Florida home insurance companies exit the state
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- Опубликовано: 19 сен 2022
- CNBC's Contessa Brewer joins Shep Smith to report on a meltdown in the Florida home insurance market as insurers leave the state. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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Insurance is not in the business of paying claims. Their mission is to collect premiums
Exactly. It is a completely flawed system. It is for individual catastrophic events but when the catastrophic events affect an entire city there's just no possible way for this to actually function.
I don't think there is a more corrupt industry on the planet. They collect billions in premiums but disappear when it's time for a claim. Even people who receive their claims have to fight tooth and nail , fill out multiple forms and answer the same questions over and over. Their mandate is to make things so difficult , the insured party gives up and goes away
Well…they must remain profitable…otherwise they go bankrupt.
All the republicans in Florida will jump right on to the government socialist insurance. Hypocrites.
Right
The nerve of those homeowners who paid premiums for 20 years wanting to file a claim.
Those bums
The nerve of those insurance companies, not being able to pay for everyone's destroyed house because they wanted to live that "salt life". How many times should the insurance companies or federal government rebuild someone's house for them?
Lol, seethe and cope 🤣 I'll be laughing next time a hurricane hits with no insurance company covering Florida lmao 😂😂😂
@@shane7133 by that logic than no one should have home insurance. There is no place where you can say that area will never have natural disasters. Go out west and you have to deal with earthquakes. Go to the midwest and you have to deal with tornados. Go to the south and you have to deal with hurricanes. Go to the north and you have to deal with blizzards and ice storms.
Right
“… Unless we get some type of government assistance… “ 😂😂😂
Right lol I’m here like uhhh that’s one expensive ass looking house Watchu mean government assistance lol.
Probably a Republican couple who calls Democrats "communists" too. Boy, do they start singing a different tune once they need help themselves.
But we can'r , we're republicans and don't vote for that socialist crap!
@ 2:32 - He said government “intervention” not assistance. But the homeowners should have either inspected that roof or pay for the roof themselves before asking their insurance company to cover the roof.
"Government intervention" as in stopping companies not being able to bail on owner before a storm because they gladly collecting premiums
Insurance companies are such scammers..they would gladly take your money but when it's time for them to pay out, they really don't want to. Then on top of that, those insurance employees are a bunch of clowns, acting as if the money is coming out of their paycheck.
Maybe NOT their paychecks, but definitely their bonuses.
It's funny how companies that have to manufacture a product and warehouse it and have massive overhead costs can be profitable but insurance companies that have no overhead have such a hard time being profitable. Also, take into account all of the people who carry insurance and never make a claim. Something doesn't seem right to me.
Florida's elected officials allow this to happen. Don't get it twisted. This is the system they built.
@@ruggv6217 Because insurances companies are on the hook for billions of dollars. I think the figure is around 258 billion in damages to homes...from ONE storm. It’s basically an impossibility for an insurance company to survive these massive massive payouts.
I live in a blue state where the politicians make laws and enforce the insurance companies to follow. No clowns here. Maybe the clowns are actually the residents who vote republican and have no laws?
Insurance companies timed this perfectly leaving before Ian. I wouldn't be surprised if more companies bankrupt or leave after Hurricane Ian.
They'll be back right after hurricane season ends
That's why you don't get insurance. And save for rainy days.
Almost like they had a heads up 🥱
@@andrewcampbell3100 yeah good luck saving half a million dollars and have it ready at any second for full replacement of a home.
They did the same in Louisiana when Ida hit
The best proof to show that insurance companies at the end of the day do not insurance anything.
Seriously. I think the only thing insuring is your cars. House is NOT worth it unless you're a fortune teller and know that your city will never get hit by a major natural disaster lol.
There should be a law that prevents home insurance companies from jumping ship within the same year of a disaster.
That would be impossible. All those insurance companies left prior to the hurricane happening. They didn't experience the hurricane and then choose to leave.
There should be a law that keeps government out of it
As an ex Insurance advisor, who also used to work for a personal injury attorney and had a friend in claims, I can assure you, the insurance industry is a broken system. Yes we all need to have it, but I pity anyone who has to file a claim. The Rainmaker, yeah not too far off from how things really work. Sad.
Extremely understated. Disaster with in themselves and as crooked as it gets. Well maybe right behind the banking system. Good Ole Monetary policies create greedy people who will tum criminal. Feels like the poop is about to hit the fan and go everywhere!
the nation is many trillions in debt. youd be stupid to make large investments in this scenario. people have to come together as a nation before they can make big personal investments.
@@trilltyson7195 Except the Debt is all a line of Manure pies. How can we debt when the banks and fed will continue to create more money until no end. Look at the history of dollars. More and More. Debt is a way of life in America.... People have been told for decades we have to pay that back? Where? If a bank can loan your dollar out 10 times over and collect interest on those dollars that is a huge problem... Debt is a fear based instrument or basically glorified slavery. Without debt people will not produce. TJ warned us: If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.
@@northerncoloradotransparen1454true. so you agree then the nation must come together and stop the corrupt system from moving forward before individuals can make many large investments. Otherwise people will just keep being taken advantage of.
@@trilltyson7195 You obviously missed my point completely. No idea how you made the jump from what I wrote to whatever it is you're saying.
Insurance companies love taking in premiums just dont like paying claims.
Exactly. They want a really low % overall payout. If they don't get it they cry the blues. They insist on making billions. I saw the asset holdings of an insurance company in the 80's - they owned 10's of thousands of mortgages, because they had to roll over their profits. Big $$$$$$$$$$$
Yup and that is the sum of it.
It's almost like they have a business model that works and they follow it to a T to maximize profits.
So Hurricane Ian is fraud
Yeah that's the purpose of a business. Making profit. I guess congrats to entry level understanding of capitalism. Yay?
They love taking your money but hate helping when you need them.
In this case they help then get the hell out of dodge.
@notfiveo they’ll do more to help than joke biden 😂😂😂
@@krackerjack1233 open your mouth and remove all doubt you 911/ jan.6th murican.
@@krackerjack1233 yep here it is the completely random unnecessary statement about “Biden bad” that is in every political reply section
It‘s called capitalism bro
I can't imagine why an insurance company would write policies in areas that are in a known hurricane zone and litigation hotbed. A single extreme hurricane event like the one we just had could completely wipe them out at any time.
IMHO policies do not have language for climate change and it’s very unpredictable nature - there was Act of God language but little else.
ding ding. all these other boomers are so stupid they cant see through it.
I thought that was the point of insurance.
I can't tell you how badly I feel for the insurance companies. I don't know if I can survive the grief I feel for them
The great American scam
You are a good, compassionate man.
Most of this rising insurance rates is due to credit suppliers like BlackRock and Vanguard retaliating against red states like Florida because of anti-ESG legislation. Insurance companies can't get financing or it's much more expensive if their ESG score isn't high. The ESG score of corporations is lowered if they do business in Florida.
This is all part of of pushing home owners into rentals. They can't get people out of their 3% mortgages but they can increase property taxes, insurance and inflation to make home ownership too expensive. These big companies like BlackRock are waiting with cash to buy foreclosures at fire sale prices. Also, they are self insured. "You will own noting and be happy"
No...? It's only a huge problem in Florida because of how susceptible it is to hurricanes. Other red states like Indiana haven't been affected@@user-oe5ey3ex8b
When you move to FL because there is no state taxes but you have to paid for hurricane insurance instead. 🤡
That's why there's no state taxes.
@@TheFrenchPug you're paying in one way or another.
Pay taxes and let govt. handle. You can vote govt. if they don't handle crisis appropriately.
You can't do that with private companies that easily.
@@takeshikovach5165 same with Texas. They tout no state taxes but their real estate taxes are through the roof. Benefits the rich with high salaries but hurts the average homeowner
But in California you pay for state taxes, earthquake insurance AND wild fire insurance... so... 🤡s all around, even more so I would say.
but the problem is that everyone pays for the hurricane claims, not just fl residents. unless it's a company that only services fl residents, the company assesses the risks of selling in fl by offsetting the cost of claims through premiums for everyone.
I love how people want the government to stay out of their business, until they personally have a problem. Then, they want the government to take control to fix their problem...especially in states like Florida and Texas.
Republican things.
Typical conservative/republican/Trump mentality
Right to work states basically...all so the rich can get it done cheaper.. .
100% True !!!!!
Lol yup, hypocrites
Something similar happened where i lived after Irma. Whenever there is an actual disaster insurance companies go running scared. But they have no problem harassing you to pay and bringing up your premiums.
Lol imagine paying an insurance company since 2004 for them to just turn around almost 20 years later and drop you…
No need to imagine...You Can Live It!
Good job FL folks, you went on a multi-decade buying frenzy, paying top dollar for poorly made OSB-r-us tract housing in the middle of a giant flood plain smack dab in a hurricane zone. Then you kept voting in people year after year who maintained ridiculously low building quality through a lack of enforcement and/or weak building codes. And now you're actually *surprised* to find that the insurance companies are throwing in the towel on this insane racket?
Your comment proves you're completely ignorant if the situation in Florida and have absolutely NO knowledge of the building codes in our state.
I plan to start an insurance company. I can’t think of a better business model, collect years of premiums only to deny clients from exercising it.
@@Bsb0830 while also injecting yourself as a mandatory good in the economy.
If you haven’t figured out by now that voting doesn’t count, I don’t know how to help you! Our leaders are selected not elected! We elect no one! It’s a falicy or a fairy tail! They are appointed by the elites and that’s it!
You gave the best summary possible. The politicians that push for this are crooked and will do anything for votes or bribe money.
Oh no Floridians want government intervention....
No they don't. Fake news media puts up 2 old people and you believe they speak for millions.
Only because their God DeSantis screwed up their state. Good luck getting insurance companies to return to Florida after Ian. Time for DeSantis to get on his hands and knees and crawl into Bidens office asking for money. When New Jersey had hurricane Sandy he vetoed federal money. Yet the dumb fks in Florida will probably reelect him.
Socialism
Damn commies. Nikita De Santos.
I work in homeowners insurance and it's really really bad out there. People really have no idea how bad. Some people can't afford their homes anymore because of the prices and the fraud is a huge part of it.
Then they just have to downsize, not others problem
youll own nothing and be happy
Is it true that it’s against the the law for insurance companies to force you to put a new roof on. My insurance company just hit me a non-renewal because of the age of my roof. I have to replace it or I will be dropped.
I was told Florida is a low regulation Utopia without any problems.
Not a ,utopia like every Democrat crap hole?
Be sure and stay where you are.
Don't forget to get your booster shot
Hahaha facts
@@jjosephm7539 De flec tion?
All the republicans in Florida will jump right on to the government socialist insurance. Hypocrites.
These people vote for a party that doesn't want corporations to be regulated but be the first to say, "government needs to be more involved."
Returdicans are the best
Did you listen to the video? One of the big reasons is because Florida puts caps on premiums. How are insurance companies supposed to be profitable and give proper payouts to people who really need them if they don’t have a steady flow of money coming in in the first place? This problem is caused by too much government regulation of business. Get it now?
You vote for a potato though 🙄
@@Imzadi if there are no caps the insurance companies will charge too much, too much to get insurance in the first place.
This situation is best handles if govt. was getting state tax and themselves handling the crisis. Private company will not help if there is nno profit and there is no profit if every client who paid in insurance get their house destroyed.
Only govt. level intervention can help in such situations.
There should be taxes instead of premiums here.
@@Imzadi yes but that old couple is asking for the government to step in even more than they have already. For a party that loves deregulation they sure are regulating the hell out of insurance companies in FL
Insurance companies, in the free market, are not required to renew your policy. The “20 years” of payment covers those 20 years; it’s not a lifetime contract.
If flood insurance is a federal government program then how are these companies losing money? Something is off and not being said.
“There hasn’t been a hurricane since 2018.” Great timing
Scientists knew there would be several years where hurricanes don't have the right conditions to form and then some years where the ones that do form would be insanely costly.
We've known this for years.
Florida has a LAW that you cannot say the words "climate change"
Congratulations big government Republicans.
I never thought I'd see the day where it was illegal to speak certain words in the US.
The result is an uninformed public voting their oppressors into power.
she gingxed it
Well the people in the video are in Wellington, so they're still fine.
@@alexismiller288 I can see why it’s so cheap to live in Florida now lol
@@rochester3 It's not. It's getting very expensive from all the northerners coming in.
why would you insure something that is most likely going to happen. its like insuring a home thats already on fire.
About time , tired of paying for other people to live in beach fronts
@@isilence4558 let these rich people who hate others pay for their own damn expensive homes
@@hossman201 It's not just rich people, I paid less than 150K for my house 3 years ago. Now, it's worth 300+ and they jacked my homeowners just north of $800. I had to come up with $1400 in less than 30 days or mortgage would have went up over $100 a month.
@@blahbruhsikgdesgujgfdvhjvf2804 just curious, how many SQ ft is your house and how much are you paying for insurance now?
I'm an insurance agent in Texas and thought that we had the highest premiums.
Because it's REQUIRED
This could not have come at a worse time for Florida. Shame on those companies. Stay safe down there
Nah it's a doomed state. They will soon subsidize residents to move out
Most of this rising insurance rates is due to credit suppliers like BlackRock and Vanguard retaliating against red states like Florida because of anti-ESG legislation. Insurance companies can't get financing or it's much more expensive if their ESG score isn't high. The ESG score of corporations is lowered if they do business in Florida.
This is all part of of pushing home owners into rentals. They can't get people out of their 3% mortgages but they can increase property taxes, insurance and inflation to make home ownership too expensive. These big companies like BlackRock are waiting with cash to buy foreclosures at fire sale prices. Also, they are self insured. "You will own noting and be happy"
I still don’t understand the point of insurance companies. I pay them for the “what if” factor. If or when the “what if” happens they don’t pay their end of the agreement. People live in fear of not having it just in case something happens, but it seems pointless if they never keep their end of the agreement.
Imagine losing your home because of climate change but vote for policies that are causing climate change. Florida really is special
You are so on point ..greatest comment of the day
And complaining about the evil government which must stop regulating businesses but then when it hits them suddenly they want more regulations 🙄
Hurricanes aren’t caused by climate change
Imagine not believing the climates been changing for millions of years.
@@ponolovefarms3926 imagine not believing that people can have a profound influence on the climate. Imagine going camping and believing that people can't leave a messy campsite. Imagine not being able to connect the dots and see that people can change the climate in a similar fashion. Imagine being the guy who responds to the messy campsite with a snyde and myopic statement like "the world has been getting messy for millions of years."
80% of those homes destroyed were vacation homes or second homes
In no way what so ever should a single tax dollar go to these people.....especially to rebuild on the beach again.
Absolutely not....bail them out this year and you'll do it again within 5 years
So Trailers we’re vacation or second homes… I don’t think so
I disagree with the first line of your comment, but I agree with the rest. Tax dollars shouldn't go to states who elect politicians that waste money on political stunts, deny climate change, deregulate everything and deny federal aid to other states who needed it.
Think about it. Who really is surprised? The real question is how do we solve this issue? If private insurance companies cannot make a profit they will not insure. I’d like to see a suggestion which doesn’t include government sponsorships.
It was a question of when this would happen, not if. Sad though.
The cost of living in paradise is so high in so many ways . I've never had the desire to live in Florida , watching this confirms that....
I was considering moving there as one of my options. But after Ian....He'll No!!!
@@TheFrenchPug Don't. We're closed. Ain't no housing.
People from other states have pushed native Floridians right out of the housing market, so we actually appreciate you not moving here.
@@marla591 I will gladly stay out ....I can't stand extreme heat and humidity. Not to mention an overcrowded state , sharled traffic jams, financially the most expensive state to live in ....and above monster hurricanes that destroy entire communities. Did you really think that floridians would keep that state free from thousands of people pouring in there yearly ? Enjoy that hot mess , including that totally incompetent govenor !
You can't go outside for 6 months of the year. The cooler months are hurricane season. Why is this paradise? They also have an explosive racial mix. Too much drama.
"Without wise leadership, a nation falls; there is safety in having many advisers."
"Though one may be overpowered, two can defend themselves. A cord of three strands is not quickly broken."
We can choose wealth or quality of life.
Choosing wisely yields both, but wrongly yields neither.
A stitch in time saves nine.
@@rosewoodsteel6656 Yes, and an ounce of prevention is worth a pound of cure.
This wisdom is not new, just recently neglected.
But there’s still hope.
United We Stand.
@M L They weren’t all quotes, buy why, do you disagree?
Choose what you wanted.
At the end of the day insurance is just an extremely accurate risk assessment. These insurance companies could stay in Florida if they raised rates to compensate for inflation and increased hurricane/storm probabilities - however that could mean 30-50% or more increases in monthly premiums. Insurance companies have to make enough in premiums to pay out for claims or they don’t “insure” anything. As risk of wildfire/disaster increases in a given area, so will premiums. However if the state insurance regulators cap premiums below that point, the provider has to leave or risk 1) bankruptcy and/or 2) not being able to pay people’s claims when disaster does strike (and then going bankrupt anyway)
Any insurance company that drops people and leaves the state. Should have to refund every dime taken from the insured. Ceo and other cronies have high salaries and bonuses.
I knew this was going to happen they like collecting their money but they don't like providing the service you pay them for they should be held legally accountable I don't care what games they're playing imagine all the families that are suffering because of this corrupt bs
sounds like the damn real estate agents...take the money but NO REPAIRS PAL...
My insurer went bankrupt after Irma. Virtually every building in my area of Collier county needed a new or significantly repaired roof. Blue tarps covering damage for months even years. But the demand led to inflated bidding for contractors and supplies. Excessive charges to replace my whole roof but what could I do if insurer agreed to price?
Who covered damages after your insurance company bankrupted?
@@kimjongun9555 yo mama
@@kimjongun9555 I believe policy holders are spread among remaining insurers and there is backup insurance called reinsurance by mega insurance companies like Lloyds.
Its not excessive if there are no more roofers that can afford to live here making $25 per hour. All costs/expenses need to Quadruple so workers can afford to live here.
@@francismarion6400 You win the prize....For being the only person that figured out that magic solution to the puzzle...
If you can't do it and make money doing it....You can't do it!
Imagine living in a state that is basically under sea level and gets hit by the world's biggest hurricanes every single year and being surprised no one wants to insure thousands of multi-million-dollar homes in such a high risk area. SMH
No one said Floridians were smart 😂
One of the problems with FL insurance is roofing company scams. Roofers will inspect a perfectly good roof and tell the home owners they can force the insurance companies to get them a new roof put on for free.
Insurance companies can employ their own roof inspectors to avoid fraud.
Well..then the homeowners are just as responsible.
@@raybin6873 That would require an insane workforce.
The main problem in Florida is all of the insurance fraud committed by rich people
My roof was fine and I was forced to put a new one on by my insurer at the time. They rake in many many BILLIONS, year after year, after year, but cry and run like the scammers that they are when the state is hit, after many many many years of NO big hits!
A few months ago, here in Florida my neighbor was approached by an adjuster who wanted to look at her roof and determine if it was damaged in order to file a claim and get a new roof minus her deductible. He inspected the roof, took some photos and said he would get back with her. A few weeks passed and said she could get a new roof less her deductible an help her file a claim with her insurance company. A new roof at minimal cost, who would not go for that. Her roof was almost 20 years old and it needs to be replaced in order to keep insured. She asked how much would the roof be without filing a claim and they refused to work with her. They needed her to file that claim. In a civil court had the Insurance company denied the claim this roofing company could take the insurance company to court for denying a covered lost. Taking someone to court and defending your stance is more costly then just doing the work so they pay. Every business has to under go this. Is it cheaper to just pay the claim or fight it in court, and then possibly lose. She told me last week that her insurance is getting cancelled due to the age of the roof and she is going with Citizens. Which I had done. My insurance bill in June was $5500, which I dropped them and went with Citizens for $1700. So after I would have paid out to that other insurance company they decided to pull out of Florida, Where would I have been then.
To sum this up the insurance companies are acting in bad faith trying to collect premiums on roofs that are old and damaged. Insurance companies claim wear and tear s the cause of the damages on these roof but I’ve seen the photos of a lot of these “fraud claim” they have over 30 broken tiles and the fasteners are 2 to 3 inches out of place. That’s no wear and tear that’s an accumulation of several storms that roof has endured. Some of these tile roofs are 10-15 years old but they are 30 year old guarantee systems. Why are the damaged like that at only 50% of its life. These aren’t fraud claims but claims that possibly should of been reported back during Irma or even Wilma or charley. But the insurance company wanted to keep collecting that premium until they force you to replace out of you pocket.
SO insane, because I owned a 25x100' brick store building in town here in Iowa that I used for my art gallery, the building cost around $20,000 and I got insurance, I asked about liability only and they wouldnt do that, so they gave me a package that included everything- liability, damage/loss to the contents, business records, loss of income, the building was fully insured etc etc etc., offhand I remember it was a million dollar insurance or more. It also covered any business related contents at my house, the premiums were $100 a month, pretty damn cheep because one person slips on the sidewalk outside in the winter and you KNOW it's an automatic 6 figure lawsuit for injury
If people didn't try to build really nice (expensive houses) in a place that gets hit with a hurricane nearly if not every year. How do you expect a company to pay every year or every other year without atleast making the money back they pay you.
they had no problem talking the premiums but when its time to pay out, they run. They make BILLIONS every year!
All home insurance should be state-run.
Insurances that are a basic need and cannot be avoided should not be for profit.
It happens. Insurance companies here in Cali aren’t covering a lot of people who live in the woods. Too many fires
DakMyCat@I plan to start an insurance company. I can’t think of a better business model, collect years of premiums only to deny clients from exercising it.
Ice man: it’s already been done. It’s called the CA fair plan. Protects the mortgage lender but will leave the home owner homeless and broke
@@Bsb0830 that’s exactly what’s happening.
@@Bsb0830 And when you do, expect massive lawsuits to hit you you the mouth.
Sort of make sense.
After hurricane Ian how many homeowners are gonna hear, "I'm sorry...that number is no longer in service."
The CNBC reporters look so happy
A big part of why they can't pay out when it's needed, is that they want to take all the money that *should* be waiting for the moment it needs to be paid out, and hand it out as "profits" and "bonuses".
They don't want to pay and hire all kinds of people to devalue whatever claim you have. It is a criminal enterprise
They all know half that state will be underwater and don’t want to deal with all of those payouts
What are you talking about, when will have of the state be underwater?
@@Guillotines_For_Globalists probably by 2100
@@Guillotines_For_Globalists 1989, 2000, 2015, 2020, wonder what they say now?
@@Guillotines_For_Globalists not anytime soon but probably in this century
Federal taxpayer is on the hook for flood insurance. Get us out of that now!
Living near the coast is beautiful and wonderful most of the time, but a catastrophe is always around the corner. Every homeowner should have to pay for the privilege and the catastrophe. It's their choice of where they live.
exactly, the public should not subsidize risk, that simply encourages moral hazard.
Than the government shouldn’t require you get insurance….yet they do
@@cdd7070 the government does not require you to get insurance, your mortgage company does. Is the government your mortgage company?
And these homeowners did. 20 years of paying for homeowners insurance, only to get screwed over right before the big storm. Scam artists
Not all coasts are created equal.
I feel sad for current home owners that just got their house blown away or flooded by this recent hurricane in Florida.
Same thing is happening in California due to the wildfire risk. People paying in the insurance companies wallet for 20 years are getting dropped and left with nothing. For profit insurance is a scam.
Another issue is legacy insurance companies who sell Life and Auto are not forced to supplement a Property insurance product in Florida like they do in most of the other 49 states. Look further in to why insurance Commissioner Jeff Atwater and CFO Jimmy Patronis don’t push for this legislation and again the insurance companies who fund their campaigns!
Why? Why should people from other parts of the country support someone rebuilding every few years? Move to a place that does not have recurring and predictable catastrophe.
Maybe homeowners should pay higher home premiums so insurance companies can subsidize Auto insurance and make auto insurance cheaper for drivers. That seems fair.
@@herberthall8082 I plan to start an insurance company. I can’t think of a better business model, collect years of premiums only to deny clients from exercising it.
@@mrtopcat2 LOL it only takes ONE catastrophe.
Atwater? From Florida? That's funny naming
"How can you have a house without homeowner's insurance?" How can you buy a house in a state that is literally going to end up underwater and expect a business to cover you for making such a monumentally stupid mistake?
Florida has a land owner, mostly golf courses that has been exposed at over valuing property to get his claims covered including his deductible.
Truth!!
Literally going to end up underwater? LOL sure bud... maybe in the next 200 years if the ocean actually does rise that much due to "global warming". You, I, any house built right now, and those insurance companies will be long gone by then.
@@TheFlyingZulu Congratulations, you seem to be better informed than multi-billion dollar insurance companies.
if the businesses are leaving, it's probably not a good sign. g
Insurance is the only thing you pay for, that you get punished for using.
You can't sell home owner insurance based on the age of your roof is like selling life insurance not based on your age. Brilliant move Florida politicians. No wonder the insurance companies are getting out for the state.
Obamacare's premiums were/are highest for young single males.
@@Guillotines_For_Globalists having a red herring for lunch? 😭
@@ebf1003 I'm all out of tartar sauce!
@@Guillotines_For_Globalists no it's not
Republicans at their finest
Bought my home 2 years ago and insurance has tripled. Thankful I still have insurance but was warned not file a claim unless I absolutely had to - comforting as we are in hurricane season.
The solution is to move to where there are no Hurricanes. You'll get lower rates.
@@billkallas1762 What about tornado zones? Which seem to be a big swath of the country
@@highlymedicated2438 When Tornados hit, only a few homes are damaged, so it doesn't cost the insurance companies much. Another thing that keeps costs down is that tornados seem to be attracted to trailer parks. 😀
The good thing is you're probably gonna be eaten by an alligator by the time you actually need insurance. Cheers 🍻👏! 😶
Maybe it’s time to polish that old resume..cut your looses and move.
Insurance is like a Bank where you deposit 1000 Dollars and you can withdraw 400 Dollars when you need it. Why is it that in every major city in America the Insurance Companies have the largest and most lavish buildings?
My aunt lives in florida she paid her premium and then after they processed her payment. The insurance company closed up shop.
Our Governor is more concerned with "woke" Disney and the culture wars than the insurance crises. Hey Gov, I don't know if Disney is woke or anti-woke. I don't even know what woke means. I know my home and auto insurance has skyrocketed in the last 2 years. The policies are up 3K in the previous 2 years.
Well homes are going up in prices.
What did you expect..
The more people have money
The more these companies are going to charge
James Long, you probably don’t have kids and that’s why you don’t know or care to know about woke ! Check it out, it’s good to know and also check out Disney, pedos, sexual child abuse, and the privilege that company had … what DeSantis did was good!! He is not responsible for the insurance situation in Florida; he inherited that and it’s working on it!
If you can’t figure out if Disney is woke, I don’t expect you will figure out why florida would have high home insurance prices.
Yeah, Devious Joe Biden will take real good care of you...BIG TIME! DON'T SELL YOUR PROPERTY CHEAPLY! IT'S A DEMOCRAT SCAM!!!
@@cuzr702 bruh but what is woke?
That's why I have no desire to move there. Having to deal with hurricane damage. Insurance companies not wanting to insure u. Because u live there. I'm perfectly happy in Michigan. Not as nice. But I can always go on vacation there
They do the same thing in California with regards to fire hazard areas. I have to maintain two separate policies to keep my home insured, even though my community hasn't had a home destroyed in a wild fire since it's inception in the 70's.
I live in North Pinellas county and I am not in a flood zone yet I could not get anyone to write me and insurance for our home. Yet my sister that lives right next to my has State Farm yet they would not write a policy for us. We had to take Citizen's.
I work for a large Mortgage Lender. This is a huge problem for customers with Florida being the worst. And don't have a laspe in coverage because LPI (Lender Placed Insurance) because they going to cause a huge adjustment in your mortgage payment from you escrow account. PITI means Principle/Interest, Taxes/Insurance. If those amounts increase year after year, so will your mortgage payment. And government backed loans require an escrow account. That's what causes your payment to increase. Has nothing to do with the lender.
Florida premiums are expensive. I've seen polices as high as 12k a year. Lose that coverage and the banks coverage is extremely higher until your provide your own evidence of insurance. It's happening in Louisiana and parts of Texas. But nothing like Florida and the amount of companies pulling out leaving many with having a hard time finding coverage, or paying a double the amounts in previous years.
Thats their problem. You wanna play you gotta pay.
Gov backed loans do not require escrow
I would not call that work
@@ws775 Yes they do, depending in the investor.
The smartest thing to do in Florida is full time RV living. If a hurricane comes, drive your house away for a few days.
At worst you have to re-seal your roof every couple years to be safe and teach yourself basic maintenence on it.
The smartest thing you do in Florida is visit for a week and never go back.
They should get everything they have paid to insurance returned to them when this happens and refuses to continue the contract. You build up equity in these policies so why should they lose it?
After Hurricane Ida in LA, multiple insurances left the state also leaving us without protection. We basically surviving and hoping for the best. If anything else happens, we’re done.
The entire state of Florida is basically a few feet above sea level... Sea levels are rising, hurricanes and storms are worsening... What is so hard to figure out? Florida is becoming a huge money pit for insurance companies to throw money into
Florida to the USA is Dubai to the UAE.
Most Floridians don’t think Climate Change is real lmao. Republicans think its all a scam 😭
Reporter: “There’s not been a hurricane since 2018”.
Hurricane Ian: “Hold my beer”.
Of course, 2018 was only 4 years ago.
then 2026 should be the next one?
They have to change the building and zoning codes. It will be more expensive to build but otherwise insurance will always be a problem, along with constant rebuilding, loss of property and life.
What a bunch of garbage!!
This happens every time there is a hurricane! We outright own our home, no mortgage, and we choose to fully insure it, and have NEVER made a claim! Our insurance went up $1,000 😧
Considering they expect large chunks of FL to be underwater in the not too distant future, why would anyone insure anything in that state. Personally, I don't think the government should be getting involved in matters like this. If a private insurer won't insure you, then the State and Federal government shouldn't be either.
Lol, no doubt. We here in Florida are expecting to be underwater any minute now. Please don’t come here. The state can’t handle the weight of all the new people. We’re sinking!!!
Keep “following the science” Brian!
@Brian
Inncorect. Every insurance company has to legally follow the laws of the state it's writing in. And for good reason.
1. Every states consist risk for natural disaster types changes dramatically depending on state.
Example: In Minnesota, it's common for winter to get as cold as Negative 20-30 consistently. In Florida it's extremely rare to even see a snow flurry anywhere beyond the panhandle.
Example 2: Landslides/mudslides, earthquakes, Hailstorm, tornadoes, Hurricanes don't happen in the same states every year. And obviously some states are more prone to them than others. Increasing the risk there, but not EVERYWHERE.
2. Building codes are completely different per state.
Example: Texas freeze out, I believe two years ago? There were over 20,000 claims filed from that event alone. Prime example of how drastically different building codes are state per state. Because up north, the likely hood of that happening is very low. They're already prepared.
3. United STATES of America. Each state making their own own laws, united as one nation.
THIS is a Florida State issue, not a Federal issue.
Edit: There's nothing private about it. You're in that state, you follow those laws.
No one said any minute, but hey, feel free to make jokes about it considering sections of Florida will be underwater because of the hurricane heading that way.
Following the science, it is inevitable since glaciers are melting that the sea level will rise and that rise will put sections of Florida underwater more permanently. It's already starting to happen in The Maldives, and a 3-foot rise in sea level will make most of the country uninhabitable. You may think who cares about The Maldives, but those 500K people have to go somewhere because they will become refugees.
Insurers following state laws doesn't have anything to do with my comment. I'm surprised there are private insurers still doing business in Florida because of all the storms and flooding they experience. It's not just a State issue, it's also a Federal issue because FEMA is responsible for managing the NFIP and the NFIP is responsible for providing insurance in places no private insurer will go.
@@briand5379 from my understanding that is not 100% correct my guy. FEMA is not required to provide homeowners with assistance..
1. You have to have applied before their deadline which is August 14th. **Which, for people who are unaware of FEMA, that's a bad day as we are rounding out September.**
2. Fill out an application for SBA (small business administration) if it's a business.
3. Be eligible to receive a grant. But most likely you will receive help as a small interest (loan).
And there is the possibility you're not eligible for anything. FEMA is not a replacement for homeowners insurance.
Are you thinking of flood insurance? Because that's only done by FEMA.
That why I am no longer considering moving to Florida. The monthly cost for insurance will be staggering!
This 100%. I used to think I was going to move to South FL later on but from the politics to the natural disasters, to the amount of backwards crazies living there... it's not worth it
Get a crummy old trailer and go bare. When it blows away move on.
Same!
Florida is going in the ocean just like Cali is, just a matter of time
Collect and never ever pay out. What's the point of insurance if they don't cover anything when you need it
Insurance companies DONT go broke! They just transfer their money to a new company!!
I work for a home insurer and we lost many appointments with carriers in Florida. I recommend Citizens, American Integrity and Simply IOA. And yes, Florida by trends is the state with the highest cases of fraud. But that’s only one piece of the factor. It’s also the weather history. Get those wind mitigation forms ready! It’s no longer cautionary, it’s a requirement. Florida insurers need a lot of paperwork. Insurance companies will cancel policies indiscriminately if they don’t get their paperwork on time.
Gypsum based limestone soil leading to subsidance and sink holes.
everybody hates insurance companies, but putting them out of business doesnt seem to be working for florida.
Insurance companies for profit should not exist.
Insurance should be state run.
Anything that is a basic need shouldn't be allowed to be a for-profit company that continuously needs to make higher and higher profits every quarter for their shareholders.
It doesn't make sense for fire stations to be for profit, does it? Why home insurance then? Both combat disasters.
You know what puts insurance companies out of business? The very reason why they exist in the first place. Claims. Whoduhthunkit.
@@zenwilds2911 anything government run is 100x worse. Just look as European healthcare collapses.
Republo socialism.
@@zenwilds2911 By and large insurance companies make no profit. They are cash flow operations for Wall Street.
we had UPC for years!! one day we had a lot of wind damage and everyone in subdivision got their roofs replaced. when we filed for claim coz half of our roof was gone. they dropped us within a week and told us the repairs were under deductable, that our roof dont need replaced and just needed repairs. and our house was one of the most badly hit during the storm.10 years! we never had claims! they dropped us within a week. didn't even give us much noticed and the other insurance, refused to cover us unless we replace our own roof coz they said it was badly damaged. we are not even in Florida. we live in North GA Mtns.. which rarely get anything but just rain
Many reinsurers are pulling out of the market in some regions so insurers don't have the financial backing. It happened in the Caribbean after hurricanes Irma and Dorian.
As we in the flood litigation business say ... you choose to live in a flat, low elevation State, surrounded by hurricane "fuel" (warm water on both the Gulf and Atlantic), at the end of a hurricane "gun barrel" (the African-Caribbean gauntlet) and you expect no weather disasters!! Now with climate change ... time to move out of Florida!
The climate has always been changing. It just didn't start with us.
@@TheFrenchPug Just keep saying that.. The Scientists have been telling you for 50 years of more and you silly clowns who could never pass High School Science just magically know better...So just keep repeating your magic words ...and keep telling each other ..."None Of This Is Happening"..."It's All Just A Damn Liberal Lie"....And..."I Don't Need No Damned Insurance"...
Of course you just magically know more that anyone who wasted all of that time and money on college......
This is what we call a hard market and it's not unique to Florida but the situation in Florida sounds particularly bad.
But I am sure everything will work itself out.
It is unique to Florida, GA or TN don't have this issue. I don't see the same issue in Louisiana, which is more prone to hurricanes
@@marengoczar5035 - California is about to go thru the same issue champ ... its NOT unique to Florida. Maybe youve heard of wildfires? Youre not special
The best solution is to use better materials that can withstand high wind forces (and storm surge). Insurance companies take the L here since the homes aren't built properly.
@@steveaylor376 no it's a Florida thing. Failing state 😂😂
@@TheSergPower like the clowns that pretend they educated you. Fail
Insurance companies must be crazy to cover homes in Florida unless they don't payout any damages caused by hurricane.
I worked for an insurance company and quit because I felt like a scammer. Insurance is such a rip off.
I am wondering if the people without flood insurance will receive help from either FEMA or their insurance company after the recent hurricane?
It’s awesome having a beach house on the coast until it isn’t! Cheers!!
Those huge homes, thousands of them, flattened, wiped out, or totally gone!
What would happen to me if i skipped out on my home insurance?
The reason for the insurance is for situations exactly like this! How can they just drop people because of the state? Where did the insurance money all go? They paid for that insurance for a long time and go to use it and poof?
A lot of ppl do not realize where you live has a trade off…
Maybe insurance should be NOT for profit and extremely regulated to avoid fraudulent claims (requirement of receipts and photos after a claim is paid or even before) otherwise insurance is not renewed. Pay the state insurance. What doesn't get used goes into a bond fund that accrues while you own home or owe the mortgage lender.
Yea well in Naples, FL even after a massive hurricane home prices did not drop at all Houses Destroyed by water still sitting up there in 11M range
My parents have a home in cape coral they bought a year ago. They purchased 15 months of coverage at closing. The day before the hurricane they're insurance company sent a letter saying they're policy was canceled because there was a 25 dollar discrepancy. They said they sent letters to the house, the mortgage company and their insurance broker. All of which say they never received a letter. Now they're fighting with a lawyer to get the damages paid.
The insurance industry is all about risk. If the insurance company wants out you had better find out why. This story gave a multitude of reasons and all were valid. Some probability is at play we still don't know.
Hurricanes and flooding
Probably
They are scared
@@ralphpal You can bet it has to do with mass claims! They know something everyone else will find out later, probably to late.
What a ripoff
@@bucktooth002 Now everyone has first hand knowledge. In 1921 the phrase I have some swamp land for sale in Florida was coined. Florida had half a million people there. Today there are 22 million people there. That's a 98% increase in 100 years since that phrase was first used. Go figure....
But we do know. Hurricanes and sea level rise. I really hope anyone who gets a payout can sell their lot and leave the state. At some point the rest of the country is not going to be okay with the federal government footing the bill to keep rebuilding houses in bad locations on the coasts, and federal flood insurance will be targeted for budget cuts. Especially since the social security fund runs out in 2035.
This is only the beginning with what the payouts will be after Ian.
Living in a desirable place (FL,CA,CO,etc) comes with a cost, sometimes a very high cost. If you are cost driven and don’t do anything enjoyable that requires you to be in a desirable place then move to TX.
this is pretty common. most time they pay one claim, then dump you-per some of the advices I got when I bought my first house.
Dude killing that sandwich at @0:36 got me!
Dude act like he was cutting a sirloin 😭😭😭
Don't worry if you can't afford to live along the coast of Florida anymore there are plenty of foreign investors just waiting to buy up that beachfront property and they can afford the insurance. You're going to love living in the plains of Kansas and Iowa🤣🤣
I would leave to knowing that in 50 years more than half the state will be under water. These old people better wake up.
Whats the point of insurance then if they are not going to be there for emergencies?
Insurance companies never pay out anyway
Insurance executives need to be arrested.
For what? Trying to run a free market business profitably based on the risk profile of the area? Stop building in flood plains in hurricane zones. If you don't like it see how far you get with making insurance a public good. Then the government can tell you directly no for building in flood plains from D.C. despite the best attempts by the local government, real estate agents, and developers to pump out a bunch of postage stamp sized lot sub-divisions that don't cover the expenses to maintain them.
What crime should they be charge with Maria?
@@j.k.1769 if they are going to order a service, they need to follow through - if they need to charge more then so be it, but to charge a rate and then not pay out when the time comes is obviously shady. Unfortunately, historically we've let people build in bad places. It's not necessarily the fault of those who bought or even built.