It’s called HURRICANES.
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.
“It’s called HURRICANES.”
LOL. Yep.
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.
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.
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
“It’s called HURRICANES”
FALSE. If the problem were hurricanes then homeowners and other property insurance rates would be skyrocketing in Alabama and Louisiana too — which they aren’t. Up, but in line with other areas. And there have always been hurricanes.
The single factor that makes Florida different is the amount of fraud against insurance companies and scams in the construction industry — way out of proportion to other areas.
It’s called no enforcement of the building codes.
Yes, and there is risk EVERYWHERE. Pacific Northwest? Volcanoes, wildfires and earthquakes. Southwest? Earthquakes, drought and wildfires. Midwest? Tornadoes, fire and flood. Northeast? Floods, nor’easters (yankee hurricanes). Gulf states? Hurricanes, fire, and small tornadoes. No place is safe. Insurance companies hit the latest news cycle when a hurricane hits (or other event) and use it as an excuse to push rates higher. As a Florida resident on the spacecoast and homeowner here for 20 years…I’ve been through many storms without damage. The only claim I had was a roof after a hail storm. Also…I really don’t see the mass exodus out of Florida. I keep seeing immigrants from New York, New Jersey and California on our roads. I walked into my local DMV for an appointment, and there 20 people re-registering vehicles from the northeast. People are NOT fleeing, but they are driving real estate prices higher (thank you).