SHOCKING UPDATE! DESANTIS DROPS BOMBSHELL ON FLORIDA REAL ESTATE HOMEOWNERS 2024
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- Опубліковано 15 чер 2024
- Florida's insurance market is in turmoil, with homeowners facing skyrocketing premiums and rampant legal system abuses. Recent legislative reforms aim to curb fraud and litigation issues, but the impacts of past hurricanes and insurer insolvencies continue to drive rates up by 57% over the last five years. In this video, we delve into the latest developments affecting Florida insurance, explore the challenges facing agents and homeowners, and assess how these factors could precipitate a real estate crash. Stay informed with the most up-to-date news on Florida's insurance crisis and its broader economic implications.
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📣 Jared Jones, Licensed Real Estate Broker and Owner of Jared Jones Real Estate. He is one of the most experienced agents on the planet with having sold more than 4,000 homes across Las Vegas, Reno, Memphis, and Central Florida. He has flipped more than 200 properties profitably for himself and clients. Despite being very blessed by Almighty God in my Real Estate Career - DO NOT, construe anything I say on UA-cam as investment advice. All Video Content is informational only is not to be construed as legal, investment, or tax advice. Seek advice on all of your own personal decisions by reaching out to licensed professionals in your field of investment, in your area, or relating to any other personal matter you are seeking to make a decision upon. Real Estate investing, buying, or selling comes with inherent risks. My opinions are my own.
As an adjuster, the 25% rules is almost over. I believe the cut off is roofs installed after 2007 no longer have the 25% rule applied.
Thanks - Good info Bobby!
October 2009 was the last update to the 2007 Bldg Code. That is the date the 25% rule applies to.
Simple make home insurance State owned and operated insurance. Similar to what Florida already does with workers comp and unemployment. That is the best solution.
@@RobertBrown876 only works till you elect a crook like newsom, or christ.
@@RobertBrown876
Workman’s comp and unemployment are paid for by the employer so your analogy is senseless
Insurance is the only product that you pay in advance for, and when you need it they lowball, deny and delay. Want less litigation? Pay the claim.
My mom died in January and we still haven't gotten her money. She paid on those for a long time. Total BS.
Facts people trust made us go through this after ian. Plus they frivolous sued us for cleaning up debris. Had to pay lawyer 8gs to represent us and desantis changed law so insurance company didn't have to pay the legal bill when we won.
Desantis is a snake
Then when you ask them to pay the thousands in lawyers’ fees, they’ll tell you “well we never ‘denied’ your claim, we just never agreed on the amount of the claim” - complete BS!
I had roofers stop at my house and tell me they can get me a new roof because of the last storm. No damage to my roof not one shingle out of place.that’s why they are slow to pay
@@john5712 That doesn’t fly because all parties are required to do their due diligence, including sending pictures of the damages. If there is no damages, there is no claim regardless of roofers or lawyers. They’re required to have evidences of the damages.
Homeowners insurance needs to be offered by nonprofit fudiciary type entities that hold onto premiums long term for emergencies instead of paying greedy shareholders IMHO
Florida insurance is already being offered by a non-profit government entity whose non-profit status is so non-profit that they have to tax every Florida citizen to cover its losses regardless of whether said citizens own a home. In other words, all of Florida's citizens are giving handouts to homeowners because home insurance claims greatly exceed insurance premiums.
What Florida could do, and will do, is simply offer pretend insurance to homeowners, and that will work until the next big hurricane hits, in which case Florida will go around begging for money from states who don't have home insurance disasters, and that'll work until people outside of Florida get tired of handouts.
Florida market leader is a public entity
@@langhamp8912 exactly!!
Why do you think shareholders are greedy? That makes no sense. Why do you think non profit entities are are more efficient don’t waste money and are better run therefore better prepared to make solvent Florida’s insurance problems. In fact the opposite is true about non profits.
Every problem mentioned in the video is the fault of federal and state governments, and the insurance companies themselves. If those agreements on paying contractors are the problem than insurance companies should say they only send money to the policy holders.
@@brady3474 While what you say is often true, then why not do...both?
And that's indeed what we have now...a bunch of fly-by-night for-profit insurance companies selling imaginary insurance who will (and have) cheerfully go belly-up once the next storm hits. Unregulated and yet backed by the state government. What could go wrong? All the private insurance companies in Louisiana are fly-by-night companies and so, apparently, are all the private insurance companies in Florida. We won't know for sure until the first storm hits, but yeah, we're 100% sure 100% of Florida's private insurance companies are fly-by-night companies.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I am grateful for your assistance. My finances have been in disarray, and I have experienced multiple losses in my 401k, IRA, and mutual funds. I hope that Melissa can provide me with the guidance needed to rectify the situation before it reaches a critical point.
Why are we defending insurance companies? As if insurance companies don’t rip off every client they can……….
they rip us off by the help of our local officials.... Insurance claims will not allow homers to up grade to Hurricane high winds replacement items IF you did not have it before even if YOU WANT TO PAY FOR IT OUT OF YOUR OWN POCKET... and this is a reflection on our local government ... it is a huge scam.... I had fire damage in my kitchen , I put granite countertops in and reduced my counter space by 1/2 so the cost would not cost my insurance anymore money ( my was less for the insurance company ) and I had to go to court to explain granite would never catch on fire and did not get money for 4 years later and my insurance put me in high risk category..... my annual Home insurance went from 1,4 000 to 4,500 annually for the four years.....
People commit insurance fraud too. The problem goes both ways. This is what happens when you live in a low trust society.
@@lyingdogfacedponysoldier5746 Low Trust Society or is it we all serve the same god... Money!!!! Money!!!
The state of Florida offers insurance to property owners at what is supposed to be a fair market rate in the event of private insurance companies price gouging. As more property owners became eligible for the state rate, the state increased its rates.
because the insurance problems are cutting into realtors sales. If makes them cranky
I’m litigating because We received 1/3 of what it has cost me to restore my house after Ian. Delay, Deny, Defend. I just want them to fulfill our contract.
As soon as you get it done it will be destroyed yet again. It is the nature of living in Florida and the rest of the country are paying your costly premiums.
That's the problem, they make policy holders sue them, which just costs them more money. People know what it's like dealing with insurance scammers, I mean companies, so they are more likely to use AOB contractors.
Too many people moved to florida. My city's population literally doubled since 2020. We feel the strain on everything. Even schools were full! And the traffic is the worst I've seen it in the past 20 years, and it only gets worse. I see too many plates from other states...
Everybody says florida is bad but people keep flooding in...
I'm a Florida native, and I'm out of there. Never going back. It is so sad to see what has happened to my state.
Remember when Lawton Childs was the governor and the insurance companies tried to pull this shit canceling policies he told them if they start canceling policies or raising premiums you’re not gonna be able to sell automobile insurance or healthcare insurance in this state and that put an end to that nonsense
Yeah you and other home owners and natives who lived here all they life is the reason also too natives moving out and out of towners moving in and missing things bad
Hope you go to California or New York. See if that is any better.
sadly the BS is spreading to all the states
When corporate right wingers run everything. The little man pays!!
It isn’t homeowners insurance - it’s wind. Wind and homeowners are different policies in Florida. I’ve lived in Pensacola for over 50 years. Recently my wind insurance went up to $6000 a year. My homeowners is another $2000 and property taxes are another $2000. Do the math. That’s $10,000 a year to live in a house with no mortgage, or said another way, over $800 a month to live in a house that’s completely paid off. And here’s the kicker - in over 50 years and all the hurricanes, I’ve never had any serious damage. The people who get the serious damage and file all the huge claims are people who live directly on the water, and their rates are the same as mine. What does that tell you? I am subsidizing the insurance premiums of people who live on the water. Florida doesn’t want to fix that because people who live on the water pay huge amounts of property taxes and are the people politicians meet at fundraising cocktail parties. If someone lives directly on the water, their risk is vastly greater than someone who lives only a few miles inland, but insurance rates don’t reflect that. This is a problem Republicans don’t want to fix because their donors are the people who live in multimillion dollar homes on the water. I say that as a life long republican, but it’s absolutely true.
Absolutely 💯 👍 Agree
You could self insure. 😊 10k a year invested with divends...adds up pretty quick.
BINGO! Agree with you one hundred percent!
It’s all politicians, but yes I do agree. Insurance is an actual racket.
@@nicholasr7987 yes. A lot of people are doing that. The way wind insurance works in Florida, it really makes sense, because you’re deductible is a percentage of your property values. My deductible is about $25,000, so I must have over 25k in damage before my wind insurance pays anything, but the point is one should not have to. Insurance companies in Florida make billions writing life, auto and homeowners, but won’t write wind. They want the gravy but not the risk. My suggestion is for the Florida legislature to mandate they offer wind at competitive pricing, or be banned from writing other policies.
Many of my neighbors who own their homes are opting to drop insurance.
Rolling the dice.
Crazy increases !!!
Many are moving north …
Then in the meantime… these big insurance continue building huge insurance buildings!
PAY CLOSE ATTENTION FLORIDA !!
The Midwest is currently having big flooding and have had alot of tornadoes. Our insurance went up when we got our last yearly bill. I look for it to keep going up because of weather.
Too many people moved to florida. My city's population literally doubled since 2020. We feel the strain on everything. Even schools were full! And the traffic is the worst I've seen it in the past 20 years, and it only gets worse. I see too many plates from other states...
Everybody says florida is bad but people keep flooding in...
Not only insurance also properties taxes
and some condo board members spending money on unnecessary upgrades to their liking
oh yeah the property taxes
My property taxes in florida is 1/3 of what my property taxes in Texas were
@@freedom4all219 and 1/5 of mine in Omaha. The taxes in FL are not the issue. Your real issue is that the GOP love of big oil has led to climate change, and more dangerous storms, and Desantis can't say that and expect support from the GOP.
It would make sense to build houses near the coast that could withstand hurricane force winds. A good solution would be concrete structures. I read someplace that builders convinced the governor to ban these. A company in Texas sells plans for concrete domes that are rated by the EPA to withstand all natural disasters.
I live in a concrete home and my insurance has still skyrocketed over the last 5 years. The house is practically bombproof.
OSPREY HAS HOMES CONCRETE BLOCK
What about Dome Structures?
How about not building on the coast in hurricane alley.
@@Jeffhuebner yes, same here, we have hurricane windows, ALL doors and didn't even remove the accordion shutters on our concrete and cement block house, we did the math and our 8 year old roof would probably time out according to policy by the time a big storm would hit and the ins company would refuse to reinsure and/or pay the claim so we cancelled and are saving the money for a windy day (pun intended). I wish more people would understand that insurance companies are nothing more the massive hedge funds...when their investments go bad they make up for it by raising rates.
We lived in SW Florida for 25 yrs. Left in 2006 and moved back to midwest. My husband had a business and we were doing good. But decided it was time to move back up north. I know we did the right thing. We made a 200,000 profit when we sold our home. We saw homeowners insurance starting to rise then. No regrets in leaving. Were retired and could never afford to live there now.
It’s just a hot, rainy, crowded expensive swamp now. I just retired, sold my townhouse (Tampa) and I’m headed out west. I’ll never come back here.
Upper Midwest is booming. Not hard to see why. Good cost of living. Great payin jobs. Mild 4 season. I love it.
Making retirement plans to leave US for Belize or Costa Rico
@@timslater566it was that way when we lived there. I hated the heat. Then so many people kept moving there and the traffic was terrible, the restaurants so crowded. I have no regrets about leaving. I never liked it.
@@Davido50My husband worked construction for a union and now he's retired. We live in Ohio, but his work was in West Virginia. They can't get enough bricklayers and are calling him to come and work. We get SS, so he can't work much. One guy called him to lay some brick for 2 weeks and they're paying him 80.00 an hour. The only reason we did well in Florida was because he started his own business as a subcontractor.
Lived in Florida over 40 years….NEVER put in a claim….owned homes since 85.. people get stars in their eyes when a storm rolls in….think they can get lots of money or fix things that should have been fixed years ago. The sink hole Lottery was a disaster…..
Yeap. Wish there could be hurricane only insurance.
@@nicholasr7987 The hurricane part on your insurance is separate . You can lower the amount on your hurricane and increase deductibles on the other part saving you money .
For the last 5 years we have had roofing contractors knock on our door every week and we tell them our roof is 16 years old with no missing tiles and no tiles curling and they always come back with Just let us go up their and do a15 minute inspection and I tell them there's nothing on my roof you can't see where you're standing so why the need to go up there .
@@rond1475my roof is 11 yrs old. But because it’s a 3 tab shingles, I have roofers knocking my door constantly. Even with no soliciting signs, they keep knocking. 🤬
We had to repair it a couple of times. That’s it, roof is in good condition. Even my roofer says “at least 4-5 more years before you need a new one, unless insurance company starts to bother you”.
I’m just tired of the scammers. I will get the roofer that I want, not the one knocking the door.
@@nicholasr7987 I'm confused by your comment...haven't you ever heard of "windstorm Insurance"?
My home ins went from 880, to 1550 last year, to over 2000 this year. No claims. And I changed everything to bare minimum last year. My roof is almost 14 years old, and i got 7 hurricane windows.
I've had State farm for 35 years on three properties. Never one single claim ever storm came through damaged my roof, drywall damage mold in three rooms had to pay $27,000 for a roof. Had mold in the house and they still wouldn't help me been in court 2 years All three of my neighbors that had damage had citizens. 2 weeks later the roof was being fixed and now State farm 30 years four vehicles not one claim not one accident and they just raised all my rates again. Paying $6,000 a year for four paid off vehicles Three of them are more than 10 years old. Minivan Cruise Toyota RAV Mazda CX-9 insurance is a scam I am in Florida
You're getting raked over the coals.
@@forcadesignllc5611 when I checked for insurancees before they were all about the same
Just switched from State Farm to Geico since every 6 months renewal they kept raising my premium.Now I'm paying $100 dollars less a month so atleast for now it's a better option.
I just read in the Tampa bay Times that State Farm and All state are the worst at paying or should I say, not paying their claims. This was by the rating agency that rates homeowners insurance companies.
State Farm is rotten to the core. They denied our last claim. We pay on time every time.
Unfortunately in Florida you have to sue your insurance company to get any money for a claim. Insurance is a scam, it’s extortion. The companies want to grab as much money as they can and absolutely do not want to pay out a penny 🖕
Then don't have insurance.. self insurance... the bottom.line is you have insurance bc your too broke to replace your own stuff if an accident happens
@thethinki ngmansgame5050
No you have insurance because you are forced to buy mortgage companies. Who can afford to pay off their home early when you went from 2k per year to 10k per year just for insurance. Phk the insurance companies. You have no idea what if like to say about the ceos.
I once worked for a disaster re-insurance company back in the early 2000's. Let me tell you something - most of those 'independent' insurance offices (producers) actually go to the re-insurance companies. Part of my job was to ensure we weren't working two quotes for the same property since people would go to more than one producer to get quotes. This means we could get two quote requests submitted for the same property by two different producers. We worked on a first come first served on that front. Also, fyi - we even processed quotes for State Farm offices back then, though that may have changed now. Also to answer your question, yes there are re-reinsurance companies. We were a mid sized outfit. There were bigger reinsurance outfits that we went to as well, though I don't remember any of their names.
I also sat with one of the underwriters, once, in order to see their process. It basically consisted of an algorithm providing a base quote, and then the underwriter deciding how much more they could tack on in addition to that. Was a bit of an eye opener on how some of these things work.
And let me guess....the reinsurance was based in the Bahamas?
Insurance is a LEGAL monopolistic cartel. Some people liken insurance companies to high pressure Mob figures. Aka " it's an offer you CAN'T refuse." The insurance companies have unlimited ,unchecked power over policy holders lives >> among the lines of policies underwritten : Auto, Dental, Health, Home ,Life, etc. We consumers , by law have to have policies - - - - wonder how that happened - LOBBYISTS owned by the insurance industry >>> got state and federal lawmakers to enact legislation that makes it MANDATORY we carry their policies . Or we get fined , coverage reduced , dropped outright , premiums increase , we get put into a high risk category ,etc. We have NO choice. It's either use their over priced products or you take a HUGE financial & legal risk.
My HO tripled after Desantis took office and I never filed one claim. I did pay to replace the roof to prevent the rates going up, and they still increased rates.
You're home value tripled too... see the corelation?
Same just happened to me in May
Yep it’s his fault!🤣. Keep looking for government to solve our problems. You’ll vote in some other clown who will promise you the moon. Look at the clown in the White House for example. I’m sure you no think he’s fine
How old was your community? It's common to have a extremely low HOA for the first 10 years.
I paid the house off so I could drop insurance. Put the money in stocks, and gold I would waste on insurance and can pay cash if something happens.
This is the best analysis of the property insurance crisis in Florida that I have seen to date. Great work!
Absolutely not! The problem is the fraudulent insurance companies!!!
Thank you 💪
@@jaredjonesontv take a peek at other comments...
jared is a moron...glad you liked him
Someone should mention that insurance companies have in part brought it on themselves. They are REQUIRING that perfectly good roofs, still within the manufacturers' lifetime specifications, be ripped off and replaced in order for the homeowner insurance to be renewed. So of course when faced with a $12,000+ out of pocket expense, homeowners jump at the prospect of getting a "free roof."
Problem with roofs in florida....a 30 year old roof won't leak, until there is a wind.
Yes, facts. Many have to do this.
I'm talking about 20 yo, sometimes less, roofs- - not 30.
Exactly. The insurance company mandating when roofs are replaced.
In Southern California. Mine went from ~$1,300 to ~$8,000 per year in just a couple of years due to the wildfires. My house is less than 2,000 sqft. Horrible here too.
That sounds awful low since you have to have a solar system to rebuild when it is burned to the ground. I can't believe how cheap they are in hollywood. Just pay to have a tanker truck of water brought in and fill your pool, and water your lawn, screw newsoms water bans.
Which proves time & time again that insurance companies are NOT your friend!
Follow the paper trail and.....bam....Blackrock bullying
So many have no idea what Blackrock is. They own/manage everything
@@DramaMustRemainOnTheStage
Including information
Exactly and they’re doing this every where. People think this problem is just in Florida, there’s other states having this same problems with insurances. And people are running to different states and is going to keep happening everywhere. No matter where you move they’re coming for you, Blackrock is controlling everything
Put those payments in an interest bearing account and insure yourself. The money WILL BE THERE when you need it and you won't have to wait for it. The money will be there later in life IF YOU DON'T need it.
The problem is the banks won't allow it. They will want access to such accounts.
@@ELEVOPR They're called savings accounts...
@@David6.3 You must pay your insurance through your mortgage, You bank will automatically add the insurance price to your monthly Mortgage payments each month. You cannot simply just refuse to pay home insurance and insure yourself, the law does not allow that for as long as you have a Mortgage. Unless you flat out own the home and don't owe any money and don't have a Mortgage. Then and then only can you insure yourself.
I found it cheaper to buy a second house so I can live in it while I rebuild also. That way I am not hammered fighting for materials. I can wait and get the best deals.
I went the extra mile and bought a second house so I don't have to get bent over when everyone is driving up the price to repair. I can wait and fix when price drops.
Very good piece! I moved to FL right before Ian. The north eyewall passed right over my house. I was forced to go with Citizen's when I moved here because no other company would underwrite me. Despite the damage I had, nothing was covered because of exclusions, deductibles, and the type of damage I had. (around $40k out of pocket) What I witnessed with my neighbors after Ian was the level of fraud and corruption was unbelievable. I am glad to see the legislature finally going after the trial lawyers and the corrupt contractors. As the host mentioned, it is not simply the out of town and/or out of state people. It is mostly corrupt local contractors and sleazy lawyers. PS: Two items you missed on how Citizens is trying to run people off is that: 1) You now MUST have flood insurance in addition to the Citizen's policy. Prior to that I was happy with self-insuring for the flood. That alone almost doubled my cost for insurance. and 2) They now require that you change to a private company if they can find someone that will underwrite you for no more than 20% more than your current Citizen's coverage.
That's only part of the truth. These insurance companies are a bigger part of the problem. They deny claims all the time to keep the profits based on greed. Do your homework and stop listening to just the elites paid for stories
Most out of state people don't come in as an out of state company. They are traveling roofing crews that hire on to existing roofing companies in the state. (due to necessary states licenses etc). Happens in Texas after any major hail storm . Otherwise you would be waiting 6-9 months to get a new roof.
I was just in bentonville, Arkansas and the tornado damage there was so widespread it looks like a CAT5 hit! I think insurance is going to go up in tornado alley too.
I'm sure it will, as it did and will in the states with wild fires.😮
3 homes over 45 years. Never had a claim. I would leave Florida.
I know three homes build 1900/ one1925/one1927 never have damages
I had insurance on my FL home 33 years with no claims made. Now I self-insure, andbank what would've been the premiums for any needed storm repairs. Myhouse was built in 1960.
@commonsense6967 sounds like they did a good job building it
@@commonsense6967 amen brother
@@commonsense6967 self insurance is the only way to go.
I wish he would do something about the skyrocketing Insurance prices on people's homes elderly are losing their homes because of it
Instead hes focused on the "Dont say gay" policy
Then stop contractor fraud
Unfortunately Florida politicians have always been a protector of insurance company's interest, since I recall back in the early eighties I recall reading articles of all the politicians that lobby in favor of insurance company's. Florida is no longer a state for the normal Joe, it has become a state for the rich and super wealthy, and increase in real estate prices do to constant huge amounts of people moving to the state.
@@aaronlee4948maybe people shouldn't waste time on identity politics on any side. Other states are in trouble too. They cannot afford to maintain what was built.
Your home value tripled, but you expect your insurance to just stay the same? 😅
It’s not just Florida. We are experiencing the same here on the Gulf Coast in Texas. Because of Hurricanes, flooding, tornadoes, etc, our
Homeowners insurance has gone up over 100% from last year, and yes, a lot of insurance carriers has pulled out of this area.
Not just on the gulf in texas, I’m in north texas and rates have doubled, quadrupled etc
This is what happens when you ban abortions...Thanks Greg Abbott
@@scrumtrellecent That actually makes sense. All those women that now have their water break.
@@robertsmith2956 and liberal tears
@@scrumtrellecentwtf does banning abortions have to do with insurance. Omg!!!!
Thank you, Jared. This is really solid reporting and corresponds with what I'm seeing here on the Space Coast. Also, if you can get a four-point inspection that qualifies for wind mitigation, you can save a LOT on homeowner's insurance. I was able to lower my insurance by 60% by passing my wind mitigation inspection, and the cost of hurricane shutters, roof modifications, and garage door upgrades was less than two years of savings.
I have hurricane shutters,roof hurricane straps and even the shed
Sounds like he is a spokesman for the ripping off insurance companies.
throwing him a bone...haha..he's got a bone on him now...lol
I just renewed my homeowners insurance 2 months ago for my Florida 3/2/2 and got it for $1,080.00 for the year.
You must not live on a sandbar or next to one.
@@nicholasr7987or in any town within 10 miles of river.
Why didn't they NAME The company?
Definitely inland
Definitely on an inland upland.
With who?
We moved to Palm Coast from Colorado Springs. Home insurance there was $2000/yr. Here it's $700/yr. We're happy. We're not leaving. Utilities cheaper, too.
I’m a native. I think this comment is BS
I live on the ocean , I have no issues and haven’t heard any of my neighbors complaining ..
Bravo Jared! That's the best summary of the Florida insurance crisis I've seen. I hope it hits a million views!
Insurance companies discovered a few decades ago that the key to making money in the home insurance business is to underpay> Treat the customer like gold if the company can offer $10K on a $20K claim. If the insured wants more, fight his every step of the way. Now combine that with the fact that almost every legitimate insurance company has quit the state, and you have nothing left but fly ny night companies who have to decide each year whether to pay the claims or declare bankruptcy. And Mr. Jones wonders why homeowners turn the roofing agreement over to the roofer via AOB to fight with the insurance company rather than have the homeowner take on their lawyers? You'd have to be an idiot to take on that job as a non-professional. This is all self-induced following decades of insurance mismanagement by the state.
amen brother.
Even worse with mine had to fight with them to get out of using their preferred people that did a horrendous job of water mitigation and took things that didn't belong to them after Ian. Then jacked my insurance to 6800/yr and I only owe 80k. The stress has destroyed my faith in humanity. Like dealing with evil robots.
This is on the homeowners too. They went along with the AOB scams to get cheap roof replacements. They knew it was wrong.
We definitely made sure to have our check come directly to us and then hired our contractor. Those shady contractors mentioned in the video would ring my doorbell everyday but we sent them packing. Also be sure to hire a public adjustor if your insurance company tries to screw you over.
This is all correct. Specifically with the attorney's fees. Some firms were even called before the Florida Bar for investigation because of over inflating fees. A lot of litigation was also caused by the insurance company for failing to accept the claim or tendering such a small amount that even the defense attorneys found it ridiculous. I think when there is a storm, they are overwhelmed with the number of claims and start denying or offering substantially less than the cost of repair.
Oh yeah cancel all policies within 1/2 mile of the ocean or gulf
All coastal property in the state should have its own luxury insurance companies separate from normal folks.
normal folks huh , I’m a truck driver 60 years old live on the ocean still driving … Made the right financial decisions in my life , owe nothing .. have no issue with the cost of insurance.. I guess I’m not normal …😂
@johningram3795 and everyone who takes that risk to live on the ocean with flooding and direct hurricane risk should have their own pool.... separate from those who lessen the risk. Every single year floridians are rebuilding peoples homes somewhere on the coast.
Move to a place with ridiculous housing values, in an area that has a high probability of storm damage, sprinkle in a little bit of contractor fraud, then wonder why insurance is ridiculous. Here's an idea; don't buy a million dollar, overpriced 2000 sq/ft house someplace where there's a lot of hurricanes
Here's an idea, make the insurance companies follow their policies and do what they are supposed to do . Make them follow fiduciary rules and get them out of the ponzy scheme called the stock market!!!
So you want people to live in areas with hail, tornadoes, mud slides, sink holes, earth quakes, and or wild fires?
@@harrybalzac7932 You do realize that most of the habitable earth doesn't have any of those issues.
@@jkody Most land in fact has at least one of those factors involved. Driven all over been in many different storms and situation's. Its called life, before insurance people would fix things themselves. Worst case scenario it will go back to that. Hopefully after the dollar collapse as the new currency will be gold backed and hold value to where people can buy things again without taking loans out like the worthless dollar does today
@@harrybalzac7932 Cap. Show your math. You wont.
I'm not anti-consumer but when you live in a high risk location that is constantly decimated by hurricanes, you have to pay someone a lot to take that risk. The strongest hurricane to hit the state since 2000 has been Michael, which made landfall in Florida as a Category 5 hurricane-the strongest since Andrew in 1992. I remember that insurance companies packed up and left after Andrew. Scammers have become more sophisticated; door knocking is an old practice - to new residents.
AND THESE ARE THE SAME PEOPLE WHO CLAIM "CLIMATE CHANGE IS A FRAUD".
How is getting hit by a hurricane in a high risk location proving global warming?
Hurricane costs can reach over 100 billion (that's 11 zeros). There are ~8 million households (lets say 10 million) that is seven zeros. So hurricane cost is 4 zeros
10,000 per household per hurricane. The number and intensity of hurricanes increases yearly due to global warning.
The market size of the Homeowners' Insurance industry in the US is measured at $147.8bn in 2023
You can thank john kerry and biden for that. they refuse to take the train, or drive an electric car.
He seems to be able to do everything except something about homeowner's insurance going up 70 -100% every year.
Because insurance companies are his biggest donors look it up
HE DOESNT DO ANYTHING. PEOPLE THINK HE DOES AND IS GREAT. UNINFORMED.
Instead hes focused on the "Dont say gay" policy
@@lovly2cu725 couldn’t agree with you more, people do not care to do some research at all.
@@aaronlee4948 so true 😂
Just swapped all of my last ETH and swapped it into AMS69X. Already up a little bit. Unfortunately I have some other junk staked which won’t free up for a while. Still now I am on the train!
Crook. You should be in bed with the roofers
Who cares
Not very smart. Should have bought Bitcoin.
Shut up.
Save your money and just hire a contractor to fix it. Same cost less hassle guaranteed.
We shouldn’t be subsidizing re-building homes, etc on barrier islands. Eventually, a cat 5 will wipe the house/structure out.
Texas has some of this nightmare... contractors that did replacement of hail danaged roofs did shoddy work but made the roof decent. This roof has issues which, if back in Rhode Island, would not pass inspection.
My insurance and property taxes are MORE than many people’s mortgages and I live in a non flood zone in a modest home! So sorry I didn’t sell last year
BS … I live on the ocean , my insurance is nowhere near a mortgage payment 😂😂😂😂😂
Car insurance in the state is even more frustrating sadly :/
Because of all the crappy drivers and phone usage causing accidents every minute. I've never seen so many car accidents in my life being in FL for over a decade. I'm saying this as a born and raised Central New Jersian!
Thanks for covering this. I'm in SWFL which took the biggest hit from Ian. My family is still preparing to buy a home here. Florida has a lot of nuance. Advantages and disadvantages. Nonetheless, I'm a Florida native and still love my home. ❤
Thank you! All the best! ✌
I have the solution....make everyone have the ability to self-insure. Make insurance optional for everyone in the state of Florida, whether with or without a mortgage. Expand the self-insurance options for all home owners in all situaitons.
Great in theory but banks won't carry mortgages without homeowners insurance.
INSURANCE ON YOUR HOME COVERS THE MORTGAGE COMPANY
You can self insure now.. only if you have enough liquidity to cover what you owe on the house.
This would work. Just have it be a requirement with proof of auto withdraw and to which account the self insurance is going. Or better yet, have several interest earning account types offered for self insurance, and homeowners have to choose one of them.
@@specialk2514 put the home on your credit card and you don't need collateral.
Starting in 2019, everyone came to Florida and were overpaying for houses. Insurance companies saw those fat wallets and wanted piece of the action.
Prior to the "pandemic", insurance was reasonable
Absolutely agree!
Desantis is saying the insurance is corrupt but you are required to pay😮😮
I live in Illinois with virtually no storms, taxes of $13000 a year and homeowners of $1300 with high sakes tax rate.
People who have homes repeatedly destroyed by hurricanes shouldn’t be able to get insurance. It’s just stupid to live in the keys. The entire state shouldn’t pay for their dumb decision.
I had to leave the state after 36 years😮
Weather conditions are sufficiently making our environment,our properties,our water
Supply-decline at a faster rate...
Why are they allowing more out-of-state ownership since COVID....?😮
Because they can’t stop people from moving into the state…
FLORIDA HAS BEEN THAT WAY AT LEAST WHEN MY PARENTS BOUGHT PROPERTY IN 1958
You can move into any of the 50 states. There are places that locals agree to not sell to out of towners (parts of WV for example), but I don’t know if that’s even legal. That won’t happen anywhere in FL as it seems like money is always king down there.
Nothing is increasing when it comes to weather
Got in at AMS69X at $1 but will be holding it till $50. Even at that price market cap is reasonable for its tech.
What a great way to spread information and news. Post a comment on every video on UA-cam to get your viewpoint across no channel needed. 500 people seen this message below. 😮 New age marketing. I seen this same copy and paste message on 2 other channels I listen to this morning.
Californian here. My insurance company tried to raise my rates from 1600.00 to 6,000. I give up I'm never buying Insurance again f*** them
As a roofer in Florida, I would’ve loved to do small repairs instead of full on reroof, but Florida laws being what it was and just recently changed from it used to be you could only repair 25% of the roof before you had to do the entire roof with a year timeframe.
I left Ohio to live in Florida October 2022. I had no idea what it was like to live in a State where NO FAULT INSURANCE was the requirement. In Ohio my Auto Insurance was $900.00 a year@ age 65 and no accidents. My Insurance Policy with Ric Hansen in Gainesville, Florida handed me a total of SIX RATE INCREASES that took my yearly cost to nearly $2800.00 a year! I made arrangements to leave Florida going back to Ohio. I told RIC HANSEN TO GO SCREW AND F##-k himself and canceled my Policy with them. They refused to allow me any discounts whatsoever and because they only allowed me a Monthly Policy, this allowed them to raise my rates for any and no reasons! Great place for a vacation but I will NEVER MOVE TO FLORIDA AGAIN!
Wouldn't spend 1 red cent in that state! Rick Scott and Desantis screwed Florida bigly
Good morning. I got hit with a 100% increase in two years. It's sickening!!!!!!!
Yep and Insurance is obscene! My homeowners went up 34%. Between Home insurance, car insurance and health insurance and it’s up over a third of my income. Remember, we were told, “you will own nothing”. They won’t steal your home directly. They’ll just find ways to force you out of it. You don’t have to change the laws you just have to change the way the laws are dealt with, and prosecuted.
Just pass a law eliminating insurance requirements from financial institutions. Sure, loans will get tough for awhile but sooner or later the banks won't be able to resist making money.
If any insurance company in Florida will not insure the home they should not be allowed to share automobiles or anything else in that state
At a fair price....
@@edanddebbie7142 Those days are long gone.
nope.
@@sherryruffin1775 yep
@@Bob-bb3ur the issue is that every one in FL does not reside in brick and mortar or sticks and stones.
but y'all know that.
stop that spirit of being selfish and incompassionate.
fl is in the red zone for homelessness . that includes but not limited to whole families.
PS... be careful how you pray against others .
Just got new premium change a week ago here in Colorado Springs. A whopping 7,120. Holy crap!!!
Don't forget, Massachusetts snowbords are sue happy, has a very high rate there too.
The greed and over devoelment in Florida is the problem. Look at Tampa FL they are selling crack house's that are not worth 20k for 500k
I would like to add a point that I think you might have missed. In 2016 I had the insurances start with, in Saint Pete Florida, request to get my roof redone even thought it was not bad in order to be more hurricane resistant or otherwise my premium would go up by much. SO no they were not suggesting repairs or such but rather full replacements, thus I think they created their own monster where in both cases it ended up costing the people more.
I had to laugh when everyone with solar went dark with the grid because they were forced to grid tie. My niece had all her outside Christmas lights lit up as well as the house for a 3 day blackout with her generator. Bunch of karens were complaining. Told them go buy a generator.
I own a home built in 1954 and recently installed a brand new roof. It is a solid home that has survived many hurricanes. Citizen is the only company that will insure my home. This is absurd. I'm selling my home after the 2-year mark to avoid capital gains and moving out of Florida. I'm sad because I love Florida but if they do not fix the home insurance fiasco, you'll see more people moving out.
The 25% rule is to protect the homeowner from ending up with patchwork. Also, city and county codes prohibit that partial work to protect property values.
When I bought my house, the roof had to be replaced. It was maybe 14 years old and in good condition, but they will not sell you a home without replacing the roof if it’s under 20 years old. This is unnecessarily driving cost up as well.
I was shocked they won't let you close with a tree on the roof, or a leaking toilet. At least one has to not leak.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Same as car insurance in Florida! Especially windshield repair or replacement cost and accidental lawsuit!
Maybe start building homes like they do in the virgin islands with concrete instead of wood and have steel shutters in place of glass windows.
Hello Jared, I always find your video content and reporting very informative and spot on. The Florida today is not the Florida we once knew back in 1989 when we lived in Bay Lakes. We relocated to Michigan in the 90"s due to a very high paying job opportunity. The goal was to return back to Florida at retirement, we can afford it but we are not going to pay the over inflated costs. We simply visit. Keep up the excellent work.
Thank you💪💪
Abolishing property taxes could be a good starting point
I agree
Why so blackrock can. Buy all the house. How about make it
No property taxes on only one house and you have to live in thar.house
Or the elites would.buy all.the houses and not live there
No state income tax + no property taxes?? What toll gate everything 😂 that'll work
No kids in school?
@@tabithan2978 should make the left happy.
FL resident here. Homeowners insurance is out of control. Other then food, and health insurance it is my 3rd major monthly expense.. The federal flood zones keep expanding and insurance companies seem to make up their own as well. My mother in law who lives in an older community was told that she needs to get flood insurance even though it is not a flood zone and others living there can not remember it ever flooding. Plus insurance companies requiring perfectly good roofs to be replaced just because they are 'old'. Just had a friend mention that he got a letter from his homeowners saying he has 11 days to submit photographs of the entire outside and inside of his house and property or insurance will be dropped, he has had the same insurance company for countless years. Many here are just going bare, getting liability insurance only and banking the savings just in case. In just a few years you can save enough to get a new roof.
I am a roofing contractor in the state of Georgia. The pricing is regulated by insurance software. We aren’t setting the price the software sets the price for your zip code/area. It is an excepted software program by most insurance companies and contractors. Each line item is defined and has a price. It is used all over the country and give you one guess who owns and created the software.
all insurance companies have to do is pay the claim, but then that means less money for their shareholders..oh no.. they would rather rob you of your premiums.
my comercial building paid off for 15 years my insurance was550 then 650 then 1100month . i let it go . been putting 1000 month aside for 12 years hot enough fix it if something happens
and when you die you can pass it on to the kids for their homes.
3 years ago, our premium was $2300. Next year, it will be $10k.
In 20 years, we made 1 claim for $5k in 2014. We got a check for $68.
Insurance companies have been shaking down the consumers for far too long also. Two way street
when are the insurance companies going to start investigating DEW???????????????????
I WAS AWARE OF THIS SHIT GOING TO HAPPEN 2-3 YEARS AGO!!!
>These crazy prices aren’t just in Fla. I’m near 50 min From the coast of NC and our insurance has drastically increased tween insurance/taxes we had going up this yr, we had to pay almost 8k!! Almost $3k more from the yr before!! They should be required to inform homeowners what projected cost of ins will before following yr. when pay current bill in order to plan ahead. It’s extremely difficult to come up w $3k you didn’t expect!!
Funny thing is...if you build a tank of a house, like a steel building, they outright won't insure it. They won't give you a construction loan for one, either. 🤔 Why is that?
It all started when more and more hurricanes started hitting Florida, beginning with hurricane Andrew. I cant tell you how many hurricanes hit the state after that. Andrew was bad. Charley was bad too. That one hit the West Coast.
AMS69X will be one of the biggest projects in the future. 2024 will be on fire 🎉
You're a bigger crook than the roofers
SCAM BOT!
@@mattp4079 Reported
Happening in Texas too.
We had a category 5 from Ian but registered at Category 4 why ? Because if that it cost many lots of money for our portion of the repairs.
All this is just going to get worse in the coming years!
Many insurance companies no longer cover FL. I live in MI and in 22 years have never had a homeowners claim yet my insurance goes up every year. Frankly living in a hurricane state how many times should a company have to rebuild the same home over and over???
@poollife777 consider yourself lucky. A home that old is probably not up to code so if hit by a hurricane would be destroyed.
Insurance companies still made staggering profits.
I’m ready for the rates to go down, ours tripled in 3 years.
Florida man here. I've been here since 1959. If you build your Florida house in appropriate manner for a hurricane environment, your insurance rates should not be a problem. Low pitch, high strength roofs on single story homes above hurricane flood zones should not be a problem or high cost at all. When Northerners come down and build Northern styled, multi-story, gabled roof design homes, and in low elevation areas near water, what could go wrong? (sarcasm) Florida recently changed the laws to eliminate exactly the problem described in this video. The current problem is that almost 2 years of dodgy insurance related insurance claims under previous, problematic laws are still underway, so it will be another year or two until insurance companies can rely on the new, more equitable legal framework for insurance policies. Some mistakes take awhile to clean up. Some mistakes are so bad that they cannot be corrected. Incorrect architecture and site selection in Florida is often an uncorrectable mistake
Northerners have been coming to FL for over a 100 years. I remember reading about the 1920’s land swamp swindles that was happening to them. It’s not just the Northerners coming to FL it is people with money from all over. When the Spanish came to FL in the mid 1500’s the whole southern peninsula, south of Lake Okeechobee was under 3 feet of water. The area was only navigable by canoe. What do think is going to happen when a hurricane comes through? I don’t care if you have a one story concrete bunker, no roof will survive 150 mile per hour winds. And even if it does you will need a canoe to reach your house once the ocean surge happens and scuba gear to enter the house. 😅
@@JP-gc5in Air Conditioning has made Florida very habitable. As Americans, we can build hurricane resistant homes, and have been doing so for many years. Life here is very good.
@@stevetonnesen3666I didn't have AC for 8 years south of Tampa. You get used to it. 😂. But my house is ontop of other houses.
Thank you for this comment. Prevention and risk assessment is the best weapon to get a lower rate. I blame builders who come here with greedy dollar signs in their eyes. Why build developments full or two story gable roofs in a hurricane prone area? As an insurance professional, it boggles my mind that the city/municipality approves these developments.
Real Estate Agents are a huge problem as well, they sell homes to people but fail to tell them that the property tax rate on the home they are buying will not be the same as the current owner because once the home is sold the property tax is based off the new assessment which is higher. The new owner ends up paying way more in property tax. Example if the property tax on the home for the current owner is $1,200 dollars a year the new assessment may raise the property tax to $5,000 dollars a year or more depending on the new assessment value. It is not just an insurance issue, it is also Real Estate Agents not being truthful to the new buyers about the property tax.
Buyer's need to now beware of the huge probable increase in H.O.'s Insurance and taxes. That's part of the reason homes aren't selling. The news is out!
That is common since cant blame a real estate agent for that....
Im so tired of all this fraud and scams in South Florida
IT'S ALL OVER THE UNITED STATES. WE ARE FILLED WITH CON MEN, SCAMMERS AND CORRUPT POLITICIANS.
For homeowners that have solar panels on their roofs, many insurance companies will not issue you an insurance policy because of the solar panels. If you find one, the rates are very high. Another game the insurance companies are playing is they assign a very high replacement value to the valve of your house. Then they will assign a 2% deductible . They increase the valve of your home to increase the amount of the deductible you have to pay before they cut you a check. In turn that raises the premiums you will pay. You could have a $15,000 - $20,000 deductible before the insurance pays you. A new roof may cost you $15,000 to replace which means the insurance company doesn’t pay a cent to fix your roof. Take a close look at your policy before signing up or renewing it
I won't say a party either but I will say one other word lobbying
Nobody is leaving. Taxes are worse than insurance
NOBODY IS LEAVING, ?? OVER 500 THOUSAND PEOPLE A YEAR LEAVE FLORIDA....
@@domcizekDid you leave?
You don’t need to say which party was blocking reforms. Sixty years of observing state and federal politics tells me it was the Republicans. Nuff said. I live in Hawaii, where we also have hurricanes, but a new threat for us is frequent fires. We have a state Hurricane insurance provider with reasonable rates, but my private rates went up $2000 this year because of fire risk, and are set for another $2000 jump again next year. This, even though my small community is completely surrounded by an irrigated golf course, and the houses are all stucco with concrete tile roofs, and survived the Lahaina fire two miles away. I am hoping that my state steps in to mitigate fire risks and bring rates down again. When the sugar cane and pineapple industries shut down here, all their lands turned into dry invasive grasses and now we have frequent brush fires.
Excellent history and hopeful future for Fl homeowners, thx.
One only has to look at a billboard in Central Florida to understand why there is a need for insurance reform in this state. Lawyers are sue happy here. The insurance lobby must be tremendous in Florida. I love DeSantis but could he be a recipient of donations from the insurance lobby? Something to think about.
And you love him🤦🏽♀️
HE WAS A RECIPIENT FROM DOM IN ION FOR SURE
He was a recipient! It was all over the news. Why do you think he protects them instead of us, but you still love him 🤦🏻 people voting against their wallet to defend some ridiculous moral issue. Then you can't complain.
Ronnie runner boots loves you back!😂
The problem is the lawyers AND the roofers who illegally send out their "assessors" (sales agents) after ANY report of hail (however minor) in an area. The "assessor" writes a report of damage telling the homeowner the roof will be paid for by homeowners' insurance. The roofers are teamed up with law firms who all make money from the insurance companies. I have seen them in my neighborhood and read the flyers they leave. This is an illegal practice (in Florida), but they continue to do it, because it is lucrative.