Posted on 05/20/2024 8:31:29 AM PDT by ChicagoConservative27
Hundreds of nursing homes in Florida have been forced to shut their doors over the past five years because of the soaring cost of commercial property insurance in the state.
In the five-year period ending in 2023, an average of 146 nursing homes or assisted-living facilities in Florida have closed each year, according to the state’s Agency for Health Care Administration.
During that same five-year period, commercial property insurance premiums rose 125% in Florida.
Last year alone, annual premiums rose by around 27% in the state, according to Bloomberg News.
(Excerpt) Read more at nypost.com ...
Insurance is a ripoff. Look how many commercials and advertisements they run. For home insurance even the high deductible policies are sky high.
We just got notice our home and two auto rates are going up $1,300 per year. We just upped our deductible to $1,000 on the cars.
Just what we need in retirement.
House 2020 was 2500$
Now 9700
OMG, that is awful. How can you cope with that?
There is no competition in certain markets because companies don’t want to do business in certain markets. Should the government step in and force them to write policies in certain areas? Where insurance companies don’t want to do business I think there is usually very expensive coverage offered by states. I have fire insurance on my vacation house in Lake Arrowhead issued by California Fair Plan as private insurance companies willl no longer offer fire insurance in that area.
I reiterate.
Do-it-yourself parenting and do-it-yourself taking care of your parents is looking better all the time.
Century Village-Deerfield. I saw a news report of the rates going way up. People are moving out or is it just victimology reporting?
There are many factors that come into play when an insurance company establishes its premiums. Two big ones are changes in the frequency of claims and changes in the cost of claims.
Has anyone ever heard of a Hurricane, or witnessed the damage they bring ashore? Insurance Companies payout BILLIONS on storms, floods, fires. The State must also authorize rate increases, which must be justifed. Insurance Companies have no control over the weather.
I’m guessing these insurance hikes are not only from inflation, but also from national insurance companies who need to charge someone for all the lootings, carjackings, property damage, and other undeterred lawlessness these past few years.
Cocoon!
Antiarins have been capturing too many residents.
Yes. It’s the second oldest profession. Perhaps even the first.
btt
The roofers demand absurd prices for roof repairs. If the insurer refuses to pay, then unlimited lawyers fees are payable.
The law has been changed, but claims under old law are still pending.
I suspect he is in a flood zone. The rates have gone crazy to the point that only the wealthy who pay multi-millions cash and self-insure can live/vacation in such properties.
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