I've been a homeowner since 1986 and have never filed an insurance claim. That kind of history should carry some benefit such as a lower rate, but it does not.
It’s about risk, not claims. Nothing you do affects that risk. Its the probability of flood, wind, etc. In other words, even though you’ve never had a claim, of the probability of say flooding increases vs “normal” then your rates go up. What this guy is saying is that climate change is overturning what “normal” risk is.
Im 54 i live in Wisconsin my home owners went up $650 last year so now it's over $3000 which has now pushed my mortgage up. My home owners insurance is now morerhan my taxes. If it goes up 50% I will be priced out of my mortgage because of insurance. it's a bunch of shit! I've had insurance from age 18 to now at 54 and I've never had a Insurance claim on anything.
@@lauracollins3451it’s risk-not claims history. If the probability of major issue is rising, and costs to repair are exploding, rates go up. There are even tangential risks/costs from places like Florida and the coasts. Costs of building materials go way up due to rebuilding 1/2 the east coast right? So your rates go up. Love it or hate it-we’ll send all the immigrants out of the country, so construction labor is about to hit the roof. Storms have gotten way more serious and more frequent. All that drives up your insurance even if you’ve never filed a cent of claims
I got a bill from State Farm. I went to pay it before it’s due date and they told me it was not the amount printed on the bill. That was an estimate from last year and the actual bill was $50 more. It’s all a con but you have to have it.
@gregzoller9003 Eventually the whole things gonna collapse. This country can't sustain the increasing prices. I'm gonna start looking for a off grid skoolie so I will have something to retire in as my property is actually subdivided. I can sell the house and put my skoolie on the two seperate acres.
I search states state farm has lost 6.7 billion for the last 2 years.. i know its hard to believe but there were a few out there that did care. People need to research and support companies who support them. We have forgotten this one power we do have.
State Farm cut me from their policy. In their defense I had 2 minor smaller accidents over a 2 year period and overused the roadside assistance feature. Not once did they ever teleport someone my way!
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
Annette Christine Conte’ is the licensed FA I use. Just google the name. You’d find necessary details to work with and set up an appointment. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
@@CindyValenti thanks for the lead, just searched Annette by her full name, easily spotted her consulting page and was able to schedule a call session, she seems highly professional from her resumé..
@@zsi Yeah, that's society's problem: the government is unfair to landlords and not allowing the working class to take more of the brunt than they already are. You made the call to get into making a buck off people's housing. You agreed there was risk and you wanted to take them. The renter should be protected not the landlord. You can't be shielded when the risks you took on hit. Prepare better.
Look at the bloated salaries of the upper level executives in the private insurance industries, and then tell me again why insurance is becoming so expensive...
I own my home. I don't carry home insurance. I know carpentry, electrical wiring and plumbing. If it breaks I fix it. Just like the old days. If my house burns down or blows away. I'll get a small prefab and carry on. All those hurricane victims are being told the insurance will only cover half of the policy at this time. I am my own emergency management agency. I am far more reliable than the Federal one.
Mark while I admire your self reliance, you do understand that most folks have get a mortgage to buy a house and that bank requires insurance...no exceptions. What do you propose for folks in that very common situation?
Sincerely, I’m really concerned about how the current economic crisis and rising inflation have really taken a toll on my portfolio. It's becoming quite worrisome, especially at my age.
I completely understand what you mean. These financial challenges affect older citizens like us more significantly. It's concerning to see our savings and investments diminishing in value. I’m also very worried but what someone I do
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Melissa Terri Swayne is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
I just copied and pasted Melissa whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
Im an insurance agent in CT. Licensed 42 years. My homeowner's loss ratio is around 40%, super profitable to the insurance carriers. I can confirm that rates are going through the roof but that is not all. It is also getting really hard to get coverage. We have one carrier that will not offer a quote on any home with a roof over 8 years old!?!?! Never in my career have I seen such a market.
@@angelarich8455 My daughter lives in TX. There roofs are lucky to last 15 years because of the sun. In CT getting 25 or more years out of a roof is the norm. So not wanting to insure a 9 year old roof tells us they dont really want to insure much if any. Totally nuts.
@@douglashughes2331 Then we are making them out of the wrong materials. A rock sitting in the sun will last a very long time. We build roofs that do not last, ON PURPOSE. It's all on purpose. We COULD make roofs last until the end of time, but what would the roofing industry do? What would roofing contractors do? What would roofing material manufacturers do? It's all a big wheel the wheel must turn it's gotta go round and round like the song
I agree with you because automobile insurance impacts renters and homeowners alike, i.e., a larger cross section of the adult population. I believe auto insurance isn't adequately risk adjusted. To me it's like commercially organized fraud in some (most) states.
The auto market is in serious trouble. They are going to need another bail out. I think the govt is way more broke than they think they are. I don't think a bail out comes this time. And the implications of that are terrifying and also liberating.
Just out of curiosity, did you call around to other insurance companies to see if they offered lower rates? Seems like every couple of years my rates go up with my existing insurer, so I have to shop around with the major insurance companies and usually can find it closer to what I was previously paying. Kind of a pain...you'd think the insurance company would want to keep you when you haven't had any claims, yet they still try to squeeze as much out of people as they can.
Cars are getting more expensive to repair or replace. I am not surprised that auto insurance is going up. People pay $100K+ for a pickup truck! If you hit that and are deemed to be at fault that is a big payout your insurance has to make on your behalf.
Insurance is a rip off! Doesn't matter what kind of insurance, from Home owners to health insurance. You pay a ton for it and when you need it you it doesn't cover enough which leaves you paying more.
Obviously you've not yet lived through the experience of a tornado erasing your house from its foundation while you're out of town on business or vacay. To certain degrees of calamity, insurance does in fact save the day.
You included health insurance. I always ask my clients who are looking for cheap plans one question "How much is your health worth?" At a young age, it's very little, but as they get older or face a health crisis, that amount goes up. Unfortunately, it's usually too late to get a good, more costly plan.
I have been saying this for years. When insurers stop wanting to insure and area, it is time to move. My brother wanted to move to Florida, and I told him to look into insurance for his home before his move. Insurance companies are the best predictors of problems ahead. Personal opinion but I believe sink holes are going to become a real factor for Florida. They already exist, but with the new weather patterns, I have a geologist friend that moved his parent out of Florida. We have been talking about moving and insurance rates are one of the things I take into consideration even over home prices. Nice to have affordable housing, but if the insurance rate is quickly increasing, they know something you and I don't.
That’s what I’ve been telling people . Insurance companies make money by assessing risk and predicting losses . They all started running out if Florida , I said everyone should sell their home and get out
The harsh reality is that states with a high risk of wildfires and or catastrophic weather events are going to see a rapid exodus of residents‼️ WHY❓ 1. The inability to pay these exorbitant homeowner insurance premiums. 2. The inability to obtain homeowner insurance policies, at any price. 3. The cost of re-building a home after a catastrophic fire or weather event usually EXCEEDS the amount of coverage provided by the insurance policy AND the financial resources of the property owner. This is truly a BLEAK situation as Americans are forced to move to a State with less risk. Florida and California have a double whammy in that the cost of replacing homes there can easily exceed a million dollars and usually much more. Our Federal Government is unable to help as it is saddled with an unbelievable debt already.
What’s occurring is insurance corporations are working with hyper rich individuals who will purchase home (cash offers.). Allowing hyper rich to become even more wealthy and people become slaves. History gives examples, a company town. Now corporations country.
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
That's sort of true, but your homeowner's insurance is based on what it would cost to repair or rebuild your house, not the market value of the house. For example, a structure in rural Georgia that costs let's say $200k to buy but the structure cost $150k to build would be insured for around $150k. That same house in LA would be worth millions, but would still be insured for about $150k assuming all the interior fixtures and finishes were the same.
@@chickchoc yes they do, which is why insuring identical houses in different parts of the country will likely cost a different amount, though probably not that different as the cost of drywall and most construction supplies is pretty consistent around the country, with the exception of places like Hawaii and Alaska. Labor costs and availability of contractors is a consideration too. More determining of the price of a location's incurance is the cost of handling claims in general, which is related to the frequency and severity of the claims for the area. There's a lot that goes into it, but to the OP's original point, the retail price of a house going up due to market conditions doesn't greatly increase the cost of insurance on the house unless the cost of rebuilding it has also gone up.
I run an insurance agency that writes homeowners insurance in 20 states, but mostly in Missouri and Colorado. We work with many insurance companies, and our clients are falling into one of three buckets: A). Rate increase 20% to 45% higher than last year, or B) they now have to pay most of the cost of putting a new roof on the house from a hail storm moving forward (instead of just a low deductible), or C) They receive a non-renewal in the mail, instead of a renewal, because their insurance company went bankrupt or permanently failed in the state. It’s not just homeowners insurance either. It’s commercial property insurance, which causes businesses to raise their prices, further driving inflation up. I can’t believe this has not been in the news more than it has been. It’s a disaster. There are no winners in this. The insurance companies are losing, the insurance agents are losing, and the consumer is losing. In many states now, “mom and pop America” won’t be able to afford to replace the roof on their house, even if they have insurance.
I replaced my roof this past year from Asphalt to 24 gauge standing seam at a cost of $87,000. Less than a year later, Hurricance Helene hits Western NC and I had no leaking. Best money I ever spent.
In the mean time the politicians distract you by screaming "Trans women are peeing in the next stall" and half the country jumps to being outraged and the large insurance companies just laugh at how easy it is to distract everyone.
@@paulconner4614 Insurance companies are not laughing. Here in FL, many insurance companies went bankrupt because of all the hurricanes. My best advice: don't move to FL. Move away from FL if you are able to do so. This climate change is only going to get worse. Flooding is more and more common in FL.
My biggest gripe is this: the bulk of the claims come from 20% of customers while the other 80% of us are just paying with no payback. A large percentage of us are never in a car accident, or file an insurance claim on our home. Yet you have those that we read about who have a home on the ocean where the water is really getting close to taking the home for a cruise out to sea; or their home is on a river which floods every year and the owner is getting paid for the 3rd or 4th time. In these cases, one can guess that no one should have been permitted to build in that location. Either those people pay for the risk or do as some places do: pay off and refuse to let the building be rebuilt in that location.
Sold my house and moved into a park model in Florida where I own the lot. No insurance because I could always put a nice rv on this lot if something happens. It survived hurricane Milton. The more you own the more you worry.
I work as a claims adjuster, and have done so for the last decade. I am absolutely here to tell you that hazards that were once rare, no longer are. Thank you so much for putting this information out there!
20 years ago everyone moved to Florida because of how cheap it was. Now their insurance costs are now more then the taxes in the northeast. And Azul you say move someplace where it’s cheaper. That’s easier said than done. Just because things get expensive doesn’t mean you can pick up and move. You have to find a job you have to be able to support yourself. And each time you move the expense is always great.
Just imagine, hiking for thousands of miles to leave your home for somewhere there is reliable food and a relatively safe place to sleep. Then the governor of Florida forces you on to a bus and ships you to a small resort island in New York. It may be a hard pill to swallow, but the easiest time to make a move is today. Florida sucks. And the people who run Florida should not be asking for handouts if they don’t have compassion for others who need help.
And even if you move, there is no guarantee it will also not get very expensive in the next few years. People watch videos on UA-cam and decide to pack up and move to that low-cost paradise in Tennessee, West Virginia, or Thailand that some real estate channel told them about. In a few years, the place is more expensive than the place they left.
He is absolutely right. The insurance company actually all re-write new contract and policy. I just switch to All state. I read the new policy of 52 pages, basically they are not covering most of damages. Your damage has to meet the strict criteria in order to get compensation, they also added the cash value which depreciated your house or roof to a much lower value when they calculate your compensation. They also added lots of limitations of liability. There are so much stuffs are not covered, I really don't know what are actually covered? A small check is expected even they agree to pay you after many fights with them. The homeowners will be end up paying huge replacement cost, which lots of people will not be able to catch up the costs...
You simply need to go with QUALITY companies-state farm, AIG, Nationwwide, etc…..it’s not just Florida . Yes you will have to pay up for quality. Use a very high deductible. If you can’t a for it u will have to own a less expensive smaller house. It’s life.
Misleading. Most insurance companies pay up front for a depreciated loss in case you don't make repairs. In that case they are paying for what is called "actual value". In most states and most insurance companies make a second payment for depreciation AFTER repairs are made. Houses are considered an appreciable asset. Automobiles are not appreciable and a second payment for depreciation is not made. Where most people get into problems is failing to keep the insurance coverage increased as the house appreciates and rebuild costs escalate. Just renewing every year without making that adjustment puts you at a huge risk. Most people I have done restoration work for are just too damn cheap to 1.) get a quality company, 2.) keep insurance amount adequate, 3.) Get the smallest deductible they can, 4.) Want to put money in their pocket by not paying the deductible or cutting other corners.. In the end if compensation is denied you can sue the insurance company and most often you will win if you are not trying to profit from a claim.
If you don't know what is "actually covered" after reading the policy you MUST meet with your broker. Just "reading" and not "comprehending" will not help you in the future.
We’re in Louisiana and have lived here all our lives. Our homeowners insurance has gone up 30%. We are now retired and we have very many seniors and low income families in our area. Some are moving out and trying to sell their homes but the rest are stuck with basically no place to go. It’s so very sad.
Southeast Louisiana here too. Been through lots of Hurricanes before but IDA sat over my town for over 12 hours! Most hurricanes only last 4 to 6 hours and they are done. And a ship builder here had naval weather equipment on a boat they were repairing that had the wind speed indicator break at 212 mph winds during IDA! Something VERY fishy about the weather that is happening all over America !
With my indepth understanding of the corrupution of insurance companies, I thought State Farm was the worst, but I now realize Allstate is probably worse than State Farm! People: please research ins companies BEFORE buying a policy! Your State's regulatory agency has stats showing complaints filed, etc for all ins companies in your state, so use it or you you could pay dearly.
I live in the inner-city of a major east-coast U.S. city. My home insurance is around $700 a year and has been essentially unchanged for 20 years. I think the reason insurance is under control is that most of the homes are small row houses with relatively low insurance risk (no wildfires, no floods, few tornadoes, etc.) with that risk spread over many tens of thousands of similar homes. Live smaller and your annual insurance, maintenance, and repair costs will be smaller.
I live in a huge city also. But in the burb's when I bought it. Now in the outskirts early. Central Texas, very few freezes, no tornados and no hurricanes. Personally I dropped mine.
My home owners insurance is about $3000 a year, thank God Boston has a discount for owner occupied single family homes so I only pay about $2200 a year.
My car insurance (minimum what my state requires to drive) keeps going up every single renewal Sooooo sick of it I even have it bundled with my daughter
In the industry it's called "the standard annual premium increase." It's why Warren Buffet owns a chunk of GEICO. It guarantees an annual increase in revenue. Every company does it. When politicians talk of de-regulation, just remember, regulation is consumer protection.
Reality is that people live and build where they shouldn't, coupled with 100 year storms every 10 years. Major insurers that can spread risks across many geographic areas, continue to pull out of high risk areas. What's left are smaller insurers that cannot spread risks across low risk geographic areas. Result is rates go up to cover risk and costs.
I think we are about to experience once in 100 year storms every other year... even every year. Folks in FL need to get out as fast as they can. IMHO the south and most of the eastern seaboard will be uninhabitable in 10 years max.
I bought a house in FL in 1999. The insurance was ~ $800.00 p/y. When I left in 2014 it was ~ 4K, and that is applying the 'Hurricane Deductible year 'round instead of the mandatory 6 months. It also does not facto in that during that time the insurance company dropped coverage of outbuildings and sink holes but the rates continued to escalate. I lived inland 40 miles from the water. My rate increases went to subsidize the insurance for people living in high risk areas like the beach. Their rates were higher but not nearly enough to cover the risk. Those who build in high risk areas should required to self-insure. Or at least pay proportionate rates. Homes on the beach would be in the 300-400K p/y insurance range.
@@Very_Concerned-Citizen I have friends that retired and bought in Florida. Thinking it was nirvana. Huge mistake. Also have friends that sold out completely and travel, another huge mistake.
I’m not sure how that applies to Michigan, Utah, Montana or Nevada , which were all on the top-ten list. I know Michigan, for example, has been projected to be the least affected by climate change.
What a rip off, I dropped my homeowners insurance two years after I bought my home. Bought a cheap house 80K paid it off in two years then dropped all insurance. Same with my pickup. Liability only. Put the access in the market and just sold off about 50% of my "total stock market" fund for about 70K. Just put a new roof on my home and paid cash. Negoiated it down to 10K. Just for grins I though I would get prices on it last week. The sales pitches were all over the place. Not only that but the deductible was 2-5K. What a huge rip off. My thoughts as a retiree is drop all this nonsense. I'm 72 have not been insured for about 20 years and at this point who cares.
It’s a gamble and I’m glad it’s worked out for you. Personally, I wouldn’t be without insurance. Two years ago I was victimized by a person stopping in front of me so she could claim I rear ended her. Luckily, my insurer handled it. I’m retiring next year and won’t risk my nest egg to a fraudulent lawsuit.
I live in a huge city in a huge sub-division. In my 20 years here there has never been a fire that I remember. I walk the neighborhood when I can and watch the news. I bought a small 1500 sq. ft. single story home. Remodeled it ( now valued at over 250K easily) No plumbing above the ceiling, Tile floors. Easy to maintain. My friends have wifes that think a two story huge home is a must and they pay out the nose for repairs. It is the stupidest move you can make in retirement. KISS (keep it simple stupid) is the word of the day when retiring. I now spend 6-8 months a year traveling abroad and never worry about this place. I have gifted it to a friend when I die, for goodness sakes it is just a house. Personally I don't care if it goes away tomorrow, I would move abroad and never come back..
@@SBqwerty Not where I live. It also means even if you live in a problem area you have a 99% chance of nothing ever happening. Insurance company have done their job. What a joke.
I just went through this. AAA had raised our rates to near $4,000, more than double the rate 5 yrs ago. We switched to another company with lower rates, but I have my doubts about how long this will hold. What a mess. Whether you believe climate change to be real or a hoax, the fact is that the insurance industry is taking it seriously, and pricing their products accordingly.
They’ve known about this for decades . All they do is assess risk ! The stats have been spelling out what was going to happen . No one was exactly sure of the timeline , but the endgame is known
I haven't heard anything about homeowners that have theif mortgages paid off essentiall sel-insure. In other words, no insurance if you are willing to take the risk.
Uh, yeah. This sucks. My sister-in-law is practically begging us to move to Ocala, Florida. Not if we have to pay $11,000 a year to insure our house. Eff that. We might be able to get a break since Ocala is not coastal, but even then, it still might be $7000 or $8000. This is an eye opener. And we realistically can’t go for two years when my wife retires, so how much worse will it be then?
Ocala is a pit--hot and humid and a LONG LONG way to the beaches. The traffic is crazy bad. That is an ANNUAL rate and not subject to discussion. Are you crazy?
@ No. And given the last two hurricanes that plowed through, I can’t imagine how much worse home insurance will be in Florida in two years. Not to mention the grocery prices in Publix. And the traffic. Man, I’m doing a hell of a job talking myself out of this.
I’m in Bradenton at 48 ft above sea level and about 20 miles inland . 800k insured and pay 2600$ for an established insurance company. I keep praying our insurance stays reasonable compared to the average of 11k for the state.
Understand that the majority of Florida rates are adversely effected by coastal properties subject to billion dollar losses thanks to individual storms. Much of inland Florida is still fairly reasonable (I'm 40 miles from the west coast, about 1 1/2 hours south of Ocala, and my 2025 rate is $1900 for a 2400 sf home.) The downside though is that even inland properties can receive considerable damages. (Milton got me for about $2500, so I didn't file a claim.) It's not unusual for coastal properties, even your simple 1500 sf ranch home, to see $20k insurance bills. I can't imagine what a $5 million property on the beach would have to pay, but 6 figures wouldn't surprise me. So when you look at the amount of shoreline, and thus the incredible number of shoreline properties in this state, those numbers of coastal properties really raise the state average cost.
I moved to Ocala in October of 2018. It was a peaceful place to live, especially after the snowbirds went home for the season. Housing costs were dirt cheap. Six years later, there is a housing boom and many, many stores and other commercial buildings are being built. Thousands of homes are being built in this immediate area. Traffic is a nightmare on State Road 200 especially. Housing prices are through the roof. Insurance costs of all types are outrageous. I'm not sure where I'm going to go next.
I built a reinforced aerated autoclaved concrete home that is so strong that I feel confident not carrying wind insurance. Surprisingly, with today's insurance costs the cost differential for building exceptionally strong houses can be recouped in a few years if you self insure. Concrete homes are also far less expensive to maintain.
Hmmm, I think any gov’t or corporation that is using weather manipulation that causes extreme flooding or damage should be fiscally responsible to every property owner.
I like that term in the passage you're reading from at 5:00 "Predictably Rare". That's why we buy insurance. Good example is California and earthquakes, rare occurrences but they do happen. When the Northridge earthquake happened in 1994 (a 6.2, a good shaker) in the populated San Fernando Valley of Los Angeles the damage was widespread and the insurance companies were hit with a huge pool of claims. Most companies balked at initially covering the damages and stopped writing new policies at the time. The state had to step in and now insurance for "predictably rare" earthquakes is an addition to basic homeowners' insurance and is run by the state; in short the insurance companies got to offloaded their liability. I can see that same thing happening in Florida and Louisiana (and all along the Gulf Coast) where hurricane-force wind damage is no longer covered on a basic policy, even though hurricanes have been happening every year for eternity.
Between car and home insurance, Louisiana is over 10,000.00 after taxes. Schools in SE Louisiana are terrible so add another 6,000.00 to 10,000.00 per year on tuition per child in a state with some of the lowest wages and salaries in the nation. The state needs to allow TAX CREDITS TO ALL HOMEOWNERS AND TAX DEDUCTIONS TO ALL TRYING TO EDUCATE THEIR CHILDREN PROPERLY.
The other thing I've heard happening here in CA, insurance companies are using drones, inspecting rooves and my friend got a notice shortly after moving in and securing her insurance, that she needed to replace her roof or they would drop her (within a 6 month period). That was a huge expense right after moving in. Fortunately she still had money left after selling her previous home, but...
Roof inspection by drone is very common. They are also looking to see what you are storing in your backyard. There was some guy in our area that has cars he had been restoring for a while in his backyard. The insurance drone captured images of them and they dropped him for having things like tires, doors, and other auto parts in his backyard.
@@Dave-sw2dm Tariffs aren't complicated. A tariff is a tax on goods and services imported into a country. If a person wants that product they pay the inflated cost. Simple.
My house that I've lived in for 43 years is small and relative cheap. I kept my exposure down by keeping everything small. I also chose the area carefully. I also increased the deductible years ago, which has helped. I could self insure my house too, but haven't done that. Rates went up, but I'm fairly well off, more or less. I've never filed an insurance claim in my life, but I know that won't help.
I live in Arizona and Colorado. My Colorado insurance went down 10 % this year. My Arizona insurance is 10% of what I paid for a much smaller house in Sarasota, Florida. Not 10% less, 10% of total Florida insurance bill.
Presenter didn't mention a couple of options: [1] Once you own the home ( i.e. mortgage paid off ), you can self-insure because there is no legal requirement ( as there is for vehicle insurance ) for homeowner's insurance coverage ( lenders insist on it but that wouldn't apply if the house is paid off ). Yes, it's risky to do this and you need to be prepared but it's possible with good planning. Plus as a self-insurer, you don't have to pay for the overhead of a large insurance company ( your insurance premiums pay for office space, insurer employees, insurer computer services etc. etc. ). [2] Besides moving to a State with low risks ( and thus lower insurance premiums ) like Arizona, Nevada etc., it's possible to live on the road with RV or similar. This option tends to be better for retired folks who don't have a job at a specific physical location.
I'm in New Mexico. I recently got a letter from my insurer stating that the cash-back incentive they have for no claims history is being ended. Nothing was said as to why, but it is clear to me that they're trying to cut their losses and I fully expect more issues down the road. I was able to greatly reduce my flood insurance premiums by firing State Farm and going with a private broker out of California. So, some savings there, but the homeowner's policy will only go up. After we pay off the mortgage, will give serious consideration to other options for both. This will hammer everybody, owner or renter. We're headed for massive, government owned apartment complexes. So much for the three bedroom home, 2 kids and a white picket fence.
Don’t buy a house in an earthquake zone, don’t buy a house in fire zone, don’t buy a house in a hurricane zone, don’t buy a house in a tornado zone, don’t buy a house in a high crime zone, don’t buy a house in a heavy snow or freezing zone. Ok I’m looking into sone great real estate on the moon. 😂😂😂
Ask the people in NC about being in a no flood zone, never had hurricane damage zone and now those who survived with homes in tact, can't afford the insurance. Or can't get it at all. The old addage said everywhere is a flood zone.
In 2023 my roof was replaced due to a hail storm. Many of my neighbors too. When that policy was due for renewal, I received a letter saying I was being dropped due to fire risk. I never understood that reason. Thankfully I was able to get a similar policy at similar price from another company. I live in Wisconsin.
Also in WI here. We were renewed with a small increase in premium, but got a letter stating that we must bear more of the cost for wind and hail damage. Biggest risk here in rural SW WI is fire. Next is wind & hail.
In central WI, got a 62% increase this year with a company that is local to 50 miles from wausau, not a national carrier. They said that's just the rates went up that much. We very rarely have severe weather
Housing, health, cost of living, debt, inflation, and Middle East crises-how much can a koala bear? I'm nearing retirement with comfortable millions, but worried about a market crisis. How can I benefit from a possible correction, and where should I grow my money?
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial adviser and have had major portfolio yields of over 88%, so I'm not going back to relying solely on bank for bonds or T-bills.
Bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with *Marissa Lynn Babula* for years and highly recommend her. Look her up to see if she meets your criteria.
Many people I know are thrilled to get new siding and a new roof when a hail storm comes through. The storm chasers know exactly what to do to get maximum claims.
With all these claims it is no wonder the rates of places that get a lot of hail are going up. We have family in Texas and they are seeing their rates shoot up because of more heat and more severe storm with hail.
Tired of the "recession is coming!" threat. Recessive periods come along with equivalent market opportunities if you are well informed and equipped, I've seen folks amass wealth in the midst of economic turmoil and even pull it off easily in favourable conditions. Invariably, the collapse is getting somebody somewhere rich
i agree with you and safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Sonya Lee Mitchell is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
I'm new to investing, and l've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
I live in Oklahoma and last year my property insurance went up OVER 200 percent!! I tried numerous agents and couldn't get a cheaper option. I was forced to pay it.
My home has been paid for for about 20 yrs. I didn't renew my policy last year as the premium kept going up. Figured I could use the premium money saved to repair damage... unless a tornado blows me away. I also have some apartment complexes. Nothing huge. Premiums and taxes have gone up 48%. Options are getting really limited and I live in NW Iowa.
Not true at all. Stop listening to MAGA propaganda. Insurance rates on housing rise because people build houses in areas not meant for human occupancy. Then when the inevitable disaster occurs they demand full reimbursement for their own poor decision. My home insurance rate went up because idiots in Florida built in hurricane prone areas and people in California built in fire prone areas and their poor choices cost insurance companies billions in claim payouts. So to recoup the losses everyone’s rates go up.
When I was a kid, Florida was mostly a modest or rundown state. Sure there were a few resorts here and there but mostly beach houses were built from the 40s to the 60s. Miami Beach had nice hotels but everything out side of that was pretty old at the time. Not many people built there because the salt spray in the air rusted everything and of course people were afraid of hurricanes even back then. Everyone considered building houses on the Florida coast to be "foolhardy" except maybe the rich. In the 70s things changed. Hotels and Condos started getting built. Climate change and the law of averages have now caught up with everything and here we are.
I GREW UP IN FLORIDA IN THE 60s & 70s. IT WAS NOTHING BUT A RACIST WHITE TRASH STATE WITH SHACKS! I KNOW BECAUSE ALL MY FAMILY WERE RACIST WHITE TRASH! I MOVED TO ARIZONA IN 1986. SO THANKFUL I GOT THE HELL OUT OF THAT STATE! BEST THING FINANCIALLY I EVER DID! LIVING LARGE NOW IN THE GRAND CANYON STATE!
Same deal in Texas Gulf Coast. Rice paddies and cane fields in flood plains decades ago, now high priced subdivisions that flood when it rains normally.
I am building a house in Florida. It was not difficult, nor prohibitively expensive to find homeowner’s insurance. But then again I did research the FEMA flood map and other considerations before buying the land. Also, as a life-long resident I know to build inland. I don’t disagree with the video in any meaningful way, except to say that climate change is not the principal cause here. Many people moving to the state build on the coast (literally hundreds of thousands of homes), with many siting their houses right on the water. Hurricanes have always been plentiful here, but now there are so many more homes in high risk areas than in previous decades. More targets for the storm, more damage for the adjuster. As evidence of this perspective, consider that this hurricane season brought three major storms right to our area along Florida’s big bend within a six week period. Lots of trees knocked over in the area, but no damage our barn, two campers, outbuildings, or nearly complete home. Common sense is being ignored and we all are paying the price for it.
You missed something that goes hand-in-hand with insurance and home ownership -- the increase cost of property taxes when the county reappraises your property. Ohio just finished this past year and people have seen a 10-90% increase in appraisal value which will translate to a higher property tax.
In many areas, most roofs are only replaced with insurance from a damage claim. Over 50% of hail damage claims are approved without qualifying damage to the roof.
Another big problem is that many people think insurance will cover repairs that are caused by wear and tear (roof replacement because it's old and worn out, etc.). But that probably goes beyond the scope of this video. Anyway, the best insurance is self-insurance (as much as possible). And remember, at bottom insurance companies make money - they gamble that you won't have a covered catastrophic lost, and you gamble that you will. Now they are hedging their bet. I have never made a claim on my homeowner's insurance in the almost 50 years I've had homeowner's insurance, but the insurance company I recently had (for over 20 years) would not renew my homeowner's policy because my roof had some age on it, even though it had never given me any problems and I was going to replace it within a year or two. I had to go with another company, contingent on getting a new roof, but at least they gave me that option.
They wanna know how old the roof is or when we had a new roof put on. In our case the roof was replaced in the early 2000s. So they will cover 64% of the cost during this policy period if the roof is damaged and needs replacement. At this point I feel no need to rush into a new roof. I would spend an estimated 8500 to 10000 for a new one, just to get full coverage on it and some small premium savings. So I figure if the roof needs replacement, for whatever reason, hail, wind, etc., Insurance will pay the first six thousand or so on a ten thousand dollar roof, leaving me a balance of only four. Obviously at some point in the near future, I'm gonna need to replace it regardless, but I'll manage to stretch it out as long as the insurance will cover fifty percent or more of the costs.
Correct. If an insurance companies refuse to insure/renew the value of your home decreases by 12% on average. Insurance companies like do this as soon as your home is paid off because they're in bed with the banks.
Will this and increasing property taxes force people to transition to smaller houses or alternative housing like yurts, underground homes, more resilient materials, etc.?
I'm favoured only God knows how much I praise Him, $230k every 4weeks! I now have a big mansion and can now afford anything and also support God’s work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
I remember giving her my first saved up $20000 and she opened a brokerage account with it for me, it turned out to be the best thing that ever happened to me.
Housing crisis, health crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, middle East crisis, bank crisis, retirement crisis. How many crises can a koala bear?
I was just thinking the same... I'm approaching retirement with comfortable millions, yet scared of leaving my savings in the bank, pondering if I should just buy gold to preserve and grow my money
gold to me is an inflation hedge for long term, but not quite profitable in the short run, you can get more insights or guidance from financial advisors
Investing with an advisor changed my life. I retired as a millionaire at 55 after working as a teacher for 32 years, earning over $100k annually. The COVID-19 lockdown pushed me to supplement my income with stocks and alternative investments.
bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, but I need a different plan now... mind if I look up the professional guiding you please?
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Vivian Jean Wilhelm" I've worked with her for some years and highly recommend her. Check if she meets your criteria.
I'm in Canada and y'alls insurance down there is ridiculous! We have more government regulation up here and our insurance is much cheaper. Greedy companies
Yet we (Americans)are brainwashed that socialism is bad, bad, bad, by the companies (not just insurance) fleece us. Go Fox News. Can I come live with you?
@MidlifeCrisisManagement we do have tornados and we have a huge flood plain. East Coast gets hurricanes. West Coast gets earthquakes. Forest fires are huge here. My friends insurance in Iowa is triple mine. His son was involved in a car accident with his car that wasn't his sons fault. Both of their car insurance rates increased. Massively. They had a fire and their house insurance went through the roof even though it wasn't their fault. None of these things would happen in Canada where there is public insurance. I get being uninsurable in hurricane zones. I work with insurance every day. That makes sense. You live where there is high chance of natural disaster then don't expect good rates. But rates from people I know in Ohio, Michigan, and Iowa... Are absolutely nuts. Don't even get me started on your health insurance. My word...
Great nuanced review. Many videos pointing out rising insurance costs simply with statements along the lines of “greedy insurance companies” without evaluating the underlying reasons for the price increases. As a senior business analyst for a florida property insurer i can attest that there are a litany of contributing factors to this issue
Inflation comes with equivalent market chance if you are early informed and well-equipped. I've seen folks on verified posts that turned millionaires amid economic downtrend, and pull it off easily in a favorable economy, it all boils down to proper asset allocation.
Right, a lot of folks downplay the role of advisors until burnt by their own emotions, no offense. I remember 3 years ago, just after my awful divorce, I needed a good boost to keep my business afloat, hence researched for advisors at once. Thankfully, I came across one with grit, helped to grow my reserve notwithstanding inflation, from $350k to nearly $1m as of today
this is encouraging, a newbie like me would definitely need guide to achieve such financial milestone.. mind if I look up the professional aiding you please?
She goes by ‘’Stacy Lynn Staples’’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I live in a condominium. This year our insurer dropped us. We had a very difficult time finding an insurance company willing to insure us and when we did, the cost was 3 times as expensive as our old insurance. We’re in Illinois.
I live in Northern California. My insurance went up almost 100% this year to around $4400. I’ve had no claims, and I don’t live in what I think is a high fire danger area. And I can’t move because State Farm considers a policy on a new house to be a new policy even though I’m a current policy holder. - and they aren’t writing new policies.
Self insurance isn't working out so well for the people on Florida's west coast. Many people can't get insurance or decided to go without. After this hurricane season they had a lot of stories about financial distress.
@@NicE-jq3wv pretty sure you are correct. But, a lot of people can either pay the insurance or for food. So if they do not have a mortgage they forgo the insurance and roll the dice.
I just went through an issue when my company folded! Now my premium has almost doubled! I live in AZ! No flood insurance needed where I am! The mortgage company let me down because they didn't call me! My insurance payment was built into my mortgage payment! I just trusted them to take care of it! I learned a costly lesson!
Here's a shocker. Why are people that have a mortgage even paying insurance on a home that they don't technically own? It's the banks, or lenders home. The whole thing is rigged and rotten to the core. You're paying upkeep and insurance on something that you don't even own! Let that sink in for a minute. You're keeping the banks property nice and tidy so that when you miss a few payments they in turn can swoop in and snatch up the property, regardless of how much you owe, and re-mortgage it to another sucker. Of course, they'll get all the principal and interest up front in the mortgage schedule. Let the banks pony up some money for insurance on their asset! They'll have ZERO compassion when you miss a payment.
Because it’s in the mortgage contract? I mean you don’t have to agree to the contract and they don’t have to give you the money. When you get a mortgage, arrangements are made to make sure you have insurance and pay the property taxes, because that preserves the bank’s interest in the property. When you’re buying a house they will talk about PITI, which is your total monthly cost of ownership: principal, interest, taxes, and insurance. The former two being part of the payment for the actual loan.
This sort of comment really demonstrates a general misunderstanding of business and contracts. But you do you and keep spewing senseless comments. I’m not a fan of banks or insurance companies but this is just a cost of doing business.
@@dash1bravo24 , so, you don’t maintain your car while the bank still owns it? Also, don’t miss any payments. If you go into a mortgage knowing you will miss payments then you bought too much house.
The extreme valuation of homes has driven cost of repair and replacement up sky high this is reflected in extreme insurance rates. As home prices soar so do insurance rates.
Housing crisis, health crisis, cost of living crisis, debt crisis, inflation crisis, middle East crisis. How many crises can a koala bear? I'm approaching retirement with comfortable millions, yet scared of a market crisis and how to benefit from a possible correction. Where do I best grow my money?
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra
Truth is, investing with the help of a financial advlsor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for 2020 covid lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
Bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please?
Kimberly Grace Flanagan is the licensed advlsor I use. Just google the name and you’d find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, But so glad I did.
I'm a property adjuster. Inflation is well over 10% in the construction industry. What cost $5,000 to repair pre-covid is now around $10k to $15k depending upon the cost. Small insurance carriers are depending upon reinsurers more than they have ever done before.
Inflation is NOT THREE PERCENT! Insurance companies dont care about the price of eggs…home prices in dallas are up 100% in 5 years in certain areas….thats the thing thats getting insured
I’m sick and tired of paying State Farm and their ever increasing rates. Go ahead dump our policy. I will put the money in savings and cover my own butt , should it come to that. State Farm, go do a commercial with mahomes or Rodgers……who needs you.
4:46 - Something doesn't sound right with the clause, "stop being predictable." The whole reason for having insurance is to offset costs when an unpredictable event occurs. If some costly event is predictable then you can budget for the next occurance of the event. 🤨
I retired, live in NJ and have a 2850 sq/ft home on 3 acres built in 1980 and completely renovated. Oddly enough my home insurance was $605 8 years ago and is now $680/yr. The house is paid off and I'll just drop my insurance if prices skyrocket here. The last 4 years of leadership are mostly to blame for this.
I lived in Southeast Texas for 40 years. In 2008, Hurricane Ike put 6 feet of water in my house, and in 2017, Hurricane Harvey put 6 inches of water in my house. Seeing what was coming down the pike, in 2018 I sold the house and moved to Delaware. The day we made settlement I received a notice that my flood insurance was going up to $2500 a year. Sadly, many people don't have a choice as to where they live either because their job is there or they don't have the money. I don't see the situation getting any better soon.
Thank you for your videos mate.... With Trump's presidency, economic shifts are expected to be significant, especially given the current recession and the potential impact of future rate cuts. Although rate cuts might not boost inflation as hoped, they may lead banks to further restrict consumer and corporate lending, contributing to a deflationary period for various assets. This environment could result in declining stock values, retail and housing sales, and rising unemployment due to layoffs. For investors, a diversified portfolio especially with stocks and cryptocurrencies offers some protection, serving as a hedge amid volatility. Both long- and short-term trading strategies can help manage risks, providing stability as markets adjust. I have managed to grow a nest egg of around 130k to a decent 732k in the space of a few months... I'm especially grateful to Seren Wintersun, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
In a field as rapidly evolving as cryptocurrency, staying updated is crucial. Seren’s continual research and adaptation to the latest market changes have been instrumental in helping me make informed decisions.
The same high-yield potential exists in both bullish and bearish situations; what matters is how information and technique are used. Not neglecting professional advice.
The process of trading can be complicated when you have limited knowledge. However, with the right strategy and setups, you can be successful. That's the whole point of investing.
I’d love to know where those average insurance rates are coming from. I live in Florida and I live in a 1,900 square foot home that isn’t in a flood zone and my insurance for 2025 is $3,300 and that’s a huge increase over my 2024 insurance rate! That is a huge, huge cost but it isn’t anywhere close to $11,000!
I don't know where you got your estimate for utah, but its flawed. I have 1100 Sq foot simple, remodeled 115 year old rectangle house with only 4 corners. I live in a rural area surrounded but hundreds of farmer's fields where my insurance rates have increased $700.00 each year for the past 2 years. Now paying $2450.00 this year alone. I'll get a new increase in July, I'm sure. Your quote of $1,541.00 for utah is way off. Can't imagine the costs for the bigger, fancier places...
I've been a homeowner since 1986 and have never filed an insurance claim. That kind of history should carry some benefit such as a lower rate, but it does not.
It’s about risk, not claims. Nothing you do affects that risk. Its the probability of flood, wind, etc. In other words, even though you’ve never had a claim, of the probability of say flooding increases vs “normal” then your rates go up. What this guy is saying is that climate change is overturning what “normal” risk is.
Im 54 i live in Wisconsin my home owners went up $650 last year so now it's over $3000 which has now pushed my mortgage up. My home owners insurance is now morerhan my taxes. If it goes up 50% I will be priced out of my mortgage because of insurance. it's a bunch of shit! I've had insurance from age 18 to now at 54 and I've never had a Insurance claim on anything.
@@lauracollins3451it’s risk-not claims history. If the probability of major issue is rising, and costs to repair are exploding, rates go up. There are even tangential risks/costs from places like Florida and the coasts. Costs of building materials go way up due to rebuilding 1/2 the east coast right? So your rates go up. Love it or hate it-we’ll send all the immigrants out of the country, so construction labor is about to hit the roof. Storms have gotten way more serious and more frequent. All that drives up your insurance even if you’ve never filed a cent of claims
I got a bill from State Farm. I went to pay it before it’s due date and they told me it was not the amount printed on the bill. That was an estimate from last year and the actual bill was $50 more. It’s all a con but you have to have it.
@gregzoller9003 Eventually the whole things gonna collapse. This country can't sustain the increasing prices. I'm gonna start looking for a off grid skoolie so I will have something to retire in as my property is actually subdivided. I can sell the house and put my skoolie on the two seperate acres.
But yet State Farm is still making billions in profit, and can afford to pay big bucks for celebrities to do commercials. All lies on there part
I search states state farm has lost 6.7 billion for the last 2 years.. i know its hard to believe but there were a few out there that did care. People need to research and support companies who support them. We have forgotten this one power we do have.
Yes I heard that too from CNN.
State Farm cut me from their policy. In their defense I had 2 minor smaller accidents over a 2 year period and overused the roadside assistance feature. Not once did they ever teleport someone my way!
They don't pay claims anyway (state farm).
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
Could you kindly elaborate on the advisor's background and qualifications?
Annette Christine Conte’ is the licensed FA I use. Just google the name. You’d find necessary details to work with and set up an appointment. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
@@CindyValenti thanks for the lead, just searched Annette by her full name, easily spotted her consulting page and was able to schedule a call session, she seems highly professional from her resumé..
This will not only impact homeowners. As a landlord, I have to pass much of this expense on to the tenant. This is impacting rent as well.
i can only raise by rents by 5% per year.
@@RasalilaRoseIt's unfortunate that governments attack the symptoms rather than the causes.
@@zsi Yeah, that's society's problem: the government is unfair to landlords and not allowing the working class to take more of the brunt than they already are. You made the call to get into making a buck off people's housing. You agreed there was risk and you wanted to take them. The renter should be protected not the landlord. You can't be shielded when the risks you took on hit. Prepare better.
Look at the bloated salaries of the upper level executives in the private insurance industries, and then tell me again why insurance is becoming so expensive...
@praxton Agreed. That said, I don't know why my comment was deleted.
I own my home. I don't carry home insurance. I know carpentry, electrical wiring and plumbing. If it breaks I fix it. Just like the old days. If my house burns down or blows away. I'll get a small prefab and carry on. All those hurricane victims are being told the insurance will only cover half of the policy at this time. I am my own emergency management agency. I am far more reliable than the Federal one.
Absolutely perfect. A clear thinking law abiding citizen who takes care of himself and family ! good job !
This is the way to go, the only problem is maybe, what 5% of the population owns their home outright and the other 95% are required to carry HOI.
Don't you need to be licensed to get permits to rebuild?
Until/when you get into your 80s and 90s or get ill...????
Mark while I admire your self reliance, you do understand that most folks have get a mortgage to buy a house and that bank requires insurance...no exceptions. What do you propose for folks in that very common situation?
Sincerely, I’m really concerned about how the current economic crisis and rising inflation have really taken a toll on my portfolio. It's becoming quite worrisome, especially at my age.
I completely understand what you mean. These financial challenges affect older citizens like us more significantly. It's concerning to see our savings and investments diminishing in value. I’m also very worried but what someone I do
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Melissa Terri Swayne is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
I just copied and pasted Melissa whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
Im an insurance agent in CT. Licensed 42 years. My homeowner's loss ratio is around 40%, super profitable to the insurance carriers. I can confirm that rates are going through the roof but that is not all. It is also getting really hard to get coverage. We have one carrier that will not offer a quote on any home with a roof over 8 years old!?!?! Never in my career have I seen such a market.
Roofs last far longer than 8 years!
@@angelarich8455 My daughter lives in TX. There roofs are lucky to last 15 years because of the sun. In CT getting 25 or more years out of a roof is the norm. So not wanting to insure a 9 year old roof tells us they dont really want to insure much if any. Totally nuts.
It’s ridiculous! agenda 2030, you will own nothing and you will be happy 😡
@@douglashughes2331 Then we are making them out of the wrong materials. A rock sitting in the sun will last a very long time. We build roofs that do not last, ON PURPOSE. It's all on purpose. We COULD make roofs last until the end of time, but what would the roofing industry do? What would roofing contractors do? What would roofing material manufacturers do? It's all a big wheel the wheel must turn it's gotta go round and round like the song
And all thanks to the insurance fraud.😂😂😂
I personally find rising AUTO insurance premiums to be an even bigger problem.
I agree with you because automobile insurance impacts renters and homeowners alike, i.e., a larger cross section of the adult population. I believe auto insurance isn't adequately risk adjusted. To me it's like commercially organized fraud in some (most) states.
My car ins more than doubled n less than a year with no accidents or tickets. Insane.
The auto market is in serious trouble. They are going to need another bail out. I think the govt is way more broke than they think they are. I don't think a bail out comes this time. And the implications of that are terrifying and also liberating.
Just out of curiosity, did you call around to other insurance companies to see if they offered lower rates? Seems like every couple of years my rates go up with my existing insurer, so I have to shop around with the major insurance companies and usually can find it closer to what I was previously paying.
Kind of a pain...you'd think the insurance company would want to keep you when you haven't had any claims, yet they still try to squeeze as much out of people as they can.
Cars are getting more expensive to repair or replace. I am not surprised that auto insurance is going up. People pay $100K+ for a pickup truck! If you hit that and are deemed to be at fault that is a big payout your insurance has to make on your behalf.
Insurance is a rip off! Doesn't matter what kind of insurance, from Home owners to health insurance. You pay a ton for it and when you need it you it doesn't cover enough which leaves you paying more.
Obviously you've not yet lived through the experience of a tornado erasing your house from its foundation while you're out of town on business or vacay. To certain degrees of calamity, insurance does in fact save the day.
Yep, you are so right!
You included health insurance. I always ask my clients who are looking for cheap plans one question "How much is your health worth?" At a young age, it's very little, but as they get older or face a health crisis, that amount goes up. Unfortunately, it's usually too late to get a good, more costly plan.
Rich men are getting richer. They consider us a piggy bank that they can keep breaking and raiding.
Best thing I ever did was sell out, retire in the Philippines, and completely did away with the insurance scam. You don’t even need it to drive here.
I have been saying this for years. When insurers stop wanting to insure and area, it is time to move. My brother wanted to move to Florida, and I told him to look into insurance for his home before his move. Insurance companies are the best predictors of problems ahead. Personal opinion but I believe sink holes are going to become a real factor for Florida. They already exist, but with the new weather patterns, I have a geologist friend that moved his parent out of Florida. We have been talking about moving and insurance rates are one of the things I take into consideration even over home prices. Nice to have affordable housing, but if the insurance rate is quickly increasing, they know something you and I don't.
That’s what I’ve been telling people . Insurance companies make money by assessing risk and predicting losses . They all started running out if Florida , I said everyone should sell their home and get out
More and more people are gonna get a nice motorhome and live in campgrounds
@@drifter9425lol have you price out campgrounds lately? Even monthly rates are more than an apartment at some places
Yes--THINKING is underrated these days, "But I WANT to live in Florida."
Left a nice 10 acre place there in 07, insurance was the driver.
I’m glad this has finally been brought up! This is far worse than interest rates
Finally? This has been in the news for seven years.
Do you all know about 30x30, 50x50? I can't say much here.
The harsh reality is that states with a high risk of wildfires and or catastrophic weather events are going to see a rapid exodus of residents‼️
WHY❓
1. The inability to pay these exorbitant homeowner insurance premiums.
2. The inability to obtain homeowner insurance policies, at any price.
3. The cost of re-building a home after a catastrophic fire or weather event usually EXCEEDS the amount of coverage provided by the insurance policy AND the financial resources of the property owner.
This is truly a BLEAK situation as Americans are forced to move to a State with less risk. Florida and California have a double whammy in that the cost of replacing homes there can easily exceed a million dollars and usually much more. Our Federal Government is unable to help as it is saddled with an unbelievable debt already.
Almost as bogus and abusive as property taxes.
@@junktex Both bills are a scam,, Prop taxes,, ridiculous HI ridiculous,, 2 scams
What’s occurring is insurance corporations are working with hyper rich individuals who will purchase home (cash offers.). Allowing hyper rich to become even more wealthy and people become slaves. History gives examples, a company town. Now corporations country.
BlackRock.
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I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
The problem that cost the most was Market value on homes increased double, some triple, within a year and a half.
That's sort of true, but your homeowner's insurance is based on what it would cost to repair or rebuild your house, not the market value of the house. For example, a structure in rural Georgia that costs let's say $200k to buy but the structure cost $150k to build would be insured for around $150k. That same house in LA would be worth millions, but would still be insured for about $150k assuming all the interior fixtures and finishes were the same.
@@mattj6676 Don't companies take into account cost differences in locations? Cost of materials in rural Georgia is not same ad in LA
@@chickchoc yes they do, which is why insuring identical houses in different parts of the country will likely cost a different amount, though probably not that different as the cost of drywall and most construction supplies is pretty consistent around the country, with the exception of places like Hawaii and Alaska. Labor costs and availability of contractors is a consideration too. More determining of the price of a location's incurance is the cost of handling claims in general, which is related to the frequency and severity of the claims for the area. There's a lot that goes into it, but to the OP's original point, the retail price of a house going up due to market conditions doesn't greatly increase the cost of insurance on the house unless the cost of rebuilding it has also gone up.
I run an insurance agency that writes homeowners insurance in 20 states, but mostly in Missouri and Colorado. We work with many insurance companies, and our clients are falling into one of three buckets: A). Rate increase 20% to 45% higher than last year, or B) they now have to pay most of the cost of putting a new roof on the house from a hail storm moving forward (instead of just a low deductible), or C) They receive a non-renewal in the mail, instead of a renewal, because their insurance company went bankrupt or permanently failed in the state. It’s not just homeowners insurance either. It’s commercial property insurance, which causes businesses to raise their prices, further driving inflation up. I can’t believe this has not been in the news more than it has been. It’s a disaster. There are no winners in this. The insurance companies are losing, the insurance agents are losing, and the consumer is losing. In many states now, “mom and pop America” won’t be able to afford to replace the roof on their house, even if they have insurance.
I replaced my roof this past year from Asphalt to 24 gauge standing seam at a cost of $87,000. Less than a year later, Hurricance Helene hits Western NC and I had no leaking. Best money I ever spent.
@@christschool Either you have a huge mansion or you got ripped off badly.
It's not been in the news because it didn't fit the media narrative.
In the mean time the politicians distract you by screaming "Trans women are peeing in the next stall" and half the country jumps to being outraged and the large insurance companies just laugh at how easy it is to distract everyone.
@@paulconner4614 Insurance companies are not laughing. Here in FL, many insurance companies went bankrupt because of all the hurricanes. My best advice: don't move to FL. Move away from FL if you are able to do so. This climate change is only going to get worse. Flooding is more and more common in FL.
My biggest gripe is this: the bulk of the claims come from 20% of customers while the other 80% of us are just paying with no payback. A large percentage of us are never in a car accident, or file an insurance claim on our home. Yet you have those that we read about who have a home on the ocean where the water is really getting close to taking the home for a cruise out to sea; or their home is on a river which floods every year and the owner is getting paid for the 3rd or 4th time. In these cases, one can guess that no one should have been permitted to build in that location. Either those people pay for the risk or do as some places do: pay off and refuse to let the building be rebuilt in that location.
Sold my house and moved into a park model in Florida where I own the lot. No insurance because I could always put a nice rv on this lot if something happens. It survived hurricane Milton. The more you own the more you worry.
May I ask which park you were able to purchase the lot
Most are rent only
I work as a claims adjuster, and have done so for the last decade. I am absolutely here to tell you that hazards that were once rare, no longer are. Thank you so much for putting this information out there!
20 years ago everyone moved to Florida because of how cheap it was. Now their insurance costs are now more then the taxes in the northeast. And Azul you say move someplace where it’s cheaper. That’s easier said than done. Just because things get expensive doesn’t mean you can pick up and move. You have to find a job you have to be able to support yourself. And each time you move the expense is always great.
Yes. It isn’t easy to move because because of insurance and flood insurance is making it hard to even sell to leave
Just imagine, hiking for thousands of miles to leave your home for somewhere there is reliable food and a relatively safe place to sleep.
Then the governor of Florida forces you on to a bus and ships you to a small resort island in New York.
It may be a hard pill to swallow, but the easiest time to make a move is today.
Florida sucks. And the people who run Florida should not be asking for handouts if they don’t have compassion for others who need help.
And even if you move, there is no guarantee it will also not get very expensive in the next few years. People watch videos on UA-cam and decide to pack up and move to that low-cost paradise in Tennessee, West Virginia, or Thailand that some real estate channel told them about. In a few years, the place is more expensive than the place they left.
Always excuses
Except half the people who move to Florida are retirees.
He is absolutely right. The insurance company actually all re-write new contract and policy. I just switch to All state. I read the new policy of 52 pages, basically they are not covering most of damages. Your damage has to meet the strict criteria in order to get compensation, they also added the cash value which depreciated your house or roof to a much lower value when they calculate your compensation. They also added lots of limitations of liability. There are so much stuffs are not covered, I really don't know what are actually covered? A small check is expected even they agree to pay you after many fights with them. The homeowners will be end up paying huge replacement cost, which lots of people will not be able to catch up the costs...
Allstate pulled out of SC after Hugo hit.
You simply need to go with QUALITY companies-state farm, AIG, Nationwwide, etc…..it’s not just Florida . Yes you will have to pay up for quality. Use a very high deductible. If you can’t a for it u will have to own a less expensive smaller house. It’s life.
Isn't the value payout based on age and condition on all insurance? Car insurance does not give the new value for a 5-year-old car.
Misleading. Most insurance companies pay up front for a depreciated loss in case you don't make repairs. In that case they are paying for what is called "actual value". In most states and most insurance companies make a second payment for depreciation AFTER repairs are made. Houses are considered an appreciable asset. Automobiles are not appreciable and a second payment for depreciation is not made. Where most people get into problems is failing to keep the insurance coverage increased as the house appreciates and rebuild costs escalate. Just renewing every year without making that adjustment puts you at a huge risk. Most people I have done restoration work for are just too damn cheap to 1.) get a quality company, 2.) keep insurance amount adequate, 3.) Get the smallest deductible they can, 4.) Want to put money in their pocket by not paying the deductible or cutting other corners.. In the end if compensation is denied you can sue the insurance company and most often you will win if you are not trying to profit from a claim.
If you don't know what is "actually covered" after reading the policy you MUST meet with your broker. Just "reading" and not "comprehending" will not help you in the future.
We’re in Louisiana and have lived here all our lives. Our homeowners insurance has gone up 30%. We are now retired and we have very many seniors and low income families in our area. Some are moving out and trying to sell their homes but the rest are stuck with basically no place to go. It’s so very sad.
Southeast Louisiana here too. Been through lots of Hurricanes before but IDA sat over my town for over 12 hours! Most hurricanes only last 4 to 6 hours and they are done. And a ship builder here had naval weather equipment on a boat they were repairing that had the wind speed indicator break at 212 mph winds during IDA! Something VERY fishy about the weather that is happening all over America !
@@albatrosseagle8798 No hurricanes in the western US
@Hippykitty-q4g no but earthquakes. Wildfires, mudslides, etc
With my indepth understanding of the corrupution of insurance companies, I thought State Farm was the worst, but I now realize Allstate is probably worse than State Farm! People: please research ins companies BEFORE buying a policy! Your State's regulatory agency has stats showing complaints filed, etc for all ins companies in your state, so use it or you you could pay dearly.
Good to know
I live in the inner-city of a major east-coast U.S. city. My home insurance is around $700 a year and has been essentially unchanged for 20 years. I think the reason insurance is under control is that most of the homes are small row houses with relatively low insurance risk (no wildfires, no floods, few tornadoes, etc.) with that risk spread over many tens of thousands of similar homes. Live smaller and your annual insurance, maintenance, and repair costs will be smaller.
That's because a "small row house" is essentially an apartment/condo with multiple payers.
Mine was $880 for the renewal this for for about 200k worth of coverage. I also live in a low risk area. (few tornadoes or hailstorms, no hurricanes).
I live in a huge city also. But in the burb's when I bought it. Now in the outskirts early. Central Texas, very few freezes, no tornados and no hurricanes. Personally I dropped mine.
My home owners insurance is about $3000 a year, thank God Boston has a discount for owner occupied single family homes so I only pay about $2200 a year.
I have 1450 square feet out in the country with barns and animals and mine is about $1200 a year.
My car insurance (minimum what my state requires to drive) keeps going up every single renewal
Sooooo sick of it
I even have it bundled with my daughter
Tariffs will raise that even further!! Good luck!!
In the industry it's called "the standard annual premium increase." It's why Warren Buffet owns a chunk of GEICO. It guarantees an annual increase in revenue. Every company does it. When politicians talk of de-regulation, just remember, regulation is consumer protection.
@@ms.b9093 How's that? Explain
@cjmbuck regulatory capture go brrrr
Reality is that people live and build where they shouldn't, coupled with 100 year storms every 10 years.
Major insurers that can spread risks across many geographic areas, continue to pull out of high risk areas. What's left are smaller insurers that cannot spread risks across low risk geographic areas. Result is rates go up to cover risk and costs.
I think we are about to experience once in 100 year storms every other year... even every year. Folks in FL need to get out as fast as they can. IMHO the south and most of the eastern seaboard will be uninhabitable in 10 years max.
I bought a house in FL in 1999. The insurance was ~ $800.00 p/y. When I left in 2014 it was ~ 4K, and that is applying the 'Hurricane Deductible year 'round instead of the mandatory 6 months. It also does not facto in that during that time the insurance company dropped coverage of outbuildings and sink holes but the rates continued to escalate.
I lived inland 40 miles from the water. My rate increases went to subsidize the insurance for people living in high risk areas like the beach. Their rates were higher but not nearly enough to cover the risk. Those who build in high risk areas should required to self-insure. Or at least pay proportionate rates. Homes on the beach would be in the 300-400K p/y insurance range.
@@Very_Concerned-Citizen I have friends that retired and bought in Florida. Thinking it was nirvana. Huge mistake. Also have friends that sold out completely and travel, another huge mistake.
I’m not sure how that applies to Michigan, Utah, Montana or Nevada , which were all on the top-ten list. I know Michigan, for example, has been projected to be the least affected by climate change.
“100 year storms” are happening every few years now
What a rip off, I dropped my homeowners insurance two years after I bought my home. Bought a cheap house 80K paid it off in two years then dropped all insurance. Same with my pickup. Liability only. Put the access in the market and just sold off about 50% of my "total stock market" fund for about 70K. Just put a new roof on my home and paid cash. Negoiated it down to 10K. Just for grins I though I would get prices on it last week. The sales pitches were all over the place. Not only that but the deductible was 2-5K. What a huge rip off. My thoughts as a retiree is drop all this nonsense. I'm 72 have not been insured for about 20 years and at this point who cares.
Well, according to the video you have a 1 in 100 chance of having your house mowed down. Could be an expensive gamble
@@SBqwerty I agree ! good work!
It’s a gamble and I’m glad it’s worked out for you. Personally, I wouldn’t be without insurance. Two years ago I was victimized by a person stopping in front of me so she could claim I rear ended her. Luckily, my insurer handled it. I’m retiring next year and won’t risk my nest egg to a fraudulent lawsuit.
I live in a huge city in a huge sub-division. In my 20 years here there has never been a fire that I remember. I walk the neighborhood when I can and watch the news. I bought a small 1500 sq. ft. single story home. Remodeled it ( now valued at over 250K easily) No plumbing above the ceiling, Tile floors. Easy to maintain. My friends have wifes that think a two story huge home is a must and they pay out the nose for repairs. It is the stupidest move you can make in retirement. KISS (keep it simple stupid) is the word of the day when retiring. I now spend 6-8 months a year traveling abroad and never worry about this place. I have gifted it to a friend when I die, for goodness sakes it is just a house. Personally I don't care if it goes away tomorrow, I would move abroad and never come back..
@@SBqwerty Not where I live. It also means even if you live in a problem area you have a 99% chance of nothing ever happening. Insurance company have done their job. What a joke.
I just went through this. AAA had raised our rates to near $4,000, more than double the rate 5 yrs ago. We switched to another company with lower rates, but I have my doubts about how long this will hold. What a mess. Whether you believe climate change to be real or a hoax, the fact is that the insurance industry is taking it seriously, and pricing their products accordingly.
They’ve known about this for decades . All they do is assess risk ! The stats have been spelling out what was going to happen . No one was exactly sure of the timeline , but the endgame is known
They take their greed and good living Very seriously.
I haven't heard anything about homeowners that have theif mortgages paid off essentiall sel-insure. In other words, no insurance if you are willing to take the risk.
Uh, yeah. This sucks. My sister-in-law is practically begging us to move to Ocala, Florida. Not if we have to pay $11,000 a year to insure our house. Eff that. We might be able to get a break since Ocala is not coastal, but even then, it still might be $7000 or $8000. This is an eye opener.
And we realistically can’t go for two years when my wife retires, so how much worse will it be then?
Ocala is a pit--hot and humid and a LONG LONG way to the beaches. The traffic is crazy bad. That is an ANNUAL rate and not subject to discussion. Are you crazy?
@ No. And given the last two hurricanes that plowed through, I can’t imagine how much worse home insurance will be in Florida in two years. Not to mention the grocery prices in Publix. And the traffic.
Man, I’m doing a hell of a job talking myself out of this.
I’m in Bradenton at 48 ft above sea level and about 20 miles inland . 800k insured and pay 2600$ for an established insurance company. I keep praying our insurance stays reasonable compared to the average of 11k for the state.
Understand that the majority of Florida rates are adversely effected by coastal properties subject to billion dollar losses thanks to individual storms. Much of inland Florida is still fairly reasonable (I'm 40 miles from the west coast, about 1 1/2 hours south of Ocala, and my 2025 rate is $1900 for a 2400 sf home.) The downside though is that even inland properties can receive considerable damages. (Milton got me for about $2500, so I didn't file a claim.) It's not unusual for coastal properties, even your simple 1500 sf ranch home, to see $20k insurance bills. I can't imagine what a $5 million property on the beach would have to pay, but 6 figures wouldn't surprise me. So when you look at the amount of shoreline, and thus the incredible number of shoreline properties in this state, those numbers of coastal properties really raise the state average cost.
I moved to Ocala in October of 2018. It was a peaceful place to live, especially after the snowbirds went home for the season. Housing costs were dirt cheap. Six years later, there is a housing boom and many, many stores and other commercial buildings are being built. Thousands of homes are being built in this immediate area. Traffic is a nightmare on State Road 200 especially. Housing prices are through the roof. Insurance costs of all types are outrageous. I'm not sure where I'm going to go next.
I built a reinforced aerated autoclaved concrete home that is so strong that I feel confident not carrying wind insurance. Surprisingly, with today's insurance costs the cost differential for building exceptionally strong houses can be recouped in a few years if you self insure. Concrete homes are also far less expensive to maintain.
These insurance rates aren’t just hitting home owners. They are also hitting apartment owners, who have to pass the cost on to tenants.
Hmmm, I think any gov’t or corporation that is using weather manipulation that causes extreme flooding or damage should be fiscally responsible to every property owner.
Employees call it Slave Farm. Policy holders call it Snake Farm. Insurance, legalized gambling.
I like that term in the passage you're reading from at 5:00 "Predictably Rare". That's why we buy insurance. Good example is California and earthquakes, rare occurrences but they do happen. When the Northridge earthquake happened in 1994 (a 6.2, a good shaker) in the populated San Fernando Valley of Los Angeles the damage was widespread and the insurance companies were hit with a huge pool of claims. Most companies balked at initially covering the damages and stopped writing new policies at the time. The state had to step in and now insurance for "predictably rare" earthquakes is an addition to basic homeowners' insurance and is run by the state; in short the insurance companies got to offloaded their liability. I can see that same thing happening in Florida and Louisiana (and all along the Gulf Coast) where hurricane-force wind damage is no longer covered on a basic policy, even though hurricanes have been happening every year for eternity.
What the insurance companies are saying is they want it one way! Their Way!!!
They stick 2gether toward a goal. We Dont! Says it all.
This is not news
Louisiana has a huge issue. Many of us are going to self insure soon or default on our mortgage
Between car and home insurance, Louisiana is over 10,000.00 after taxes. Schools in SE Louisiana are terrible so add another 6,000.00 to 10,000.00 per year on tuition per child in a state with some of the lowest wages and salaries in the nation. The state needs to allow TAX CREDITS TO ALL HOMEOWNERS AND TAX DEDUCTIONS TO ALL TRYING TO EDUCATE THEIR CHILDREN PROPERLY.
The other thing I've heard happening here in CA, insurance companies are using drones, inspecting rooves and my friend got a notice shortly after moving in and securing her insurance, that she needed to replace her roof or they would drop her (within a 6 month period). That was a huge expense right after moving in. Fortunately she still had money left after selling her previous home, but...
Roof inspection by drone is very common. They are also looking to see what you are storing in your backyard. There was some guy in our area that has cars he had been restoring for a while in his backyard. The insurance drone captured images of them and they dropped him for having things like tires, doors, and other auto parts in his backyard.
This happenings to me now! Replacing the roof now…they gave us only a 60 day notice. I have to my paperwork back to them in days….
Wait till the tariffs hit building materials! Prices are going to skyrocket!
About time the people on the left realize that taxes on businesses affect the consumer.
What do you know about tariffs? Or are you just parroting what you heard on liberal media?
@@Dave-sw2dm Tariffs aren't complicated. A tariff is a tax on goods and services imported into a country. If a person wants that product they pay the inflated cost. Simple.
Everyone agrees tariffs raise prices
@@Dave-sw2dm i’m just parroting what I read in the dictionary definition of what a tariff is.
My house that I've lived in for 43 years is small and relative cheap. I kept my exposure down by keeping everything small. I also chose the area carefully.
I also increased the deductible years ago, which has helped. I could self insure my house too, but haven't done that. Rates went up, but I'm fairly well off, more or less. I've never filed an insurance claim in my life, but I know that won't help.
I agree with this. Best way to protect yourself is to live below your means. My parents do that and it's a good lesson.
I live in Arizona and Colorado. My Colorado insurance went down 10 % this year. My Arizona insurance is 10% of what I paid for a much smaller house in Sarasota, Florida. Not 10% less, 10% of total Florida insurance bill.
Presenter didn't mention a couple of options:
[1] Once you own the home ( i.e. mortgage paid off ), you can self-insure because there is no legal requirement ( as there is for vehicle insurance ) for homeowner's insurance coverage ( lenders insist on it but that wouldn't apply if the house is paid off ). Yes, it's risky to do this and you need to be prepared but it's possible with good planning. Plus as a self-insurer, you don't have to pay for the overhead of a large insurance company ( your insurance premiums pay for office space, insurer employees, insurer computer services etc. etc. ).
[2] Besides moving to a State with low risks ( and thus lower insurance premiums ) like Arizona, Nevada etc., it's possible to live on the road with RV or similar. This option tends to be better for retired folks who don't have a job at a specific physical location.
Totally my homeowners insurance has become ridiculous
I'm in New Mexico. I recently got a letter from my insurer stating that the cash-back incentive they have for no claims history is being ended. Nothing was said as to why, but it is clear to me that they're trying to cut their losses and I fully expect more issues down the road. I was able to greatly reduce my flood insurance premiums by firing State Farm and going with a private broker out of California. So, some savings there, but the homeowner's policy will only go up. After we pay off the mortgage, will give serious consideration to other options for both. This will hammer everybody, owner or renter. We're headed for massive, government owned apartment complexes. So much for the three bedroom home, 2 kids and a white picket fence.
drama queen
Don’t buy a house anywhere near a flood zone!
Don’t buy a house in an earthquake zone, don’t buy a house in fire zone, don’t buy a house in a hurricane zone, don’t buy a house in a tornado zone, don’t buy a house in a high crime zone, don’t buy a house in a heavy snow or freezing zone. Ok I’m looking into sone great real estate on the moon. 😂😂😂
Ask the people in NC about being in a no flood zone, never had hurricane damage zone and now those who survived with homes in tact, can't afford the insurance. Or can't get it at all. The old addage said everywhere is a flood zone.
In 2023 my roof was replaced due to a hail storm. Many of my neighbors too. When that policy was due for renewal, I received a letter saying I was being dropped due to fire risk. I never understood that reason. Thankfully I was able to get a similar policy at similar price from another company. I live in Wisconsin.
They were lying. They dropped you because they didn’t like paying that claim.
@@Starfish2145yeah..and at least they paid that claim.
Also in WI here. We were renewed with a small increase in premium, but got a letter stating that we must bear more of the cost for wind and hail damage. Biggest risk here in rural SW WI is fire. Next is wind & hail.
The ole Hail damage? Should paid for your roof yourself!
In central WI, got a 62% increase this year with a company that is local to 50 miles from wausau, not a national carrier. They said that's just the rates went up that much. We very rarely have severe weather
Housing, health, cost of living, debt, inflation, and Middle East crises-how much can a koala bear? I'm nearing retirement with comfortable millions, but worried about a market crisis. How can I benefit from a possible correction, and where should I grow my money?
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial adviser and have had major portfolio yields of over 88%, so I'm not going back to relying solely on bank for bonds or T-bills.
Bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please
A fixed indexed annuity
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with *Marissa Lynn Babula* for years and highly recommend her. Look her up to see if she meets your criteria.
@benitabussell5053 I knew from the first comment a financial scam was being set up 😅.
8:09 When seeing all of the states that fell under "Most Expensive States for Home Insurance in 2024", I realized that's tornado alley!
Or Hurricane Alley.
It’s hail claims in those markets driving up costs more than tornadoes
It seems like there are a million ways to discourage and prohibit home ownership today☹️
Many people I know are thrilled to get new siding and a new roof when a hail storm comes through. The storm chasers know exactly what to do to get maximum claims.
With all these claims it is no wonder the rates of places that get a lot of hail are going up. We have family in Texas and they are seeing their rates shoot up because of more heat and more severe storm with hail.
Tired of the "recession is coming!" threat. Recessive periods come along with equivalent market opportunities if you are well informed and equipped, I've seen folks amass wealth in the midst of economic turmoil and even pull it off easily in favourable conditions. Invariably, the collapse is getting somebody somewhere rich
i agree with you and safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Sonya Lee Mitchell is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
I'm new to investing, and l've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have
As a beginner, it's essential for you to have a pro or a very good trader to keep you accountable.
If you can, then get a professional to trade for you I think that way your assets are more secure.
Someone like expert viola patterson
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
This is correct, viola strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started.
I live in Oklahoma and last year my property insurance went up OVER 200 percent!! I tried numerous agents and couldn't get a cheaper option. I was forced to pay it.
wait until the end of 2025.
Inflation is not in the 2-3% category. The government systematically understates inflation.
So I guess they did under Trump too.
Yes govmnt Lies bigtime.inflation is 300 %, not 3 %
. Sheese.
My home has been paid for for about 20 yrs. I didn't renew my policy last year as the premium kept going up. Figured I could use the premium money saved to repair damage... unless a tornado blows me away. I also have some apartment complexes. Nothing huge. Premiums and taxes have gone up 48%. Options are getting really limited and I live in NW Iowa.
The last 4 years have been financially devastating to Americans …..
Just wait for the next 4 years when INFLATION goes up even HIGHER. GUARANTEED!
We have the strongest economy in the world because of the last four years!
@rambleon1417 Amen 🙏
@@rambleon1417 lol
Not true at all. Stop listening to MAGA propaganda. Insurance rates on housing rise because people build houses in areas not meant for human occupancy. Then when the inevitable disaster occurs they demand full reimbursement for their own poor decision. My home insurance rate went up because idiots in Florida built in hurricane prone areas and people in California built in fire prone areas and their poor choices cost insurance companies billions in claim payouts. So to recoup the losses everyone’s rates go up.
My homeowners insurance doubled in two years. Went from 1700 to 3,500. Never had a claim,
When I was a kid, Florida was mostly a modest or rundown state. Sure there were a few resorts here and there but mostly beach houses were built from the 40s to the 60s. Miami Beach had nice hotels but everything out side of that was pretty old at the time. Not many people built there because the salt spray in the air rusted everything and of course people were afraid of hurricanes even back then. Everyone considered building houses on the Florida coast to be "foolhardy" except maybe the rich. In the 70s things changed. Hotels and Condos started getting built. Climate change and the law of averages have now caught up with everything and here we are.
And global warming will druve both more hurricanes and rising sea levels adding to Florida's hydrolic problems
I GREW UP IN FLORIDA IN THE 60s & 70s. IT WAS NOTHING BUT A RACIST WHITE TRASH STATE WITH SHACKS! I KNOW BECAUSE ALL MY FAMILY WERE RACIST WHITE TRASH! I MOVED TO ARIZONA IN 1986. SO THANKFUL I GOT THE HELL OUT OF THAT STATE! BEST THING FINANCIALLY I EVER DID! LIVING LARGE NOW IN THE GRAND CANYON STATE!
Same deal in Texas Gulf Coast. Rice paddies and cane fields in flood plains decades ago, now high priced subdivisions that flood when it rains normally.
I am building a house in Florida. It was not difficult, nor prohibitively expensive to find homeowner’s insurance. But then again I did research the FEMA flood map and other considerations before buying the land. Also, as a life-long resident I know to build inland. I don’t disagree with the video in any meaningful way, except to say that climate change is not the principal cause here. Many people moving to the state build on the coast (literally hundreds of thousands of homes), with many siting their houses right on the water. Hurricanes have always been plentiful here, but now there are so many more homes in high risk areas than in previous decades. More targets for the storm, more damage for the adjuster. As evidence of this perspective, consider that this hurricane season brought three major storms right to our area along Florida’s big bend within a six week period. Lots of trees knocked over in the area, but no damage our barn, two campers, outbuildings, or nearly complete home. Common sense is being ignored and we all are paying the price for it.
Well said
You missed something that goes hand-in-hand with insurance and home ownership -- the increase cost of property taxes when the county reappraises your property. Ohio just finished this past year and people have seen a 10-90% increase in appraisal value which will translate to a higher property tax.
Property taxes in the ŰŠ is designed to kick every humans out and become homeless.
They are using a fraudulent formula.
being retired and over 65 my taxes dropped by over 2K/yr. Completely took the pressure off of me for home ownership in retirement.
We appealed our taxes every year in Houston. The worst that can happen is they deny the appeal, I think
In many areas, most roofs are only replaced with insurance from a damage claim.
Over 50% of hail damage claims are approved without qualifying damage to the roof.
Why would a carrier pay for a new roof if there is no verifiable damage?
Another big problem is that many people think insurance will cover repairs that are caused by wear and tear (roof replacement because it's old and worn out, etc.). But that probably goes beyond the scope of this video. Anyway, the best insurance is self-insurance (as much as possible). And remember, at bottom insurance companies make money - they gamble that you won't have a covered catastrophic lost, and you gamble that you will. Now they are hedging their bet. I have never made a claim on my homeowner's insurance in the almost 50 years I've had homeowner's insurance, but the insurance company I recently had (for over 20 years) would not renew my homeowner's policy because my roof had some age on it, even though it had never given me any problems and I was going to replace it within a year or two. I had to go with another company, contingent on getting a new roof, but at least they gave me that option.
First thing they ask me was how old is your roof. Drop the insurance and self insure.
They wanna know how old the roof is or when we had a new roof put on. In our case the roof was replaced in the early 2000s. So they will cover 64% of the cost during this policy period if the roof is damaged and needs replacement. At this point I feel no need to rush into a new roof. I would spend an estimated 8500 to 10000 for a new one, just to get full coverage on it and some small premium savings. So I figure if the roof needs replacement, for whatever reason, hail, wind, etc., Insurance will pay the first six thousand or so on a ten thousand dollar roof, leaving me a balance of only four. Obviously at some point in the near future, I'm gonna need to replace it regardless, but I'll manage to stretch it out as long as the insurance will cover fifty percent or more of the costs.
My heavy truck insurance did the same thing. This year my premium went through the roof, it said do to the rising cost of loss . I say greed.
"I say greed" --- no, it's following orders from those who control everything and $ is just the tool for your demise.
Most house prices are based on the monthly payment people can afford. Using that theory, increasing insurance costs should lower valuations over time
Correct. If an insurance companies refuse to insure/renew the value of your home decreases by 12% on average. Insurance companies like do this as soon as your home is paid off because they're in bed with the banks.
Will this and increasing property taxes force people to transition to smaller houses or alternative housing like yurts, underground homes, more resilient materials, etc.?
Buy unrestricted land and build a home you can afford. Even a steel building can be divided by panels.
I'm favoured only God knows how much I praise Him, $230k every 4weeks! I now have a big mansion and can now afford anything and also support God’s work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Wow that's huge, how do you make that much monthly?
I'm 37 and have been looking for ways to be successful, please how??
I remember giving her my first saved up $20000 and she opened a brokerage account with it for me, it turned out to be the best thing that ever happened to me.
Indeed. Here in Texas, insurance went up 30 percent last year, and 50 percent this year. I think they raised it to pay for Florida hurricanes.
Housing crisis, health crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, middle East crisis, bank crisis, retirement crisis. How many crises can a koala bear?
I was just thinking the same... I'm approaching retirement with comfortable millions, yet scared of leaving my savings in the bank, pondering if I should just buy gold to preserve and grow my money
gold to me is an inflation hedge for long term, but not quite profitable in the short run, you can get more insights or guidance from financial advisors
Investing with an advisor changed my life. I retired as a millionaire at 55 after working as a teacher for 32 years, earning over $100k annually. The COVID-19 lockdown pushed me to supplement my income with stocks and alternative investments.
bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, but I need a different plan now... mind if I look up the professional guiding you please?
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Vivian Jean Wilhelm" I've worked with her for some years and highly recommend her. Check if she meets your criteria.
Thanks for sharing your experience.
I'm in Canada and y'alls insurance down there is ridiculous! We have more government regulation up here and our insurance is much cheaper. Greedy companies
Yet we (Americans)are brainwashed that socialism is bad, bad, bad, by the companies (not just insurance) fleece us. Go Fox News. Can I come live with you?
It is 100% pure greed, yes.
there's no risk of hurricanes in Canada. comparatively little risk of tornadoes, too.
@MidlifeCrisisManagement we do have tornados and we have a huge flood plain. East Coast gets hurricanes. West Coast gets earthquakes. Forest fires are huge here. My friends insurance in Iowa is triple mine. His son was involved in a car accident with his car that wasn't his sons fault. Both of their car insurance rates increased. Massively. They had a fire and their house insurance went through the roof even though it wasn't their fault. None of these things would happen in Canada where there is public insurance. I get being uninsurable in hurricane zones. I work with insurance every day. That makes sense. You live where there is high chance of natural disaster then don't expect good rates. But rates from people I know in Ohio, Michigan, and Iowa... Are absolutely nuts. Don't even get me started on your health insurance. My word...
The shareholders of an insurance company should be the insured and only the insured.
This happening in the coastline in Texas.
Excellent information- very important content. Definitely not clickbait- any homeowner needs to be aware of this trend.
Great nuanced review. Many videos pointing out rising insurance costs simply with statements along the lines of “greedy insurance companies” without evaluating the underlying reasons for the price increases. As a senior business analyst for a florida property insurer i can attest that there are a litany of contributing factors to this issue
Inflation comes with equivalent market chance if you are early informed and well-equipped. I've seen folks on verified posts that turned millionaires amid economic downtrend, and pull it off easily in a favorable economy, it all boils down to proper asset allocation.
I'm still trying to strip every decision of emotion.. no doubt many successful investments are built on no more than an advisor's hunch
Right, a lot of folks downplay the role of advisors until burnt by their own emotions, no offense. I remember 3 years ago, just after my awful divorce, I needed a good boost to keep my business afloat, hence researched for advisors at once. Thankfully, I came across one with grit, helped to grow my reserve notwithstanding inflation, from $350k to nearly $1m as of today
this is encouraging, a newbie like me would definitely need guide to achieve such financial milestone.. mind if I look up the professional aiding you please?
She goes by ‘’Stacy Lynn Staples’’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
I live in a condominium. This year our insurer dropped us. We had a very difficult time finding an insurance company willing to insure us and when we did, the cost was 3 times as expensive as our old insurance. We’re in Illinois.
What do they pay stars, famous football players and coaches for commercials? Stop it!
WTH?
I live in Northern California. My insurance went up almost 100% this year to around $4400. I’ve had no claims, and I don’t live in what I think is a high fire danger area. And I can’t move because State Farm considers a policy on a new house to be a new policy even though I’m a current policy holder. - and they aren’t writing new policies.
Self insurance isn't working out so well for the people on Florida's west coast. Many people can't get insurance or decided to go without. After this hurricane season they had a lot of stories about financial distress.
Don’t mortgage companies require you to have it?
@@NicE-jq3wv pretty sure you are correct. But, a lot of people can either pay the insurance or for food. So if they do not have a mortgage they forgo the insurance and roll the dice.
@@NicE-jq3wvThey absolutely require it.
I just went through an issue when my company folded! Now my premium has almost doubled! I live in AZ! No flood insurance needed where I am! The mortgage company let me down because they didn't call me! My insurance payment was built into my mortgage payment! I just trusted them to take care of it! I learned a costly lesson!
These increases are unjustifiable
NO--- they are unsustainable. Get it?
They love your money as long as you don’t make a claim
Here's a shocker. Why are people that have a mortgage even paying insurance on a home that they don't technically own? It's the banks, or lenders home. The whole thing is rigged and rotten to the core. You're paying upkeep and insurance on something that you don't even own! Let that sink in for a minute. You're keeping the banks property nice and tidy so that when you miss a few payments they in turn can swoop in and snatch up the property, regardless of how much you owe, and re-mortgage it to another sucker. Of course, they'll get all the principal and interest up front in the mortgage schedule. Let the banks pony up some money for insurance on their asset! They'll have ZERO compassion when you miss a payment.
Because it’s in the mortgage contract? I mean you don’t have to agree to the contract and they don’t have to give you the money. When you get a mortgage, arrangements are made to make sure you have insurance and pay the property taxes, because that preserves the bank’s interest in the property. When you’re buying a house they will talk about PITI, which is your total monthly cost of ownership: principal, interest, taxes, and insurance. The former two being part of the payment for the actual loan.
the bahk is protecting it's investment. If the house gets destroyed by a storm and you walk away the bank is holding the bag.
This sort of comment really demonstrates a general misunderstanding of business and contracts. But you do you and keep spewing senseless comments. I’m not a fan of banks or insurance companies but this is just a cost of doing business.
@@dash1bravo24 , so, you don’t maintain your car while the bank still owns it? Also, don’t miss any payments. If you go into a mortgage knowing you will miss payments then you bought too much house.
That is not the mortgage companies role and it really is ridiculous to think that you still won't pay, the area of their risk is you paying the bill
The extreme valuation of homes has driven cost of repair and replacement up sky high this is reflected in extreme insurance rates. As home prices soar so do insurance rates.
Funny how all these companies have millions to spend on stupid commercials.
Agree
and billions in the banks.
I live in Wisconsin. My homeowner's insurance went UP by 35% in 2024. I've been with the same insurer for 20 years and NEVER made a claim.
Housing crisis, health crisis, cost of living crisis, debt crisis, inflation crisis, middle East crisis. How many crises can a koala bear? I'm approaching retirement with comfortable millions, yet scared of a market crisis and how to benefit from a possible correction. Where do I best grow my money?
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra
Truth is, investing with the help of a financial advlsor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for 2020 covid lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
Bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please?
Kimberly Grace Flanagan is the licensed advlsor I use. Just google the name and you’d find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, But so glad I did.
Thanks for the lead. I just searched Kimberly by her full name and easily spotted her profile, very professional..
I'm a property adjuster. Inflation is well over 10% in the construction industry. What cost $5,000 to repair pre-covid is now around $10k to $15k depending upon the cost. Small insurance carriers are depending upon reinsurers more than they have ever done before.
Inflation is NOT THREE PERCENT! Insurance companies dont care about the price of eggs…home prices in dallas are up 100% in 5 years in certain areas….thats the thing thats getting insured
other things are part of the rising cost too. for instance, the price of eggs went up because of bird flu
I live in FL in a manufactured home and self insuring because the cost of insurance and very poor coverage it just made no sense
The reason the insurance business works is because, of the massive profits it creates for the owners.
I’m sick and tired of paying State Farm and their ever increasing rates. Go ahead dump our policy. I will put the money in savings and cover my own butt , should it come to that.
State Farm, go do a commercial with mahomes or Rodgers……who needs you.
I have a client whose brother has a condo in Naples, FL... his homeowners premium has gone up to the tune of $60k per year.
You must mean $6000 annually, not $60,000 annually??
Maybe $6,000 but not $60,000.
@@Amy-hs1qeyeah, I live in California and even that sounds outrageous.
60k? BS
Sounds made up.
4:46 - Something doesn't sound right with the clause, "stop being predictable." The whole reason for having insurance is to offset costs when an unpredictable event occurs. If some costly event is predictable then you can budget for the next occurance of the event. 🤨
I retired, live in NJ and have a 2850 sq/ft home on 3 acres built in 1980 and completely renovated. Oddly enough my home insurance was $605 8 years ago and is now $680/yr. The house is paid off and I'll just drop my insurance if prices skyrocket here. The last 4 years of leadership are mostly to blame for this.
No, the last 4 years of leadership have nothing to do with insurance rates. That is a lie.
Definition of an insurance company: a bond portfolio with a put warrant attached. It's all about the yield and expenses.
When tariffs will cause rates to go up because replacement parts will increase.
I lived in Southeast Texas for 40 years. In 2008, Hurricane Ike put 6 feet of water in my house, and in 2017, Hurricane Harvey put 6 inches of water in my house. Seeing what was coming down the pike, in 2018 I sold the house and moved to Delaware. The day we made settlement I received a notice that my flood insurance was going up to $2500 a year. Sadly, many people don't have a choice as to where they live either because their job is there or they don't have the money. I don't see the situation getting any better soon.
Thank you for your videos mate.... With Trump's presidency, economic shifts are expected to be significant, especially given the current recession and the potential impact of future rate cuts. Although rate cuts might not boost inflation as hoped, they may lead banks to further restrict consumer and corporate lending, contributing to a deflationary period for various assets. This environment could result in declining stock values, retail and housing sales, and rising unemployment due to layoffs. For investors, a diversified portfolio especially with stocks and cryptocurrencies offers some protection, serving as a hedge amid volatility. Both long- and short-term trading strategies can help manage risks, providing stability as markets adjust. I have managed to grow a nest egg of around 130k to a decent 732k in the space of a few months... I'm especially grateful to Seren Wintersun, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
@Serenwintersun
In a field as rapidly evolving as cryptocurrency, staying updated is crucial. Seren’s continual research and adaptation to the latest market changes have been instrumental in helping me make informed decisions.
The same high-yield potential exists in both bullish and bearish situations; what matters is how information and technique are used. Not neglecting professional advice.
It doesn't matter if you are a current holder or a newbie, you can capitalize on the fluctuation of bitcoin by trading with good strategy/signals.
The process of trading can be complicated when you have limited knowledge. However, with the right strategy and setups, you can be successful. That's the whole point of investing.
This was one of the reasons we left Florida. We were dropped twice when insurance companies were leaving the state.
I’d love to know where those average insurance rates are coming from. I live in Florida and I live in a 1,900 square foot home that isn’t in a flood zone and my insurance for 2025 is $3,300 and that’s a huge increase over my 2024 insurance rate! That is a huge, huge cost but it isn’t anywhere close to $11,000!
Live also in Florida. My house ins and home size about the same.
everyone pays for those that cost the company... it's all passed on
I don't know where you got your estimate for utah, but its flawed. I have 1100 Sq foot simple, remodeled 115 year old rectangle house with only 4 corners. I live in a rural area surrounded but hundreds of farmer's fields where my insurance rates have increased $700.00 each year for the past 2 years. Now paying $2450.00 this year alone. I'll get a new increase in July, I'm sure. Your quote of $1,541.00 for utah is way off. Can't imagine the costs for the bigger, fancier places...