the ocean so that's not the reason for the increase. It's scary being retired with things costing more and more.
The American citizen can't catch a break. What a nightmare.
This happening all over the country. It's not just Florida. My home insurance doubled and I dont live near a flood zone or fire zone.
It is not happening in Iowa
@@jackwilson8051 Nothing happens in Iowa. Nothing.
@@jackwilson8051It’s just a Florida scammer thing.
Not true. Rates are going up differently all over. Places that are experiencing more damage from natural disasters will rise more and reinsurance causes rates to rise elsewhere. Auto insurance is rising because the cost or repairs have risen.
Not just condos. I am in a 50-year-old subdivision of smallish houses. We have a clubhouse with pool and a small commons. Insurance for the clubhouse is now astronomical.
When you own part of a building worth millions of dollars as owners of condos, you have to realize large buildings are expensive to insure. You can’t expect it to be the same price as a single-family home. if your condo is oceanfront you’re gonna have your balconies refurbished every 7 to 10 years and that is just normal building maintenance. It has nothing to do with HOA. It has to do with insurance companies.
.
Two months after that Miami HOA fight, our community voted them out for the same reason. Now they have restart all over the whole insurance and roof process. It’s ridiculous. I can’t wait to see that the assessment will be basically the same 😂
Yep. There are only so many insurance companies that will write the policy. Changing the HOA board does nothing to change that fact.
I don't see how recalling the HOA Board helps. The quotes came from insurance companies. After the Surfside building collapse many insurance companies are trying to run away from Florida.
This is not just Florida. I am in Oklahoma. In 1995 our master policy was 6k. Last year it went to 51k. We have called every insurance company possible and most won’t offer condo insurance. The few that do turned us down do to age of roof or building. This year our insurance quit covering condo insurance altogether and we can’t find any one to cover us.
Yeah but i would argue thats probably because the value of your property skyrocketed from 1995... In florida, insurance are out of control because we deal with hurricanes... Imagine having a master policey in 2020 for 6k and now paying 51k in 2023... Insurance nearly tripled in 2-3 years.
@@Diabolical05. . Actually no. In 2005 the average unit sold for 80-90k. I bought in 2016 for 126, now they are worth about 175k. So yes higher, but only double in 20 years. Our insurance doubled in a year and increased almost 15 times in the same time our condos doubled. We did just get a quote for 106k per year for the master policy
Curious if you are in tornado alley, and/or if there have been costly storms through this area in recent years. That is what insurance companies are fearful of.
@@curtandoscar Thats what i'm saying. Never heard of a carrier increasing the premium that much for no reason.
Atleast in FL we know the reason, Hurricanes that causes billions of dollars in damages every year to the entire state..
I've been with the same job for 48 years and am months from retirement. This condo meltdown has me confused over what to do now. I thought Florida was paradise and cheaper to live. I wouldn't mind price increases, but the rates are unpredictable and unreasonable. Good luck to anyone in a bad situation.
Property taxes and HOA fees completely out of control. Time for the governor of Florida to step up and get this solved.
What is the definition of a fixed income and why do the reporters say it is hard on retirees on a fixed income?
Retired people get the same amount monthly retirement check for the rest of there lives. No increase on cost of living raise or anything always the same.
Fixed income.
@@kirrus4781 Oh so a fixed income can be $11,000 or even $200,000 or maybe $300,000 per year depending on the person. Many people and news readers imply fixed income is a hardship.
@@kirrus4781 If the fixed income includes social security, there are cost of living increases that will occur at times - automatic increases in the monthly amount someone receives, but I'm not sure how often that happens. I think it's mostly "fixed" otherwise.
Not all retirees are on fixed incomes. Jeff Bezos is retired in Florida and his income is definitely not fixed.
I am so glad I never purchased in Florida. I feel sorry for those that did!!!
Those workers want a cost of living increase like everybody else.
Insurance and property taxes and cost of goods increases like everything else.
IT WAS JUST A MATTER OF TIME
Can't the residents sue the HOA to keep their financial responsibilities, such as carrying insurance on the building, to themselves?? They gouge enough, already. I'd never buy a place with an HOA. They're a scam.
Id never live in a condo for this very reason. High HOA fees and other condo fees, forget that.
HOA MUST BE WOKE AS DESANTIS WOULD SAY LOL......YALL ELECTED THAT FOOL😂😂😂
Those kinds of places are very dangerous for people on fixed incomes and those who live on tight incomes because they are so massively popular and in demand
Crooks
People should get into any hoa fee building and regular neighborhoods they control your property
To be fair these are high natural disaster areas
Never live in a HOA house.
The paperwork says the land and house is yours...??? But for community street and pool..used to rob you blind by "wise" guy politicians..
Never.
Almost all condo complex and most newer subdivisions have HOAs.
@@JBoy340aGo older then.😮
Never buy anything that you don't own the land it sits on.
The Land is worth more than the house! I know. 😎
Davis Island? That's where the ultra wealthy live. It's prohibitively expensive to even live there. Why they would bother insuring trinkets is beyond me, HOAs can be voted out by all the tenants if I recall, correct me if I'm wrong but this sounds like a self inflicted injury.
I agree. You get what you elect. Un-elect the grifters and con artists out of your HOA and get people who are more interested in long term health of the association and the people funding it. Slightly higher HOA can make a condo unattractive for the "quick flip" crowd which is exactly the people you DONT want in the HOA. They only want short term gains and dont care about long term health of the building or the people in it.
People need to file lawsuits then just sitting on their butts
What is that going to do? You all have nobody to blame yourselves, you elected the association. right?
Lawsuits against whom? Insurers? HOA bylaws requires insurance. Insurers will just leave the unprofitable markets.
No worries though, just pull yourself up by the boot straps. You made your political bed now lay in it.
Why file suits? That just raises the rate if you can find an insurance company that would insure you. Money doesn’t just grow on trees.
Fees, fees, fees and more fees
Commercial insurance is negotiable. They're making money hand over fist. As the prices go up the insurance agents get more commission too. The companies are using this "hard market" to drive rate and profitability.
There's no 'companies'. No insurance company in the private sector wants this business
What an idiotic take. Insurers are f*cking off FL due to actual cost to insure. Those who stay need to raise rates or go bankrupt. Good job electing leopards to deny climate change and now enjoy your face being eaten.
@@DiscoLobster-j3zexactly. Last year we could only find 2 that would offer quotes. This year the one we went with stopped covering condos and the other won’t cover us now so we are completely out of options now
If you can not stop paying insurance you are a poor renter and an association of poor people is....??? Not what i was buying...fraud?
You get what you voted for😅
they voted for RHONDA SANTIS and now getting ripped a new one! HAHAHAHAHAHAH!!! you still think he would be a good president? LOL!!!!!
GREED GREED GREED AT IT FINEST.
Who is making the money? You dont make any sense. They are just being remiss in their duties to keep up with long term maintenance. I guess people are temporarily saving a few bucks but you can only kick maintenance issues down the road so far before it becomes a huge assessment.
Good, hopefully these people will move back to wherever they came from 👋
Back to snowville!😮
Voté DeSantis lol
Why would anyone vote for that fool again? He is only popular in his own little mind.
Democrats have us headed towards a 2 class system,rich or poor. Hurricanes are equally destructive
Newsflash!!! DeSantis is a Republican as is the majority of the Florida legislature!
Tell your Governor to stop fighting “liberal indoctrination” in schools and their libraries, and trying to stick it to those dastardly folks at Disney (Gay. There, I said it). Then maybe he’d tackle some real problems, like this insurance thing.
The schools are the problem. People would make more money if they were better educated and financially literate. American education is a joke - not the liberal arts part... But schools fail to prepare young adults for real world. After learning to read, write, and do basic math (I'd say around 8th grade, that's where they really start to fail). Also schools should flunk out the bad students - that way a high school and college degree means that you showed up and did the work. A barometer for employers. If you pass kids that don't deserve it, and pass kids that don't show up - a high school diploma means nothing. A college degree means nothing.
@@Aaron_R Agreed. Remember that also means not passing the quarterback so he can play on Saturday. Better yet, eliminate the quandary altogether and get rid of interscholastic sports teams in high schools.
It’s not the insurance companies. It’s the lawyers in that state, plus the large amount of storms. But the lawyers and all those frivolous lawsuits that they file in FL that make the insurance companies bail.
We are screwed in Haines city trying to get insurance for hurricanes.. w t fffff 🥲😞
Too good to be true huh? lol. You pay the same rate as you did in Indiana or where ever you came from but claim a loss every single year. Whoever figured they would raise the rates. Same as a car insurance company. You get put in a risk pool. You moved to Fl which has the highest claims. You should pay the highest rates. Some people spent extra money to live on a hill where it will NEVER flood.