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Florida Residents Decry Insurance 'Nightmare' as They Flee State
Newsweek ^ | 11/25/2023

Posted on 11/25/2023 7:51:02 AM PST by devane617

Soaring home insurance premiums in Florida are putting residents under unbearable financial pressure, with many telling Newsweek that they are considering leaving the state or moving somewhere cheaper within Florida.

The state has currently the most expensive home insurance premiums in the country, according to a recent report by the Insurance Information Institute. Residents are currently paying on average more than $4,200 per year compared to the national average of $1,700, according to data from Triple I.

While this is due in part to the increased risk of devastating weather events like hurricanes, other factors—including an excess of litigation and the dropping out of major insurers from the state—have contributed to the surge in premiums in recent years, for which Governor Ron DeSantis is being blamed.

(Excerpt) Read more at newsweek.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections; US: Florida; US: Georgia
KEYWORDS: costofliving; desantis; desantisnomics; doyourjob; florida; homeinsurance; homeownersinsurance; insurance; insurancecrisis; insurancepremiums; propertyinsurance; propertytax; propertytaxes; weather
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To: devane617

Got a friend that moved from Florida to Georgia not too long ago. Reasons: Hurricanes, and cost of living going thru the roof.
Being a bastion of freedom is becoming expensive!


21 posted on 11/25/2023 8:14:07 AM PST by vpintheak (There is no Trans. There is only mentally ill)
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To: Ex-Con777

“... taking advantage of the recent boon in property values, selling and moving could also be a blessing.”

Surprisingly I am seeing that attitude from many friends. Tired of the hurricane season fear and damage each year are looking forward to settling down.


22 posted on 11/25/2023 8:15:16 AM PST by devane617 (Discipline Is Reliable, Motivation Is Fleeting..)
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To: vpintheak

Georgia is the most moved-to state for Florida residents selling and leaving.


23 posted on 11/25/2023 8:15:59 AM PST by devane617 (Discipline Is Reliable, Motivation Is Fleeting..)
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To: devane617

Property insurance in Florida “is too damn high.”

5.56mm


24 posted on 11/25/2023 8:16:50 AM PST by M Kehoe (Quid Pro Joe and the Ho have got to go)
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To: devane617

Yes, I forgot to mention my relatives complaining bitterly about property taxes that had sky rocketed as well - between that and the massive increase in insurance they could not maintain their business in Florida any longer - where they’d had it at least 30 years.


25 posted on 11/25/2023 8:18:27 AM PST by Bon of Babble (You Say You Want a Revolution?)
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To: devane617

If I didn’t know better, I’d think this was an orchestrated crisis to force homeowners out of their homes.

“You will own nothing. Regards.”

~Klaus Schwab
WEF


26 posted on 11/25/2023 8:18:55 AM PST by patriot torch (..)
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To: gloryblaze
One would have to work hard to blame DeSantis on this one.

Don't underestimate the enemy.

27 posted on 11/25/2023 8:21:20 AM PST by libertylover (Our biggest problem, by far, is that almost all of big media is AGENDA-DRIVEN, not-truth driven.)
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To: alstewartfan
Here's one of the problems: Home owners have thousands of choice for roof tiles... and when a hurricane hits and a five square foot area of the roof is damaged, the whole roof has to be replaced because 'matches' can't be found. It would be easy to offer a break to people who use one of 50 roof tiles so roofs can be repaired - not replaced.

If someone wants an exotic roof tile - they can pay more for their home owners insurance. But the rest of us won't have to pay extra for that person's choice.

Plus there's things like the 3 nails rule rather than two in roof ties (roof nailed to house) and it goes on and on and on... Almost zero thought has gone into ways to make home insurance more rational - or it seems that way.

28 posted on 11/25/2023 8:21:49 AM PST by GOPJ (Ignorant but arrogant is a sad way to start an adult life. Victor Davis Hanson on Ivy college grads)
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To: bort

“ 50 years ago, houses were not routinely built on the water. You choose to live there, you should pay through the nose.”
***************************************************************

Yes. Or build using hurricane tolerant building techniques and materials. That’s very expensive but certainly over the long term cheaper than wind/water damage insurance.


29 posted on 11/25/2023 8:24:01 AM PST by House Atreides (I’m now ULTRA-MAGA. -PRO-MAo prou)
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To: devane617

Self insure


30 posted on 11/25/2023 8:25:15 AM PST by Wdempsey (Democrats and slinkys.. Both useless but fun to push down stairs.)
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To: GOPJ

I agree, lots of places tweaks could be made to reduce the premiums.


31 posted on 11/25/2023 8:25:17 AM PST by devane617 (Discipline Is Reliable, Motivation Is Fleeting..)
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To: Mogger
"Need to build back from the water .."

Unrealistic and unnecessary. How far from the water ? 100 yds? 20 miles ? Hurricane winds do the damage. Floods kill more people but wind does the damage.

32 posted on 11/25/2023 8:26:28 AM PST by chiller (Davey Crockett said: "Be sure you're right. Then go ahead'. I'll go ahead.)
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To: alstewartfan

“It’s called HURRICANES.”

LOL. Yep.


33 posted on 11/25/2023 8:29:25 AM PST by plain talk
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To: Bon of Babble

I’m not seeing it on property taxes. We paid $4500 a year in MD for a $350K townhouse. That seems inline or higher than what folks pay here in FL for something in that ballpark.

We bought 2/2 mobile home on a half acre three years ago for $75K. Tax bill we just got was for little more than $400. I’m liking it!


34 posted on 11/25/2023 8:30:25 AM PST by VeniVidiVici (Guns don't kill people, Democrats do. )
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To: VeniVidiVici

I live in Maryland and can attest to the high cost of insurance here.


35 posted on 11/25/2023 8:32:12 AM PST by House Atreides (I’m now ULTRA-MAGA. -PRO-MAo prou)
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To: devane617

We call people who moved to Florida from the NE and then moved to North Carolina Half Backs.


36 posted on 11/25/2023 8:32:26 AM PST by Mouton (US Home to one party rule)
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To: devane617
Residents are currently paying on average more than $4,200 per year...

I thought it would be higher.

Other coastal places around the country pay that much.

37 posted on 11/25/2023 8:32:51 AM PST by FreeReign
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To: cgbg
Another hilarious error in the article is that it referred to Social Security recipients as “fixed income”—ignoring the annual cost of living increases mandated by Congress. We can debate whether those are adequate or not—but it is factually incorrect to state that retirees are “fixed income”.

Most private pensions are fixed.

Yes income from SSI and 401k's are not.

38 posted on 11/25/2023 8:35:43 AM PST by FreeReign
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To: devane617

Yep. And haven’t several major cos. stopped offering home insurance in California because of their ongoing (largely man-made) wildfire problem?


39 posted on 11/25/2023 8:39:27 AM PST by Blurb2350 (posted from my 1500-watt blow dryer)
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To: gloryblaze

I wouldn’t work hard at all to blame DeSantis. Where is my governor? Is he in Florida? Trying to work on this problem. No he’s trying to win the state of Iowa. I deeply resent that. Especially when he gets paid for his campaign by big insurance companies. Do your research.


40 posted on 11/25/2023 8:41:23 AM PST by tinamina (Remember when Biden said “we have developed the most sophisticated voting fraud system ever”? )
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