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 ...
Yes I believe that’s correct. But there’s a lot more of us who have wind damage than people who are flooded. And most of the insurance breaks happen with newer homes that have different style roofs, raised foundations etc.
I feel families that live in different parts of Florida should consider forming insurance co-ops. Pull what they would normally pay into an escrow account that’s used to cover damages up to $40,000 then buy catastrophic insurance above that. After ten years there would be enough money in ‘the pot’ for each family to self insure while maintaining an even higher deductible catastrophic policy. If the state wanted to step in with an offer to ‘manage’ the money - it could even be done by people who don’t get the math...
Lots more of us who have wind damage than people who are flooded. And most of the insurance breaks happen with newer homes that have different style roofs etc.
Maybe families that live in different parts of Florida could consider forming insurance co-ops. Pull what they would normally pay into an escrow account that’s used to cover damages up to 30,000 then buy catastrophic insurance above that.
After ten years there would be enough money in ‘the pot’ for each family to self insure while maintaining an even higher deductible catastrophic policy. If the state wanted to step in with an offer to ‘manage’ the money - it could even be done by people who don’t get the math..
Try living in Tornado Alley, which runs through the New Madrid Fault Line, floods, and high wind damage too. Allstate canceled all earthquake-ins. State Farm is a separate ins. that is as much as the house-ins. And we live in Tipton Co. TN, still too close to Memphis. Car ins went up as well as people are driving more expensive cars. We get middle-priced cars.
That national average, as usual from any twit only willing to do a surface search, is BS. Try CaCaLAnd. National averages are stupid.
Ever since the commie trash forced all insurers to cover wildfires (caused by state inaction, not power companies) most companies have left the state.
Mind, this is even in areas in which it is impossible to have a wildfire.
Central FL, my homeowner’s insurance has gone up from 1500 to 3800 in a few short years, and I assume it will go up to 4500 or so next year. So why don’t I pack up and move? My property taxes are about $750 total, and practically anywhere outside of FL I would go, the insurance would go way down and the taxes would go way up, and it would be a wash at best.
Our condo associations’ flood insurance went from 17K to 42K in one year, hitting our reserves. The owners are going to have a fit, but there is nothing we can do. We are on the barrier island in Cleawater. Thankfully we are a 2 story unlike the 3 and above due to the towers in Miami collapse we would have had to spend lots of funds to do a reserve study and assessments forthcoming.
I believe by “Medicare” you are referring to Medicare Part B which some people use and some do not.
Inflation is a disaster for almost everyone—playing games with the definition of “fixed” misses the point imho.
A salary is “fixed” until you get a raise—which often may be no more than the increase in Social Security.
I think this is more of an attack on DeSantis by radical left wing democrats working for radical left wing Newsweek.
ALSO, Socialist, marxist Biden printed trillions of dollars and handed the “paper” money out worldwide. At home, he handed it out to buy votes.
The side effect was inflation like we’ve never seen before. A 2 x 4 at Home Depot, the backbone of your house, costs twice as much as it did in 2019. Now your freakin house is worth twice what you paid for it and the insurance companies want more premium (money). What a surprise!
Stacey A. needs more chillun...
Keep moving to Georgia...
There are about 7,265,000 housing units in FL. $4200 per year multiplies to about $30B in revenue.
Maybe? So much of Miami is built on the post-Andrew code updates.
I worry more about a Cat5 direct hit on someplace like Destin, where you have older 7-figure McMansions mixed in with new 7-figure frame homes with hurricane clips and little else, being built 2-5 blocks deep on the beach. A Cat 5 landing anywhere from Mirarmar Beach to Sandestin and west to Okaloosa, would be like a multi-billion dollar street sweeper. Insurance would be nearly impossible to get after a calamity like that.
‘Paradise aint cheap” in the fabulous Florida Keys
Worth every penny
I lived in Maryland until November 2021, when I moved to Florida. My home insurance in MD was about $800 per year on a house I sold for $300,000. Down here, it was $2300 this year on a house I bought for $195,000. I’m guessing it will be more next year.
look into the history of storms that have hit florida in the last 10 years.
very few.
they are jacking up rates as an attack on a red state
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