Home Insurance CRISIS - What YOU NEED TO KNOW!
HTML-код
- Опубликовано: 19 апр 2023
- Homeowners insurance premiums, particularly in Florida have been skyrocketing. In some cases doubling or tripling year over year, leaving many homeowners with making some extremely difficult financial decisions. If anything can bring down Florida's robust housing market it is this insurance crisis.
Need a Realtor? homeandmoney.com/michael/
======
Like My Sunglasses? Get a Pair ebay.us/K1OQ9H
======
I offer 1 on 1 calls, book one if you'd like!
michaelbordenaro.com/book-ser...
======
My Filming and Editing Equipment
michaelbordenaro.com/my-youtu...
======
Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
bit.ly/MBreminders
======
Get Cash Back on ALL your Internet Purchases!
www.rakuten.com/r/NIRVPL2?eei...
Articles Mentioned in the Video
apple.news/AmaXWuXa6TimNhaFA_...
www.floridarealtors.org/news-...
FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on sales you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support me and my channel! :) Развлечения
MORE Home Buyers SAYING NO! (Housing Market Recession) ruclips.net/video/p3ELdMnJRuQ/видео.html
how old is the video clip you are showing of the gas lines?
Insurance is a scam! they offer cheap rates until something happens like a major storm then they run off with your money because they knew they could not honor their claims!
well of course your insurance will go up, because the toilet paper we use as a currency is becoming worth less and less!
socialism is great until the government runs out of other people's money!
Now if you try to sell insurance without a license, you will be locked up, but if you get a license, which is just the government's cut of the profits then you can steal all you want!
I recently moved a mile from the beach in Florida where my condo owners association fees were $650/month ($7800/yr) which went up over a 2 year period from $225/month because of increased insurance and past maintenance costs as a result of hurricane Michael in 2018 and past mismanagement and past contractor issues and my annual insurance costs were around $1700/yr. I now live in Oklahoma and love it.
Here in Ecuador, we live in a lovely beachfront condo and the HOA fees are only $86 a month. Yearly property tax is $230.
@@rvdareyet7201 I love that…I’ve been thinking of moving to a foreign country for awhile but I’d have a language barrier issue and frankly I’m not that smart so learning a second language would be a challenge unless immersed.
@@MaryOKCthe ppl living on beachfront property are literally the reason for insurance hikes. Insurance is a purely socialized system where the whole pays for the few and their poor decisions.
Lots of people need to liquidate and ACCEPT they cannot afford their situation. Your lifestyle isn't a public concern.
Is not a public concern until Is you problem right?
This is not a new problem. The problem started with people not being correctly charge for insurance for the risk of building close to the water. The rest of the Florida are paying for them with higher insurance cost. Also, the condos did not just happened ,the situations were ignored. You are taking a risk owning any condo because they are known for not being proactive to mitigated any future problems. If you think your condo association knows what they are doing, the people running the board are the owners with little to no experience with condos or businesses. By the way, you videos are great. Thanks.
I was going to move to Florida. You talked me out of it.
Lots of cheap states! Just stay away from the capitals! WV, Iowa, north and South Carolina, etc!
stay away from common wealths too.
Don't do it. Hurricanes suck. Tropical storms suck, and the cost of living is too high. Specially in south FL. I moved out of there in 2003 and I never looked back. I just visit family and that's it. Too many mosquitoes and it's humid AF. It's over rated (FL) just like California. Another place that I moved out of too and will never go back. I love my current place (south Texas). Not as nice, but for now, cost of living is less.
@@AmandathePandaBooksThe Carolinas aren't bad. North Carolina is more expensive to live than South Carolina, but in South Carolina, there's nothing to do.
Great for retirement....
Here's a fun thought. South Florida's fuel shortage was caused by flooding blocking access to the fuel terminals for a short time. Imagine a hurricane destroying these terminals, knocking them out for months.
I was just in FL last week, interviewed for a job, got it, then declined the offer because of cost of a home and child care. Child care over twice what I'm paying here, rent over 3 times my current mortgage (almost paid off). They offered me about the same pay I make now. I am now interviewing in my current state of Virginia and putting my FL dreams on hold. My parents moved there and health is getting worse, but it doesn't make financial sense for me to relocate. I will get my land here in VA and build a suite for them if they decide they are priced out down in FL, even though they love it there.
And if you were to get laid off the max unemployment benefit is 140 week
People who choose to live in high risk areas, can’t be subsidised by the rest of the insurance base, when those risks which have been foretold, come to pass. The cost of the risk must rest with the individuals who choose to live in those areas.
Agreed, Similar issues with wildfires in the West where I live. Not only do they live in high risk areas, they build their home outta sticks!
I agree. I live in FL but even when we have no hurricanes here, they still jack the rates a huge percentage.
There is a very good reason people endured the cold winters in the NE and upper Mid-west for several generations. As cold and sometimes miserable the weather was that was the worse most people had to deal with. Very few hurricanes, flooding in low-lying areas, t-storms with hail, and tornados can still happen but they were rare. Earthquakes were even more rare. Droughts happen but not nearly as severe as other parts of the country. Water supply is not an issue (at least the availability, can't say that for the delivery). Only in the last few generations have people decided to challenge nature and build in harms way.
I'm not saying these places are great and I understand why someone would move. But when folks leave its amazing how they take for granted these things.
Properties on the Florida coasts are at the most risk, but I believe they pay a higher rate than the cities inland. But when Ian came through Orlando houses were wrecked with roof and flood damage. So, generally no city in Florida is low risk and everybody must pay more.
True, they won't sell fire insurance in a fire zone or flood insurance in a flood zone etc...
Non-profit actually means: We take a bunch of money from you and spend it all on big parties, big salaries and "work trips"!! leaving nothing left which means "we show no profit"
Yes, and a perfect example of that is the scam "Childrens'Services Council" that our stupid county in N FL passed a couple of years ago! But S FL has been ripping off taxpayers with it for years!
Exactly! Don't donate, unless you know the organization.
Lmao
@@tmartin5562 Some just write checks the costs are 25%..🙄🙄
I'm a Floridian. My insurance almost tripled (1700 to 4900). Got a brand NEW 50-year 160mph wind roof - by the way.
I decided to roll the dice. Got regular house insurance WITHOUT hurricane coverage. Cost: 1000 with a one-time 4 point inspection.
That leaves me 4 grand a year plus the $7K deductible.
If I go 5 yrs without a major, cat.4 or 5 hurricane, that's $20K + interest + $7K deductible, for a total of at least $28K. My total damage with Ian was a tad below 30K - including the new roof.
I'm in Cape Coral, we were 2mph short from a cat 5 hurricane and it was a SLOW moving one at that, so it had a long time to do its damage at those wind speeds.
This is the point when self-insurance makes sense.
Thank you Michael you are one of the few that people that has laid this issue out in such an understandable manner.
these longer videos are great. Don't feel any pressure to keep them shorter. You have lots to say and we like it. Keep up the great work.
So helpful, Michael. You're amazing.
@Michael. All these problems are done by design you know what claus schwab said... "You will own nothing and be happy!" Michael happy early birthday and a May baby just like me, a Taurus! No wonder why I like you!I'm glad you're gonna go see your grandpa's place and show us Venice Beach!🙂
Thanks so much for the info! Amazing! It’s sad what’s happening in Florida . It’s out of control.
Yessss I drove to 5 gas stations today and finally found some. Cruising on fumes and a prayer. I had no idea everyone was out. Still $4.30 a gallon for 89.
Wow, that is expensive! Most of the stations around here are 3.69 to 3.79
@@rockycodyjesse we’ve dipped down to 3.50 a few times but not been consistent.
You did a great job. You covered every nook and cranny and gave a lot of food for thought. Thank you so very much.
@MichaelBordenaro Thanks Michael!!!! I was going to retire in Florida from SoCal because I wanted a beach house on the white sand beaches and crystal clear waters but thanks to you I'm finding out Cali ain't so bad. Its not perfect by any means but it sure the hell ain't Florida!!! 😂
I can’t believe he is telling the truth I love this guys who ever he is. We moved in 2020 to Tampa from Cleveland OH. Oh man this is crazy the home insurance and the auto insurance not to mention property taxes CDD and HOA. the heck is going on here…we can’t survive to be honest!
Looking for somewhere to go to escape this madness...
Another Great Video about important information. I agree 100% with you as usual Michael.
Thanks for all you do and info very good
Those barrel tile roofs look nice til you have to pay $50k+ to replace it
Watching those floods in Lauderdale you could tell the insurance issue was going to bloom.
Thing is house insurance doesn’t cover flooding. Yiu need flood insurance through FEMA to cover flooding. And that’s anywhere.
Just like red tide
That is why I paid off my mortgage as soon as I could. Homeowners ins. is now an option, not a must!
I left FL 2 1/2 years ago and premiums were going up. My friend lives there in a 900 sq ft. mobile home and is now paying $2100 a year and it keeps going up. What a mess and a shame.
My ex husband lives in Fort Lauderdale we've been arguing about this for over a decade. If ever I wanted to be wrong it would be about this. It's been clear as day to many that this would happen very soon. I pray he can keep him home.
Crossed Florida off my retirement list...for sure!😢
I don't even care to vacation in Fla any more
Hi Michael great channel you really know your stuff!
Great videos Mike!!
Michael thank-you so much for your videos on Florida Real Estate and additional cost.. in 2012 was planning to retire to Florida...but some health procedures delayed my departure...and i'm no longer considering a return to Florida..lived in Broward County and have an A.A. Degree from Broward North..
The gas comes from the port so this is obviously a manipulation of some sort. There is zero supply issue. If there was an actual shortage why is port of Miami still getting gas up to pbc etc...?
Hey Michael! You don’t solve money problems with money! Thanks for the information.
You are probably the most honest person on RUclips
Hahhahaahaha
Michael, great advice and insight into the costs that people often overlook when buying a house, especially in your neck of the woods. Ouch! 😮
Yes - many people are buying homes and don't realize the insurance cost/issue.
My understanding is u cannot let insurance lapse ...they won't give u a new policy...it's so u can't cherry pick cycles... Peak hurricane cycle insure...then self insure in a down cycle
Michael, end of the world so glad you have a good sense of humor . 😅 i’ve been really enjoyed your videos lately .
I know many Floridians who purchased w cash - & do not carry homeowners insurance/ never have since mid ‘70’s - they’ve always reckoned- one storm surge would take them out- & because investment was easily tolerated - they would just walk away - to this day - still there still no insurance
GAS WENT FROM $3.30 LAST MONTH TO $4.99 A GALLON IN PHOENIX
We have been looking to buy in Florida since 2014, pre retirement. Now retired,, the home prices in every area we considered have now increased to a point beyond our means. Our dream to live in Florida has been abandoned and are currently looking at alternatives in Georgia and South Carolina which offer more affordability and insurance options.
Happy Birthday to you in May. You are so blessed to have your Grandpa. My son is a year younger than you and lost his Grandpa at age 13. I hope you spend time with him.
I noticed it as well. But Luckily I have a Diesel BMW and I telework. I refill every 3 months dont really drive so I was surprised to be the only one filling up because only Diesel remained
This will affect insurance policies all over the USA, it always does
Michael we have been waiting for prices to go down in St Johns County so we can pick up a good deal but what’s the point if insurance and taxes are so high. I never thought I would say this but Puerto Rico with all their financial incentives is looking better and better.
Don't convert any IRA to a Roth IRA, as PR taxes that as ordinary income when you withdraw from non-PR retirement accounts, including Roth.
@@johnhaller5851 Thanks John, I am in PR with the Act 60 individual investor so there are no capital gain taxes paid on real estate, stocks, crypto and such.
Thank you for the video 👍🏿🙏🏿😮
Great insight thank you for sharing
Thanks for keeping it real. As adults we must realize most decisions have a compromise baked in. Wanna live by the beach? It’s more risky, gonna have to pay higher premium
Man has pushed himself into areas he has no business building. Take a look at S Padre Island, Port Isabel and Laguna Vista Tx. If a hurricane hits the pocket that will be one expensive distaster. Forty years ago nothing was there!
Gas went up $0.20 this week in central Florida. Effects trickling up here!
I guess you're lucky you can still get some
my heart and prayers goes out to all affected.... very very sad ....
Love you talks. I was just in Miami great weather when I was there. The rental car I just took it back with the gas it had. Couldn't find any stations
Michael Bordenaro for Miami mayor 💪
Learning a lot from this channel. Thanks.
Glad to hear that!
Thank you for advice
Great info Michael, but I don't think this insurance fiasco will get any better. If people really think that a few more companies will come into to Florida and save the day I just don't think it will happen. The insurance rates may stabilize but it is not in any companies interest to all of a sudden to just lower rates. What ever those crazy rates are they will not be going down, never heard of the cost of insurance to go down.
Moving to Florida might be a very bad financial decision right now. It could even end in a divorce!
I am a lawyer we give you a great deal on Divorces"Please move to Fl. My business needs work🤑🤑!
Florida is great for divorce, especially if you want to be a deadbeat . Our Courts love deadbeat parents. It's gross.
Right! My EX
Moved to FLA. AND THE DIVORCE FOLLOWED. WOULD HAVE " BROKE" ME!!!
Not me, I was divorced in '87 and I swore I would never marry again, I have shacked up for around 32 years now.
money is the number one reason for people to get div.
As always, this is great information... I can't wait to hear your grandfather's perspective on these issues...
Thanks Linda me too !
That's so sweet you're going to see your Grandpa on your birthday!
Great video! Thanks!
Welcome !
A $50k roofing cost on an average house (i.e. not a castle or something) is really absurd. Let's play a thought experiment. For a $50k roof, let's imagine half the cost is materials (which is way ridiculous in itself for a shingle roof) and half for labor. Most roofs are done in a couple of days, but let's say it's four 12-hour days. That's 48 hours. Let's assume it's a crew of 10 (generous). That is 480 man-hours. $25k/480h is $52/hr, which the crew members are most certainly NOT being paid. These are, of course, broad strokes and very approximate, but $50k is ridiculous. So sad.
Cant find somebody to color cement and move 2 wheel barrels full ..and trowel it on the cement wrongly installed roof..
I did my metal roof last year by myself, passed inspection easily , cost me 7.5k on materials , five days on a 2500 sq ft home with the garage
A 11k square ft house could easily get up there... especially if the insurance paid for 1/4 of what actually needs to be installed... o&p Steep charge, Arc shingles. Ridge vent. OSB boards the right nails...
Got 2 price quotes for asphalt shingle roof , approx 2200 sq ft, single story, not a mansion obviously, $26000, $ 29000. Crazy prices yeah my guess is materiel cost is $5000 ,2 to 3 days labor, So how to get to $29000, laborers are subcontractors in almost every company , so yeah Not exactly $45.00 Hour Union workers, Its Florida remember, anti union etc., Crazy price
Just paid $11,000 for my roof in Rhode Island
Michael,keep up these videos,I missNone,you have no axe to grind,and tell it as it is,THANK YOU, 🇺🇸🇺🇸🇺🇸🇺🇸
I was about to call out because I was at quarter of a tank. The only think available is super premium.
Florida Insurance is a Hot Mess and I don't see it getting better anytime soon. Along with rising taxes, Assessments, HOAs, etc... not good. Citizens won't cover an over valued home, go figure. They know the homes are over valued but Florida will still increase your taxes, etc...Realtor just said we will have a another housing wave and they are talking about foreclosures. Thank You Michael and Happy Thursday!
It is a huge mess hopefully people that are thinking about moving here See this video. Happy Thursday Juliet!
paradise lost
So many people believe that in order to survive increasing cost you just go out and make more money.
How long can a person keep up?
Yes, there is only 24 hours in a day.
It sounds like the Florida housing market is a mess right now. Thank God we decided to back out of a Lennar condo in Punta Gorda due to the way Lennar Mortgage treated us. Thank you Lennar for absolutely terrible customer service.
You are so right about the effects of "free money".
That ole lady, insurance story was sooooo sad.
As long as the roof has 5 years or more life expectancy you should be okay to get a policy in Florida as long as the 4-point inspection shows that everything is satisfactory on the home. Absolutely, everyone should get a wind mitigation inspection to try and save money on your policy. Keep up the good work Micheal. One of the best RUclipsrs without all the exaggerated click bait and stupid faces of themselves in shock
I know EXACTLY who you're referring too with the "stupid faces in shock"! That dude is Mr Drama...
He is a Taurus and by our very nature we wouldn’t be caught dead doing anything uncouth.
I read that now, if your roof is older than 10 yrs, they will not insure you. That is total bs. We had new roof done 3 years ago with 20 or 25 year shingles..but once we hit 10 years, we're uninsurable! We just lose out on 10-15 years of the life expectancy of our roof.😢
@@gypsygirl9 Im sure there are companies that won’t write roofs over 10 years old but as a current Florida insurance agent I personally can write policies with roofs that are 15 years old or older as long as it has at least 5 years life expectancy left. I write with Tower Hill and Security First if you want to know
Oh u mean like Orlando Miner😂😂😂
Yikes, Michael this was extremely informative and realty scary!!
As we are retiring there in next 3-4 months. Fortunately, we have a few homes already completely paid for and we are both going to be working part time.
Curious to see the future changes and will share, once we see the true realty. Despite all the above, we are paying 12.5 K in this s___ state called NJ.
Can’t get out of here, quick enough..
Michael, thank you for getting to the bottom line as you always do. This information is invaluable 💗
dude it should be illegal for these insurance companies to just take your money and then file for bankruptcy when they have to pay out
They pay politicians instead so they're fine 😂
They filed for bankruptcy because they ran out of money because they didn't charge enough. But, instead of the survivors increasing rates enough to pay claims, they get the state to not allow attorney's fees when the allowed claims are far lower than what it costs to fix the problem. Who can pay for an attorney when you owe an $18,000 deductible?
Blame the politicians that allow this …. You can’t blame a snake for being a snake
I definitely would rush in to fill up. I got caught when I didn’t have toilet paper during that shortage. Had to wait until I got to work to use the bathroom.
You don't have a shower? Where do you live?
I bought a rv condo lot. If my trailer gets too old I’ll haul it out and get a new one. Hopefully the HOA fee won’t go insane.
The assessment will never end. In fact I am willing to bet it will increase in the future.
It will never get better, It will always go up every year, Until they force you out of your home.
Exactly..hoa..ditto
Yeah, i dont see how they dont get it. It is clear as day
Smart move is to move before you are priced out.
Then you're too broke to live there
Does the seller have to disclose the fact that he can't get insurance on the disclosure form that the seller is supposed to give the buyer about known problems with the house?
INMHO ..I doubt it. Sellers Disclosures are for listing any known defects about the home being sold. Insurances change their rules all the time. Insurance is a product notthing to with the dwelling or land.
Good session
Thanks a lot !
Oh my gosh I remember this back in 1973 how we would wait in line and sometimes run out of gas and have to help my dad push the car to the gas pump ….. I remember that like it was yesterday
I was the kid stealing it but only a Gal. It was Fun keep us from robbing Banks..🤗🤗🤗🤗
In Texas my auto insurance went up but my renters insurance went down. It's wild
That gas shortage looks crazy! Glad you don't drive much, so you don't have to worry about it like others. I hope it ends soon!
I also live here in Florida and had insurance go up fortunately just a small bit. Michael talks about increases here but I bet the increases must be staggering in those states where the tornadoes have ravaged lately.
Not really. Tornadoes do a lot of damage where they hit but are not usually wide spread so it doesn't affect the rates that much. Hail damage is much worse from an insurance standpoint because you end up having to replace thousands of roofs.
🐊 ☀️ 😎
Love the videos Michael!
Thank you Jeff always nice to hear from you my friend !
@@MichaelBordenaro 🤝
Hey Jeff
@@mellie1022 hey mellie! 🥂
Thanks Michael. Florida is definitely off our retirement list.
Where is the next state your thinking about going to Iv been looking for another state also
@@Holyheart1 Hey Tom , looking at either North or South Carolina.
@@jeffbasile9321 that’s funny been looking there also mainly south previously all set in Florida but not no more Iv been studying South Carolina for about a yr there’s good and bad also they have some crazy different type of taxes that scary me a little I have time on my side I live in Ill tired of cold and taxes here
Thanks
Thanks Mich
Unfortunately with all the increases in COL expenses, its just not worth it!
The Insurance industry (home, car, boat) in Florida is in a financial death trap. It will never end, kind of like buying into a time-share. Why? How many hurricanes, floods and direct hits will Florida take over the next 20 years? The cost driver is the weather / Florida location, and that can not be controlled by man.
You need to interview an insurance consultant, we would help you improve this type of content
I have gas in order to get to the family farm. Of course in FL you cannot really get to anywhere with an extra tank full unless you live in the panhandle.
I pay total for 2cars & a 3bd 2 bath houses with 2car detached garage plus 50k for content about $5K per year. That includes property taxes. Here in W. Wash unless you live in a flood plain, next to a river or on a hillside insurance is cheap if you stay outside of city limits. My daughter just moved from Tampa to SW Oregon because of all the xtra costs for warmer weather in Florida.
My auto insurance here in SWFL just went up 30%. I have had no claims or tickets. I guess it's happening across the board to everyone to help insurance companies pay out hurricane claims.
Mine as well
Both our vehicles up about 30%
@@hft3564 he’s “for the people” lol
My auto liability insurance on my Odyssey went up 50% in Wisconsin and I only drive it around 3K a year. I also have not had a ticket or claim in at least 15 years.
11:00. Subsides are everywhere.
if you are smart,and have a backyard I recommended growing your own food. I have a ton of Blueberry bushes ,blackberry bushes ,lemon tree, squash ,peppers, and tomatoes plants and etc . I just bought my house just two months ago. Not only will you eat healthier, you save money on meals. I plan to make a ton of smoothies this year! I don’t see there being a food shortage tho,as most of this is happening bc there is a very low amount of truck drivers to transport it. I have two good friends who drive trucks, and they never get time off ,bc there is a shortage of drivers right now. Also another reason it seem like a shortage in stores is ,bc a lot of stores are cutting back on products bc of budgeting. Right now, everyone is budgeting or getting smarter with money, so watch your money right now,especially if you have a tight income. Like right now I hit up Bin Stores or Amazon Overstock for my housing products and etc,and buying things I need for 1/4 of its original price.
Please do a video on all the people who own their property and are going no insurance. TY
Ya know, if they just stopped lending for homes and made you actually have to pay for all or at least most of it in cash, the insurance would go down because home prices would drop like a stone. Housing market is like a bunch of addicts in a casino with easy access to credit. We're supporting prices that should not actually exist
And forcing the bills on to non debt "owners".
@@MR..181that's how financial system keeps manipulating us all 😂
Crazy from a few thousand in your pocket to a few 10's of thousands or even 100's of thousands. This whole mess is going to be worse than any of our imaginations could ever fathom.
Sounds like these people need to budget their Starbucks coffees
I live in a manufactured home... I received notice that I had to pay my house insurance. I took proof of my insurance to the development office. The manager of the office told me she was surprised they renewed my insurance. The company is going out of business. So far my insurance company has not said anything about it.
“Be careful what your wish for “
Years back, living in Colorado, locals were complaining about people from California moving in and driving up the housing prices, however these same people were more than happy to sell at the highest price possible and brag about how much money they made. Just the nature of greed.
this might just be the start of increases across the board
We had that gas shortage here in Vegas a couple months ago, people were going crazy.
" don't worry, there will be enough gas" everyone fills up car and extra tanks.
This is being done deliberately through out the country and it’s only going to get worse.
It had to do with the Port Everglades flooding…. A temporary problem
@@CHMichael why didn't the national news cover this?
@@tmartin5562 I didn't know about it either until I was watching another RUclipsr out of South Carolina on Wednesday night. She talks about stocking up and food shortages in the different stores she goes to. I even commented in her comments section about my not knowing about this and how I watch a RUclipsr down in Miami and didn't hear him mention it . Then Michael brings it up today.
We’re fighting with the insurance for the last 2 years to replace the roof after they raise the insurance from 1500 to 2000 then 3000. I paid of my mortgage and canceled the insurance. And still waiting after the settlement agreement.
Same in AZ!! No gas anywhere..
:( what is causing the shortage in Arizona? Are you in Phoenix?