Florida Insurance Rate Hike Crisis - BlackRock’s ESG Influence Causing Industry Exodus?
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- Опубліковано 29 жов 2023
- Patrick Bet-David explains why the Florida insurance market has gone up 900% and how BlackRock is likely the cause behind it.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller Your Next Five Moves
Break up blackrock and put the ceo on trial for trying to overthrow America
And charge George Soros with treason
An investigate Black Rock for treasonous actions as well
I lived in Pinellas County, and with no warning my Homeowners Choice policy went from 2300 to 5900 annually overnight. I said enough and sold my home before the prices drop and bought a five acre rural property and now live in my luxury RV and my only major bills are RV insurance of $540 annually, property tax of $944 and electricity averaging around $100 monthly.
F these greedy money hungry savages.
SAME HERE! Dumped my oceanfront condo 5 years ago and dropped $5k on a used 5th wheel which I fixed up to be BETTER than my condo for almost nothing. Fully off grid and I will be moving to Sebring soon and spend $300 a month.
@@fladave99 excellent! another great part is if theres a big hurricane headed our way we can take a few hours and hook up and exit stage left lol🙂
LOLOL All you people that enjoyed mind boggling appreciation on your properties complaining about prices going up elsewhere. That is rich, sir.
literally thinking about doing the same thing. Are you buy yourself or with a family?
@@matt75hooper not complaining, adapting, and yes...I am rich beeitch😂😂😂
I live in Florida and pay $16000 a year for car insurance for self,spouse and two kids licensed but under 25. My home insurance more than doubled up to $3200 a year. And then pay $5000 a year for medical insurance for all of us. But heaven forbid you need to use any of them for anything… you have to fight tooth and nail to get them to pay for anything and if you do get them to pay for something then you get to worry about having your rates raised or being dropped completely. Insurance is just a legal Ponzi scheme imo.
Move to California.
Let me quote your auto. There’s no way you should be paying $16,000 a year.
I agree biggest scam since social security
Always has been
FR, FR!
I’ve been saying this for the last few years! Until the threat of Blackrock is removed from everything, this financial coercion will never end!
For years I have yelled about the tentacles of black rock. Most friends thought I was nuts because they never heard of them. Their eyes have been opened. Nasty group. Read up on them.🤬
The 401k was created for this, people are fooled into giving their money to these people who are using it against them.
I will be praying God will do what the government will not do
I am a Floridian. Part of my family settled here during the Spanish land grants. For many years, the big insurance companies wrote policies, collected billions of dollars. Then in 1992 we got a bad one, Andrew. They jacked everyone's rates up. Where did those billions of dollars go? Part of that money is supposed to be to pay claims yes? The biggest problem we have is a feckless legislature that will not crack down on the insurance companies. The insurance lobbyists are working on them hard to not change anything. Many of these companies are still allowed to write automobile policies when they pull out of house insurance. If you don't write everything, you shouldn't be allowed to sell insurance in Florida.
If that were true, then all business would stop in Florida. A very bad state of affairs that would destroy the state.
My only question is when did it become legal for insurance to be required yet they can deny payments for any or all claims? This is BS. If its a law that we have to carry insurance then the law should also enfirce they have to pay. Otherwise, get rid of it.
I LOVE YOU
DEPORT ALL DUAL-CITIZENS FROM THE USA! ENOUGH SAID
Def agree, I mean in an open market that’s how it should be
Wait until auto ins starts playing this game - be a whole lot of folks giving up their cars
Because if all claims were covered, many insurance companies would become insolvent. Insurance companies don't have an endless source of money, hence why many of them pulled out of Florida.
I lived in Florida for ten years. The state lawmakers would allow the insurance companies to stop selling homeowners insurance but still sell auto insurance. It's a racket.
I live in Florida and my insurance went from $2100 last year to $3400 this year. I haven’t filed a claim in about 5 years, when a pipe burst. This is getting insane and I wish the Governor would crack down and give us a break. It’s bad enough we can’t afford gas or groceries, and now we can’t afford insurance because when it goes up, guess what else goes up? Mortgage payment. The people cannot ever catch a break and politicians don’t do squat about it, probably because THEY never have to worry about money like the rest of us.
The politician are invested in these companies that’s why they won’t do anything because of their investment
ESG destroys everything people need to realize black rock is the enemy of freedom and peoples who are affiliated with that company are your enemy…
Since Blackrock and Vanguard and all those major corporations are buying up all the single family houses away from local families, Then there should be a Corporation housing tax (30%) on these companies & use these taxes to subsidize lower insurance payments for residents in these high risk states. These corporations own 80% of the stock market, they can afford to pay 30% tax.
Whose gonna pay for lobbyists to tell that to our politicians…. Won’t be the corporations tell you that much
The problem is you're making a distinction between a corporation and a person but in law, there is no such distinction.
That sound so socialistic. I thought Florida was a capitalist state
@@deleder557 -- It's called consumer protection.
@deleder557 There's a difference between capitalism and monopoly. Problem is no one is enforcing the monopoly laws, which is exactly what is making capitalism look bad to people who think to criticize it.
I work for Farmers is CA. I couple years ago they rolled out a new computer system and there are still SO MANY problems with it, but one of the things they made sure to fix was a drop down gender menu that includes non-binary and intersex. I think this perfectly illustrates where their priorities are in terms of ESG.
Birmingham UK local authority went bankrupt after installing new computer system from ORACLE US. Another efficiency drive disaster
I work for a different carrier. That would be enough for me to call a recruiter.
That is the biggest problem. Companies adding a new drop down menu for gender. Extremely relevant. Climate change which increases insurance companies’ cost of doing budiness in Florida many times is not worth mentioning
that takes 3 mins to fix in coding....🤯
@@carochio8639 Yes, thank you. They're complaining about the simplest thing imaginable. Makes you wonder what their actual agenda is. Maybe Florida wouldn't be in this situation if they stopped electing politicians that believe in letting businesses do literally anything they want with no oversight.
I've lived in Florida for 23 years. I'm selling my house as we speak. You couldn't give me a free home in Florida. People are getting fleeced through insurance, Hoa fees, utility bills and everything else they can stick you with. The insurance companies tried screwing us the homeowners. We had three back to back hurricanes within a month. You should only have to pay one deductible. The insurance companies were screwing people by making them pay three deductibles. The roofers screwed the insurance companies back. They're made because they drove homeowners and someone robbed them back. These are facts. I've lived it
I live in pinellas county. Car insurance crept from $150 to $300 a mo in a matter of a few months. I called, told them I'm not paying a second car payment for insurance, dropped the coverage down to $190/mo. I paid $190 for 1 MONTH! then the second month my bill was $310/mo again. What the FUCK!
We have so many enemies within it’s pathetic. When are you all going to realize moving to another state is not going to change things on the scale that it needs to be changed. Everyone needs to hold their ground and fight back by not putting these thugs in positions of power.
your state seems good only until the rules change. thats true with the entire planet. you cant escape the China policy thats spreading behind the scenes.
Well, I've been saying that for decades. STOP supporting gov't!
BlackRock is far richer than many countries!
BlackRock could buy a whole country (if they ever wanted to)… But they’re greedy and power hungry, they ultimately want to just CONTROL EVERYTHING AND EVERYONE ON THE WHOLE PLANET!
Unless some brave government/s are brave enough to say NO to BlackRock, UN and WHO. 😡
FACTS!!! 💯
Moving to another stats changes a lot actually, insurance isn't anywhere near as bad outside of florida
Back when I worked in the roofing industry, Farmers Insurance would send there adjusters out to find reasons to turn down your claim, and if the claim had too much evidence to turn down, they would look into other reasons to accuse you to cancel your insurance. Insurance claim one of those reason. They’re in the market to take you payments not pay your claims.
That’s how insurance works. There’s a contract for a reason. Now if what they say is false, then you sue them. Fight back, get a public adjuster.
@@marshallkobe Suing costs money. If you lose, then you lose your attorney fees. Do you only get your attorney fees on the final case you win? Weird right?
@@superchuck3259 it’s your only way to get benefits you paid to insure. Like i said, get a public adjuster, they will take care of it and be your representative.
The insurance doesn't pay for someone who paid 30 to 50!yr of no claims and forces people to try to get them to pay. Then the insurance company wants to double, triple or quadruple rates and uses litigation as a reason for rate increases. In Florida people who live on the coast should pay more than those 60 to 100 miles from the coast. At one time in the past insurance costs were regulated for rate increases, but doesn't seem to work that way now. Imagine who a lot of Florida politicians big funding is insurance companies right along with larger legal companies.
It’s illegal now to sue your insurance company.
I'm on the condo board at my dad's building in Florida. The insurance went from 101,000 to 466,000. Because the insurance company dropped us so we had to find a new company Had to do an assessment just to cover the cost of the increase to the end of the year we were also dropped after 2 months from that company. paid the premium to the third insurance company but the second company even though they canceled they took their premium. fighting to try to get money back that we don't even have and it's not going to get better all of a sudden we need a new roof didn't see that coming Bruce not that old we've also had a special coding at 14400 to protect it for category 5 hurricane Etc it's a big scam all of it three insurance companies left and are now back with new names so they wouldn't have to pay off the claims from before
DIRTBAG LIBERAL COMPANY. USES “FAKE EQUITY PRINCIPLES” TO JUSTIFY STEALING. THIS IS A MOVE TO TAKE PROPERTY AND DESTROY MIDDLE CLASS.
It should be illegal to take all that money over the years, pay nothing out, then close up shop. It's like cheating in poker.
I agree scam. Insurence companies against Florida for voting for Trump. Trump 2024 he will fix the problem
Insurence company’s are scammers. Take the money but don’t want to pay out claims. Forcing new roofs on houses at only 15 years. Scam
One of the reasons the cost might be so high for the insurance companies was that after hurricane Irma my roof and the two next door got damaged both claims behind my house were denied and they had to be litigated. The next year I filed a claim for my roof and had to litigate. So my $25,000 roof ended up costing the insurance company $60,000. The same thing happened 10 or 20 times just in my neighborhood. So perhaps the insurance companies forced the increase themselves. Perhaps that was so people would sell their houses and black rock will buy them and run them out. I'm not completely sure but it seems like an Agenda 2030 conspiracy to me.
Sounds like a very viable supposition you're making here and it makes a lot of sense.🤔
You are correct
Black Rock is behind all of this. They constantly call me to buy my houses.
Yeah so I'm a commercial property Underwriter and specifically cat (catastrophe) related exposure. There's a ton of racket in the state and the citizens wind pool does not help. It drives rates down and prevents competition. The bigger picture is that even if the legal climate changes and carriers are encouraged to participate in the market you're still left with the weather phenomenon that's delivered massive property insurance losses globally the past 7 years. Florida runs the highest risk of frequency and severity. The concentration of property and probability of loss make it nearly uninsurable.
My insurance company payin 18,000 for the roof
You won't own anything... and be HAPPY. Remember!!! 15 minute cities... 2032.
Last year my insurance here in Florida was $4400 this year it jumped to $10,200 without any claims in 20 years with this same company, Tower Hill Insurance.😡
Wow
Gotta get dat $$$
same here, went from $4300 to $11,000 in one year. Thinking about leaving the state
Imagine if you didn’t have insurance, but had an account that you put that money into. If anything happened, you’d have your money $88,000at hand and the best part. They don’t get rich off you and you have nothing in return.
You just basically described self-insurance. Anybody who doesn't have a mortgage and is still paying insurance companies is a moron here in florida. Save your money, pay the costs yourself because you would still be paying the costs yourself if you had an insurance company. They will not pay and will weasel out of every claim you make, and you will have lost thousands to them, paying for supposed protection.
1700 people move to Florida every week . This massive influx is causing Florida to become one of the most expensive States in which to relocate . Making it very difficult for the Middle Class , Retiree's and the Working Poor to remain in Florida . Miami and the Tampa/Saint Pete area have already become just as expensive as California . The rest of Florida is quickly following their lead .
Boo hoo
That's why I left. Yankees destroyed it.
Florida is a dumb
Since FL is NY retirement destination, it was just a matter of time. If I was to move into my current neighborhood (Orlando) now, I couldn't afford it.
You are correct. If this all keeps going in the same direction there won’t be anyone here to bow down and serve the wealth coming in. I guess they will have to figure out how to cook and serve themselves in all industries.
A local building inspector told me that during 2020, BlackRock purchased over $900 million in real estate here in Cape Coral FL. I wonder when their agenda will be revealed.
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As someone who lived in Florida & still has many friends there it was such a struggle for people when hurricanes hit. I had friends with "good" insurance, paid for decades & when they had legitimate claims had to wait 4+ years & even hire lawyers for insurance to pay up. One friend gave up & just sold her home with a destroyed roof for the land. Maybe it is good if there is more accountability on both sides.
If the insurance companies were honest and paid their policy holders claims then this market of private insurance adjusters wouldn't exist and everyone would be happy. But because they don't pay up then people resort to other means which cause insurance companies to pay more in litigations
Imagine paying house insurance @ $2,000 a year for 50 years and doing a $200k repair after one storm. Do the math. Insurance has not kept up with inflation by the looks of it. Or people are living in places that are way above their means.
@@ceez1997 which causes PTSD, when people cant trust friends, family, insurance companies when they are in a Hurricane, they feel neglected, abandoned and that is basicly how 99% of mass shootings manifest.
@@seanguzy9601911 should keep an eye on you.. weirdo
@@papertrader3269200k repair with 2k a year 😂 your to high on the roof .
I do believe that this channel is becoming more and more courageous which means better and better content. We, (the U.S.), really need to resuscitate journalism.
We need to resuscitate GOD and all the values/principles/morals that accompany him!!!! The rest will take care of itself!!!!
😂 he is insurance business, he is loving it , why don’t you ask him to have a meeting with his insurance company executives and for them all to bring insurance rates down to 2019 levels!! 😂 give me a break!
More demonetization and dealgorithm
Well said.@@loveamerica2828
Do you mean the channel death-gorithm?@@hunterbidensvaxmandates
I live in Florida. My homeowners insurance went from $2000 to $5200 this year. And I was told to be grateful since a lot of people were just getting canceled
I have a crappy little house. Tiny. The ins. went up ten thousand in two years. Over fourteen thousand a year. The house payment went from 842 a month to 2136 a month. They're killing me. Retired. I have to go back to work, and move out of state.
I’m in NJ moving to NC next month. My car insurance from Liberty Mutual went from 1000$ per year to 2000$ per year. I switched to Geico and it’s 850$.
I think what’s happening is the fact that people have their insurances automatically renewed and the rest don’t want the hassle of changing companies. Insurance at the place it is from health, to home, to auto, to pets, it’s all a big f’ing scam. You pay premiums your entire life and if anything ever does happen, you still pay the “deductible”, which is the actual cost, and then your insurance premium (lifetime debt bill) goes up. It’s absolutely disgusting and unethical in my opinion. It’s a touch of communism or socialism and it’s entirely corrupt from what it says it does. Capitalism protects them as “just the price of doing business”. I hate insurance.
So I had 2 speeding tickets, one 10-20 over on highway and one was 32 in a 25. Had a deer dent my door and another incident where I dodged a deer but made all my air bags deploy due to hitting a pot hole or a huge rock while evading the deer. My rate before all that was $90.
After those four things and a random +25%(when I called to complain, they said it went up due to risk of vehicle theft), it went to $220. After doing the math, they raised my rate by 25% (which is the maximum) every chance they got the last 12 months. I ditched Progressive after having them for 15 years. I had them since I was 18. They said they have legal rights to raise anyone's rates for any reason. I told them that just because they can doesn't make it right. New rate is $190 though with Geico and this is still insane to me.
@@jesuscarrillo4344 yes. Insurance across the board is a huge issue. I just watched a podcast with Joe Rogan and a pharmacist who explained one medicine might cost 2$ and the pharmacist might charge 4$ for a 2$ profit. Instead by law they have to charge the insurance rate. Costing the person 10$ in co pay and splitting the inflated price with the insurance company. God help us that a man can lead our country and address these very obvious injustices.
It’s Capitalism that allows these rate hikes. Greed is the bottom line.
How do you think they pay for the gigantic office buildings and salaries. They’re really not producing anything like the working peons.
Insurance alone is what makes Americans not only move out the state, but out of the country as a whole to get away from insurance!
The recent insurance rate hike crisis in Florida has been a significant concern within the industry.
I've been researching BlackRock's ESG (Environmental, Social, and Governance) influence on this situation, and it seems to be prompting some insurance companies to consider an exodus from the region.
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Just ridiculous that because of hurricanes and tornado's and natural disasters..... places like where I live... we have nothing but an occasional house fire. BUT, our rates have jumped 20% this past year and talk of increasing even more. Ridiculous what is happening around the country, so they can't blame it all on Florida and local companies, when all over America, INSURANCE has sky rocketed. Something not right when INSURANCE can cost you your home... and they MAKE YOU HAVE IT. or be HOMELESS.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
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My wife and I have started discussing leaving, after almost 23 years in South Florida. The insurance is out of control.
Where are you planning on going?
@@JM-kv2kncali
Don't bring your red state voting patterns to prosperous blue states. Remember that.
Just pay off your home and self insure!
The system is failing as a result of both government and federal policy. In the next days, the banking crisis would have to be epic and gigantic for the FED to decide not to raise interest rates. This won't happen; an increase and a crash are coming. There will be more negative portfolios this 2nd half of 2023 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder
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its insanity..... my mom is retired on a fixed income and her home insurance has just gone up + $800/mo on top of what it was before. it's not sustainable and something needs to be done.
As a Floridian, we are feeling this disaster. I've been looking to buy something but the insurance rate makes it impossible. I have a great job as well, its just crazy. They really don't won't us to own anything.
The 79% lawsuits directly correlated to the fraudulent roofing claims. Roofing companies are to blame for this. They'd come in and say you have a bad roof and then offer to pay your deductible if you assigned the benefits of your insurance to the roofing company. They'd then charge your insurance $30k for a $10k job and then insurance company would say FU and then a lawsuit would happen and they'd settle for like $17k or whatever.
It is true, those roofing vultures and complying house owners are to be blame.
When I called Farmers here in New Mexico they told me they did a state wide rate hike due to last years roof claims and wildfires.
Same goes with auto glass replacement companies.
The insurance company makes you redo you roof, because it's almost 15 years (that's never leaked) or they drop you...and so will the rest of them.
More money on top of money. The middle class dream of renting out a second home is dead. I support Governor DeSantis.
@@annaportabella The main reason they are doing this is berceuse 99% of homeowners file roof claims on old roofs claimed as a weather event. Everyone wants a free roof when it's old and feels it's not their responsibility. Homeowner wants a free $15,000.00 roof. Roofing company wants to charge $30,000.00, then the lawyer wants $10,000.00 plus in fees.
We need to address car insurance in FL. It's also gone up more than double
That’s the whole country unfortunately. General inflation, bad weather events, smash and grabs normalized in craphole cities. Literally everything in America is inflationary nowadays- the social movements (blm), the politicians, the monetary policy. We have the worst leadership possible. I could literally run America better than all the house/senate combined. Would have crushed inflation two years ago with serious ass policy.
@@cameronthomas4392 I agree
@cameronthomas4392 Yeah but the increases are higher than the rate of inflation.
They need to increase premiums due to inflation, yes. But not 40% increases. That's just using inflation to take $ from Insurees.
@@cameronthomas4392 Tell me you're bad at math without telling me you're bad at math.....inflation is coming DOWN, has your insurance rates followed suit? If not, then they're not connected. The rich will GLADLY get you to believe the Government is to blame for their greedy actions.
You’re the one bad at math. For prices to revert we would need deflation. Inflation compounds. The US dollar has lost 25% of its value in just over two years. If you add on the weather events and all the jackassery of leftist states, it makes sense that auto insurance is up 35%+ in most places.
I work in the home construction industry & moved to Florida 2 years ago from Michigan for a lot of reasons but a strong reason was that Florida has no state income tax... its now a bait & switch to think you are saving money... Insurance of every kind here is ridiculous and validifies the old saying "insurance broke"... No one even talks about car insurance because its so overshadowed by home owner insurance here but its ridiculous as well... I'm moving in 2 months... A few months of warmer weather isn't worth the money down the toilet struggle for many just to own things they've worked their whole lives for...
Someone bought my building. My rent went from 700 to 1550 about 3 years ago. I put my stuff in storage and moved in with family. Now my storage just sent me a notice 224 to 300 2 months notice. I was already moving out of the state but my mom still is there she is feeling the pinch. Her rent keeps going in a retirement community 15% increase a year and after a company bought her park they seperated all expenses that were included before like Water isnt included taxes maintenance arent included...its now its all seperate (4 different things the park is responsibie for) after new owners took over. Shes paying almost double what she was paying only 3 years ago
Insurance companies have already did this in California because the houses are over valued and they don’t want to be on the hook for artificially inflated prices
California ins. companies also pulling out.
Yes 78 dollars...lol for 11,000 more insurance. Inflation still a fair Exchange
And part of the reason they're overvalued, leaving aside 3 decades of absolutely incredible economic growth as the powerhouse of innovation in the US, and receiver of like $100 billion a year in private sector investment flows, is that California is also a target of Blackrock, Vanguard, and large Chinese and Saudi funds which buy up real estate. But when this is done to CA, you don't have PBD doing a giant educational video on it defending the state, he'll just blame it.
You see, Florida is a "victim", and California deserves it.
@@johndrumpf9888 PBD thinks rising housing prices are GREAT - until 'someone-else' has to insure it.
@@b-rareyes for car coverage not home coverage only if you live in high risk Forrest fires areas.
I starting working in finance when I was 22 years young. Many years ago I learned to never borrow money ever again. I pinched and saved to pay of our house and one car. From there I put away all my extra cash for future purchasing. I’m actually very pleased about the high rates earned on cd’s. Helps my portfolio to be well balanced with some low risk and high earnings. I saw this all coming and covered my own rear ahead of time.
Not only Florida, Mississippi too. Went from 1700 to 2400 with Centauri, all others wanted 3600.
Every time you hear a public adjuster commercial bragging about how much money they got or a personal injury attorney, that’s where your premiums are going Florida.
Farmers just laid off 11% of its workforce. They’re struggling across the board and not just in Florida.
"forced off" is the proper wording, layoffs means there is lack of demand.
That fact doesn't support PBD's narrative, so it will be ignored.
Farmers just did a rate hike in New Mexico. Hit me for $500 extra a year. Might not seem that big but kinda gets you frustrated when you never use it and they hit you for more.
I dump them 😂..now go struggle
@@tsijr915 layoffs can be done also to improve stock price. Its not always lack of demand. Loss of demand was mostly how they did it before the year 2000
I live in miami,Fl and my home insurance went up on 2022 from $1,300 to $2,700 and then in 2023 from $2,700 to $4,300. It’s ridiculous how it goes up without notice and you have to gake it or take it.
Love the videos topic. I own a large insurance adjusting firm here in FL. Bad policies definitely don't help. We are constantly fighting them on behalf of the policyholder.
Farms insurance is extremely difficult to work with even after hurricane Ian
Lawyers and Roofing contractors have caused this situation. I found a new insurance company and left Progressive from a 4k increase back down to mid 2k a year. Shop around and save money. I know it's hard to do, but you owe it to yourself to get the best price each and every year save with car insurance. They say they give a discount for staying but make them work to keep your business.
During multi-year periods of little -to-no storm damage claims, premiums rose like clockwork and the insurers have been silent. As soon as a major storm (which their own actuarials assure them WILL occur) strikes, they start crying the blues and whining Bankruptcy.
What happened to all the money that they DIDN'T have to pay out in those previous quiet years? Did those EXTRA liquid assets convert to higher stock dividends and executive bonuses instead of remaining as liquid assets?
When they pack up and leave, they do us, in Florida, a favor. Like a "fair weather friend", no one needs, it's Good Riddance.
I was “run out” of one State, I’m not leaving my home in Florida. I’m a proud Floridian now. Space Coast 🚀❤
The money went to BlackRock and other private equity firms who own them, I guarantee if you google just about any insurance company it is a subsidiary of the PE giants and their business model is to prioritize cutting costs and cash out. They are sucking every dollar they can out of every company in the US and around the world. The same thing is happening in the Military Industrial Complex it is why they can't ramp up ammunition production fast enough to meet the needs of Ukraine and Israel - companies are not investing in themselves, all the cash is just siphoned off and kicked up the chain to the PE giants or used on stock buybacks to inflate the share price. You see this across almost every industry right now, the entire economy is being hollowed out by common ownership/horizontal shareholding.
@@NuNugirl
👑💎[Treasure Coast rules]* 😁
@@Relithraxas
1). BlackRock manipulates R/E market
2).B/R buys countless houses.
3). Prices soar.
4). Insurance prices soar.
5). People sell their houses.
♻️ Rinse-repeat.
{You'll own nothing and be happy}!
@@HighlanderNorth1 Exactly, also worth noting that Farmers Insurance Group's (that PBD talks about in the video) biggest shareholders are Vanguard, Capital Group and UBS. BlackRock is a major shareholder in all three of those entities.
Same is happening in TX now.
I had a retail business. We used to do claims. Forr ins. Co. Nice side hustle. After six months dozens of claims. Called stop not doing this. ALL were fraudulent. Disgusting.
My daughter has State Farm & lives in Highland, California (no fire zone or flood zone & her homeowners went from $1,300.00 per year & State Farm just contacted her to let her know that her homeowners insurance is jumping to $3,800.00 per year. Disgusting!
I dont know where they are getting 275k people leaving. I live in Jacksonville area and this wasnt where all the refugees fled to BUT they are building sooooooooooooo many houses around here its unbelievable. Ive been here 2 years and watched at least 1500 to 2000 houses built within a 40 min radius of me. St Johns, Flemming Island, Green Cove Springs, St Augustine all have massive developments being built and have already been built.
270k left, 2 mill moved in
@Straight_White_Fatherly_Figure lol yeah I had to stop listening but I knew something was wonky with that stat.
I live in Port Saint Lucie, I’ve been here 2 years and so many houses are being built too. Last year I heard on the local news they are expecting so many new residents that they have 500,000 homes in St Lucie West alone being built. Construction on roads are crazy because they have to widen them to make more room for cars. Taking my kids to school is a nightmare because of the traffic.
@@janaejones8709 same. The traffic is insane. I came from NY so I'm not even going to complain. I love it here I will never leave and I'm planting my roots here.
@@Mr.Rogers91 haha I’m from NY (upstate) Poughkeepsie, NY and would travel to NYC/L.I. to see family monthly so I hated the traffic. And a lot of city residents were moving up my way so traffic was getting nuts in my area. I thought it would be better in Fl…lol yea so I complained there too. I just absolutely hate traffic no matter where I go.
This insurance crisis runs deeper then BlackRock. The Desantis new legislation empowered homeowner insurance company’s by stripping the homeowner of its ability to recover its attorneys fees. Allowing these carriers to deny and delay legitimate claims. This MUST be discussed.
Everyone always leaves this out, and the fact that so many insurance companies used to deny claims, even in the case of legitimate claims/evidence.
That’s the reason they started getting taken to court in the first place.
Are we going to criticize a republican.. doubt it. Gov Scott stole over a hundred million dollars from Medicare. & Got elected. No criticizing the government of Florida . Well not even close to the venom he would spew at California.
Republican policies at their best! Screwing over workers since 1776
They won’t, because PBD is in the tank for business.
@@marshallkobe I understand. But let’s talk about the business implications of this new law change. (This is for PBD and Everyone) PBD briefly discussed the litigation in Florida. However, never mentioned the thousands of jobs that will be destroyed because of this law change. Less attorneys filing suit, less attorneys defending, less paralegals, and so forth. Also, how about the blue collar jobs in mothering damage? The Desantis law eliminated assignment of benefits.
I want everyone to know that not every lawsuit during this era were illegitimate. Currently, insurance companies are denying, underpaying, and delaying Hurricane IAN claims. One of the worse hurricanes in Florida’s history.
Covid crashed my business, forced me into retirement. Mom had a stroke in Florida and I moved here, she passed away.
My car and her house insurance is up this last year over 1,000 a year. I live on $1,451 a month social security. How can I spend a months income on just those two insurance premiums? Insane!
Yes. Florida insurance rates are sickening.
It’s not just Florida. Here in Myrtle Beach SC we are up 300%. Lloyd’s of London is the only agency willing to insure our community.
My good friends moved to FL last year from the Northeast for better weather and more freedom. They sold their home up here and built one in a new development. With growing interest rates, skyrocketing insurance, HOA fees and lower wages, I get a sense that they are regretting their decision.
Most people that moved here are regretting their decision. And the insurance problem here isn’t really being addressed by the governor.
If they moved to a place with an HOA that's the polar opposite of freedom.
Millions of Floridaians are regretting voting Republican
@@carochio8639Are they?
@@carochio8639that is simply not true. You can wish something true but it doesn’t make it true. Numbers don’t lie but we all know dems do!!! Not everyone is gullible like you all.
We were recemtly told we need to come up with another 5% at closing ($30K) or pay $7K in fees to the "crap credit" pool. That hurts too
Thanks Pat, very informative podcast!
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses
I stopped listening and taking financial advise from these UA-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary "DEBORAH JEAN DYKSTRA " actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly
Maybe Blackrock needs to be investigated.
Sounds like a good idea but who’s going to conduct the investigation? Congress is already in Blackrock’s pocket.
by who, the government? they are the government lol
@@azcontrols95 Unless Congress decides to tear apart Blackrock's pocket in a fit of rage. Knowing how Congress does sometimes change. But it would be a sight to see if it does happen.
they need to be broke up
Blackrock runs the world lol
Thanks for addressing this PBD!!!!
At least part of Florida's insurance problem is the crazy requirement that a new roof be covered by insurance. Roofs are a depreciating item so why is is mandated for insurance companies to cover their replacement? And will they stop at roofs? Why not painting? Why not landscaping? Why not carpeting and new kitchen cabinets?
I have worked in the insurance industry for 14 years and I can tell you that the situation in Florida has NOTHING to do with ESG. Insurance companies need to charge enough premium to cover future claims, and if they're prevented from doing so (by state insurance regulators who decide what is an acceptable rate increase), then those insurers will simply stop writing business in that state. Florida is quickly becoming uninsurable. Storms are becoming more frequent/severe, and value at risk (both residential and commercial) is increasing. Desantis passed legislation that should help to drive down legal costs, but that doesn't change the fundamental problem. If you want live in a high value area (a good thing, generally speaking) that happens to be exposed to severe weather, then you're going to pay a lot for insurance. That's the reality.
You are 100 percent correct
That's already happening in California. Insurance companies are taking huge losses because of the wild fires. The state won't let them increase premiums, so the Insurance companies are pulling out of the state.
@@angelobalbi "Any fool can know." Einstein was known for his kind and gentle personality.
I’m in Florida (Orange City)
My Home Insurance went up by ~ 600% from ~ $100 to now ~ $600 per month.
Now I’m gonna have to file for Bankruptcy.
I’m not “leaving” but this is INSANE.
Good thing you're also not a young up and coming local Floridian trying to buy a house right now on >$40 an hour (or >$70k a year)
Do you own your home Free and clear or do you have a mortgage? Soon as I paid my house off I told State farm to shove it with their homeowners. We had a really bad hail storm here in September '22. Magically me and one other State farm customer in town were the only two people with no damage! Other than the 21 holes in my siding. Yeah homeowners insurance is a complete scam they're not going to pay for/cover anything.
Seems like you use bankruptcy as a proxy for prudent financial management.
yes stay there
😳😲🫣😢
I know an elderly lady in Florida that has no insurance. Can’t afford it. She has been in Florida for 24 years. No claims. Ridiculous.
In 2015, I had moved from Ft Lauderdale to Fort Myers for a job. Paid $225k for a modest home with home insurance of less than $1,500 a year. My roof had survived Irma but was getting close to 20 years old, and annual increases of 20%.
In May 2022, my insurance had sent a cancellation letter. Just 2 days before my cancellation, we had hurricane Ian.
In the final stages of long negotiations for a new roof.
This is excellent content. The roofing fraud was well known to the insurers for over a decade and their incompetent employees and management did nothing. Just passed along the cost. Large kickbacks. 100,000s of Florida residents have participated in this.
Well insurance companies won't insure you if your roof is over 10 years old. So yeah people had to get new roofs.
I'm a p&c agent, and I've been saying for two years we are in big trouble, I'm licensed in all States, my income is way down from last year, people are crying on the phone with me everyday they cannot afford their insurance anymore, and I believe that this will end with a huge Exodus of elderly from the state of Florida and I also believe that this is going to be a huge part of the economy collapsing, and people will not be encouraged to live in any coastal or flood prone states because they just cannot afford the car losses
Excess and Surplus is moving, but they’re only going to write for what they want to. ACV, wind exclusions, high deductibles.
No, the elderly will WISE UP and since their houses are paid off, they will just SELF INSURE and not pay premiums at all. Or just get basic coverage and not get Hurricane coverage since the deductibles are way too high!
Absolutely LOVE how your integrity and how you expose all the stories (facts) BEHIND the Stories (Headlines)!! Keep up the great work!! ❤👍😊
Man, what an awesome and informative video!
Thank you👍👍👍
The crazy thing about this is that this beginning to happen in other states too. I own a brokerage and this is the most turbulent times I have ever seen.
Here in Connecticut they require Three years of registration renewals. Up from two. Sneaky move. Then a tax is called a fee. Clean air act fee, GreenhouseGas Reduction Fee, Passport to Parks Fee. Some diversity hire is in some back office brainstorming some mandatory future fee.
Thank goodness Patrick drills down on these type of thought provoking research topics. Keep up the hard work !!
I love florida .
My Dad and I built a house there in 1979. Sold it in November 2023. This was a wonderful place for many years. THINK ! Do You Homework. Paradise to Survival, and it's not the Weather I'm Talking About. This a Tropical environment, severe to devastating conditions should be expected.
As a Floridian who had enough of Florida I approve this message! I now live in NC.
Here in Michigan they are not just raising rates. They look for ANY reason to cancel your policy. Imo they are trying to make it impossible to insure homes. So they can have the bank take the house once no ins company will insure it. Another land grab.
Unfortunately, this is very possible. That would get wild once the enforcers homes are being taken.
Rates went down in Michigan for all my 30+ rentals
@carochio8639 Must be nice. First person I have heard that from is you. Out of the 20 or so people I have asked you are the only one claiming it went down.
It's just too high full stop. How can people's cope whit that.people's not even working enough money. to pay your rent and by food than save some after. Enough is not there to save .so u just living month to month and week to week. To pay bills
Thank you for the clear explanation.
Excellent information! Thank you.
I live in Florida. Right now, I'm not leaving. If I were to go anywhere, it sure wouldn't be California. I lived in Tennessee, was born in Texas, and lived in SC for 33 years. I love my red states!
Oh good for you 🙄
@@aaron3283 Why you mad bro
Red states are good for one thing only their stance on self defense and tough punishment on crime, but the government is still up your ass in red states, they have higher fees, higher property taxes, harder to obtain certain licenses and permits. It’s all the same bureaucracy just a different gang running the government
Red State Blue state 1,2,3. Glad you enjoy where you live. But there are conservatives who love living in Blue states too.
Well, since the California invasion has taken place in Tennessee, it's become so unaffordable. The cost of housing has tripled. Property taxes have doubled. My auto and homeowners insurance keeps climbing. The locals are pissed
I have seen housing tracks in California where all the houses had foundations that had shifted drastically, the plumbing was ruined and the houses were unlivable. All the insurance companies other than Farmers had settled allowing the homeowners to move on. Farmers refused to settle and many of those homeowners had no options, they were forced out of their homes and unable to afford to live anywhere else in CA, some, that were allowed were forced to live in the broken home. This had gone on for over 7 years at the time. I vowed NEVER to use Farmers Insurance after that.
A insurance company is just legalized bookie.
And what doesn’t California have? A statutory right to attorneys fees. Why is this important? Homeowners can sue these insurance companies without it affecting their pockets. Lawsuits are meant to keep these insurance companies accountable!
Thank you for your story!
Insurance companies are mostly just marketing companies that sell an illusion of security. Often, when things do go wrong, you learn that what you paid to the insurance company over time will always be more than what they ever paid to cover any damage, thereby putting you to understand that you are often better off not using insurance at all, and keeping the money in your pocket or in an interest bearing account. Insurance companies are just a scam.
In two years our mortgage has jumped over $499/mo because of insurance. One more big jump and we can’t afford our home anymore.
Great video watched whole thing.
Thank you Patrick for making this video and for all you do. I’m proud to be a Florida homeowner however the insurance situation is concerning and even more concerning is the Marxist ESG bullsht. Glad to see the Governor take a stand
Marxist wtf?
@@CarolCityCane305Check into it .
I absolutely LOVE the hypocrisy and severe COPIUM this video shows. A dozen insurance companies leave Florida, PBD finds ONE that is heavily involved in ESG and ignores all the others and then weaves an ESG conspiracy theory that places DeSantis behavior STRICTLY AT FAULT. Either his overregulation caused more to leave, or his attacks on ESG, either way, DeSantis behavior is at fault.
If this had been California, and Newsom had passed more insurance regulations, or say, attacked corporate self-regulation for some policy he didn't like, PBD would spend 30 minutes blaming Newsom instead of defending him. It's literal, pure copium.
PBD tears into Blackrock to defend DeSantis and Florida's cost of living going up in housing. Did PBD ever spent 1 second to investigate Blackrock's role in driving up California's cost of living? Blackrock, Vanguard, Saudi and Chinese investment firms are buying up California real estate, driving up home and rental prices. PBD will mindlessly say "Newsom" despite the fact that this has been going on for a long time, and California's population curve has been bending downward since the 2000 dot-com bust, but it really peaked in 1990 when growth was 2.5%
And the whole ESG thing is hilarious. For decades, whenever anyone proposed environmental regulations, the GOP / Libertarians would always say "The free market can solve this problem." Hey, are businesses polluting too much? Well if consumers voluntarily start valuing non-pollution, then the companies will respond and curb it.
So what happened? People started valuing better corporate behavior, and the FREE MARKET complied. These are SELF GOVERNANCE RULES, VOLUNTARILY ADOPTED. There's no law passed that requires you to subscribe to ESG, and what happened? The GOP interfered with the FREE MARKET and is trying to hurt companies with GOVERNMENT changes who voluntarily adopt these rules.
It's an absolutely pathetic story. Florida is experiencing a self-induced crisis and PBD wants to blame everyone but DeSantis. It's ESG, it's Blackrock, it's the weather, etc. But if guy trips and breaks his arm in California, PBD will scream "Newsom fault".
Oh, what's that, you think media is now focusing on amplifying bad stories about Florida? Excuse me, what have you and Fox et al been doing for the last decade. Literally, everyday. I love seeing PBD panic over defending Florida and DeSantis.
@@johndrumpf9888 ESG is not optional . Get out of your Mothers basement . Everyone knows even hardcore leftists that Newsome has ruined the state of California . Study Communist Chinas ESG scores. Its how they control billions of people . Obviously you are one of those good cop bad cop 🫏 who can’t think outside the box .
Florida let capitalism run amock. That's why gov't must regulate.
I live in Florida. When I bought my house in 2009 my insurance was $1500. My insurance last year was $5000 this year my insurance company wanted to raise it to $7500. I did change insurance companies and got insured for $5500.
Wow, I moved out of florida , last year to UK. Living by the coast, house insurance $200 a year ( house worth $600k ), car insurance comprehensive $450 a year. How is it that they can do it but not in the states. They follow a system, where if u don't make a claim for cars, u get discount and it increases every year with no claim.
@@judymckee5992the risk of hurricanes and flooding in the UK isn’t exactly high. The risk in Florida is probably 10,000 times higher
Elections have consequences
@@judymckee5992 In the USA, We the People, get ripped off on everything. Heck we even pay to fight everyone else's wars too!
@@judymckee5992The UK leans more socialist, they don't let companies do whatever they want.
Thank you. As always....well spoken!
You are the best Uncle. Your family will have you in there heart forever. Your showing the kids what really good families do for each other. Your a good man and great example of a real gentleman.
You know what insurance companies always leave out of the annual reports is the money they make on their investments of the premiums they charge everyone, this was revealed many years ago after Hurricane Andrew and the insurance companies all cried poor mouth, but when their investment income was added none of the big insurance companies lost money, they still made a profit.
I am an insurance lawyer in FL. All it did was close some loop holes but the premiums still went up.
A lot of co already lost a lot of money in FL, they're most likely not gonna stop unless the ins commish denies rate inc.
PDB is a stand up guy one reason I like watching his videos.
I grew up in Florida and hope to move back home next year. Please do not move to Florida if you do not believe in an individual's rights and that government is allowed to dictate when you congregate, is your nanny, or you are of the mindset of safe spaces. We will always welcome people warmly but we do not give a rat's rear about your triggers, they are your problem not ours. New to your video, love how balanced and thorough it is. Subscribed!!
Florida needs to create a system for home owners with forced mortgage based home insurance to self insure. I’d rather have an option to put away twice the amount if need be of my current home insurance policy into a high interest savings account that can only be accessed when it’s needed but at least I’ll know it’s my money in the end even if I can only touch it for insurance claims.
I don’t know if this still exist but there used to be if you had paid so much on your house already. You didn’t have to keep it you could do whatever you want to do with it, but she did have to somehow pay for some kind of insurance you were at least required to do as much you were required to pay as much insurance for us on a higher percentage of the house I mean, because I don’t know it seems to me that the insurance people are certainly getting out of line, I live in Florida too and I’m not totally happy. I love to DeSantis 21:48 sbut I hate the insurance.
florida is a mess
lol
For a European that sounds extremely socialistic
that's woke socialism
Listening to PBD as my main source of news has doubled my income, helped me treat my family better, and helped my take accountability
Wow, you must have been in a bad place...
Wait until you discover Dave Ramsey 🤑
@@christopherhernandez3909nah trash
Was it the financial help of the political rhetoric that was helpful
@@christopherhernandez3909 You listen to Ramsey as your main source of news?
Just watched two of your long-form videos for the first time. Your editing is incredible. For the first time, I've found content that seems like it's on as much crack as my brain feels like it's on. I would understand if some people were to think you move too quickly, but my brain isn't being given enough time to lose focus in between points. Thank you, and keep up the good work!
Thankyou for this !
I wonder if people that experienced the 2008 crash had it easier because. my portfolio has lost over $27000 and I don't see my retirement turning out well when I can't even grow my stagnant reserve
You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a financial counselor or broker.ur portfolio, you must hire a financial counselor or broker.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
@@Andreallln
I’m new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up
My advisor is Monica Amanda McClure she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
This is the prime reason I avoid selling property insurance, I will gladly stick to life and health. Keep up the awesome and hard work.
Great vid
thanks Pat, eye opener.
Your on the money Pat. Always follow the money . Blackrock pulls a lot of strings.
When Patrick says "just something to consider," it means, "here's what's happening."
WELL DONE SIR, thank you
I just love seeing how this channel has grown throughout the years! 🎉