Reinsurance Rates for Catastrophic Coverage Jump as High as 50% to Insurance Companies Effective

The Conservative Treehouse ^ | Jul 3, 2023 | Sundance

[Texas Fossil]

↑ Price Inflation, ↑ Interest Rates, ↑ Property Taxes, ↓ Dollar Value = Klaus Schwab: "Zee will own nothing Zan will be happy" (Slavery to the Globalist State.)

[Texas Fossil]

I personally know 2 large Insurance Companies who fly the ESG (Ecology, Social, Government) flag and promote using the ChiCom Social Scoring System.

We witness the Communists, Fascists (Global Corporations) and Islamists attack upon Christians, Jews and Freedom Lovers.

Battle lines are forming.

This is a good article.

[Captain Peter Blood]

At what point do people without a mortgage just quit getting insurance?

[Texas Fossil]

It is already here. To some extent.

Wonder what percentage have no mortgage?

Now, don't forget oscillating property tax!

[eyeamok]

good luck with that. mortgages require fire insurance, if you cancel or get cancelled the mortgage company insures you at double the normal cost.

[devane617]

Buy real estate in southern Ga, AL, or Ms...Folks are already packing up in FL.

[rarestia]

Coulda fooled me. Housing permits are backlogged 6 months in some markets and properties are building up faster than I’ve ever seen in my neck of the woods.

[CFW]

I’m about ready to just drop the home insurance and hope for the best. We haven’t made a claim in the 40+ years of home-ownership and our bill increased about fifty percent in the past two years. We also received our property evaluation notice which means our property taxes are going to almost double for this year (due very conveniently about three days before Christmas).

My husband and I purchased our property and lived on it in a travel travel trailer as we worked to build the house. If something happens to it, we can return to that type of living now that it is just the two of us. When we started out our married life, we had one cast-iron skillet and few a dishes given to us by friends and relatives. That’s about all I would need now to cook a meal.

[devane617]

Not sure where you’re at but in my neck of the woods on the Gulf coast it is insane how many home are being built and at the prices!

[rarestia]

West central here. They’re throwing up entire neighborhoods in less than 2 months.

[Captain Peter Blood]

I don’t have a mortgage.

[Joe Brower]

"At what point do people without a mortgage just quit getting insurance?"

Well, in the case of my wife and I, that point it right now. We just paid off our home and have given the whole home insurance industry the boot. We're looking at a liability policy and that is all.

After hurricane Ian, despite having the home insurance mandated by Wells Fargo, all we got from UPC was $2,500 on damages that are, to date, over $30K in damages, and we're not done yet. Now UPCs open cases, ours included, have been handed over to FIGA, a state agency, where it will slowly vanish into oblivion.

When you think about it, with the ever-increasing costs of everything from concrete to plywood, combined with the continued buildup of population in this state, much of it right in harm's way on the coastlines, insurance rates can't hope to meet a big costs every time a hurricane busts things up. It doesn't compute.

We have done some checking and the only way to get a decent policy at this time will more than double our annual payment, to over $10,000. Forget it. We'd rather take our chances and self-insure, since that's what we have ended up doing anyway. This is just bowing to reality.

Individual mileage can and will vary.

Florida Freeper

I'm compiling a list of FReepers interested in Florida-related topics.
If you want to be added, please FReepMail me.

[CodeToad]

Yep, for that kind of cash a guy could save it and use it when needed without all the insurance company hassles. Hurricanes don’t land in the same spot that often.

[Red Badger]

Homeowners Insurance is an oxymoron....................

[George from New England]

Done that in Florida. Rate is $1200 a year NOT THE $7500 a year with hurricane coverage.

Write me if you want the details. It started with my renewal 12/26/2022.

[GOPJ]

I’m there now. Talked to my insurance guy a few weeks ago and told him next year I’m dropping the insurance on a rental property I own... I’m going with ‘liability only’...That property policy went to over $5,000 a year... it’s just too much.

[Tolerance Sucks Rocks]

How do you self-insure? With rates going up 50%, my bill could be over 3 grand next January. I guess that’s good compared to 10 grand, but I don’t live right on the coast.

[Recovering_Democrat]

In Florida, “all the major carriers (insurers) left and so you ended up with this market which is populated by a large number of very small, very thinly capitalised insurers which is exactly what you don’t want,” James Vickers, chairman international, reinsurance, at Gallagher Re told Reuters.... In Florida specifically, homeowners insurance costs have now generally risen higher than the mortgage payment for a middle-class family. This is not sustainable.

I think the biggest problem left unaddressed by the Republican legislature and Ron DeSantis is the property insurance problem. They DID pass a law limiting the sleazeball lawyers that are all over this state trying to create bogus claims for losses on property...but I don't know of anything they've done to increase competition "per se"...our homeowners insurance went up something like 40%.

Indeed, it is unsustainable. Nothing good can come from a home that is not insurable. Government insurance is not a viable solution, there needs to be private underwriters who can offer different policies. And right now Florida does not have a lot of companies doing that--that MUST change.

[Tolerance Sucks Rocks]

The federal government should also get rid of subsidized flood insurance. Suddenly, the coast will become a great place to jog, not a place to live.

[Recovering_Democrat]

God bless ya, Joe. I do pray you all are protected.