I think some people who own a home with a mortgage just want the cheapest insurance policy available because they are legally required to have it. Most people know the cheaper insurance company is a scam and won't pay out when the time comes. Or best case scenario they'll pay out a small sum so you can't take them to court.
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Yes, Property taxes and insurance cost won't go down as home values stagnates or plummet. Or that a 250k home is valued at 480k but there is no way to sell it for that price, however you have to pay taxes on that fake value with plastic money. If you did sell... Where you going? Complete scam. My "extra income" or "retirement savings" are paying for this false increase. You are right on point!.......2030.... you own nothing.
Rising insurance is one thing because replacement costs are high due to high material and labor rates, but basing property taxes on inflated housing values is just stealing from homeowners
Pay into your insurance company for years. They funnel as much as they can to subsidiaries. A disaster hits your region, the insurance company files bankruptcy ❗ GOT IT‼️
I lived in Puerto Rico for over 15 years - we were at the beach in Levittown with another couple. We were all set up under two coconut trees that were providing shade. A coconut fell and hit the wife of the other couple on the thigh. She got an extremely large black & blue area that swole up, and she died because something went to her brain. This was in the early 1970's just after I had exited from the US Navy and had stayed on the island because my wife was a local gal I had met. BTW - yes, my gal and I are still together after 57 years.
The Federal Government has to get control over the Insurance Industry with is tied into Banking , Investment Industry, Wall Street and Hedge Funds that are buying up all the property for investment , Something is not right here
Will never happen. Unless people let their local constituents know they will vote them out if nothing changes, nothing will change. It must happen on a local level nation wide.
24% of residential homes are being bought up by investment companies! That's 1 out of every 4 homes on the market! Our government needs to pass laws to put a stop this immediately!!!!!!!!!!!!
But but but regulation?...more regulations? There are so many damn regulations stifling our economy....Bezos reckons. So many onerous regulations that Bezos had to buy himself a 500 million dollar yacht.
Here in Brazil, basically all buildings are made of brick and concrete. We also don't experience natural disasters as often as the US, and even in those cases, houses usually retain their structural integrity. As a result, the real estate insurance market is practically restricted to large commercial buildings like malls, storage facilities, apartment complexes, and so on.
I am a resident of Canada and I watch your show regularly, primarily out of interest in the Economy. Here we are facing a steep wave of mortgage renewals. About 60% of all mortgages will be renewing over 2025/2026 with a payment increase of 20 to 50%. Realestate values across Canada are far in excess of the long term affordability trend and have been softening since early 2022. Most mortgages are 5 year fixed rate renewal term and 25 year amortization. Interest rates are tied to the US 10 year bond yield, so even though the Bank of Canada has been aggressively cutting overnight rates fixed mortgage rates have trended sideways or up. As Canada did not see Realestate prices fall in 2008 like the US we are in for a severe reset over the next couple of years.
Fellow Canadian. Good summary. I am sitting on a variable rate of 5.3%, thanks to recent BOC cut. Challenge is to figure out whether to go fixed. I feel sorry for all those people who have to renew with higher rates.
17:35 Hurricanes bring with them plenty of tornadoes, in fact they're a tornado fest taking us into our individual regional tornado alleys. Great video.
Great topic Mike. Been listening for a few months and first time commenter. Coming from a commercial insurance broker, this is a great video. Apologies in advance, as i have many thoughts on the subject: - Admitted insurance just means that the Insurer is regulated by the State Government. Regulations on this change from state to state, as some require "local" (admitted) insurance policies. - You're right that non admitted insurance is a double edged sword. Often times it covers risks that no domestic Insurer would want to cover. The downside is that, in addition to lower oversight over the financial stability of the Insurer, claims processing and adjustments are often outsourced (less investment in the actual outcome of a claim). - Markets coming and going is very natural. New markets come in when there is an opportunity (IE: after Florida hurricanes). Traditional insurers reduce their "capacity" (appetite to write business in a geographic area / industry), and new markets take their place. Some markets will be too aggressive in their pricing, but after a few years, often get burned and pull out, and then those traditional markets come back to increase market share. - further to the idea above, Insurers will have caps on how much business they can write in a certain geographic area. This also helps administer diversification amongst Insurers, and thus safe balance sheets for all. - Reinsurance is also totally normal. Its a loss technique used to diversify losses amongst more markets, reducing the chance of any one Insurer going bankrupt. - Many non-admitted Insurers are actually "Managing General Agents" (MGAs). In Property and Casualty insurance (Life insurance has a different definition), these are a "brokers broker". They work with domestic insurance brokers to get coverage for hard to place risks. - These MGAs have contracts with different Syndicates in Lloyds of London, the global hub for Insurance. The MGA works with different syndicates to get "Capacity", and then they have the underwriting authority (Syndicates contractual promise) to write a certain type of coverage (IE Florida homes). While necessary for difficult placements, as a broker myself , I have multiple issues with MGAs: 1. Its standard to find a "subscription clause" on an MGA policy. This means that if a loss happens, and one of the syndicates is bankrupt, the other syndicates DO NOT have to pay for the bankrupt syndicates portion. 2. Since they act as a broker, the client pays commission twice: once to their local broker, and twice to the MGA. This is one reason why MGA rates are often higher. 3. Since the MGA isnt the actual Insurer, their ability to write business can change overnight. There is no reliability in their underwriting capacity. 4. While MGAs must follow local laws, unlike domestics, the financial health of a Syndicate is not regulated by State authorities. Insurance is all about Minutiae. The reason why capacity and premiums change is largely because of risk exposure. If a large Insurer pulls out of a Market, there is likely a reason (Ie: large volume of claims). Give it time, and as the Insurers Risk profile rebalances, they will likely come back.
“Going without home owners insurance is a bad idea”, Tell that to all the people that had their homes destroyed and insurance found a way to not cover them!
Housing prices are unlikely to significantly decrease until there's a substantial increase in housing supply. In the USA , there's a shortage of millions of housing units, and construction isn't keeping pace. The constant demand for housing, coupled with population growth, means that even a slight price drop attracts numerous buyers who quickly absorb the available supply. I'm considering purchasing affordable houses in 2025 and possibly venturing into stock investments. When is the best time to enter the stock market? Some people say it is profitable , but others say it's risky. Any advice?
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Just remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
In civilised countries, people who get hurt get their medical bills paid & nothing more. You don't get rich there by getting hurt. That's how it should work. That gets flipped on its head in some places & therefore ALL insurance skyrockets.
Well yesterday a funnel cloud hit Scott’s Valley, CA in Santa Cruz county yesterday. The damage is what nightmares are made of. Trees were uprooted, cars damaged and someone got hit in the head with a tree branch. The flooding of last week’s rain storms and flooding that proceeded made it worse for that area as well. I wonder if this impacted are insured by these companies.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
When ‘Stacy Lynn Staples’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
Now the lightning 🌩 storms are happening more and more often. There are 2 homes within my vicinity that were completely destroyed due to lightning 🌩. Thank God the owners were not home when it happened. Very scary!
Almost all of the new palm trees on fort Lauderdale Beach are coconut palms. I don't know why they chose coconut palms unless they're harvesting them. But for the walkway along the beach it doesn't make sense to me.
Wow...I am originally a native of Miami. I always liked the look of coconut palms. Very South Pacific looking. Growing up in the early 1960s, we had 2 in our backyard. The coconut palms were infected by some blight and died off like crazy in the 1970s and 1980s. At our next house in Miami, we had a coconut palm in the front yard. They actually injected the tree with an antibiotic hoping it would help the tree. It was also thought that possibly the newer 'sodium vapor' street lights were not allowing the trees to 'sleep' at night. Who know? The island of Key Biscayne still has quite a few coconut palms, especially at the park.
*Renting has never looked like a better option than today. No home insurance. No worry about maintenance and repair costs. I was paying $500 to rent a room in a house with utilities and internet included. One fixed cost. No unexpected surprise costs. Milked that for 10 years. Saved $300K.*
I live in Virginia about 2 miles from the beach. I live in a modest 3 bedroom ranch in a very quiet neighborhood. My house is in a non flood zone. My mortgage, property taxes and insurance is $1247.00 a month. This is the house we settled on in 2014 when the kids left to start their own families. I'll ride out my retirement right here and have no problems.
My property taxes went up, property ins. up, car ins. up, groceries up, electric up, gas up. Probably a couple other things I'm forgetting. Nothing has went down that's for sure. If I didn't know any better I would say they are trying to price us out of our homes that used to be easily obtainable.
People who can’t pay for a home outright need to get a loan from a bank. The bank is not going to loan someone hundreds of thousands of dollars for a home unless the home is insured. If the home burns down who’s going to repay the bank for the loan? Derrrrrr.
@@DaveAnderson-ic6ooThis doesn’t explain why I need insurance for things I already own like a car. Also what is wrong with the bank just not learning the money out then?
Michael....you are put out great content and I know for a fact I spend more time watching your videos than any other of your subscribers which I know helps your channel grow. I am an online chess player and listen to your videos for hours when playing chess which I know that the algorithm likes. And I remember when you were under 100K subs and now you are at 272K. I was a network marketer for many years and as you also know once momentum kicks in the growth takes off exponentially. You will be at a million subs within two years tops. Congrats on your success my friend. I am genuinely happy for you. 🙏
My multi family property in N. cal insurance went up 250% this year. While researching options 3/4 of companies were out of state “non- admitted”. What a SHAM!!
Try getting a call back from one of these non admitted. They will just disappear and your state regulator will not be on your side. Poof gone! No recourse !!
Thank you for this video. I had trouble during the wild buyers a couple years ago so I went to a new insurance company I think under the GEICO umbrella it was almost half the price of what my old Place was charging me. I wonder if I made a mistake. I’m gonna check it out tomorrow. Thank you
Last time we had homeowners insurance was 2000 when our company left the state. I think that is was $300-$400/year back then. Average homeowners insurance today is $980 for our state.
@@DaveAnderson-ic6oo It's the safest state in the country and we don't really get natural disasters so not surprising that there's a massive housing shortage here.
When I was looking at houses in Venice Florida I would ask the RE Lady How much is the annual insurance for this condo? The RE Agent NEVER answered my question!!!
Get you a public adjuster. Never file w claim directly through your insurance company. They have never been in the business of taking care of the customers.
I'm going to keep doing my research. Buy a few acres of land in Oklahoma with a disability grant. Build my gen x "rainbow" sustainable compound. I'm an interior designer and I can pull this off. I love your show.
Another interesting Canadian Realestate topic for your viewers is the Greater Toronto Area (GTA) dog crate condo crisis. Over the next two years approximately 40,000 pre-construction condos are due for possession. Theses condo were nearly exclusively purchased by speculators in 2021/2022 at the peak of the market with the intent of selling the allotment prior to closing for a profit. The average purchase price for the 500 sqr ft condos was $1400 per sqr ft while the market is now $900. Many of the buyers will not be able to close on financing and be forced to default on the sales contract putting further downward pressure on the condo market. Developers who possess 20% or more of the unsold units face the prospect of defaulting on the loan agreements and going into receivership.
Florida has enough money to set up one privately run, state backed not for profit insurance that would cover all properties, not only the risky ones. There are plenty of multi million $$$ properties that are built to withstand everything but a major tornado. Cant just let private insurance pick the low risk high profit accounts.
So a bunch of people that have no mortgage will now cancel their insurance. . . .The insurance company will NOT lose money ultimately. What happens? The insurance company will raise rates on Mortgaged policies to recover that money they're losing. . . Just like a Casino . . . "The House NEVER Loses" 😡
Very normal process. If an Insurer has say $500M in TIV (Total Insured Value) in a specific area. It's likely that their own Underwriting standards say that they can only write so much value in one area. The excess TIV will be sold off to other Insurers / Private equity firms
People sitting on those homes are “land banking” and this disrupts the supply demand curve. Governments are going after these people…hopefully they follow through.
We all just stop paying for all insurance except health, but I can't pay it anyway. 1 time tax fee assessment to buying your home and no more property taxes.
I'm 10 miles from the ocean. Our Homeowners hasn't risen as much as people near the coast. If my policy goes up too much, I'll just pay off the mortgage and self insure.
get a DPE100 you won't need insurance from severe weather. the units end up paying for themselves. ground radius protection for smallest DPE unit is 12mi so you can share cost with neighbors.
I've been bare insurance-wise since 2012 in Florida (Panhandle near FWB). I've saved all that money AND invested it since then. I now have enough to cover my house. It's a regular house though -- not a mansion. I stopped the insurance payments the exact month they ended... never looked back. What I really want is fire insurance in case I accidentally set the house on fire. Can't get it though -- it's all or nothing -- FL insurance is a terrible scam!
2 years ago I dropped insurance on my home due to a ridiculous increase. Took the money instead and put a new metal roof with upgraded hurricane strapping on the trusses ,and impact windows in my 1970 CBS home. Took a direct tornado hit from Hurricane Milton. No damage. Insurance is a scam.
As I've said before.... I'm a Lucky Mobile Home owner.... Living in an Owner Occupied Co-operative Park.... Being I downsized from a House... I paid Affordable Cash... & Self Insure...
The problem with insurance companies is they are to the point where they cherry pick what they insure but still don't lower premiums accordingly. Needs a regulation where they have a published insurance premium table and cannot deny anyone willing to pay that premium.
Prospective new property owners in particular, and those who have paid for years for insurance to no benefit other than company profits, need to demand to their own right to self insure. This will eventually bring down property prices to their intrinsic valuation. 🤔
It has not stopped the constant construction in that area. Houses not selling but old ones are still being destroyed to build more expensive ones. By the way do you know it has been illegal to plant coconut trees in the right of way for almost 30 years?
Dear Homeowners, The workforce drives first-time home sales, but mass unemployment-affecting even high-income earners-has changed the market. Companies like Klarna have automated roles and posted “ghost jobs” without hiring for over a year. Fewer workers with incomes mean fewer home sales, more inventory, and declining prices. Real estate values depend on nearby sales; when neighbors sell for less, your property loses value. Prolonged unemployment will only accelerate this trend. Billionaires are poised to buy homes at rock-bottom prices while others can’t get loans. Once they own these properties, they’ll likely rehire workers to drive demand. It’s a harsh reality, but one worth knowing.
I have an insurance company called Edison and it seems pretty good so far with the rate ratio for our property. However, with the last to hurricanes here in Florida I wonder what 2025 rates will bring.
I think living inland close to the center of Florida is very low risk for natural disasters het insurance is up for everyone in glorida. That is not fair. I wouldn't Ever buy a property with high insurance. I work too hard for my money.
My wife and I were in Jamaica on vacation she was laying on a beach chair flat close to a palm tree and I was next to her a coconut fell and missed her head by less than 1 ft I freaked out and made her move away from the tree immediately was way to close I will never sit or walk under a palm tree again.
Doesn't usually work in Florida. I have my property tax assessment at $150k. My house is worth maybe $600k. I would need a 75% reduction to get to my assessment. Additionally my FEMA backed flood insurance is capped at $250k. My house price has zero impact on my flood insurance, again I suppose over $250k. In other words, if prices were cut in half then I would have the same two bills.
Insurance in Australia hasn't gone that crazy. Yet. It has done some things in specific regions, especially flood prone areas, many had insurances withdrawn if an area was too flood prone, or their premiums shot up to over $20k - $25k, and that is unrealistic, some of these homes would not have been worth $500k ! For most people, their insurance on an average say up to $1 mil home might be $5k / $6k, varies a lot though on area / statistics for the area. Our home in a safe area is still under $2k for home & contents, but we had to avoid a 24% increase this year by taking our a much higher deductible (an 'excess' here), and excluding minor things like glass breakage (handyman fix for me), and really just covering for major event, fire / major burglary etc, premium 'only' went up 12%. We've been in this home nearly 40 years, and never had a claim. I know people that have had claims, it seems insurance coys here also try and mitigate losses by lowballing claims, low payouts, clauses to reject claims outright, it's a crap shoot if you can really get 'like for like' if anything happens, most likely not from what I've heard from many folk. Love the 'home for sale' examples when you do them, good to see at least a couple in the walk style videos. $21 mil home, now nearly more than 2.5 times the size ? Must have been a demo / rebuild new home, total new landscaped etc, but still, crazy !! Missed the property taxes, which are also insane there. We pay 'rates' but they cover local services, rubbish pick up, road repairs, parks maintenance etc, not school funding like there. Most peoples rates here are more manageable for owner occupied, but some 'councils' (city of *) are moving towards the moderately extreme.
Doesn't make sense to build homes right on the beach or by the waters edge in Florida. Hard to feel sorry for people who bought those properties in the first place.
Laughing that there is a spam bot conversation in The comments in this video already. 30% dividends?! Hahahhahahaa Meanwhile, enjoying the videos, Michael!
I thought this was going to be about the elderly who have been getting scammed by appliance repair warranties, ex that 80yo lady whose heater failed and the company just stopped returning her calls.
Bordenaro; watching you strolling along, there would be NO NEED for Floridians to pay property taxes if Law Enforcement fine ALL those parking violations (eg. parking on sidewalks, driveways, crosswalks, facing oncoming traffic, blocking fire hydrants, interfering city utility equipment, etc, etc... Florida Statute 316.1945). 😉🍹
Insurance companies buy Insurance too, because they are worried that something beyond their financial capability might happen. That is why I buy Insurance.
I guess the best thing to do if your an average or below wage earner is to the country away from it all and build yourself a little off grid cabin to avoid all of the normal home owners expenses and get yourself a different type of job because of the high cost of living in a populated area. I did that but decided to build myself a large home. I'm off grid except for electricity and decided to not have insurance to save money. Five years ago my insurance through State Farm was about $80 a month. I've heard that if I had kept that same insurance that it would be more than triple that amount. My closest neighbor is paying $450 and they have a home that is worth about the same as mine.
I have had it with all of the increases in cost here in the US. My property taxes are up 55%, food is still climbing, homeowners insurance is up, Medicare premiums are increasing, and will go up more once the Wizard of Oz and Eliar Musk gets through with them. Houses are still selling in CO, so we will be putting ours up for sale by owner in the next 3-6 months. I still have some contruction projects to complete first. Once our house and belongings are sold, we will be moving to the south of France, where things are actually much more reasonable than in the US. And we won't have to worry about losing everything over a medical bill claim denial. Sorry folks, the USA is now the Divided States of Corporate Americe. We are no longer a Democratic Republic, but now a Plutocracy (Dollarocracy). Only the stockholders and corporate executives will matter from now on.
I’m sorry that government education failed you, but we have always lived as a Constitutional Republic. Shedding a monarchical system that dated back hundreds of years, the Founding Fathers were not champions of democracy - or what they saw as “mob rule”.
@@marathonjohnb We were not a Democracy, never have been. We have been titled a Democratic Republic by some, or use Constitutional Republic, if you like. But after Jan. 20, we will. no longer hold that title. The oligarchy will be taking over soon. They are not elected officials. They are corporate executives, hedge fund managers, and tech executives. Some have been appointed into the Trump cabinet, but many others use their influence and dollars to win elections and make policy for their party of choice.
My home is insured, but I have no mortgage so, if I got dropped or decided to drop them, unless something disastrous happened, no impact. Just weird that lenders require coverage, that may not even pay out. Risky to the lender.
I think the truth is the lenders don't generally need the insurance either. They are required by law to obtain it. Follow the money. The lenders just pass it on as a cost. After just a few years, or like a decade in some cases, the houses typically can be sold at mortgage value, even if damaged. For example, my house has a land value more than my mortgage. My house could burn down and sold at land value and the lender is covered. The insurance is mostly for me then. To preserve equity.
@ OK When it comes time for my house to be sold, in maybe a decade or so, once I’m maybe dead already, they’ll tear it down, for the land. That’s why, although it needs fixing, I won’t be fixing and improving what my mother did her best to absolutely destroy. I know things won’t likely go my way, which is to leave it to an animal charity, however. I have no meaningful family to leave it to. I’ll likely need a reverse mortgage, once my employer offs me.
I would suggest people have some kind of homeowners insurance. I can tell you from seeing some of the listing where I live, it can be brutal. There was a $2 million house that was bought Oct 2022. January 2023 it was listed for $824k. Why you might ask? Because it had extensive water and mold damage. Every floor on one side of the house had the drywall removed and you could see the mold. I'm guessing they were from CA or something and paid in cash. Didn't want to pay for insurance. Went out of town during Christmas which we had a -32 day like on the 22 or something like that and they didn't get a house sitter. Came back home in January to a busted ( possibly multiple busted) pipe and now didn't have the money to fix it. It doesn't seem worth it especially if you are new to an area and don't now how things work. Just get something for insurance.
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
Your Property Tax Money IS BEING STOLEN! ruclips.net/video/sKQDNHrrIlo/видео.html
I think some people who own a home with a mortgage just want the cheapest insurance policy available because they are legally required to have it. Most people know the cheaper insurance company is a scam and won't pay out when the time comes. Or best case scenario they'll pay out a small sum so you can't take them to court.
Neoliberalism totally sucks!
.... west palm beach and all the horse stables in wellington . probably has the highest assessed properties
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
the dark side of rising home prices is the rising insurance rates and taxes that eventually price people out of their homes
Serious down-sizing is imminent. It will occur whether we like it, or not.
Yes, Property taxes and insurance cost won't go down as home values stagnates or plummet. Or that a 250k home is valued at 480k but there is no way to sell it for that price, however you have to pay taxes on that fake value with plastic money. If you did sell... Where you going? Complete scam. My "extra income" or "retirement savings" are paying for this false increase. You are right on point!.......2030.... you own nothing.
It's not sustainable
Rising insurance is one thing because replacement costs are high due to high material and labor rates, but basing property taxes on inflated housing values is just stealing from homeowners
And I think it is being on purpose.
Pay into your insurance company for years. They funnel as much as they can to subsidiaries. A disaster hits your region, the insurance company files bankruptcy ❗
GOT IT‼️
Don’t pay it. Live in the woods. It’s cheaper.
And it is all legal. Our politicians take money from them; then ask us to give them a donation
ALL WE NEED TO KNOW 😢
IN THE WOODS 😅 😂 😢
Doesn't work that way. If a subsidiary goes bankrupt, shareholders would sue the parent company
I lived in Puerto Rico for over 15 years - we were at the beach in Levittown with another couple. We were all set up under two coconut trees that were providing shade. A coconut fell and hit the wife of the other couple on the thigh. She got an extremely large black & blue area that swole up, and she died because something went to her brain. This was in the early 1970's just after I had exited from the US Navy and had stayed on the island because my wife was a local gal I had met. BTW - yes, my gal and I are still together after 57 years.
50-70s in Puerto Rico were awesome...
One of the best places to live in the Western Hemisphere back then...
???????
Never park your car under a pine cone tree, we got 2 trees on our street and I've seen 7-8 front car windshields taken out in 5 years.
Wow! Great for you two.
George, it was most likely a blood clot from the wound that moved to her brain. Thank you for serving our country.
The Federal Government has to get control over the Insurance Industry with is tied into Banking , Investment Industry, Wall Street and Hedge Funds that are buying up all the property for investment , Something is not right here
Will never happen. Unless people let their local constituents know they will vote them out if nothing changes, nothing will change. It must happen on a local level nation wide.
LMAO. The fed govt makes it worse just like it did on SS, Medicare and Medicaid, all are unconstitutional anyway.
24% of residential homes are being bought up by investment companies! That's 1 out of every 4 homes on the market! Our government needs to pass laws to put a stop this immediately!!!!!!!!!!!!
The FEDERAL Government IS a CORPORATION. 'they' ARE the 'Insurance Company' 🙌
But but but regulation?...more regulations?
There are so many damn regulations stifling our economy....Bezos reckons.
So many onerous regulations that Bezos had to buy himself a 500 million dollar yacht.
Here in Brazil, basically all buildings are made of brick and concrete. We also don't experience natural disasters as often as the US, and even in those cases, houses usually retain their structural integrity. As a result, the real estate insurance market is practically restricted to large commercial buildings like malls, storage facilities, apartment complexes, and so on.
I am a resident of Canada and I watch your show regularly, primarily out of interest in the Economy. Here we are facing a steep wave of mortgage renewals. About 60% of all mortgages will be renewing over 2025/2026 with a payment increase of 20 to 50%. Realestate values across Canada are far in excess of the long term affordability trend and have been softening since early 2022. Most mortgages are 5 year fixed rate renewal term and 25 year amortization. Interest rates are tied to the US 10 year bond yield, so even though the Bank of Canada has been aggressively cutting overnight rates fixed mortgage rates have trended sideways or up. As Canada did not see Realestate prices fall in 2008 like the US we are in for a severe reset over the next couple of years.
Fellow Canadian. Good summary. I am sitting on a variable rate of 5.3%, thanks to recent BOC cut. Challenge is to figure out whether to go fixed. I feel sorry for all those people who have to renew with higher rates.
Widespread, excessive money laundering has ruined and over-priced the real estate market in many major cities in Canada, US and Australia.
17:35 Hurricanes bring with them plenty of tornadoes, in fact they're a tornado fest taking us into our individual regional tornado alleys.
Great video.
Great topic Mike. Been listening for a few months and first time commenter.
Coming from a commercial insurance broker, this is a great video. Apologies in advance, as i have many thoughts on the subject:
- Admitted insurance just means that the Insurer is regulated by the State Government. Regulations on this change from state to state, as some require "local" (admitted) insurance policies.
- You're right that non admitted insurance is a double edged sword. Often times it covers risks that no domestic Insurer would want to cover. The downside is that, in addition to lower oversight over the financial stability of the Insurer, claims processing and adjustments are often outsourced (less investment in the actual outcome of a claim).
- Markets coming and going is very natural. New markets come in when there is an opportunity (IE: after Florida hurricanes). Traditional insurers reduce their "capacity" (appetite to write business in a geographic area / industry), and new markets take their place. Some markets will be too aggressive in their pricing, but after a few years, often get burned and pull out, and then those traditional markets come back to increase market share.
- further to the idea above, Insurers will have caps on how much business they can write in a certain geographic area. This also helps administer diversification amongst Insurers, and thus safe balance sheets for all.
- Reinsurance is also totally normal. Its a loss technique used to diversify losses amongst more markets, reducing the chance of any one Insurer going bankrupt.
- Many non-admitted Insurers are actually "Managing General Agents" (MGAs). In Property and Casualty insurance (Life insurance has a different definition), these are a "brokers broker". They work with domestic insurance brokers to get coverage for hard to place risks.
- These MGAs have contracts with different Syndicates in Lloyds of London, the global hub for Insurance. The MGA works with different syndicates to get "Capacity", and then they have the underwriting authority (Syndicates contractual promise) to write a certain type of coverage (IE Florida homes).
While necessary for difficult placements, as a broker myself , I have multiple issues with MGAs:
1. Its standard to find a "subscription clause" on an MGA policy. This means that if a loss happens, and one of the syndicates is bankrupt, the other syndicates DO NOT have to pay for the bankrupt syndicates portion.
2. Since they act as a broker, the client pays commission twice: once to their local broker, and twice to the MGA. This is one reason why MGA rates are often higher.
3. Since the MGA isnt the actual Insurer, their ability to write business can change overnight. There is no reliability in their underwriting capacity.
4. While MGAs must follow local laws, unlike domestics, the financial health of a Syndicate is not regulated by State authorities.
Insurance is all about Minutiae. The reason why capacity and premiums change is largely because of risk exposure. If a large Insurer pulls out of a Market, there is likely a reason (Ie: large volume of claims). Give it time, and as the Insurers Risk profile rebalances, they will likely come back.
Insurance company is not on your side.....
Back stabbers
My dear ol' dad he dun told me many a year ago...."son....listen up...Insurance is a scam, never waste your hard earned on it..."
Based !
@PawesomeCatVideo right but if there's a fire or your house gets destroyed in a big storm,you need insurance,hate paying it too...
Nationwide is on your side... 😂
Insurance premiums are too damn high!
So is the rent for what you get
“Going without home owners insurance is a bad idea”, Tell that to all the people that had their homes destroyed and insurance found a way to not cover them!
Housing prices are unlikely to significantly decrease until there's a substantial increase in housing supply. In the USA , there's a shortage of millions of housing units, and construction isn't keeping pace. The constant demand for housing, coupled with population growth, means that even a slight price drop attracts numerous buyers who quickly absorb the available supply. I'm considering purchasing affordable houses in 2025 and possibly venturing into stock investments. When is the best time to enter the stock market? Some people say it is profitable , but others say it's risky. Any advice?
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Just remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
how can i get in touch with your finacial advicer
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
In civilised countries, people who get hurt get their medical bills paid & nothing more. You don't get rich there by getting hurt. That's how it should work. That gets flipped on its head in some places & therefore ALL insurance skyrockets.
The insane prices and lack of decent insurance coverage plus annual property taxes skyrocketing makes it a no brainer I won't be going back to FL !!
Well yesterday a funnel cloud hit Scott’s Valley, CA in Santa Cruz county yesterday. The damage is what nightmares are made of. Trees were uprooted, cars damaged and someone got hit in the head with a tree branch. The flooding of last week’s rain storms and flooding that proceeded made it worse for that area as well. I wonder if this impacted are insured by these companies.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
When ‘Stacy Lynn Staples’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I've always wanted to live in Florida. Cheap insurance, inexpensive HOAs, no humidity. Just KIDDING!
No hurry canes.
Sarcasm!!
🤭
Now the lightning 🌩 storms are happening more and more often. There are 2 homes within my vicinity that were completely destroyed due to lightning 🌩. Thank God the owners were not home when it happened. Very scary!
😆
Almost all of the new palm trees on fort Lauderdale Beach are coconut palms. I don't know why they chose coconut palms unless they're harvesting them. But for the walkway along the beach it doesn't make sense to me.
Wow...I am originally a native of Miami. I always liked the look of coconut palms. Very South Pacific looking. Growing up in the early 1960s, we had 2 in our backyard. The coconut palms were infected by some blight and died off like crazy in the 1970s and 1980s. At our next house in Miami, we had a coconut palm in the front yard. They actually injected the tree with an antibiotic hoping it would help the tree. It was also thought that possibly the newer 'sodium vapor' street lights were not allowing the trees to 'sleep' at night. Who know? The island of Key Biscayne still has quite a few coconut palms, especially at the park.
I’m glad to be able to have USAA. My car insurance has only gone from $52 to $68 over the past twenty years, granted I drive a 2010 Subaru Outback.
*Renting has never looked like a better option than today. No home insurance. No worry about maintenance and repair costs. I was paying $500 to rent a room in a house with utilities and internet included. One fixed cost. No unexpected surprise costs. Milked that for 10 years. Saved $300K.*
I live in Virginia about 2 miles from the beach. I live in a modest 3 bedroom ranch in a very quiet neighborhood. My house is in a non flood zone. My mortgage, property taxes and insurance is $1247.00 a month. This is the house we settled on in 2014 when the kids left to start their own families. I'll ride out my retirement right here and have no problems.
My numbers are basically the same here in Florida.
I watch almost every video, great content as always.
Your money u send to corporations go to a few families.
as a public adjuster im surprised how much knowledge you have about insurance policies. I've been watching you 2 years now
When an insurance does nothing other than keeping people from coming after you for not having the insurance... How is it not a protection racket?
My property taxes went up, property ins. up, car ins. up, groceries up, electric up, gas up. Probably a couple other things I'm forgetting. Nothing has went down that's for sure. If I didn't know any better I would say they are trying to price us out of our homes that used to be easily obtainable.
You do know better. That’s exactly what they’re doing. The question is, why are we letting them?
@@Plutogalaxynope, and the current shitshow hasn’t helped either 😂😂😂😂
@@Plutogalaxy Why? You think Trump will save us? Lol
HAPPY SUNDAY MICHAEL AND LISI 🌴🌄🌴
Same to you Johnny! Always nice to hear from you 🤙
Great show MICHAEL 👍 THANK YOU FOR YOUR VERY HARD WORK. CANADA 🇨🇦 🍁 PEACE ✌️ ☮️.
Thankfully rental insurance hasn't gone up that much...yet.
Can we get rid off insurance people and self insure everything we have?why do we always have to pay to cooperations people 😢
Most people are not disciplined enough to do this.
People who can’t pay for a home outright need to get a loan from a bank. The bank is not going to loan someone hundreds of thousands of dollars for a home unless the home is insured. If the home burns down who’s going to repay the bank for the loan? Derrrrrr.
@@DaveAnderson-ic6ooThis doesn’t explain why I need insurance for things I already own like a car. Also what is wrong with the bank just not learning the money out then?
Tell that to Marty McFly when he hit the Rolls Royce or whatever it was. It is not worth ruining your whole life for one mistake.
Lawyers,people don’t want to accept responsibility.
Michael....you are put out great content and I know for a fact I spend more time watching your videos than any other of your subscribers which I know helps your channel grow. I am an online chess player and listen to your videos for hours when playing chess which I know that the algorithm likes. And I remember when you were under 100K subs and now you are at 272K. I was a network marketer for many years and as you also know once momentum kicks in the growth takes off exponentially. You will be at a million subs within two years tops. Congrats on your success my friend. I am genuinely happy for you. 🙏
My multi family property in N. cal insurance went up 250% this year. While researching options 3/4 of companies were out of state “non- admitted”. What a SHAM!!
Try getting a call back from one of these non admitted. They will just disappear and your state regulator will not be on your side. Poof gone! No recourse !!
We renew our home owner's insurance in April, I dread to get the bill.
My home insurance went up from 600 to 1200 dollars.. just insane..
Thank you for this video. I had trouble during the wild buyers a couple years ago so I went to a new insurance company I think under the GEICO umbrella it was almost half the price of what my old Place was charging me. I wonder if I made a mistake. I’m gonna check it out tomorrow. Thank you
Last time we had homeowners insurance was 2000 when our company left the state. I think that is was $300-$400/year back then. Average homeowners insurance today is $980 for our state.
So it doubled in 25 years?
The horror.
@@DaveAnderson-ic6oo It's the safest state in the country and we don't really get natural disasters so not surprising that there's a massive housing shortage here.
@@DaveAnderson-ic6ooMost things have doubled in 25 years except for majority of American’s paychecks.
You must live in Nebraska where nothing ever happens.
@@cfoster6804 Nebraska is ranked #22 in the safest states rankings by US News and World Report.
I live in Ottawa, Canada. Insurance here is reasonable. My house is probably worth 800k. My house insurance is only $1200 a year.
Thanks Mike
Earthquake insurance is separate like flood insurance for us in CA.
I live in Quebec, Canada, my house worth about $400 000.00, and I pay about $2300.00 for insurance.
It used to be that price in FL, but things changed the past few years!
Have a condo on Jersey Shore. Wildwood Crest. Only insurers in our area is non-admitted.
Proof never own in an hoa..
I’ve lived in an HOA for 23 years. Never had an issue. They keep out all the people who would never live in an HOA community.
@DaveAnderson-ic6oo Martha's Vineyard with the Obamas eh?
I used to love Florida.
When I was looking at houses in Venice Florida I would ask the RE Lady
How much is the annual insurance for this condo?
The RE Agent NEVER answered my question!!!
Get you a public adjuster. Never file w claim directly through your insurance company. They have never been in the business of taking care of the customers.
I'm going to keep doing my research. Buy a few acres of land in Oklahoma with a disability grant. Build my gen x "rainbow" sustainable compound. I'm an interior designer and I can pull this off. I love your show.
Michael, I wear a helmet around palm trees and also have coconut insurance. And it only has a $500 deductible. 😂
Don’t lie youve been wearing a helmet since grade school 😂🎉❤
Another interesting Canadian Realestate topic for your viewers is the Greater Toronto Area (GTA) dog crate condo crisis. Over the next two years approximately 40,000 pre-construction condos are due for possession. Theses condo were nearly exclusively purchased by speculators in 2021/2022 at the peak of the market with the intent of selling the allotment prior to closing for a profit. The average purchase price for the 500 sqr ft condos was $1400 per sqr ft while the market is now $900. Many of the buyers will not be able to close on financing and be forced to default on the sales contract putting further downward pressure on the condo market. Developers who possess 20% or more of the unsold units face the prospect of defaulting on the loan agreements and going into receivership.
Florida has enough money to set up one privately run, state backed not for profit insurance that would cover all properties, not only the risky ones.
There are plenty of multi million $$$ properties that are built to withstand everything but a major tornado. Cant just let private insurance pick the low risk high profit accounts.
So a bunch of people that have no mortgage will now cancel their insurance. . . .The insurance company will NOT lose money ultimately. What happens? The insurance company will raise rates on Mortgaged policies to recover that money they're losing. . . Just like a Casino . . . "The House NEVER Loses" 😡
Insurance for the insurance companies 😅 unbelievable.
But wait! (There's more!) Who insures the insurors that insure the insurance companies? Can make yer head explode..
Very normal process. If an Insurer has say $500M in TIV (Total Insured Value) in a specific area. It's likely that their own Underwriting standards say that they can only write so much value in one area.
The excess TIV will be sold off to other Insurers / Private equity firms
Florida insurance guarantee association (Figa) will only pay $300,000 per claim
People sitting on those homes are “land banking” and this disrupts the supply demand curve. Governments are going after these people…hopefully they follow through.
We all just stop paying for all insurance except health, but I can't pay it anyway. 1 time tax fee assessment to buying your home and no more property taxes.
A one time tax fee that makes up for 30 years of tax payments? No thanks ..
I'm 10 miles from the ocean. Our Homeowners hasn't risen as much as people near the coast. If my policy goes up too much, I'll just pay off the mortgage and self insure.
get a DPE100 you won't need insurance from severe weather. the units end up paying for themselves. ground radius protection for smallest DPE unit is 12mi so you can share cost with neighbors.
I've been bare insurance-wise since 2012 in Florida (Panhandle near FWB). I've saved all that money AND invested it since then. I now have enough to cover my house. It's a regular house though -- not a mansion. I stopped the insurance payments the exact month they ended... never looked back. What I really want is fire insurance in case I accidentally set the house on fire. Can't get it though -- it's all or nothing -- FL insurance is a terrible scam!
2 years ago I dropped insurance on my home due to a ridiculous increase. Took the money instead and put a new metal roof with upgraded hurricane strapping on the trusses ,and impact windows in my 1970 CBS home. Took a direct tornado hit from Hurricane Milton. No damage. Insurance is a scam.
Is the FL state government even trying to help citizens? I'm so glad I got out!
Nope, they'll only fix it when the outbound migration supersedes the inbound migration.
Nope....and not paying unemployment claims either!
What do you mean help? subsidize? Socialism???
You could have 100 insurance companiesin Florida tomorrow, but you will pay dearly, i mean unfathomable pay.
@francismarion6400 never in American history has any wyt person had any problem with government help unless it was for people they deemed not worthy.
Here in the UK am just renewing my home insurance and complaining at annual renewal cost of £620 (US$ 780)!
I sold my houses. I rent now and will be moving out of Florida after 20 plus years after next summer. Florida is done
An acquaintance just raved to me that her property in Florida is now worth $3 million. She didn't mention property taxes. I can only wonder
Ron has done his best to protect the poor insurance companies from the evil homeowners ❗
How would he have done that?
@@francismarion6400By signing legislation.
Mike explain the zoning 1-2-3-4 coast to coast . The building codes for each . Resistant to the greedy !
As I've said before....
I'm a Lucky Mobile Home owner....
Living in an Owner Occupied Co-operative Park....
Being I downsized from a House...
I paid Affordable Cash... & Self Insure...
Hey Michael can you please talk about solar and how insurance companies try to make you pay more than usual premiums.
The problem with insurance companies is they are to the point where they cherry pick what they insure but still don't lower premiums accordingly. Needs a regulation where they have a published insurance premium table and cannot deny anyone willing to pay that premium.
Michael! If you have one insurer in the state, and they deny most claims, you don’t have ANY insurance anyway! What are you talking about?
California has only two seasons. Summer and Fire.
Don’t move there. Move to Florida or Texas. Hurry before all the good houses are gone.
@@corbinb3992 He is right Malibu is on fire right now. Wonder which is worse having a manison burn to the ground or flooded by a hurricane!?
Well... landslide
Quakes and quacks
@@DaveAnderson-ic6oono move to CA, please!
Prospective new property owners in particular, and those who have paid for years for insurance to no benefit other than company profits, need to demand to their own right to self insure. This will eventually bring down property prices to their intrinsic valuation. 🤔
Call them what they are “paper policies “ they keep you legally in the game , but they NEVER pay out!
It has not stopped the constant construction in that area. Houses not selling but old ones are still being destroyed to build more expensive ones. By the way do you know it has been illegal to plant coconut trees in the right of way for almost 30 years?
Living in the 11-15% range area , Maury povich would say that’s a lie ! More like 15-35%
Insurance companies in Florida don't pay off why have it .
If you have a mortgage, and don't have it the mortgage company will get very expensive insurance for you at your expense!
@truthseeker6610 sound like you can't own a house in Florida
Sounds like a job for Luigi Mangioni.
The hero of the "insured"
Lol...😂
Do you think on health insurance coverage there will be a question of “are you a current ceo,cfo, or coo of a company” 🎉
Dear Homeowners,
The workforce drives first-time home sales, but mass unemployment-affecting even high-income earners-has changed the market. Companies like Klarna have automated roles and posted “ghost jobs” without hiring for over a year. Fewer workers with incomes mean fewer home sales, more inventory, and declining prices.
Real estate values depend on nearby sales; when neighbors sell for less, your property loses value. Prolonged unemployment will only accelerate this trend. Billionaires are poised to buy homes at rock-bottom prices while others can’t get loans. Once they own these properties, they’ll likely rehire workers to drive demand. It’s a harsh reality, but one worth knowing.
I have an insurance company called Edison and it seems pretty good so far with the rate ratio for our property. However, with the last to hurricanes here in Florida I wonder what 2025 rates will bring.
I think living inland close to the center of Florida is very low risk for natural disasters het insurance is up for everyone in glorida. That is not fair. I wouldn't Ever buy a property with high insurance. I work too hard for my money.
My wife and I were in Jamaica on vacation she was laying on a beach chair flat close to a palm tree and I was next to her a coconut fell and missed her head by less than 1 ft I freaked out and made her move away from the tree immediately was way to close I will never sit or walk under a palm tree again.
Enjoy your walkabouts Michael. BTW 10:28 who's the priviledged character parking on the sidewalk?
I'd rather real estate values drop 20-30% since I have no plans on selling anytime soon. RE taxes and insurance would have to come down.
Doesn't usually work in Florida.
I have my property tax assessment at $150k. My house is worth maybe $600k. I would need a 75% reduction to get to my assessment.
Additionally my FEMA backed flood insurance is capped at $250k. My house price has zero impact on my flood insurance, again I suppose over $250k.
In other words, if prices were cut in half then I would have the same two bills.
@@hvaball150 Something is terribly wrong then with Florida assessments
Insurance in Australia hasn't gone that crazy. Yet.
It has done some things in specific regions, especially flood prone areas, many had insurances withdrawn if an area was too flood prone, or their premiums shot up to over $20k - $25k, and that is unrealistic, some of these homes would not have been worth $500k !
For most people, their insurance on an average say up to $1 mil home might be $5k / $6k, varies a lot though on area / statistics for the area.
Our home in a safe area is still under $2k for home & contents, but we had to avoid a 24% increase this year by taking our a much higher deductible (an 'excess' here), and excluding minor things like glass breakage (handyman fix for me), and really just covering for major event, fire / major burglary etc, premium 'only' went up 12%.
We've been in this home nearly 40 years, and never had a claim.
I know people that have had claims, it seems insurance coys here also try and mitigate losses by lowballing claims, low payouts, clauses to reject claims outright, it's a crap shoot if you can really get 'like for like' if anything happens, most likely not from what I've heard from many folk.
Love the 'home for sale' examples when you do them, good to see at least a couple in the walk style videos.
$21 mil home, now nearly more than 2.5 times the size ?
Must have been a demo / rebuild new home, total new landscaped etc, but still, crazy !!
Missed the property taxes, which are also insane there.
We pay 'rates' but they cover local services, rubbish pick up, road repairs, parks maintenance etc, not school funding like there.
Most peoples rates here are more manageable for owner occupied, but some 'councils' (city of *) are moving towards the moderately extreme.
Doesn't make sense to build homes right on the beach or by the waters edge in Florida. Hard to feel sorry for people who bought those properties in the first place.
Laughing that there is a spam bot conversation in The comments in this video already. 30% dividends?! Hahahhahahaa
Meanwhile, enjoying the videos, Michael!
couldnt agree more!!
I thought this was going to be about the elderly who have been getting scammed by appliance repair warranties, ex that 80yo lady whose heater failed and the company just stopped returning her calls.
Bordenaro; watching you strolling along, there would be NO NEED for Floridians to pay property taxes if Law Enforcement fine ALL those parking violations (eg. parking on sidewalks, driveways, crosswalks, facing oncoming traffic, blocking fire hydrants, interfering city utility equipment, etc, etc... Florida Statute 316.1945). 😉🍹
Insurance companies buy Insurance too, because they are worried that something beyond their financial capability might happen. That is why I buy Insurance.
I guess the best thing to do if your an average or below wage earner is to the country away from it all and build yourself a little off grid cabin to avoid all of the normal home owners expenses and get yourself a different type of job because of the high cost of living in a populated area. I did that but decided to build myself a large home. I'm off grid except for electricity and decided to not have insurance to save money. Five years ago my insurance through State Farm was about $80 a month. I've heard that if I had kept that same insurance that it would be more than triple that amount. My closest neighbor is paying $450 and they have a home that is worth about the same as mine.
California could fix it's wildfire problem with better maintenance; however, Florida would have a hard time trying to fix the hurricane situation.
CA tree huggers won’t let that happen there.
falling coconuts? just great we already have to watch out for falling iguanas this time of year.
I have had it with all of the increases in cost here in the US. My property taxes are up 55%, food is still climbing, homeowners insurance is up, Medicare premiums are increasing, and will go up more once the Wizard of Oz and Eliar Musk gets through with them. Houses are still selling in CO, so we will be putting ours up for sale by owner in the next 3-6 months. I still have some contruction projects to complete first. Once our house and belongings are sold, we will be moving to the south of France, where things are actually much more reasonable than in the US. And we won't have to worry about losing everything over a medical bill claim denial. Sorry folks, the USA is now the Divided States of Corporate Americe. We are no longer a Democratic Republic, but now a Plutocracy (Dollarocracy). Only the stockholders and corporate executives will matter from now on.
You are exactly right. Enjoy France. I am also on the way out.
@ Good luck to you as well!
You are 100% correct. I am so happy for you to be able to move to a lovely country!
I’m sorry that government education failed you, but we have always lived as a Constitutional Republic.
Shedding a monarchical system that dated back hundreds of years, the Founding Fathers were not champions of democracy - or what they saw as “mob rule”.
@@marathonjohnb We were not a Democracy, never have been. We have been titled a Democratic Republic by some, or use Constitutional Republic, if you like. But after Jan. 20, we will. no longer hold that title. The oligarchy will be taking over soon. They are not elected officials. They are corporate executives, hedge fund managers, and tech executives. Some have been appointed into the Trump cabinet, but many others use their influence and dollars to win elections and make policy for their party of choice.
My home is insured, but I have no mortgage so, if I got dropped or decided to drop them, unless something disastrous happened, no impact. Just weird that lenders require coverage, that may not even pay out. Risky to the lender.
I think the truth is the lenders don't generally need the insurance either. They are required by law to obtain it. Follow the money. The lenders just pass it on as a cost.
After just a few years, or like a decade in some cases, the houses typically can be sold at mortgage value, even if damaged.
For example, my house has a land value more than my mortgage. My house could burn down and sold at land value and the lender is covered.
The insurance is mostly for me then. To preserve equity.
@ OK
When it comes time for my house to be sold, in maybe a decade or so, once I’m maybe dead already, they’ll tear it down, for the land. That’s why, although it needs fixing, I won’t be fixing and improving what my mother did her best to absolutely destroy. I know things won’t likely go my way, which is to leave it to an animal charity, however. I have no meaningful family to leave it to. I’ll likely need a reverse mortgage, once my employer offs me.
But will mortgage companies holding a mortgage on a home accept insurance from a non admitted carrier?????
The US government is not on your side
Duh!
I would suggest people have some kind of homeowners insurance. I can tell you from seeing some of the listing where I live, it can be brutal.
There was a $2 million house that was bought Oct 2022. January 2023 it was listed for $824k. Why you might ask? Because it had extensive water and mold damage. Every floor on one side of the house had the drywall removed and you could see the mold. I'm guessing they were from CA or something and paid in cash. Didn't want to pay for insurance. Went out of town during Christmas which we had a -32 day like on the 22 or something like that and they didn't get a house sitter. Came back home in January to a busted ( possibly multiple busted) pipe and now didn't have the money to fix it.
It doesn't seem worth it especially if you are new to an area and don't now how things work. Just get something for insurance.
Leaving the heat on at 55-60 degrees would’ve been much cheaper.
What is that pointy tower structure at 15:45?
I’m from CA and pay 1200 a year for condo insurance on a 700k unit.. , this is not an issue
Time for a video on the drones over the New England what’s your take on it?