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 ...
“And let’s not forget the role fraud plays in rising premiums.”
Prove there’s enough to make a significant difference first.
Thanks Rob!
“Everyone who has a job has a fixed income.”
Yeah, because no one ever gets a raise or a promotion to a higher paying position. Don’t want a “fixed income”?
Start a business.
Bragging about "visiting all 98 Counties in Iowa and counting!"
Might be nice if he visited all 67 of Florida's counties - and did his job.
Take your pick Rob...
Crime, traffic, taxes, insurance rates, etc.
I'm not sure how DeSantis could correct the insurance problem. But Desantis hanging out in Iowa and campaigning for president months after he asked the people of Florida for their vote to be their governor, is indeed a betrayal to the voters.
Apparently, DeSantis does that kind of thing.
MAGA endorsed Ron, running against MAGA, is another example.
I was similarly disappointed when my Governor Walker decided to run for president...
Look, the insurance rates didn’t go up just because DeSantis gets contributions. They spread it all around. He did try to cushion litigation against them to keep them in state.
While campaigning, he did a good job of the aftermath. A state can’t take a beating like Florida did and not see a rate increase.
In Florida it certainly is. As for proof do your own research.
The article is a leftist hit piece. I live down here in Florida and some of you have hit on the main cause ignored by the article - Bidenflation. Our renewal came in this year and it was almost a 30% increase in the premium. However, if you look at our bill, the reason for the increase was the almost $300,000 increase in property value assessment, not a Hurricane assessment or rate increase. When I called to complain, the insurance company said that replacement costs on the astronomically high housing prices (brought on by bidenflation) is driving the increased insurance costs. Funny how Newsweek leaves that out.
It is a "fixed" income. Every time we get a so called "increase" by SS, Medicare steps in and literally takes it away by raising their prices. We may end up with a whopping $11 a month, hardly something to brag about.
uh oh...
it would appear that you have inadvertently hit the proverbial nail on the head...
government regulations...
Seems like insurance companies should offer discounts for homes that have a storm-resistant roof, storm shutters, a raised foundation and other things that might mitigate storm damage. Is that not the case?
Yeah, well they are trying anyways and those who want to blame him will lap it up.
Well, it might as well be fixed income. My dear 87 y.o. mother is getting a 3.2% increase in S.S., yet her homeowners association fee is going up in 2024 by 22.9%.
That’s just her HOA, not to mention all the other increases in utilities not covered by the HOA as well as other household expenses to be expected. So, again, the S.S. might as well be fixed, and although welcomed, it’s not very much at all.
In my scan of the article, I don't even see the words "flee" or "fleeing" -- except in the obviously misleading title.
“In Florida it certainly is. As for proof do your own research.”
Don’t make claims you can’t back up.
It is a fixed income and it’s not enough. And everyone with a brain knew that for their entire working life. I read dozens of articles about how SS wasn’t going to support people in their old age the entire time I worked. That’s why I radically changed my life at 29 (45 years ago), to prepare. Most people sleep financially until they are retired and then are shocked even though they’ve gotten letters for years telling them what they are going to get in SS payments.
It’s different if you’re retired, but if you’re still working, don’t you save enough with no state income tax to cover the increase in insurance? Unless you move to another no-state-income-tax state.
Hurricanes, yes- and they have been happening to FL since before it was a Spanish colony. Nobody had insurance then- they suffered and survived. Just as today.
The expectation for private insurance to cover the ever increasing inflated re-construction values of vacation homes at the beach is what is driving this upwards, and the payouts long before DeSantis (see: pole smoker Charlie Crist, JEB!’s mentee governor of Fla and party switching liar former member of the House as a (D))— inclusive of JEB! Bushes’ environmentally sensitive eco-crap governorship. The history of which insurers permanently pulled out of FL is known- and includes major US insurors- like State Farm, Travelers and many other underwriters.
House on the beach?— self insured. The recent condo condemnation catastrophe in Daytona, New Smyrna Beach and further south— is a major case in point. HOAs demanding their funds be replenish to meet demands of..insurors who won’t cover the units without the additional funds. It’s very expensive- not the least due to the incredible inflation visited by JoeBama the puppet of Obamaumao the 1st imposed through highly selective non-support of FEMA funds. Against, politically— Ron DeSantis. Highly illegal selective emergency funds being applied- completely against the Federal laws governing FEMA in such emergencies. Real cute and REAL punitive— so the a@@clown dems in the state can BLAME Ron DeSantis. About which see: Ft Myers restoration of a totally destroyed city/homes. Biden is such absolute fecal impaction on this Nation.
That’s the ticket!
I live in Florida, on a waterfront, ocean accessible lot, and wouldn’t know anything about high insurance rates. If my house is destroyed, I’ll build another one.
Florida building codes. Go back to cinder block or brick houses and you won’t have to worry about your pressed-wood match stick house being blown into the next county.
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