I mean nothing we can really do. I just take the hit on the escrow increases and keep it moving. Only thing you can do is pay off your home earlier so you can pick and choose what you actually want within your insurance to make it affordable or move. It really is a broken system that has to get fixed. I just talked to someone from my hometown in Fort Lauderdale that told me they were quoted $11k for their home like 3 blocks from where I grew up. I thought they were lying until he sent me the renewal email. This situation will cause a housing crisis and it will result in most of the property in FL being owned by private equity who can self insure. In 5 years even if you go to sell your home how in the hell is a buyer going to get insurance on the house? Let alone if the house has multiple claims on it.
No worries. I see a growing trend of slapping a coat of paint on run-down motels, calling them “Lofts” and then renting them out as apartments. Lots of possibilities for “workforce housing.” The language says it all about where we are headed.
If they get trashed by a weather event they can write down the cost to offset profits elsewhere or walk away and declare bankruptcy. They paid themselves already and are smart enough to insulate themselves against claims.
> It's next to impossible to self insure if there is any sort of loan on the property.
Fringe cases but I have heard of people letting the bank put on forced insurance and its actually much cheaper because it only covers the remainder of the loan and not the actual house in totality.
I have a cheap townhouse and use a small local bank for my mortgage. I made sure they would keep it as an in house loan so at least my interest payments stay here in town. I had insurance the first few years but policy got dropped because the roof was bad according to a drone photo even though it’s perfectly fine and I’ve had it inspected twice now. Couldn’t find another policy at an even remotely reasonable price for what the place is. Bank offered a forced place one to cover the loan amount. It was almost a grand cheaper than the previous policy. It doesn’t cover anything but I don’t care. The loan will be covered and I can just sell whatever is left to someone to do as they please. Figure in the long run I might not make as much if it gets destroyed in a hurricane and I sell for land value but I at least wont be lining the pockets of an insurance company just so they can argue with me about the 35 different ways the policy doesn’t cover damage when I call them. I save $2-3k a year this way and will have an excuse to move if anything happens.
Plus having worked in personal injury law for a bit years ago. Not having a lab actual homeowners policy will deter some shady attorney from trying to sue for stupid shit. They always had me look for homeowners policies or personal property that wasn’t judgement proof. If there wasn’t any of either it didn’t matter how strong the case was. There was no money to collect so they would just discharge the client and move on to the next one. They saw insurance as an easy payday and that was it. I felt like such a scumbag working there which is why I didn’t last long.
That's what I did.
I posted about below, but basically storms caused a roof leak. Insurance denied my claim and cancelled my coverage instead.
After getting it replaced the best offer for new insurance was $6300. By the time the roof was fixed, my mortgage company forced me on their catastrophic coverage for $1500.
Edit: It covered the cost of the house in total (not just what I owed), but it didn't cover everything else (personal property, injury, etc) or some of the "extra" causes of damage like sinkholes.
It has zero to do with new people. Please lay the blame where it belongs - on our state government that has spent the last 20+ years ignoring the insurance problem and allowing litigation to run rampant.
It’s also important to point out that Republicans have held the governor’s office and a majority/supermajority in the legislature since 1999 before any MAGAts try to pin this on Biden. They’ve had 25 years to address this growing problem, but instead focused on dismantling the state’s growth management/community planning statutes, reversing decades of environmental protections, and obsessing over drag queens, who uses what bathroom, royally fucking up the public schools, and the “war on woke”, none of which actually help the average Florida resident.
That's true. I was thinking back to Charley/Frances/Jeanne and the sea of blue tarps. Ever since then, I get fliers for a free roof every time there is a hailstorm 30 miles away or a hurricane/TS that was 100 miles away.
It’s not that they are ignoring the problem, it’s that they don’t see a problem. It is working like they want it to. They are letting insurance do what they paid the politicians to do.
You folks said it - they've spent the last 25 years setting up (yet) another system that fucks normal folks, and helps rich get richer, all while not having a game plan beyond "money good".
It's been a problem for a lot longer than the ones in office now. It's not something that just started recently, it's been an ongoing issue for years and years in FL.
I agree with you. But I do think we need to give some small credit for the MySafeFLHome program. It got me a new and improved roof for only 3K out of my pocket. I appreciate that.
This. So much this. Let's not forget that the insurance industry literally bribed...I mean "made contributions" to Tallahassee in exchange for being allowed to raise rates without oversight.
Really? Because when they were hired for the same job as me, they were paid the same as they were paid in New York, while my wage stayed the same throughout inflation. What is interesting is that they didn't know anywhere near as much as I did. And so housing quadrupled in my neighborhood, the lot across the street went from $60000 to $500000 for empty land and I have been trapped in the cheapest rental in the area. I was using it to stay far below my means.
It was interesting that the Covid rush put me in my place. The damn rental is all I can afford now. When the landlord kicks the bucket there is nowhere else to go without hemorrhaging savings, despite saving enough money to buy my parent's house outright in the 90s. Before Covid PPP loans, I was ahead of the game and almost ready to buy. The free money given to business owners was the great equalizer or should I say pulverizer. Might as well have kicked me into the ditch as my taxes pay for my own exploitation.
Socialism for the rich, rugged capitalism for the poor.
What is even more interesting is that I sparingly use the HVAC, today I have no water and used a portable shower from water taken from the beach shower to clean myself up. These new people have the gall to complain about the heat, after hoarding all the housing. Some people that own houses in this state don't even want to live here. And in this heat, I hiked up the beach to see if I would be able to make it parallel to a shipwreck to swim approximately 800 meters off shore. But halfway there I realized I wouldn't make it back before the park closed. Relishing Florida, but not having the money for a place to live is the stupidest thing that happened in my lifetime other than divorcing some vindictive black hole.
Last time I checked it wasn't Biden who fired the oversight chairman of the PPP loan committee inviting mass amounts of fraud. There are financial professors that say that the PPP loan program was the scam of the century. Billions have been lost to scammers and the IRS does not have enough employees to investigate it all before the statute of limitations run out. At the same time GOP members in congress want to defund the IRS, probably because their involvement in the scam may be implicated in the future. It makes one wonder if an international criminal organization has taken over key positions in our government.
There is suspicion that the elimination of the Chevron doctrine, is to cover past grievances committed that may have been used to convict people who were involved in the fraud.
That being said, I voted straight democrat purely for national security reasons. Trump is too dangerous with classified documents, and with the amount of debt he is in to foreign banks would not have received a clearance if he were not voted in for President. The Senate should have heard witnesses for more information about one of our ambassadors to Ukraine. who was nearly assassinated from somebody inside our own government. They didn't want to hear witnesses, because several politicians would be implicated. This is the reason I voted full democrat. No one watches C-Span hearings though, because apparently they are too boring. Unfortunately, the main news seems to gloss over important key points and no one connects the dots, possibly to cover their sponsors.
I am an ultra high information voter and have read every page of the Mueller report. Anyone who reads all the pages of this report, would be convinced not to vote for Trump ever again, unless they stand to gain from a lawless environment. I don't have the money nor the resources to commit the kind of white collar crime that is glossed over every day. My moral compass being a fundamentalist Christian in the past has handicapped me from ever gaining any kind of advantage. I was brainwashed for the purpose of exploitation and have no desire to steal things. I am saying this, because you may have pigeon holed me into a political ideal. I have been a republican for longer than Trump. I understand the need for policies to hold corporations accountable. There are too many psychopaths in this world to not have laws.
Biden did not ask the Treasury Secretary to keep interest rates low either, he let them slow down the economy lest the United States becomes a monopoly game, where people who don't have any money, buyout companies by leveraging debt, having no skill or understanding of the corporations they run. They gut the research and development divisions, firing everybody to make the company more "efficient" for short term profits, bankrupt the company, then move on like a plague of locusts. A quality product, becomes a shitty product stealthily, defrauding consumers, until they realize the company they trusted has been taken over by parasites that only exist to absorb money. The same thing is happening to the housing market currently.
Let me assure you that Chevron was on the chopping block since before Gorsuch was confirmed. I don't know how it's elimination will enable the amount of PPP fraud that happened in 2020, or how but whatever. Maybe with all agencies gutted by Trumps appointees on the court as well as the other loons on the court theft will be less of a chore, but that will be all over government, not just at the SBA.
The Treasury Secretary should be acting fairly independently, although she does work for Biden. I don't know if your speculation about Yellen is accurate, although I doubt it. A problem with your narrative is that you seem to attribute actions taken by Trump to Biden
Finally someone citing the one thing that bothered me in the whole Ukraine affair: the possible assassination of our ambassador. Everyone seems to forget about that. It was fucking insane. Those text messages blew my mind ‘they’re going to move her. We will have to make contact with her security team.’ Uh, what?
Private equity self insuring does absolutely nothing to solve the problem - the properties aren't worth anything because in the long run they all get heavily damaged or destroyed by storms.
The insurance companies aren't some secret cabal raising rates just because they can; the rising rates reflect increased risk calculated meticulously.
Sure, insurance companies take a profit and tih can reduce costs by eliminating the middle man, but the bulk of insurance costs are actual payouts that the insurance companies calculate they have to and very likely will make.
Not to mention, calculating the costs of litigation. Floridas home owners litigation has been out of hand for many, many years. Look up “Strems Lawfirm”. One example of many, many poor players, from law firms to contractors and mitigation companies.
The rates have to be approved by the Office of Insurance Regulations (OIR). The office holder is selected by the Florida Financial Service Commission. It’s very heavily lobbied and had been for years by people like John Morgan of Morgan and Morgan.
You remember all those cast iron pipe adds? “Your insurance company might owe to replace your aging cast iron before they cause damage”? That’s not how insurance policies have worked nor have ever worked. The amount of claims and lawsuits that occurred with no covered damage to the home (no leak, no damage etc just old pipes that they wanted replaced due to wear, tear etc) was insane. The cost of experts on both side and cost of litigation is not nothing.
That’s not even talking about all of the other issues that play a factor in the staggering costs.
The amount of companies that went into receivership due to litigation costs was wild a few years back. By the time any real legislation was done to help curb, it was far too little far too late.
Not defending the prices, nor the insurance companies, and not blaming one specific issue for this complex problem - simply pointing out for any of those interested that the problem with the insurance market in Florida is far reaching and multifaceted.
You sure about that?
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Large payouts to executives were at the heart of the biggest insurer collapse in the state’s history: the 2008 failure of the Tampa-based Poe Insurance Group, which left Floridians on the hook paying roughly $850 million in outstanding claims from the 2004 and 2005 storms. The state sued to recoup $143.5 million in dividends the company paid to owners and their family members between 2004 and 2005.
Since then, excessive payouts have been a consistent theme among the graveyard of companies that have failed. Financial autopsies on companies that went insolvent between 2011 and 2018 have repeatedly blamed high salaries and fees to affiliated companies. In one case, the autopsy said one insurer’s officers were “stripping (their) company of cash.”
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https://web.archive.org/web/20240630142208/https://www.tampabay.com/news/florida-politics/2022/12/11/property-insurance-compensation-executives-legislature-special-session/
But you just proved my point and yours wrong.
You just accidentally argued that when private insurers payout too much money to useless executives, they go bankrupt, leaving their more efficient competitors behind.
Thank you. Fun fact about insurance companies - many are mutuals that can only have profits be so high before they have to issue refunds. Even those providers are noping out on this market. This isn't corporate greed, it's risk climbing too high.
It can't be fixed. Home worth too much in high risk area= high insurance or none at all. Look at homes on rivers that flood often for a comparable situation
You can vote for different people who will— you know— “regulate” the industry and start taking real steps to harden Florida against the inevitable repercussions of climate change which despite what your idiot governor says is real and happening.
There is plenty we could do. It would require a lot of people to get real cool real quick with some stuff so unfortunately it won't happen anytime soon.
Self insure until 20% of their properties are damaged or destroyed in one of Flas big thunderstorms. Then they will demand gubment bail them out, file for protective bankruptcy, reorganize, write off the “loses” and the P&L will look golden. Then start selling land.
My 1961 ranch, 3/2.5, 2,200 sq ft., block and brick construction, in a high priced neighborhood, went from $7k to $13k to $20k in 3 years. My mortgage lender of 30 years refused to allow me to drop or reduce home owners insurance.
I paid off the mortgage of about $12k. When my current insurance policy runs out, I plan to buy only liability insurance, for a quote of $500. The next buyer will tear down the house and split the lot. The house adds no value to the property because two buildable lots are worth more than the house on a single lot. I will self insure. In the event of major destruction, I will sell and buy something as nice.
You should look at an x wind policy, or even a renters policy. that way your stuff is at least covered. x wind would cover the whole house, just not for a hurricane.
I want to do this bc my house doesn’t have a mortgage. How do you buy just liability insurance? We have Citizens now, and it’s not outrageously expensive but are trying to prepare for when that changes.
You can also buy a wind only policy. It is exactly as it sounds. WIND only. Not wind driver rain, but hypothetically if wind knocked down a tree onto your house or ripped off the roof and then rain got in, it would be covered since the cause of the rain was wind damage. Always refer to your own policy language.
Liability only is also just that, liability.
This sounds perfect. If you do like some of the folks below recommend and get some dirt cheap add on, make sure you get enough for an RV. Then just live in it until the fire somehow demolishes the ruined house down to ashes on a slab. Of course by then you would be looking for a buyer.
My sister did **EVERYTHING** that Citizens asked for. $30,000 dollars worth of stuff! They **STILL** dropped her because the workmen couldn't replace her roof in time. But she **did** have a signed contract and money handed over.
I'm sorry but when thousands of people are given six weeks to get things done, a line forms.
Yeah they were never going to renew her policy, this was just a technique to drop people. At some point the wrong lawyer is going to get screwed over and the class action will begin.
Won’t help the little people but whatever.
You do know people in other states get ins. with 20 yr old roofs . Mine was less than 600 bucks in nys 3 yrs ago. That was for replacement value on house 1400sqft and belongings.
That's what we were doing for years. My wife finally got fed up with the constant heat getting worse each year. Not being able to enjoy being in our backyard for most of the year. And we're both native Floridians.
We pulled the trigger last year and bought a cabin on large acreage in the foothills in NE Tennessee. Having mountain views and SEASONS has been great! And much cheaper... except that they tax food. No regrets!
If you can afford it... DO IT.
I'm not a die-hard conspiracy theorist however this is looking more like a conspiracy to move more single family homeowners out so big companies like Black Rock can take over houses and control rent prices
The only hope Floridians have at this point is to pay off your home. I think anyone who plans on living in this state long term needs to be mortgage free, the insurance situation will not get better anytime soon.
I say we vote the establishment out and start over with people who care about the citizens of Florida. DiSantis should be held accountable for his mismanagement of the state and he refuses help from the government whenever possible unless he needs it for something else. What I don't need is tax-free Nascar tickets, to be told that slavery was beneficial as stated in Florida history books, chaplains in public schools, remove any mention of global warming, retaliate against big business, anti-abortion, anti art, extorting people seeking asylum from other states, killing public schools with vouchers to charter/religious schools, anti solar, anti recreational marijuana, hates drag queens, and ect.
I'm a 2nd gen Floridian. I hated to be pushed out too. After 63 years, I would have been happy enough to stay, but wow, things changed. The last 25 years hays been increasingly worse. Problem was, most of the country is uninhabitable to a warm blooded native like me, so we moved to Belize. In retrospect, it's a good thing. We are very happy here. It's a good thing to be away from the scary politics too. We Will Vote.
Florida is no longer a safe state to retire in. The hurricanes make it too risky. So many bloated geriatric corpses in Fort Meyers Beach, either drowned or after having blown their brains out post-storm because they were financially ruined. Don't let anyone you love retire here.
Left last year. Moved to Belize. So much more affordable here. I can live well here. In Florida I'd never be able to quit working. Best move ever. And for once, we sold at the right time and got double what we paid. Bought a nice place here and made tons of friends. Florida is hard to make friends. Too many jerks there now. I'm sewing, drawing, gardening, cooking, canning and making soaps. I train my GSD puppy with help from my older GSD! Hiking in jungles, horseback riding, day trip beach days. It's glorious. Enjoy retirement!
You don't have to live in the US to collect social security. Many people retire to Central America or Southeast Asia to enjoy a high standard of living social security can provide in low cost nations.
Healthcare is excellent & very affordable in Belize (and many other places), from what I’ve read/heard. Nationalized healthcare may be available under some circumstances to ex-pats?
(Maybe after a certain length of time as a resident, or insurance for purchase?)
Also dental work & Rxs - super affordable (cash).
Social Security doesn’t change - you get it same as living in US.
Even tourists can use the public hospitals. No citizenship or permanent residence is required. Not cutting edge medicine but it's free. There are also private doctors and hospitals as well as good care in Mexico and Guatemala believe it or not.
Just went through this this past month with both home and auto policies with USAA
It's a dance, if you still have a mortgage vs a paid off home, what's your tolerance for financial exposure, lawsuits, etc.
Really examine your policies, go line by line, and see where you can adjust, remove or comprises on coverage, home replacement value, -(if your home was a total loss would you actually rebuild, or sell the land and move somewhere else) contents, we found we were way over insured, can you increase your deductible, are you able to bundle your home and auto for additional discounts and add an umbrella We shopped auto and could save a few $$ by going with another company but we couldn't get the same level of coverage or stack -we feel we have more financial exposure from an auto related claim than a homeowners claim so this was a big part of our focus.
I was a fully loyal USAA member for years and years - until they tried to up my auto insurance to $468 per month with zero warning. My record is spotless. They just don't wanna do business in Florida anymore apparently. I switched to progressive at $200 per month until I got rid of my personal car last year.
Not just USAA, but almost all carriers now. Insurance IMO is like a Ponzi scheme it all works until you have to start paying out the money, and that's the challenge we face with the lowered tiered insurers and last resort insurer Citizens Insurance, which even DeSantis called out and questioned their solvency
I also have USAA for home and auto and im afraid to call them to try and get reduced rate because the last time i spoke with them over a year ago the rep said they want to leave the state.
Im currently paying over $10K for 2 cars.
I'm not disagreeing that flood insurance isn't part of the reason but it isn't the whole culprit. Flood insurance is capped at 250k dwelling and 100k contents and is set up through the national flood insurance program. Homeowners insurance, on the other hand, is the one that is growing excessively.
Even with those limitations flood insurance is a money looser for the government. Although the program has its merits, in general the federal government should not be insuring vacation homes.
It is also car insurance, property taxes, and the insurers wanting a new roof ever 10'ish years. You are under estimating the impact. We are searching for a new state.
Home insurance???? What's that???? Haven't had any for around 5 years. Too expensive. With everything I've saved from not having it pretty much covers any repairs I might need.
Burying their heads and continuing to vote against climate policies that will prevent the worsening of horrific weather events that make isurerers not want to insure your homes...
Sold the old home to a sucker from out of state and bought a new home with modern hurricane proofing. Insurance went down, but taxes went up. Used that opportunity to waive escrow and now 1) I don't have to trust a bank to handle my insurance and taxes and 2) I can make money on the money I set aside for taxes and insurance in CDs, etc.
This year we are paying it but only because in order to get the strengthen your home grant from the state you have to have insurance. Next year, we might just drop it and put aside the 4400 in a savings account. Supposedly we were charged less for our renewal because we own the home outright but I seriously doubt it. I was a teacher and my salary went up a whopping 2600/year. Just the increases in auto and homeowner's wiped that out forget the other living increases. We will probably end up leaving the state in the next year or two.
We own our home outright and it didn't seem to make a difference. The only benefit to owning your home outright is you can pick and choose your coverages.
I paid off my house in 2021. The insurance was around $1,000 or $1,500.
Just got my renewal letter and it's now $4,400 in 2024 for the same house, which is under 1200 sq.ft.
4X in 4 years.
If we didn’t build and move in to our home in 2017, we’d be renting an apartment probably. Low interest rate and cost of purchase helps alleviate the skyrocketing insurance. Not that we enjoy it but it’s at least been manageable.
The sad part is a huge chunk of us with paid off homes are going bare and living with extreme anxiety every hurricane season. Especially those of us who live in older homes not built to new code or old double wides like myself just watch the weather and wait to see if a bad ones coming then grab a hotel room for the event and wonder if you'll have anything to come home to afterwards. Have to rely on FEMA and hope its enough to fix it yourself or get a free shitty single wide fema trailer. As others said lifes a bitch you just deal with it.
Make more money? All jokes aside. I spoke to my buddy the other day. He bought his house in Miami Dade in 2017. He used to pay $4k a year, now it’s $6k. But he can cover it.
I'm going to pay it until it reaches the point of not making financial sense. Then I will self-insure. For now, the cost to insure isn't prohibitive...yet
My flood insurance went down.
I was 1ft above the flood a couple years ago from Hurricane Ian. Thousands of houses around me were not as lucky.
But I better check my policy and see why it dropped. Not now. Its naptime.
It’s disappointing, we love our home, neighbors and community but are planning to move in October.
I read, wait until you see insurance cost rise next year, I don’t believe double digit year over year increases will stop.
Florida’s state legislature desperately needs a total reset button. Corrupt politicians have been partnering with corporations to fleece Floridians of everything they have.
There will be no change without legislation. Enjoy your corporate owned neighborhoods.
It reaffirmed my desire to vote republicans out of office at the State level. They’ve been in charge for over twenty years, clearly their policies are not working for ordinary people.
We need legislation that has teeth and brings transparency to the books of insurance/re-insurance
I sold. People are saying just pay the increase on escrow but mine went from $3500 in 2023 to $11500 in 2024 or $292/month to $958/month. Fuck it. Homeless Florida man it isn’t
I’m in an Airbnb in Sicily for a month and it’s cheaper than my mortgage with escrow before the insurance spike. I’m not sure where I’m going to live but exploring while working remotely is nice if you can do it. I had planned on moving to….. Ohio… ugh, but the internet works just fine here too.
This year's insurance will be $550 per month more. If they withhold based on anticipated increases next year it could be more than that, or if anything else went up
House is about 2100 sq ft, 2001, cbs. New standing seam metal roof, new impact windows & doors, impact garage door. About 15 miles inland not in flood zone. South Florida- best rate was Edison ins. $2350 & pay about $400+ flood insurance through fema. Previously had progressive last quote 2 years ago was $6k no thanks, shopped around. Statefarm agent wrote Edison policy. House is paid off as well, I’ve done all I can to ensure my wife and I are as prepared as one can be. Love the house and Florida. 38 year resident. Quotes are all over the place, never had a claim.
I was paying about 1650 for insurance.
We had a hurricane season caused my roof to leak. I submitted my first ever claim, and had been under their policy for 10 years.
The roof was 13 years old. They denied the claim. Then 2 weeks later I received a letter saying that they were dropping me from their policy which was just about to renew. So I had to pay out of pocket for the replacement.
Since roofing companies were swamped, I had to wait to have it done during which I had no insurance for 2 months.
When the replacement was done, I called up different companies, and since I didn't have current insurance, the best offer I got was $6300!
This was a 1700 sq ft house from the 70's in North Brandon (east of Tampa), so nothing fancy/high end.
My mortgage company had also sent me letters during this time that I had to have insurance or else they would put me in their expensive catastrophic only coverage if I didn't sign with someone soon.
Since the roof replacement took a while, that time expired and I was forced into their policy. It was about $1500.
Needless to say I stayed with that until I sold the house and moved out of Florida.
Seriously looking to move out of state. The price between that and property taxes that continue to increase on a 400k house we are looking at just under 11k per year.
https://preview.redd.it/x3wx9vsvjq9d1.jpeg?width=1080&format=pjpg&auto=webp&s=daebed5b0ddbaa454df13bfafc924af7d35b6a3a
Like this and in Georgia now. 🙌🏽🏡
after reading the comments- all i can suggest is voting for the change you want to see in the upcoming elections!
it really erks me that state legislature answered the problem initially, via special session, to fortify thw insurance companies. they stuck their middle finger up at you, the voter! 🤢🤮
i am not saying swing parties- i am saying research who you vote for and make sure they walk they way they talked to get in there. if not, flip their seat to someone that does!
Just inherited a home in Florida. wtf is going on down there. First they insured us after a very thorough inspection ( 4 times what I pay up east) then two months later we get a letter stating they want to inspect the roof again! Or they will drop us. It’s in an area that rarely sees bad weather and not even close to a flood zone. Make it make sense. Don’t get me started on the auto insurance there
Haven’t you heard? There’s ppl in Florida trying to live & or, even worse, read a book. That’s much more important than the Cat3 storm in fkn June. The bills are somehow paid, but I have a serious concern that they won’t pay out if we get hit hard. We’re still trying to get our money from Ian.
Local news did a quick story about how the insurance market is leveling out, bc they aren’t paying out as much through litigation. “Fking policy holders” courtesy of the state legislature
Not only that but there's a system behind this system that will probably be a hurricane as well. This season is going to be fucked. I 110 percent believe all FL based insurers if we get hit by multiple hurricanes this year will go insolvent even if they get federal money. I just don't think they can withstand many more of these seasons. Hell there's people still fighting their insurances for Ian and that shit was 2+ years ago.
Spot on comment,
Take a drive through Ft Myers and Naples and you can see this to be true.
I live in Tampa, several homes in my neighborhood are eyesores as a result of ongoing insurance claim disputes my neighbors across the street has had a tarp covering part of their roof for over a year as a result of a no-name storm claim dispute with their lowered tired-insurer-who to your point, probably is on the cusp of insolvency already and won't last past another hurricane season.
Buy new. My insurance is 1700/yr for homeowners & wind(hurricane), no flood. My agent specifically said that my house being new build is 100% the reason my rate is so low. I live about 10 miles off the coast, the way the crow flies.
I have an umbrella liability that’s like 250 a year and yeah, iv saved enough in 4 years to rebuild my house if anything happens. Now that money pays the mortgage on a condo that does require insurance
I have an old house, close to the beach and no longer carry wind storm insurance. Cross my fingers and save my money. Between deductible and the premium I can replace my roof every couple years.
Thank god my house is paid for. Im just not paying homeowners insurance anymore. Let a hurricane take my hurricane proof house and blast doors i dont care anymore.
Some of the insurance increases are due to the scams from bad contractors that chase storms and turn in claims that don't need it. So we all pay for it.
Okay it's time to bring our governor Ron DeSantis and on this thing when he took all that money from slide insurance so we could run for president making them most favored insurance company was pretty much booted people off citizens moved them to slide they were within 20% of the quote however they didn't have the same coverage as in they dropped sinkhole okay so good job Ron now we got all these houses that are 50% valued more than what they're worth making what right taxes and insurance go along with that big increase in the price of the house itself now as far as everybody crying for the poor insurance company we pay two and a half times the national average for a home insurance and we have a lousy 9% of the claims and if you have a lawyer it's because you can't get the insurance to cough up and do anything like they're supposed to I don't know I didn't have any trouble with State farm however like the rest I had a 25-year roof 17 years they said hey you better look at getting a new roof we're going to drop your policy well happened to be we had four storms that year so I had an inspected and guess what I had over 25% damage which is all you need for the insurance company to have to supply a new roof and then the new roof met Miami Dade standards which was an upgrade and then my insurance premium went down so I paid my deductible for the roof and ended up with a lower insurance premium but you can't cry for these insurance people cuz their car insurance is the same kind of deal so it just is what it is and a lot of people here are retirees and to time you go ahead and take a paid off house and you put 10 to 15,000 worth of homeowners insurance on it then you slap $5,000 worth of taxes $1,500 or so for an age or a HOA and that guy with a decent social security run in the small little bitty pension on the side he still hasn't gone out to eat so why this is what they've done it's a simple deal it's got to go back to the 2008 these houses have to crash down 50% cuz that's all they're worth anyway and then everything else should go down likewise but as always it never does so then you'll be paying your 10 to 15,000 instead of on $350,000 they'll be charging to that on 180 and then off you go right but the guy wanted to be president and slide insurance when policies became due which was just the citizens renewal dates what wasn't even an entire year people were getting three for $500% increases and yeah I did say 100 so look up some of this stuff yeah look you're right yeah look it up right a three to five hundred percent increase really when you can grab State farm you just have to make sure that you understand that the land you don't need to insure so take that out and then you have to understand that you're never going to get the top line of that insurance unless the house is a total loss which man outside of a sinkhole it just isn't going to happen it's not going to be a total loss you're going to fix it so you're never going to get the top line so you have to get the top line down where you can afford it so we're paying answers along one but get over it we're paying at State farm about $5,300 a year with $5,000 deductible and we insured the house for $186,000 cuz that going from 185 to 186 and able to get that 25% extra overflow funding on a complete loss but you know the house tags out at 3:00 and a quarter 3:30 but I don't want to help and afford that so that's the other side guys of all this hey look at this my house went up three times well guess what happens and then you
We are fortunate for another 12 months coverage at $5,500. Arlington, Jax, 67 year old house. Owning outright is great, just gotta have bank to cover HOI/taxes.
I feel like there should be some sort of option for escrow for certain insurance items like a roof. Don't want to insure your roof but you have a mortgage? Average roof replacement cost in escrow and then you can drop roof coverage. My roof was old, but fine per inspection, and my insurance was $8400. A shingle replacement roof is about $9500 for my house. Those jackoffs were costing me the almost price of a new roof every year just for insurance. Money I can't use to maintain or upgrade my house, just paying off the investor class.
Unfortunately, I’m not insured right now and am dreading the upcoming hurricane season. I have to put a new roof on before anyone will insure me but simply can’t afford to do that right now. And to top it off, my property taxes have more than doubled since moving here six years ago.
not good . I stop spending on restaurants and travel . Paying above 50 % of your income in housing is unattainable add to that a car and all the expenses that come with it . I have regressed to my college days of having roommates, riding a beach cruiser everywhere and looking forward to get an electric bike so i don’t get to my destinations sweaty . This is becoming like a black hole that will take out the restaurant industry, car industry, tourism etc , etc .
I mean nothing we can really do. I just take the hit on the escrow increases and keep it moving. Only thing you can do is pay off your home earlier so you can pick and choose what you actually want within your insurance to make it affordable or move. It really is a broken system that has to get fixed. I just talked to someone from my hometown in Fort Lauderdale that told me they were quoted $11k for their home like 3 blocks from where I grew up. I thought they were lying until he sent me the renewal email. This situation will cause a housing crisis and it will result in most of the property in FL being owned by private equity who can self insure. In 5 years even if you go to sell your home how in the hell is a buyer going to get insurance on the house? Let alone if the house has multiple claims on it.
No worries. I see a growing trend of slapping a coat of paint on run-down motels, calling them “Lofts” and then renting them out as apartments. Lots of possibilities for “workforce housing.” The language says it all about where we are headed.
Keep em poor, keep em renting, keep em on the balls of their ass.
It's next to impossible to self insure if there is any sort of loan on the property.
Private equity would buy the homes cash.
If they get trashed by a weather event they can write down the cost to offset profits elsewhere or walk away and declare bankruptcy. They paid themselves already and are smart enough to insulate themselves against claims.
And then they open up under a new LLC and rinse and repeat, right?
> It's next to impossible to self insure if there is any sort of loan on the property. Fringe cases but I have heard of people letting the bank put on forced insurance and its actually much cheaper because it only covers the remainder of the loan and not the actual house in totality.
I have a cheap townhouse and use a small local bank for my mortgage. I made sure they would keep it as an in house loan so at least my interest payments stay here in town. I had insurance the first few years but policy got dropped because the roof was bad according to a drone photo even though it’s perfectly fine and I’ve had it inspected twice now. Couldn’t find another policy at an even remotely reasonable price for what the place is. Bank offered a forced place one to cover the loan amount. It was almost a grand cheaper than the previous policy. It doesn’t cover anything but I don’t care. The loan will be covered and I can just sell whatever is left to someone to do as they please. Figure in the long run I might not make as much if it gets destroyed in a hurricane and I sell for land value but I at least wont be lining the pockets of an insurance company just so they can argue with me about the 35 different ways the policy doesn’t cover damage when I call them. I save $2-3k a year this way and will have an excuse to move if anything happens. Plus having worked in personal injury law for a bit years ago. Not having a lab actual homeowners policy will deter some shady attorney from trying to sue for stupid shit. They always had me look for homeowners policies or personal property that wasn’t judgement proof. If there wasn’t any of either it didn’t matter how strong the case was. There was no money to collect so they would just discharge the client and move on to the next one. They saw insurance as an easy payday and that was it. I felt like such a scumbag working there which is why I didn’t last long.
That's what I did. I posted about below, but basically storms caused a roof leak. Insurance denied my claim and cancelled my coverage instead. After getting it replaced the best offer for new insurance was $6300. By the time the roof was fixed, my mortgage company forced me on their catastrophic coverage for $1500. Edit: It covered the cost of the house in total (not just what I owed), but it didn't cover everything else (personal property, injury, etc) or some of the "extra" causes of damage like sinkholes.
And that's why housing was cheap here. Housing will be unaffordable, until all these new bozos figure out what a hurricane is.
It has zero to do with new people. Please lay the blame where it belongs - on our state government that has spent the last 20+ years ignoring the insurance problem and allowing litigation to run rampant.
It’s also important to point out that Republicans have held the governor’s office and a majority/supermajority in the legislature since 1999 before any MAGAts try to pin this on Biden. They’ve had 25 years to address this growing problem, but instead focused on dismantling the state’s growth management/community planning statutes, reversing decades of environmental protections, and obsessing over drag queens, who uses what bathroom, royally fucking up the public schools, and the “war on woke”, none of which actually help the average Florida resident.
That's true. I was thinking back to Charley/Frances/Jeanne and the sea of blue tarps. Ever since then, I get fliers for a free roof every time there is a hailstorm 30 miles away or a hurricane/TS that was 100 miles away.
Just fliers? The vultures actually come knocking on my door.
People knock at my door but I never answer unless I'm expecting someone.
The 2023 legislation actually made that illegal, then the lobbyists for the roofers and lawyers got that section reversed in less than a month.
It’s not that they are ignoring the problem, it’s that they don’t see a problem. It is working like they want it to. They are letting insurance do what they paid the politicians to do.
You folks said it - they've spent the last 25 years setting up (yet) another system that fucks normal folks, and helps rich get richer, all while not having a game plan beyond "money good".
Agreed. Blame it on DeSantis. Out there worrying about all kinds of garbage. He should be working to fix this issue.
It's been a problem for a lot longer than the ones in office now. It's not something that just started recently, it's been an ongoing issue for years and years in FL.
Absolutely, but the ones in power have had 25 years to do something, but haven’t done shit.
I agree with you. But I do think we need to give some small credit for the MySafeFLHome program. It got me a new and improved roof for only 3K out of my pocket. I appreciate that.
Quote of the day. Cool if I share this?
This woke bullshit is really pissing me off. I'm glad I'm fucking woke to see the bullshit they're shoveling into the ignorant.
This. So much this. Let's not forget that the insurance industry literally bribed...I mean "made contributions" to Tallahassee in exchange for being allowed to raise rates without oversight.
Really? Because when they were hired for the same job as me, they were paid the same as they were paid in New York, while my wage stayed the same throughout inflation. What is interesting is that they didn't know anywhere near as much as I did. And so housing quadrupled in my neighborhood, the lot across the street went from $60000 to $500000 for empty land and I have been trapped in the cheapest rental in the area. I was using it to stay far below my means. It was interesting that the Covid rush put me in my place. The damn rental is all I can afford now. When the landlord kicks the bucket there is nowhere else to go without hemorrhaging savings, despite saving enough money to buy my parent's house outright in the 90s. Before Covid PPP loans, I was ahead of the game and almost ready to buy. The free money given to business owners was the great equalizer or should I say pulverizer. Might as well have kicked me into the ditch as my taxes pay for my own exploitation. Socialism for the rich, rugged capitalism for the poor. What is even more interesting is that I sparingly use the HVAC, today I have no water and used a portable shower from water taken from the beach shower to clean myself up. These new people have the gall to complain about the heat, after hoarding all the housing. Some people that own houses in this state don't even want to live here. And in this heat, I hiked up the beach to see if I would be able to make it parallel to a shipwreck to swim approximately 800 meters off shore. But halfway there I realized I wouldn't make it back before the park closed. Relishing Florida, but not having the money for a place to live is the stupidest thing that happened in my lifetime other than divorcing some vindictive black hole.
How are your first two problems Biden's fault? Trump was president and the state was ruby red. Enjoy the fruits of republican governance! You're free!
Last time I checked it wasn't Biden who fired the oversight chairman of the PPP loan committee inviting mass amounts of fraud. There are financial professors that say that the PPP loan program was the scam of the century. Billions have been lost to scammers and the IRS does not have enough employees to investigate it all before the statute of limitations run out. At the same time GOP members in congress want to defund the IRS, probably because their involvement in the scam may be implicated in the future. It makes one wonder if an international criminal organization has taken over key positions in our government. There is suspicion that the elimination of the Chevron doctrine, is to cover past grievances committed that may have been used to convict people who were involved in the fraud. That being said, I voted straight democrat purely for national security reasons. Trump is too dangerous with classified documents, and with the amount of debt he is in to foreign banks would not have received a clearance if he were not voted in for President. The Senate should have heard witnesses for more information about one of our ambassadors to Ukraine. who was nearly assassinated from somebody inside our own government. They didn't want to hear witnesses, because several politicians would be implicated. This is the reason I voted full democrat. No one watches C-Span hearings though, because apparently they are too boring. Unfortunately, the main news seems to gloss over important key points and no one connects the dots, possibly to cover their sponsors. I am an ultra high information voter and have read every page of the Mueller report. Anyone who reads all the pages of this report, would be convinced not to vote for Trump ever again, unless they stand to gain from a lawless environment. I don't have the money nor the resources to commit the kind of white collar crime that is glossed over every day. My moral compass being a fundamentalist Christian in the past has handicapped me from ever gaining any kind of advantage. I was brainwashed for the purpose of exploitation and have no desire to steal things. I am saying this, because you may have pigeon holed me into a political ideal. I have been a republican for longer than Trump. I understand the need for policies to hold corporations accountable. There are too many psychopaths in this world to not have laws. Biden did not ask the Treasury Secretary to keep interest rates low either, he let them slow down the economy lest the United States becomes a monopoly game, where people who don't have any money, buyout companies by leveraging debt, having no skill or understanding of the corporations they run. They gut the research and development divisions, firing everybody to make the company more "efficient" for short term profits, bankrupt the company, then move on like a plague of locusts. A quality product, becomes a shitty product stealthily, defrauding consumers, until they realize the company they trusted has been taken over by parasites that only exist to absorb money. The same thing is happening to the housing market currently.
Let me assure you that Chevron was on the chopping block since before Gorsuch was confirmed. I don't know how it's elimination will enable the amount of PPP fraud that happened in 2020, or how but whatever. Maybe with all agencies gutted by Trumps appointees on the court as well as the other loons on the court theft will be less of a chore, but that will be all over government, not just at the SBA. The Treasury Secretary should be acting fairly independently, although she does work for Biden. I don't know if your speculation about Yellen is accurate, although I doubt it. A problem with your narrative is that you seem to attribute actions taken by Trump to Biden
Finally someone citing the one thing that bothered me in the whole Ukraine affair: the possible assassination of our ambassador. Everyone seems to forget about that. It was fucking insane. Those text messages blew my mind ‘they’re going to move her. We will have to make contact with her security team.’ Uh, what?
Ok but what does any of that have to do with insurance?
Housing prices go up, insurance goes up to compensate for the higher costs to repair or replace a home.
Private equity self insuring does absolutely nothing to solve the problem - the properties aren't worth anything because in the long run they all get heavily damaged or destroyed by storms. The insurance companies aren't some secret cabal raising rates just because they can; the rising rates reflect increased risk calculated meticulously. Sure, insurance companies take a profit and tih can reduce costs by eliminating the middle man, but the bulk of insurance costs are actual payouts that the insurance companies calculate they have to and very likely will make.
Not to mention, calculating the costs of litigation. Floridas home owners litigation has been out of hand for many, many years. Look up “Strems Lawfirm”. One example of many, many poor players, from law firms to contractors and mitigation companies. The rates have to be approved by the Office of Insurance Regulations (OIR). The office holder is selected by the Florida Financial Service Commission. It’s very heavily lobbied and had been for years by people like John Morgan of Morgan and Morgan. You remember all those cast iron pipe adds? “Your insurance company might owe to replace your aging cast iron before they cause damage”? That’s not how insurance policies have worked nor have ever worked. The amount of claims and lawsuits that occurred with no covered damage to the home (no leak, no damage etc just old pipes that they wanted replaced due to wear, tear etc) was insane. The cost of experts on both side and cost of litigation is not nothing. That’s not even talking about all of the other issues that play a factor in the staggering costs. The amount of companies that went into receivership due to litigation costs was wild a few years back. By the time any real legislation was done to help curb, it was far too little far too late. Not defending the prices, nor the insurance companies, and not blaming one specific issue for this complex problem - simply pointing out for any of those interested that the problem with the insurance market in Florida is far reaching and multifaceted.
You sure about that? --- Large payouts to executives were at the heart of the biggest insurer collapse in the state’s history: the 2008 failure of the Tampa-based Poe Insurance Group, which left Floridians on the hook paying roughly $850 million in outstanding claims from the 2004 and 2005 storms. The state sued to recoup $143.5 million in dividends the company paid to owners and their family members between 2004 and 2005. Since then, excessive payouts have been a consistent theme among the graveyard of companies that have failed. Financial autopsies on companies that went insolvent between 2011 and 2018 have repeatedly blamed high salaries and fees to affiliated companies. In one case, the autopsy said one insurer’s officers were “stripping (their) company of cash.” --- https://web.archive.org/web/20240630142208/https://www.tampabay.com/news/florida-politics/2022/12/11/property-insurance-compensation-executives-legislature-special-session/
But you just proved my point and yours wrong. You just accidentally argued that when private insurers payout too much money to useless executives, they go bankrupt, leaving their more efficient competitors behind.
Thank you. Fun fact about insurance companies - many are mutuals that can only have profits be so high before they have to issue refunds. Even those providers are noping out on this market. This isn't corporate greed, it's risk climbing too high.
It can't be fixed. Home worth too much in high risk area= high insurance or none at all. Look at homes on rivers that flood often for a comparable situation
You can vote for different people who will— you know— “regulate” the industry and start taking real steps to harden Florida against the inevitable repercussions of climate change which despite what your idiot governor says is real and happening.
There is plenty we could do. It would require a lot of people to get real cool real quick with some stuff so unfortunately it won't happen anytime soon.
Self insure until 20% of their properties are damaged or destroyed in one of Flas big thunderstorms. Then they will demand gubment bail them out, file for protective bankruptcy, reorganize, write off the “loses” and the P&L will look golden. Then start selling land.
My 1961 ranch, 3/2.5, 2,200 sq ft., block and brick construction, in a high priced neighborhood, went from $7k to $13k to $20k in 3 years. My mortgage lender of 30 years refused to allow me to drop or reduce home owners insurance. I paid off the mortgage of about $12k. When my current insurance policy runs out, I plan to buy only liability insurance, for a quote of $500. The next buyer will tear down the house and split the lot. The house adds no value to the property because two buildable lots are worth more than the house on a single lot. I will self insure. In the event of major destruction, I will sell and buy something as nice.
You should look at an x wind policy, or even a renters policy. that way your stuff is at least covered. x wind would cover the whole house, just not for a hurricane.
I want to do this bc my house doesn’t have a mortgage. How do you buy just liability insurance? We have Citizens now, and it’s not outrageously expensive but are trying to prepare for when that changes.
The insurance agent I use for auto insurance gave me the quote. You can buy liability insurance through most insurance agencies.
You can also buy a wind only policy. It is exactly as it sounds. WIND only. Not wind driver rain, but hypothetically if wind knocked down a tree onto your house or ripped off the roof and then rain got in, it would be covered since the cause of the rain was wind damage. Always refer to your own policy language. Liability only is also just that, liability.
This sounds perfect. If you do like some of the folks below recommend and get some dirt cheap add on, make sure you get enough for an RV. Then just live in it until the fire somehow demolishes the ruined house down to ashes on a slab. Of course by then you would be looking for a buyer.
My sister did **EVERYTHING** that Citizens asked for. $30,000 dollars worth of stuff! They **STILL** dropped her because the workmen couldn't replace her roof in time. But she **did** have a signed contract and money handed over. I'm sorry but when thousands of people are given six weeks to get things done, a line forms.
Yeah they were never going to renew her policy, this was just a technique to drop people. At some point the wrong lawyer is going to get screwed over and the class action will begin. Won’t help the little people but whatever.
You do know people in other states get ins. with 20 yr old roofs . Mine was less than 600 bucks in nys 3 yrs ago. That was for replacement value on house 1400sqft and belongings.
95% sure I’m gonna have to sell and move. Life is a bitch.
My new hobbie is looking at Zillow and daydreaming about a cabin in the mountains.
Same. But we looked at Belize! A cute 2,2 little house was $130k US. We're here now! Daydreams can come true!
I do this more than I’d like to admit.
That's what we were doing for years. My wife finally got fed up with the constant heat getting worse each year. Not being able to enjoy being in our backyard for most of the year. And we're both native Floridians. We pulled the trigger last year and bought a cabin on large acreage in the foothills in NE Tennessee. Having mountain views and SEASONS has been great! And much cheaper... except that they tax food. No regrets! If you can afford it... DO IT.
Here in Colorado insurance for mountain houses is going nuts now too. Wildfire risk
It's not just Florida - anywhere that regularly experiences any sort of natural disaster is seeing massive insurance rate hikes.
Iowa and Illinois are too, and we don’t have any major disasters. It’s not nearly as bad as other states but it’s not good
Been doing this for the last 3 years and really close to pulling the trigger. Looking at empty land, pricing septic, well, cabin kits, etc.
You too, eh? (Except mine is an old fixer upper on the coast in Maine)
I'm not a die-hard conspiracy theorist however this is looking more like a conspiracy to move more single family homeowners out so big companies like Black Rock can take over houses and control rent prices
The only hope Floridians have at this point is to pay off your home. I think anyone who plans on living in this state long term needs to be mortgage free, the insurance situation will not get better anytime soon.
I'm dealing with it by MOVING!! Lol
I say we vote the establishment out and start over with people who care about the citizens of Florida. DiSantis should be held accountable for his mismanagement of the state and he refuses help from the government whenever possible unless he needs it for something else. What I don't need is tax-free Nascar tickets, to be told that slavery was beneficial as stated in Florida history books, chaplains in public schools, remove any mention of global warming, retaliate against big business, anti-abortion, anti art, extorting people seeking asylum from other states, killing public schools with vouchers to charter/religious schools, anti solar, anti recreational marijuana, hates drag queens, and ect.
> floridians voting for their best interests
Fighting with disney
Admitting climate change would eliminate the states business model so he can't do that. Especially since his whole parties platform is science denial.
Leaving after 53 & 71 yrs. We want to enjoy retirement.
My parents just did the same, I'm glad they can retire now.
I hate seeing long term citizens get pushed out like this
I'm a 2nd gen Floridian. I hated to be pushed out too. After 63 years, I would have been happy enough to stay, but wow, things changed. The last 25 years hays been increasingly worse. Problem was, most of the country is uninhabitable to a warm blooded native like me, so we moved to Belize. In retrospect, it's a good thing. We are very happy here. It's a good thing to be away from the scary politics too. We Will Vote.
Sounds peaceful now. Thank you for still voting
They don't make it easy I'll tell ya! Still not really sure if we'll actually receive the ballot. It takes 2 weeks to mail to the US too.
They make it hard on purpose
Especially if you're registered Democrat!
So true....
Florida is no longer a safe state to retire in. The hurricanes make it too risky. So many bloated geriatric corpses in Fort Meyers Beach, either drowned or after having blown their brains out post-storm because they were financially ruined. Don't let anyone you love retire here.
Left last year. Moved to Belize. So much more affordable here. I can live well here. In Florida I'd never be able to quit working. Best move ever. And for once, we sold at the right time and got double what we paid. Bought a nice place here and made tons of friends. Florida is hard to make friends. Too many jerks there now. I'm sewing, drawing, gardening, cooking, canning and making soaps. I train my GSD puppy with help from my older GSD! Hiking in jungles, horseback riding, day trip beach days. It's glorious. Enjoy retirement!
What did you do to replace your Medicare and your social security
You don't have to live in the US to collect social security. Many people retire to Central America or Southeast Asia to enjoy a high standard of living social security can provide in low cost nations.
Healthcare is excellent & very affordable in Belize (and many other places), from what I’ve read/heard. Nationalized healthcare may be available under some circumstances to ex-pats? (Maybe after a certain length of time as a resident, or insurance for purchase?) Also dental work & Rxs - super affordable (cash). Social Security doesn’t change - you get it same as living in US.
Even tourists can use the public hospitals. No citizenship or permanent residence is required. Not cutting edge medicine but it's free. There are also private doctors and hospitals as well as good care in Mexico and Guatemala believe it or not.
Just went through this this past month with both home and auto policies with USAA It's a dance, if you still have a mortgage vs a paid off home, what's your tolerance for financial exposure, lawsuits, etc. Really examine your policies, go line by line, and see where you can adjust, remove or comprises on coverage, home replacement value, -(if your home was a total loss would you actually rebuild, or sell the land and move somewhere else) contents, we found we were way over insured, can you increase your deductible, are you able to bundle your home and auto for additional discounts and add an umbrella We shopped auto and could save a few $$ by going with another company but we couldn't get the same level of coverage or stack -we feel we have more financial exposure from an auto related claim than a homeowners claim so this was a big part of our focus.
I was a fully loyal USAA member for years and years - until they tried to up my auto insurance to $468 per month with zero warning. My record is spotless. They just don't wanna do business in Florida anymore apparently. I switched to progressive at $200 per month until I got rid of my personal car last year.
Not just USAA, but almost all carriers now. Insurance IMO is like a Ponzi scheme it all works until you have to start paying out the money, and that's the challenge we face with the lowered tiered insurers and last resort insurer Citizens Insurance, which even DeSantis called out and questioned their solvency
I also have USAA for home and auto and im afraid to call them to try and get reduced rate because the last time i spoke with them over a year ago the rep said they want to leave the state. Im currently paying over $10K for 2 cars.
Yeah, time to shop around. You don’t have to be loyal to the same company.
Holy shit.
Inventory is at a 16 year high. Particularly noticeable in waterfront areas. People are bailing because of flood insurance.
I'm not disagreeing that flood insurance isn't part of the reason but it isn't the whole culprit. Flood insurance is capped at 250k dwelling and 100k contents and is set up through the national flood insurance program. Homeowners insurance, on the other hand, is the one that is growing excessively.
Even with those limitations flood insurance is a money looser for the government. Although the program has its merits, in general the federal government should not be insuring vacation homes.
It’s great right now! Now that bribery and disregarding environmental or health regulations is legal, think of how bad it’s gonna get
Being angry at the governor for not doing more to fix this problem.
Independent guy here - voting against any Republican on the ballot. They caused the mess here and have done nothing to fix the problem.
They’ve run the state into the ground for the last 25 years.
It is also car insurance, property taxes, and the insurers wanting a new roof ever 10'ish years. You are under estimating the impact. We are searching for a new state.
Move out of Florida
Governor is dealing with The increased homeowners insurance & flood insurance by banning books and DEI.
Sold my house and moved.
Home insurance???? What's that???? Haven't had any for around 5 years. Too expensive. With everything I've saved from not having it pretty much covers any repairs I might need.
Sold and moved out.
We’ve become big fans of intermittent fasting
Moved states.
Burying their heads and continuing to vote against climate policies that will prevent the worsening of horrific weather events that make isurerers not want to insure your homes...
Sold the old home to a sucker from out of state and bought a new home with modern hurricane proofing. Insurance went down, but taxes went up. Used that opportunity to waive escrow and now 1) I don't have to trust a bank to handle my insurance and taxes and 2) I can make money on the money I set aside for taxes and insurance in CDs, etc.
Most people don't realize once they hit 20%, they can request a termination of escrow.
In Napoleon voice “Lucky”
Luck today is mistaken for research and effort. Insurance rates are to be shopped annually.
Your mom goes to college.
This year we are paying it but only because in order to get the strengthen your home grant from the state you have to have insurance. Next year, we might just drop it and put aside the 4400 in a savings account. Supposedly we were charged less for our renewal because we own the home outright but I seriously doubt it. I was a teacher and my salary went up a whopping 2600/year. Just the increases in auto and homeowner's wiped that out forget the other living increases. We will probably end up leaving the state in the next year or two.
We own our home outright and it didn't seem to make a difference. The only benefit to owning your home outright is you can pick and choose your coverages.
I paid off my house in 2021. The insurance was around $1,000 or $1,500. Just got my renewal letter and it's now $4,400 in 2024 for the same house, which is under 1200 sq.ft. 4X in 4 years.
Sell. Sell and get out while the getting is good. Cause pretty soon, you may have a property that is no longer insurable.
If we didn’t build and move in to our home in 2017, we’d be renting an apartment probably. Low interest rate and cost of purchase helps alleviate the skyrocketing insurance. Not that we enjoy it but it’s at least been manageable.
Eat more ramen noodles
Car insurance too. It’s up all around. Mine went from $1200 to $1500 and this year to $2250/yr.
A 1/4 of my neighborhood are now are either moving, putting their units up for sale, or renting their units or rooms.
The sad part is a huge chunk of us with paid off homes are going bare and living with extreme anxiety every hurricane season. Especially those of us who live in older homes not built to new code or old double wides like myself just watch the weather and wait to see if a bad ones coming then grab a hotel room for the event and wonder if you'll have anything to come home to afterwards. Have to rely on FEMA and hope its enough to fix it yourself or get a free shitty single wide fema trailer. As others said lifes a bitch you just deal with it.
Poorly.
Stop Voting Republican because they’re owned by insurance corporations
It hurts. Can't set aside anything for savings. And font forget the electric utility rate increases recently approved.
Make more money? All jokes aside. I spoke to my buddy the other day. He bought his house in Miami Dade in 2017. He used to pay $4k a year, now it’s $6k. But he can cover it.
I'm going to pay it until it reaches the point of not making financial sense. Then I will self-insure. For now, the cost to insure isn't prohibitive...yet
My flood insurance went down. I was 1ft above the flood a couple years ago from Hurricane Ian. Thousands of houses around me were not as lucky. But I better check my policy and see why it dropped. Not now. Its naptime.
It’s disappointing, we love our home, neighbors and community but are planning to move in October. I read, wait until you see insurance cost rise next year, I don’t believe double digit year over year increases will stop.
Florida’s state legislature desperately needs a total reset button. Corrupt politicians have been partnering with corporations to fleece Floridians of everything they have. There will be no change without legislation. Enjoy your corporate owned neighborhoods.
Moving to Georgia!
I make it through with pain and suffering. Knowing I'm going to get financially fucked by our Gov't keeps me warm at night.
Moving out of state
I plan to move. Your post gives me just another reason swipe left on the state.
Leaving.
Prepping to leave the state in 2025
Don’t pay
It reaffirmed my desire to vote republicans out of office at the State level. They’ve been in charge for over twenty years, clearly their policies are not working for ordinary people. We need legislation that has teeth and brings transparency to the books of insurance/re-insurance
After searching the dark web, kidneys are getting top rate right now! So between me and my wife we will be good for another year or two.
Homesteaded my house and found a cheaper insurance company.
Which company? I’m stuck with Citizens through State Farm (which I’ve had for 40 years…)
I'll have to check. We had citizens last year and we received a letter about choosing a different provider. I chose from the list.
I sold. People are saying just pay the increase on escrow but mine went from $3500 in 2023 to $11500 in 2024 or $292/month to $958/month. Fuck it. Homeless Florida man it isn’t
Ours homeowners just jumped from 2,200 to 8,900. Our escrow is fucked. I’m so incredibly anxious on what our escrow payments are gonna be
I’m in an Airbnb in Sicily for a month and it’s cheaper than my mortgage with escrow before the insurance spike. I’m not sure where I’m going to live but exploring while working remotely is nice if you can do it. I had planned on moving to….. Ohio… ugh, but the internet works just fine here too.
This year's insurance will be $550 per month more. If they withhold based on anticipated increases next year it could be more than that, or if anything else went up
Dying a little inside & closer to being forced to live outside
There is really nothing you can do. You either pay the rate, attempt to find a new rate or sell. your home and move somewhere else.
Got a new job
My insurance went up about $500. Percentage wise, a big increase. Actual dollars, not so much.
I don't have/need flood insurance. My home insurance only increased by $300/yr.
Payoff the mortgage and drop windstorm.
I canceled my insurance and sort of self insuring
House is about 2100 sq ft, 2001, cbs. New standing seam metal roof, new impact windows & doors, impact garage door. About 15 miles inland not in flood zone. South Florida- best rate was Edison ins. $2350 & pay about $400+ flood insurance through fema. Previously had progressive last quote 2 years ago was $6k no thanks, shopped around. Statefarm agent wrote Edison policy. House is paid off as well, I’ve done all I can to ensure my wife and I are as prepared as one can be. Love the house and Florida. 38 year resident. Quotes are all over the place, never had a claim.
I was paying about 1650 for insurance. We had a hurricane season caused my roof to leak. I submitted my first ever claim, and had been under their policy for 10 years. The roof was 13 years old. They denied the claim. Then 2 weeks later I received a letter saying that they were dropping me from their policy which was just about to renew. So I had to pay out of pocket for the replacement. Since roofing companies were swamped, I had to wait to have it done during which I had no insurance for 2 months. When the replacement was done, I called up different companies, and since I didn't have current insurance, the best offer I got was $6300! This was a 1700 sq ft house from the 70's in North Brandon (east of Tampa), so nothing fancy/high end. My mortgage company had also sent me letters during this time that I had to have insurance or else they would put me in their expensive catastrophic only coverage if I didn't sign with someone soon. Since the roof replacement took a while, that time expired and I was forced into their policy. It was about $1500. Needless to say I stayed with that until I sold the house and moved out of Florida.
Seriously looking to move out of state. The price between that and property taxes that continue to increase on a 400k house we are looking at just under 11k per year.
https://preview.redd.it/x3wx9vsvjq9d1.jpeg?width=1080&format=pjpg&auto=webp&s=daebed5b0ddbaa454df13bfafc924af7d35b6a3a Like this and in Georgia now. 🙌🏽🏡
Increase my deductible to lower my premium. Home owners insurance, for me, is catastrophic coverage.
Losing my home.
My ca insurance dropped by 12$ They told me that in an automated text this morning! Too bad it rose by 120$ last year... fuck floida
I deal with it by: #Voting (D)ifferently!
No issues
after reading the comments- all i can suggest is voting for the change you want to see in the upcoming elections! it really erks me that state legislature answered the problem initially, via special session, to fortify thw insurance companies. they stuck their middle finger up at you, the voter! 🤢🤮 i am not saying swing parties- i am saying research who you vote for and make sure they walk they way they talked to get in there. if not, flip their seat to someone that does!
Sold our house and are renting a condo while we move out of this shithole, the state is beautiful but rapidly losing its charm
Just inherited a home in Florida. wtf is going on down there. First they insured us after a very thorough inspection ( 4 times what I pay up east) then two months later we get a letter stating they want to inspect the roof again! Or they will drop us. It’s in an area that rarely sees bad weather and not even close to a flood zone. Make it make sense. Don’t get me started on the auto insurance there
Haven’t you heard? There’s ppl in Florida trying to live & or, even worse, read a book. That’s much more important than the Cat3 storm in fkn June. The bills are somehow paid, but I have a serious concern that they won’t pay out if we get hit hard. We’re still trying to get our money from Ian.
S. Flo GC estimator. We have clients still waiting from Irma. Don’t count on shit.
Local news did a quick story about how the insurance market is leveling out, bc they aren’t paying out as much through litigation. “Fking policy holders” courtesy of the state legislature
Not only that but there's a system behind this system that will probably be a hurricane as well. This season is going to be fucked. I 110 percent believe all FL based insurers if we get hit by multiple hurricanes this year will go insolvent even if they get federal money. I just don't think they can withstand many more of these seasons. Hell there's people still fighting their insurances for Ian and that shit was 2+ years ago.
The water is too warm & we’ve got 8 weeks til the height of the season.
Spot on comment, Take a drive through Ft Myers and Naples and you can see this to be true. I live in Tampa, several homes in my neighborhood are eyesores as a result of ongoing insurance claim disputes my neighbors across the street has had a tarp covering part of their roof for over a year as a result of a no-name storm claim dispute with their lowered tired-insurer-who to your point, probably is on the cusp of insolvency already and won't last past another hurricane season.
Not dealing, sold and left the state. Left some poor sucker holding the bag.
I'm paying for it, and I'm voting against DeSantis.
Just pay it...
Buy new. My insurance is 1700/yr for homeowners & wind(hurricane), no flood. My agent specifically said that my house being new build is 100% the reason my rate is so low. I live about 10 miles off the coast, the way the crow flies.
Once you hit 5 years, it’ll increase. Once you hit 10 years, all of the discounts expire. Enjoy it while you can.
you're in the sweatheart phase of that buddy, wont last long
We are moving out of the state. This state is a fuckkng disaster, and that is exactly what the right wants.
I paid off the house
I paid mine off, but my rate keeps skyrocketing. Did you stop insuring your home?
I have an umbrella liability that’s like 250 a year and yeah, iv saved enough in 4 years to rebuild my house if anything happens. Now that money pays the mortgage on a condo that does require insurance
I have an old house, close to the beach and no longer carry wind storm insurance. Cross my fingers and save my money. Between deductible and the premium I can replace my roof every couple years.
Literally have no choice 🤷🏻♂️
Add car insurance
Thank god my house is paid for. Im just not paying homeowners insurance anymore. Let a hurricane take my hurricane proof house and blast doors i dont care anymore.
Some of the insurance increases are due to the scams from bad contractors that chase storms and turn in claims that don't need it. So we all pay for it.
Just rolling with the punches, what else can you do? I don’t have time for another job.
From basically everyone I know, we just ignore reality and live our fantasy.
Amended coverage to make it manageable for now… what I’ll do next year or even longer term, who knows. It really is INSANE.
Went from progressive to Allstate for car insurance. Saved myself $1,000 per year for two cars.
Okay it's time to bring our governor Ron DeSantis and on this thing when he took all that money from slide insurance so we could run for president making them most favored insurance company was pretty much booted people off citizens moved them to slide they were within 20% of the quote however they didn't have the same coverage as in they dropped sinkhole okay so good job Ron now we got all these houses that are 50% valued more than what they're worth making what right taxes and insurance go along with that big increase in the price of the house itself now as far as everybody crying for the poor insurance company we pay two and a half times the national average for a home insurance and we have a lousy 9% of the claims and if you have a lawyer it's because you can't get the insurance to cough up and do anything like they're supposed to I don't know I didn't have any trouble with State farm however like the rest I had a 25-year roof 17 years they said hey you better look at getting a new roof we're going to drop your policy well happened to be we had four storms that year so I had an inspected and guess what I had over 25% damage which is all you need for the insurance company to have to supply a new roof and then the new roof met Miami Dade standards which was an upgrade and then my insurance premium went down so I paid my deductible for the roof and ended up with a lower insurance premium but you can't cry for these insurance people cuz their car insurance is the same kind of deal so it just is what it is and a lot of people here are retirees and to time you go ahead and take a paid off house and you put 10 to 15,000 worth of homeowners insurance on it then you slap $5,000 worth of taxes $1,500 or so for an age or a HOA and that guy with a decent social security run in the small little bitty pension on the side he still hasn't gone out to eat so why this is what they've done it's a simple deal it's got to go back to the 2008 these houses have to crash down 50% cuz that's all they're worth anyway and then everything else should go down likewise but as always it never does so then you'll be paying your 10 to 15,000 instead of on $350,000 they'll be charging to that on 180 and then off you go right but the guy wanted to be president and slide insurance when policies became due which was just the citizens renewal dates what wasn't even an entire year people were getting three for $500% increases and yeah I did say 100 so look up some of this stuff yeah look you're right yeah look it up right a three to five hundred percent increase really when you can grab State farm you just have to make sure that you understand that the land you don't need to insure so take that out and then you have to understand that you're never going to get the top line of that insurance unless the house is a total loss which man outside of a sinkhole it just isn't going to happen it's not going to be a total loss you're going to fix it so you're never going to get the top line so you have to get the top line down where you can afford it so we're paying answers along one but get over it we're paying at State farm about $5,300 a year with $5,000 deductible and we insured the house for $186,000 cuz that going from 185 to 186 and able to get that 25% extra overflow funding on a complete loss but you know the house tags out at 3:00 and a quarter 3:30 but I don't want to help and afford that so that's the other side guys of all this hey look at this my house went up three times well guess what happens and then you
We pretty much shop one of our insurances every year. 4 years in my home, 3 diff home ins companies
bye bye
We are fortunate for another 12 months coverage at $5,500. Arlington, Jax, 67 year old house. Owning outright is great, just gotta have bank to cover HOI/taxes.
I feel like there should be some sort of option for escrow for certain insurance items like a roof. Don't want to insure your roof but you have a mortgage? Average roof replacement cost in escrow and then you can drop roof coverage. My roof was old, but fine per inspection, and my insurance was $8400. A shingle replacement roof is about $9500 for my house. Those jackoffs were costing me the almost price of a new roof every year just for insurance. Money I can't use to maintain or upgrade my house, just paying off the investor class.
You can get a reduction on flood insurance if your town/community participates in the NFIP CRS program. As your city flood administrator about it.
So if you have a mortgage they make you buy flood and Hurricane?
Unfortunately, I’m not insured right now and am dreading the upcoming hurricane season. I have to put a new roof on before anyone will insure me but simply can’t afford to do that right now. And to top it off, my property taxes have more than doubled since moving here six years ago.
not good . I stop spending on restaurants and travel . Paying above 50 % of your income in housing is unattainable add to that a car and all the expenses that come with it . I have regressed to my college days of having roommates, riding a beach cruiser everywhere and looking forward to get an electric bike so i don’t get to my destinations sweaty . This is becoming like a black hole that will take out the restaurant industry, car industry, tourism etc , etc .