HIGH Insurance CRUSHING DREAMS Of Home Ownership
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- Опубликовано: 6 май 2023
- Besides your mortgage payment, toda your homeowners insurance premium along with property taxes is likely going to be your LARGEST monthly expense related to housing and unfortunately, these 2 expenses of getting ridiculous over the last few years and most new home buyers cannot afford it.
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Housing Market CONFUSION Reaching An ALL TIME HIGH ruclips.net/video/AtBpkjY4B98/видео.html
There is no such thing as a less disaster prone area. I lived in NY. I been through hurricanes, tornadoes, flooding, ice storms, blizzards, hailstorm and earthquakes.
Happy birthday!
Why do u lie ?? Fear u send fear my state is booming
Thanks for another great video.
Yesterday may 6th was my birthday 68, happy birthday to you 🎉. I'm a new subscriber living in New York, looking forward to moving to Orlando in another 2yrs
My folks retired to West Palm Beach. They live in a condo. My mother called today amd was venting about the new insurance increase that will hit for 2024. She said the increase will be 50% of what it is now. Florida will be the new place "not" to move with how crazy its becoming down there!
That’s right
FL is a great place to be either way 😊
Increasing board thefts of propertys.
And condo owners get two increases. One for their personal insurance for the condo's interior and then a second increase in their HOA for the development's insurance increase.
@@buffycat4641 care to buy one of rhese Associative value protected " units"?
I'm an insurance agent at one of the largest companies in the US and world. Florida insurance is nuts right now, totally right insurance doesn't care if you've made claims, company I work for is simply telling people we are changing the way we are doing buisness. We say its due to higher operational cost, higher cost to do buisness, but my wages haven't increased, I sure am talking about rate changes 20 times a day though.
Our family of 11 moved into an RV HERE IN FLORIDA TO CUT THE HOME PRICE. It’s gotten out of control with renting/buying for a large family to find a home.the qualification alone will squeeze you out! The rv living has brought us closer together and allowed us to travel to places we only dreamed of! So that’s a plus! Freedom is what America is all about! So I encourage others to think outside the box, reassess your priorities and find your happiness! Follow your instinct about the economy and position yourself in a place you are comfortable in. High home cost gave us stress and anxiety that has been elliminated by choosing to live in a 30ft camper! 🥰 LEMONS TO LEMONADE GUYS! Hope this helps you to see the silver lining. Best wishes
Thank you for your videos, it feels like you are a friend by now.
That doesn't work for everyone, and many are actually leaving the RV life due to the costs. It's not really that much cheaper to live in an RV. Someone already did a study on it. Very eye opening. Natural disasters are a big one in an RV.
Maintenance, insurance, gas and rent on a lot. My parents do it and what they spend they could travel the world with their RV costs them. Unless you find an RV resort and purchase your lot and park it the RV life is expensive. 11 in an RV what a nightmare. I would rather be in a 3/2 house.
We find it cheaper in this current 😢economy.
I live on the Treasure Coast of Florida and as a homeowner I feel like they are intentionally pricing people out of their homes.
On my street alone, 3 of my neighbors decided to sell. All 3 were bought by corporations. 2 are being rented at an astronomical rate and the other (house next to me) was turned into an Airbnb.
Corporations self insure. The insurance issues to them are nonexistent.
That ruins integrity of neighborhood as well
Make sure the Airbnb goes by the rules that are set for recently and maybe it won't be so profitable for them. The more our governments let businesses buy up our single family homes. The worst this is going to be and the more homeless people we are going to see.
AirBnBs helped to destroy affordable housing. I heard recently that Asheville NC has recently banned them from that area. When they are bought by corporations that is even more disturbing.
I’m more inland in Florida it’s happening in Central Florida too. Basically venture capitalists firms are buying up distressed homes not because of mortgages but because of insurance and taxes are so expensive.
First of, Happy birthday Michael and thanks for all you do. Secondly, 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!
@@frederickhoff just go ahead and buy a home anyway. Make sure it’s the cheapest house in a safe area. If the market crashes find another cheap house in a safer nicer area and let the first house you bought go into foreclosure.
The problem for anyone that wants a “permanent roof” with electricity, gas, water, etc. renter or owner has to one way or another pay insurance and property taxes. This is why a lot of people at least in LA where I live are living in tents. No mortgages, no taxes, no rent, no insurance. I’m amazed at the number of people I meet that tell me they are living out of their car.
My insurance in South Carolina is 640 this year. My sisters insurance in Michigan is under 600. My daughters insurance in North Carolina been going up, still not bad at 1300. Hurricanes and fraud caused home insurance to skyrocket in Florida.
Exactly, Georgia does not seem to have a problem
This is almost comical to me ,I'm paying $4900 ,Palm bch County,adjacent house paying $8000, we are 20 minutes away from Intracoastal,
@@frankd3505 My insurance, taxes, energy, and water near Orlando when I lived there was 8500 a year. Now I pay around. 2000 a year for the same things. Of course my house here is much more energy efficient but still a big difference.
Michael Renting or owning today most people are spending 75 to 90 percent of their income to keep a roof over their head. Most low cost homes are located in high crime areas, so if a person wants to stay safe it cost them most of their income. I am 77 years old, and living on a fixed income. It is so frightening that increases in insurance could make me homeless, after 18 years of paying a mortgage and putting all my savings into the down payment. Happy Birthday to a fellow Taurus. I will be 78 on May 15th, and my dog who just turned 13 has a late April birthday and is also a Taurus.
Get a Roommate ..
Happy 80th birthday. 🎉 You don't look a day over 79.
Another GREAT one, Mike! Happy to report that I retired last year at age 59 with no debt and the mortgage paid in full.
Living within my means. : )
Happy Birthday Michael! We appreciate all you do, spend time enjoying yourself!
I sure will. Thank you so much for the wishes!
Happy Birthday!
I am retired .. paid off mortgage .. we built a vacation home … so two houses is adding up in insurances .. we live in upstate NY .. thanks for you insights and reporting … love your walks and videos
I service/write in NY with a major carrier - our rates have been increasing x2 or x3. In the city, by the coast or even upstate. It is now the norm.
I know it’s not easy to maintain to properties anymore!
I heard in the first week in May on the news that flood insurance is now mandatory for every homeowner in Florida ..That is a state law now. I saw that on Fox News
You need to check your listening skills. Or watch another network.
If your insurance company is citizens then you are being forced to buy flood.
All others are the same as always. Per your mortgage.
The private companies will have to collect a fee from every policy owner and ship to citizens. 1%.
Private home insurance doesn't care if you have flood or not. They don't include that coverage.
Citizens is about 10% of the homes in Florida.
When I thought about where I wanted to retire, I placed a lot of weight on locations that had minimal risk of natural disasters. That meant crossing off locations that have a significant risk of hurricanes, earthquakes, wildfires, landslides or floods.
How about tornadoes?
How about hail storms
Here in Phoenix the only natural disaster is the sun. But nothing concrete roof can’t fix
I just retire at home. If I wanted to be somewhere else I would be there. People moving around like they have no roots makes no sense to me.
We own in Southern California and Oklahoma City. What you said is so correct. Insurance in OKC is shockingly high, versus SoCal, for the value of your home. You can get either cash value (market value) or replacement cost insurance. Replaced cost is very high. The main reason insurance is so high is roof replacement. I find it's more hail damage to your roof, versus a tornado hitting your house. Even with high insurance, homes are still affordable there.
Happy Birthday Michael! Enjoy your videos.
Compliance insurance ? By demand?
There is a huge volume of homes for sale in FL in the 400K range and they are still selling. It's still a buyers market down there.
The Florida insurance market is broken - I too have had my coverage cancelled and as a FL taxpayer I am back stopping the insurer of last resort 'Citizen.'.
The other thing happening is if solar panels are added to a house and they are not sized (wattage) properly and/or not installed correctly that can cause crazy spikes in insurance costs.
Some companies will cancel you altogether. Solar panels jeopardize the integrity of a roof. Best to call first before installing them to see if they allow it and when installed, how much insurance will be.
@@basha0810 if they are installed properly they can protect a roof watch videos after a hurricane in neighborhoods
I owned a log cabin on a lake in a wooded area of Middle TN. It took research, but I finally found an insurance company that would insure it at a great price - not so much for the trees and water but for the logs. When I went to sell, I knew one of the obstacles for a successful closing (😆) was to eliminate the buyer from walking away due to costly insurance, if even they could find a company that would write it for them. I gave them the insurance company I used (which I never do, not my problem), and all was great. If you're a seller, reveal your sources to buyers, especially if you know something that they don't 😉. HAPPY HAPPY, M DAWG! 🎂🎁🎉🍰🎊🥳🎂
Michael, please bring attention to assessment fees that may be charged above and beyond the cost of the home insurance policy. Citizens sent out a notice to its policyholders and I quote..."Citizens policyholders can be required to pay an assessment on their policy premium if Citizens does not have the resources to pay claims following a major hurricane or series of storms. This assessment, which would be imposed only if significant losses are incurred by Citizens, could be substantial." I believe this kind of statement can be found in the policies of other insurance companies. It looks like Citizens can charge whatever they want for this "substantial assessment" on top of the cost of the policy itself. Seems to make having an insurance policy rather meaningless.
I lived in OKC is the 90's. The tornado's weren't that bad when I was there but a few years after I left, CAT 5's came through and caused a lot of damage. I can believe insurance is through the roof now. Even if the tornado doesn't come near, the roof can still be shredded.
Love your tornado lingo it sounds real Pro real upbeat... yeah man the tornado coming in right now is going to be a cat 6 and that's some tornado lingo... right Jeffrey?
@@glennbeadshaw727 CAT 5 I thought was the largest value. There is a CAT 6? I didn't know that. It took a huge mega church and made tooth picks out of it. The street next to the house I owned was taken off the slabs. Crazy stuff.
@Jeffrey Wedekind CAT 5 would be a hurricane. A tornado would be EF5
@@ggpis3005 you are right CAT 5 is hurricane, EF5 is tornado. I haven't been in OKC in 25 years and I forgot the terms.
I don’t think it’s only insurance that’s crushing home ownership dreams it’s mainly investors, air bnbs, etc. That crushed it!!
Happy Birthday Mike! I used to live in the Bay Area. I won’t go back. It’s not the same. I was in Berkeley in early 2020 and it was NOT clean! I couldn’t believe it. It smelled also. Cali will always have my heart. I spent a good few years of my life there (north and south Cali). But it’s changed. And not in a good way. I’m even scared to visit Santa Barbara. I used to vacay there quite a bit when I lived down In Marina Del Rey. Wanted to go there this summer but it’s still questionable. I really love Cali. From wine country to Los Angeles.
I’m with you, which is why I only visit and don’t live there
My Dad's insurance doubled this week in Sarasota.
Definitely killed mine of moving to Florida to retire
Ur not that old yet Wait Things Change..😁😁😁
And many others as well, unfortunately
Insurance or taxes - one of them will get you unless those two items are not super high. Here in NJ, the average tax bill is pushing $10k - keep in mind there are folks in marginal areas (i.e. one step from being an actual ghetto) paying this for a $250k to $350k crackerjack sized home here.
It's a shame what has happened to the blue states.
@@commonsense6967 It's BLUE that's it..😁😁
Less and less places to flee the looters.
@@commonsense6967 Florida is NOT a blue state.
MICHAEL I REALLY APPRECIATE YOUR DOWN TO EARTH HONEST APPROACH TO OUR CURRENT STATE OF AFFAIRS. THANK YOU 👍❤
All over Florida Home Insurance is getting super expencive. I pay more Home Insurance than on my mortgage. Mostly all my income goes on my mortgage.
It was disappointing to hear about a Central Florida home owner policy that was cancelled after the first 30 days due to a claim that the roof was too old. When the cancellation was issued, the owner had just removed the building permit for the newly completed roof that passed inspection a few days earlier ! They excuse given could have been based on a true statement. !Since the house was a cash purchase, the owner decided to skip home owner's insurance all together.😒
I know people that own their houses outright in Miami and that's exactly what they do. They've decided that home insurance is a racket and way too expensive, so they choose to not have it. That's great until something bad happens and you need it.
@@ulicalinsurers are going to start burning down uninsured homes
@@ulical , I have new roof for 2 houses done for $4k., house insurance $3800., why insure?
Non associative and proving ownership...disputers attempting property and money theft..
Hoa theft?
Happy birthday Micheal - from Northern Ireland 🎂🥳🎉
Thank you very much from Venice FL!
It's Crazy! Florida is insane now! Thanks for all the info.
Try $599,000 for a 1414 sq. Foot home in California that was built in the 1960 I just saw yesterday that was not the greatest home. 😊
$2000 a year? Not as bad as I thought for Florida. I thought it is like $5k to $10k
New homes have best chance. Older homes are FUCKED but those in a flood zone are the most expensive
That’s definitely really on the low side. Most people are well over 4000 a year or more.
Yeah everyone I know are paying at least $4000 a year. In some neighborhoods it is closer to $6000.
Homeowners insurance does not cover hurricane damage. Wind insurance is what you need for hurricanes, and that’s what’s really expensive. We have a place in Daytona and have elected to cut all 5he trees around the house and go without the wind insurance. So far we’ve been lucky and it’s worked out.
Wow, thanks for sharing that can’t blame you for taking chances though the premiums are getting insane
🎉Happy Birthday Michael 🎂🍰🍭💐
A few years ago I just set money aside to fix everything in the event of something major happening and stopped buying a homeowners policy. My flood insurance is covered by the HOA fees.
Imagine not being able to afford a home, even if someone gave it to your for free. The dreaded trifecta, Insurance, Property Tax, and Maintenance.
Thank you Michael for doing these videos. I look forward to seeing the next one and enjoy your topics. Keep up the great work.
Happy Birthday, Michael! Enjoy celebrating! Thank you for all the informative videos!
Insurance companies got Congress to pass a law (according to my insurance agent) to ensure insurance was deemed a risked pool assessment meaning if bad things happen in Florida, everybody all over the Country pays for it. There's a reason Warren Buffett loves insurance companies, you gotta have it. When I retired, I thought taxes would be the killer. Nope, it's insurance. My home insurance just went up 34% this month for my renewal. As for a recession, pretty hard to believe when the consumer still has $1.6T in M1 & M2 money in their pockets and you have the lowest unemployment numbers in over 20 years. Small businesses are desperate for people and though some sectors are laying off, most are looking for employees. Oh, and Happy Birthday!
which state are you in?
IF your home is paid for, you could always self insure. Bought my first house cash and have held it for 20 years with no insurance. Never needed insurance until now because I plan on renting it.
@@amylee9 Houston, Texas. My underwriter went belly up months ago and my insurance company didn't even tell me. Had to shop for a new underwriter on the renewal.
@@mrwilliamwonder Renting the house you will have to have insurance. Tenants will sue you for anything. No pets allowed: discrimination against people who need their dog as an "emotional support" animal. No smoking allowed: I have a right to smoke weed for my anxiety.
You definitely nailed it on insurance! Although the
M2 money supply is dropping for the first time in 90 years, and when this happens every single time, we have a depression. Thanks for the birthday wishes!
Stores are closing down in Portland Oregon as well due to crime.
2500 and mayor was on TV saying it's a great Place too.😝😝
Happy Birthday 🥳
Ironically I found you after I had moved to Florida instead of California 2 years ago. I’m from Milwaukee and have dreamed of life in California since I first visited in 87. Moved to FL and found out real quick that the cost of living way outpaced my income requirements. Like you, I absolutely love the landscape, outdoor activities and perfect weather in CA. Im not giving up, some day I will make it. SoCal is where my focus is.
I have been contemplating buying here in FL, but just can’t pull the trigger so to speak. Your videos are helping me stay informed, THANK YOU!!
Prices are coming down in Cali because of the tech layoffs, but I reckon once interest rates drop the techies will be pushing up the cost of housing again.
Happy Birthday, Michael. I appreciate all of your hard work in bring this content to us. Enjoy your time!
Happy birthday. I live in SF east bay. I used to go over to SF on a weekly basis or more. As of now it's been years since I've set foot in the place. Maybe one day I'll confirm what everyone has said about the downfall of SF.
Thank you very much! Go check it out for yourself if you’d like but I don’t recommend it. It’s pretty depressing and if you wanna park your car somewhere, there’s a good chance you might have a smash and grab.
@@MichaelBordenaro One on my Travel Blog Lasted 12 minutes on Rental car By Ip time. Stopped at a Starbucks ( Dam Yuppies)..🥵🥵🥵🥵🥵🥵🥵
Happy Birthday Michael! Thanks for giving us such interesting info about Florida's real state situation. This has helped me to interact with the agents and realtors, even from Colombia, with better or at least the same info. God bless you!
Happy Birthday Michael!!! you seem like a good human being to give out this kind of information.
Chart a 1:30 is from the 1990's! There's no state in the country that charges less than $1000 per year for homeowners insurance!
Thanks!
Happy birthday Michael. Get yourself a coffee & app. Love the content.
Thank you very much Robert that’s super kind of you!! co
Happy birthday Michael 🎉 . You did a great job making these videos. Thanks for all your effort.
Happy belated birthday, Michael! Thanks for all the excellent information and advice - we listeners so appreciate it.
Happy Birthday Michael. Thanks for all your work in releasing informative videos.🎂🎂
Hey Michael, here's wishing you a fantastic birthday week + next trip around the sun. Thank you for all the insightful commentary and tours of south Florida neighborhoods. :-)
Happy Birthday, Michael!! 🎂🍰Hope you have a beautiful day. Great video!
HAPPY BIRTHDAY Michael keep up the good work you've been presenting!!
Happy Birthday, Micahel. Thanks for all of the housing information, along with the walks you take us on! So nice to experience beautiful Florida scenery. Have a great tine in California, too.
Happy birthday Michael! Keep you the good work, and thanks for all the priceless information you share.
Happy Birthday Michael,I enjoy your videos,and I look forward daily to watching them.
Happy Birthday Michael. Enjoy your time in CA and be safe.
Happy Birthday, Michael. Many many more!!
Happy birthday Michael, and many more! Thanks for all you do.
Happy Birthday Michael! Thank you for the videos and education.
Happy Birthday to you Michael 🎉 thank you for keeping us updated
Happy Birthday, Michael! May you be blessed with man more
A belated Happy Birthday. Michael 🎂🎉👋👋👋.
Wishing you all the best.
Because you are the best.
Thank you 🙏
Happy Birthday, Michael; enjoy the west coast for a change! 🎉
Happy Birthday Michael. I hope you had a fantastic day!
Happy birthday Michael , thanks for all you do
🎉 Happy Birthday Michael!! Hope you are enjoying the day!!
Happy birthday Michael! Hope you have a wonderful year!
Happy Birthday Michael. And wishing you many more. Love your videos and watch every one.
Happy Birthday! 🎉🎉🎉🎉🎉Thank you for your hard work.
Happy Birrthday Michael ! Thanks for the great videos... looking forward to your videos on Venice.
Happy Birthday Micheal always really enjoy your wisdom and truth. 😎
Happy birthday! I watch every day! Very good quality content and backed up by research.
Happy birthday!🎉 Thanks for your youtube videos.
Happy birthday! Thanks for the info you present.
Happy birthday Michael! I hope you had a great time sir. Wish you the best
Happy belated birthday! 🎂🎁🎈🎉👏👏👏Wish you the best. God bless!🙏🏻
Happy Birthday Michael! Enjoy your day!
Happy Birthday Mike! 🎁🎉🥳 Best wishes and many many more wonderful adventures!
happy birthday ...you keep us well informed 🎂
HAPPY B-DAY!! and many more... Thank you for taking us to the beach, I could close my eyes, smell the salt water, feel the wind and hear the waves. It's such a calming effect.
Happy Birthday Michael! Thank you for your informative videos. Enjoy your day!!!
Happy birthday Michael! Hope you had a great one. Thanks for all your hard work.
Happy Bday, Michael. this location with the beach walk was very nice.
Happy birthday🎉
Looking forward to your Venice video. Venice is a super clean place💎
Happy B-Day, Michael!! I'm excited that you'll be in Venice, that's an area I'm interested in!
Happy birthday, thank you for all of the information
Happy Birthday Michael, thanks for being a great part of our day 🥳🥳
Happy Birthday Michael and keep the informative videos coming
Happy Birthday Michael, I enjoy your videos and wise advice.
HAPPY BIRTHDAY MICHAEL --- FELIZ CUMPLEAÑOS - Thank you for being so dependable.
Feliz cumpleaños Michael!! I hope you enjoyed your day! Thanks for keeping us informed! Stay healthy!!
HAPPY BIRTHDAY MICHAEL..!! Celebrate Well 🎉❤
Happy birthday! And thank you for the great videos and info!
HAPPY BIRTHDAY, MICHAEL, keep up the good work , enjoy your day,
Happy Birthday Michael! My mom's was on the 6th and my daughter's is on the 17th. Enjoy the day!
Michael I grew up in the Bay area and I used to skip high school on occasion and I would take the Bart train over to San Francisco it was. Gorgeous back then but not now! That was in the early eighties!
Happy Birthday, Michael!🥳🧁🎁🎈I hope you have a wonderful day!!😎☀️🌴