So the entire condo complex used to pay $56,000 a year. If you divide that by 50 units, that is $1120 per unit. Now it went up to $526,579 or $10,531 per unit. Its not like every single condo association fee is going up that much in Florida. This specific condo complex failed many various inspections and many homes in the complex have construction defects.
@@Linda-cn3yx No....because people can't take care of maintenance of buildings. Surfside collapses...killing 100 people as they slept....due to poor condo management... But yeah let's blame it on government regulation. Skyrocketing property taxes....well Florida has chosen to not have State or City taxes...so no surprise here. People have been getting away with artificially low fees for years. Now that they finally have to pay, people are going to complain about how unfair it all is. What happened to personal responsibility?
@@Linda-cn3yx I get what you are saying, and can agree with a lot .. ...but the really significant government regulations as it pertains to Florida, have to do with the Structural Integrity Reserve studies, and the fact that reserves are now mandated to be fully funded to plan, can no longer vote to defer. These changes were long overdue. People should have seen this coming ...but people being people, they wait until the last minute. It also has not helped that most HOAs are run by volunteers. Imo, it's going to become an even bigger mess.
@@robertherman1146 Like everything else in life: It depends. If I had a young family I would not want to go to Florida...however, I am very seriously thinking about relocating to Ft Lauderdale for a good part of the year. I'm going to rent first to see if it's a good idea.
Floriday is a swamp with water on all sides including coming up from the ground and coming down as rain. Who would have thought Condos falling down and once in a lifetime hurricanes coming each and every year.
My ex-boyfriend bought a condo in the Ft.Lauderdale area less than a year before we broke up. He would brag about buying it in cash and not having a mortgage, I heard the other day he's selling the place because he can't afford the high HOA fee's. Me .. I left Florida, I bought a smaller home .. a simple 3 bed 2 bath. There's no HOA and some of the nicest people I've ever known, where I live everybody watches out for everybody. This is a place you could brag about .. and mean it.
As an orthopedic surgeon in Florida I can tell you I see a lot of older people falling in the areas outside and suing the communities. I am convinced that the letiginous climate of Florida helped spike those prices
Lawyers in Florida have been successful in keeping mandatory car insurance from happening. 25% of drivers are uninsured. People with assets pay the price for others not being insured.
It is true that 25% don't have car insurance but you must have insurance in Florida to drive a car. Google it. Time to tow 25%of the cars on the road.@@RorkesDriftVC
Most of this rising insurance rates is due to credit suppliers like BlackRock and Vanguard retaliating against red states like Florida because of anti-ESG legislation. Insurance companies can't get financing or it's much more expensive if their ESG score isn't high. The ESG score of corporations is lowered if they do business in Florida. This is all part of of pushing home owners into rentals. They can't get people out of their 3% mortgages but they can increase property taxes, insurance and inflation to make home ownership too expensive. These big companies like BlackRock are waiting with cash to buy foreclosures at fire sale prices. Also, they are self insured. "You will own noting and be happy"
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
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.
I had the pleasure of working with one and it proved to be immensely advantageous as they helped me restructure my entire portfolio. My advisor is none other than ‘’JULIE ANNE HOOVER, a renowned figure in her line of work whom you may be familiar with.
@@Pamela.jess.245 -Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
If there are “defects,” why haven’t they been corrected by the HOA or the individual owners? Of course insurers are going to beg off, particularly in Florida. Part of this too is that the owners are finally having to pay the real price for living in a disaster-prone area.
The defects probably haven't been corrected because it would be a massive special assessment, which means everyone in the community would have to come up with anywhere between 30,000-50,000 dollars on the spot or lose their home in foreclosure to the HOA. That's the ropes. But hey, its the system these aging baby boomers set up for the rest of us. They should move to a cheaper area like they turn their noses up and tell everyone else to do.
Absolutely agree! People have paid an artificially low price for living there...but now that they finally have to pay... people want to complain about how unfair it all is. Somehow I bet if you look at all the minutes of that HOA you'll see how they voted to defer adding to their reserve fund.
Yup. Sorry but that's what happens when you don't believe in climate change and don't think you should have to pay for said change. Additionally, you didn't keep up maintenance on your property so of course you'll have to pay.
@@aryaastark9201only brain dead dum dums believe in “climate change” . The government is geo engineering the weather, essentially pissing on your head and telling you it’s raining.
Told my HOA to stop voting no reserves & we would someday run into problems & no $. It happened & now flood insurance & other issues have risen. Glad I sold before their major HOA fee increase. Florida now has new condo laws for reserves starting 2025.
At my Florida condo, we voted to fully fund reserves, and do so. This was several years ago. I wonder about what is the thing with people on this - we also voted to not allow leasing for the first 2 years. This slowed down the flippers who would likely not want fully funded reserves. Just my idea of it.
Whenever I move to a new area I do my homework....It does not take a brain surgeon to have seen ten or more years ago that Fla weather would affect living costs in that state...
It doesn't do any good. They're run by the billionaire corporations. They will never listen to pip squeak people like us. Unless you are a billionaire, don't bother with the GOP or DeveloperSantis. They are all on the billionaire's side.
@@ricardcluter4765 I don’t support neither party I’m no sheep like most diaper-Don cult followers no way would I stoop so low and look at someone like they are the messiah.
Same here! I moved to Florida for affordability as I am now on a fixed income. Everything has gone up here in Sarasota Fl. Maintenance and insurance is up. I left NYC but there’s no where to run to you avoid the global take over to make us all poor and afford nothing. Generational wealth is a threat to the plan. Who will stop this?
When did you move? the insurance crisis has been building for years yet people keep coming and and are surprised. It's been a brewing crisis since 2018.
I was wondering HOW the NWO were going to Confiscate everyones "purchased" homes. Just hike UP the insurance rates to the point where nobody can afford them and then TAKE their homes when they stop making insurance payments...BRILLIANT.
A lot has to do with contractor fee’s. Their prices have tripled in the last 2 years. Nobody works cheap anymore. Just try calling in a roofer, plumber, A/C tech and you’ll be shocked at the prices they charge.
@@SandcastleDreamsGovernments in a capitalist society don't and shouldn't control the free market, or commodity prices. Even goods from China have increased greatly.
@@gedias1 Fuel price increases raises the price of everything. They go through a port in CA, the dock workers went on strike and got a raise awhile back, fuel prices for Semi's is through the roof. Then it has to travel to its destination. If it comes by air, the same thing. So, you've got fuel price increases and labor cost increases and you've got inflation. It's called consequences. We don't have a free market when there are lobbyists wuth deep pockets hollering about global warming while polluting the earth with windmills, solar panels and exploding batteries all the while letting China build 5 or 6 coal fired power plants per day. Does anybody in their right minds think that buying almost all of our products from a country that uses coal to produce electricity is actually cutting down on pollution? No, so why is our government and agencies making things so impossibly difficult to manufacture goods in our own country? UN Agenda21/2030!
This is happening everywhere. Developers form assessment districts to build their development and pass a bond onto the new homeowner. Then they form a HOA to maintain the common areas and these assessments are placed on the new homeowners. You would be surprised how many HOAs are in this country. It’s just not a California of Florida problem, it’s everywhere.
Big money in HOA. Lots of unnecessary salaries. They pay lawyers to be available with money you pay them, but you have to pay for your own lawyers to fight them. It’s bad news.
Not suprising. A lot of older building have differed maintenance costs. Especially bad in Florida's climate. Water in any form, humidity, waves, etc. can little erode mountains.
Gee, I sarcastically wonder why insurance companies are leaving Florida. Maybe it's because mother nature can completely destroy homes in one fell swoop
@Blockchain - The logic of your sarcasm eludes me: if insurance companies leaving is rational, why were these 'rational' companies insuring the market in Florida for decades.
It's not woke enough of a problem for who they voted for, DESATAN, now I'm glad they are reaping what they sowed. Also, everything they complain about is just WOKE whining, GET A JOB!!! 😂🤣😂 OR it's FAKE NEWS🤣😂🤣😂 SEE, we can do it too!!! I will watch on GLEE for the people who support the GOP and all they do but forgot they also needed government too. Oops
It's not if your house is paid off. People poured into this state, started bidding wars plus inflated prices. I own several homes here, pre pandemic. All my homes went from 75k to 500k. The pandemic made me rich but if you buy a house here now, you are nuts!!!
1,000% increase is $800 a month? So they were paying just $80 a month for insurance before? I don’t know the area but that seams unbelievably cheap for a condo/townhome master policy.
Exactly, lol. I thought I was the only one that saw the numbers don't add up. They say they were paying $56K a year and it went up to $527K a year , then the home owner is complaining about paying $890 a month which? s 10,680 a year? Which sucks but no where near $527K
@@steveconkey7362 Yes I'm aware, but their own policy will be a lot cheaper as they'll only need to cover personal property and liability, the dwelling is already covered under the master policy.
Need to mention the weather hazards. The state is extremely prone to severe weather. That’s like building in the middle of a shooting range. It makes sense that insurance is out the roof. Why willingly cover an area that is most likely to get blasted hard and not get paid for that obvious cost risk?
This has little to do with weather, its all about lawyers suing over 1000 fold versus other coastal states for wind damages and litigating that damage. The Florida legislature are lawyers and they refuse to step on other lawyers payday. Its politics.
@@JeffBattleFishEverything's a grand conspiracy to a knuckledragger, especially when his lifestyle depends on not knowing what's obvious to hundreds of millions of other people 😂
Build a damn house strong enough to withstand hurricane winds. It's not hard. It just takes planning and money. Hurricanes are fun if you're prepared. No school or work. Get to camp indoors by candlelight. Watch nature through a peephole. Go outside with a rope attached to your waist. Ride your bicycle around in the eye. Play monopoly with your siblings. Afterwards, the streets are filled with coconut palms and land crabs. I grew up in Miami.
I tried retirement in FL, left after 3 years. Too many old people, scammers and shoddy construction tripping you up everywhere. Hot, humid, crowded. The American Dream turned nightmare.
It's called INFLATION! Thank your orange messiah and that old geezer in the WH. Did you honestly think that Trump spending Trillions would just magically turn into no consequence at all? And now Biden falls into his footsteps! That Omnibus Bill that they all signed started this mess! Trump should have vetoed it and sent it back!
So the complex has defects it hasn't corrected. This is not some big surprise or insurance scram problem. It' sounds like the HOA just plain kicked the maintenance problem can down the road...and now they finally have to pay. There are going to be tons of these in Florida.
I've lived in Florida for 60 years. Hurricanes have been happening during the entire time. While there may be more intense hurricanes today, there have been destructive ones in the past too (hurricane Betsy, Andrew, Wilma). I wonder if the problem is due to construction methods in different parts of the state. I live in Southeast Florida. The buildings here seem to be better built than in other parts of the state. Miami-Dade county building code are pretty strict to protect against windstorm damage. I lived for a time in Southwest Florida and saw less strict building codes. For example, many building in my neighborhood are two story. The second story is a concrete block structure. In SW Florida, second stories are frame construction. Something needs to happen to control the cost of Florida windstorm insurance. Part of the problem may be that all homes are paying the price for properties that are not as well built. My home was built in 1953. It's been through many hurricanes including Cleo (1964), Betsy (1965), Andrew(1992) and Wilma(2005). I've gone through records to see if the home was damaged in any of these storms and found the only repairs necessary were for a fence that was blown down. Yet I'm charged ridiculous rates for Windstorm.
Lotsa jobs picking oranges in FL now available! Earn extra cash! Pay for your insurance! Your state gov't has seen to it that these positions are available for you - hardworking Floridians. Lawn care, drywalling and roof repair jobs are also available. Start an exciting second career!
🤣😂🤣😂 Absolutely, these boomers need to get those bootstraps and earn more money, like they've told EVERYONE ELSE to do from younger generations with student debt, high rent, and other costs of living. 🤣😂😂😂 I'm good!!!
Self insure. I lived in Florida for 40yrs and the rate increases were ridiculous. I paid off my house canceled my insurance and saved 75k in less than 20yrs. Everyone thought I was crazy, but my Roth IRA will beg the differ. That money has grown 10 fold. That house is still standing today without a scratch.
Amazing how many lawsuits are avoided when the law firm finds out you cant pay ! Only so much ju$tice they are willing to go to court for.If I was to drive to the closest house burned to the ground by fire, and count how many houses I passed by that didn't.....100 to 1,,,,,200 to 1 pretty good racket
This happens in condo buildings. The buildings age out, 40 yr assessment for good reasons. Don't buy a condo if you cannot afford upkeep. It's the same with all dwellings. They all need new roofs, air units, plumbing upgrades, new kitchens, bathrooms, etc., plus rising taxes, insurance.
"Upkeep" in Florida is completely different from 'upkeep" in other states. For example, Florida insurance companies are refusing to cover a home with a roof older than 10 years. And Florida roofs are incredibly expensive ie $40k and up. People are used to thinking in terms of a 30 year roof, ie you buy it once, maybe twice in your lifetime. Who can afford to keep rebuying a $40k+ roof every 10 years?? Who?
For years these kind of places near the ocean snd waters got a free ride in terms of insurance. There are fifty some units insured before for $56,000. That is about $1,000 per unit. Would you personally take the risk of total destruction for a $1,000 per year when you consider how many hurricanes Florida has? That's not including any other risks such as home fires. If these people think $10,000 a year per unit is too much, why don't they self insure for all the risks and save that $10,000? Of course they won't because they know there is a chance of major damage from storms. So they want the insurance company to take a risk that they're not willing to take.
Florida's CFO blames woke. Insurers are leaving the most climate impacted states. Regulations that would mitigate the impact of climate events would be an intelligent response. With our current governance that is out of the question.
As Ron 'DeSaster' DeSantis is learning, blaming 'woke' for everything is a losing strategy as his presidential campaign sinks faster than the Titanic. Blaming the problems on the country on 'woke' is simply a stupid and worthless strategy. Maybe the Floridians that he has abandoned will 'wake up' and realize that they should never vote for him again!
You're right and everyone who is complaining now, voted to be in this position and GOOD FOR THEM. I will take joy in their coming bankruptcies that their governor and GOP got them into🤣😂🤣😂 Boomers are FINALLY getting what they voted for!!!
We had a big raise in our condo insurance. Our buildings are 10” slab built walls, 8 miles off the beach, no flood zone or HVHZ zone also but we are getting hit hard on insurance raise.
They’re victims of their own ignorance sadly..as a former banker, we all knew that owning a condo is risky because you really don’t own real estate but “air”. When new complexes go up, yours will sink in value. Especially when these building aren’t made to go beyond 50 years without an overhaul..especially in a state full of hurricanes which add stresses on the building. Similarly , by 2050, when most mortgages purchased in 2020 were made for coastal properties, by the time your home is paid off, the ocean will be lapping on your front door..the science tells you that but most ignore it. By 2050, HUD anticipates at least a trillion in mortgage properties to go underwater ..a huge default due to climate change…but people put on their blinders and keep buying.
Most of Florida will be a sand bar at low tide in 50 years and it will be effectively be uninhabitable long before then. The insurance companies know this and so does anyone who was willing to take a little time to educate themselves. Which are few and far between.
I agree. People just are NOT studying the scientific data of our world's ice masses melting. It is downright scary and shocking as to how our world might look like in 100 years.
I saw a condo in Tribeca NY that had a $24,000 a MONTH HOA fee. I live in a cabin in the mountains with no electric bills, no water bills and no heating bills. YES the homeowners insurance with State Farm Insurance went up 300 % so I may not have homeowners insurance next year. Insurance is a scam!
I haven't bought home insurance for 31 years now. My house is just fine without it. If need be...I can rebuild with the money I've saved. Insurance is a scam.
But yet the government is still pushing the "dream" of homeownership...like its the key to financial independence,,,,, or slavery if your eyes are wide open.
Ok, let's do some math here they are paying $560,000 for a policy that only covers $2.5Mil claim that's crazy. If I were the HOA I'd self insure take the $500,000 and put it into my Reserve Fund and roll the dice in 5 years they will have more than 2.5 million set aside and can drop the dues back down.
Yeah, the insurance company also did the math. And that’s what the risk came out to be so the building defect must be pretty severe. It might be cheaper to fix it than it is to just pay for insurance.
These people live in one of the wealthiest communities in Florida. And they're complaining? You wanted to move here Transplants. The hoards of people pouring into this State are causing things to go up and up. There is no quality of life living in human overpopulation. You wanted to move here because you think this is paradise????? You got what you deserved. STOP INVITING THE WHOLE ENTIRE WORLD IN. START TELLING PEOPLE THE TRUTH OF WHAT IS BEHIND THOSE PRETTY PICTURES INSTEAD OF INVITING YOUR FRIENDS AND FAMILY TO MOVE HERE. SIGNED - PART OF THE 25% CLUB - A FLORIDA NATIVE.
catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated.If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
People believe their currency has the worth it does because they have no other option. Even in a hyper-inflationary environment, individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.
You are right! I diversified my $550K portfolio across various market with the aid of an investment advisor, I have been able to generate a little bit above $1.4m in net profit across high dividend yield stocks, ETF and bonds during this red season.
My advisor is "Colleen Janie Towe" In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
Lots and lots of these stories about people who cannot afford to pay for these policies--obviously not. But NOT one single person here has made a suggestion about how ALL those impacted - not just ME - can address the impact of more frequent, more powerful, and more COSTLY storms. What is their solution other than "NOT ME"? Someone ELSE needs to fix this--NOT ME. This is a time for people to come together. All those retirees at Lakewood Ranch COULD vote for representatives and a Governor who listened to their needs. They could have a one-day protest during the time the legislation met in Tallahassee. They could form an insurance cooperative. Something other than complaining. I understand where this guy is coming from--we left Tampa after Hurricane Charlie.
@@info781 but I voted for every pro-business republican that was on the ballot. I want the insurance rates to go down please so I can live in peace in the state.
They don’t care. Thats the plan. You will file bankruptcy or get foreclosed on. The condos will be removed. Big money will come in and buy up on the cheap and build new condos Meatball Ron and Rick Scott already got paid so don’t look to them for help
You move to a WELL KNOWN and documented Weather and Climate WARZONE and you WHINE about the costs associated with protecting yourself from these established factors.
Should be ability to self insure. If you put $500k into bank for 5 yrs you have $2.5m of coverage lloyds covers. Or, half pmts $250k for 10 years to save up $2.5m. Keep going for 20 years and everyone is better off with self insured pool of $’s. Make the owners all sign waiver on any pre existing conditions/ construction issues. If at some point insurance is too high we resort to what the pioneers did.
How can people afford it? Cut the cable, get a part time job, don't focus on leaving the kids an inheritance, clip coupons, stop buying lottery tickets, deliver pizza, have a garage sale, take in a roommate, buy used golf balls, give up the cocktail hour at the golf club. There are a lot of options even selling and moving to an affordable area.
@@reactivepall3589 Yes that can be returned to the individuals that actually paid taxes. They can save and invest the money the money as they would like or each individual if they choose could send it back to Ukraine.
@@reactivepall3589That is because America made a treaty with Ukraine to not have nukes. So it makes lots of sense not to break treaties when making a deal to have less nukes in the world. That is waaayyy bigger than unreal Floridian insurance spikes.
@@BurrQ19 insurance hasn't spiked just in Florida, it has spiked or will spike with the the next renwal for all the worlds coastal dwellers. By that I mean 90% of the worlds populace lives within about 200 miles of any coastline. Everybody will pay absurd increases, not just Floridians. We have to remember that water is the most destructive force on the planet.
@picketech Florida is unique in that it is a peninsula surrounded by water. It will almost all be covered. You ever see that meme showing a satellite image of future Florida saying "Eventually Florida will Go Blue"? Floridians are already having to pay some almost 300% more for homeowner insurance from 2019 prices. The hurricanes also hit stronger in Florida physically and because most of their political party is in denial. They will NOT attempt to prepare. It is a don't look up scenerio. They were already bit in the arse because of Covid detail which led to more of their voters dying before the 2022 midterms.
what i do not understand is how the insurance companies are at minimum required to do is to create and price their rates by historical data. there are hundreds of thousands of square miles in florida that have not seen a hurricane in twenty years or more, and some areas the NEVER have - versus coastal areas that obviously should cost much more to insure.
For an insurance company to insure a known defective house where no other want to have anything to do with of course is going to cost that homeowner a lot more in premium since 'probability' of damage claims is significantly much higher.
this is capitalism at work. The insurers ( and the reinsurers that the insurers pay for coverage ) have determined/analyzed that Florida is a very risky place to do business. So they raise their prices to cover that increased payout ratio that they have determined is inevitable. The solution for homeowners who can't afford to pay for this risk policy is to move out of Florida. I'm sure Governor DeSantis is working on it though, he definitely puts the needs of his constituents above the needs of his campaign /sarcasm, lol
No this is what happens when you live in the middle of hurricane alley, vote for Rethuglicans who do nothing but fight against woke mice and people who don't hurt anyone but don't lift a finger for the citizens in need. This is a rethuglican problem! Blame everyone else but it's high inflation at 9 percent, cost of everything in FlorYaDiea thanks to the Rethuglicans 😂 Thoughts and prayers 🙏
Now do California and the increase in home insurance rates due to the fires. CA car insurance rates also increased 40-50% even if you never filed a claim. Just wait until a REAL major quake hits Cali and see what that does to rates nationwide.
Insurance companies have been giving money to the political campaigns of Republicans. DeSantis’s campaign received a $225,000 influx of cash from the Florida Insurance Council, a political action committee backed by the state’s major insurers.
@@aldoe7746 Meaning that DeSantis is turning the other cheek sweetness, since he is on the gifting end of the insurance companies, and isn't doing much about it for fear of loss of donations from them. When the Democrats are in power, I will say the same thing about them. Okay? But right now, he is spineless in dealing with this problem, which will mean no-one will be able to mortgage to buy or build homes in his state. Even more--so since all have to have flood insurance based on his legislation, but no one will write flood insurance. Peace be with you.
Lakewood ranch is very expensive. I think these people got the Money, they just do not want to pay. The retired thought Condo meant free Money, no it means a Financial obligation.
It's just like individual homeowners insurance that's tripled also many of us that have insurance for 20 years we never used it but we're paying all these premiums it's not fair it needs to be regulated
In insurance they say at a certain point any risk an be a good risk at the right price. $500k a year lmao. Once you end up in LLOYDS you're fucked. They dont pay claims for years. You'll be in british court forever waiting on repairs.
Exactly, this is just Boomers wanting the governor to fight woke but NOT for their insurance. 🤣😂🤣😂🤷♂️ They are getting exactly what they voted for and I'm HAPPY AF that they are too
Had condo Sebastian Fl. Reflections on river they had Lloyds of London they held up payment for close to year after jean Francis hurricanes 2004 was three years to get repairs. State farm individual ins. said you had 90 days to get repairs done or they would not pay deductible
California has the same problem, building collapses, sink holes, shoddy construction. Someone needs to audit these builders and their workers and find the weak links and improve the quality of construction and workers. Insurance companies are aware of the risks of shoddy construction someone needs to hold builders accountable and also provide training to skilled workers and improve efficiency to keep costs of construction manageable .
That’s definitely part of the problem. And hurricanes, lol. Florida is a place you build a cheap shack to live in, and when the hurricane takes it, you throw up another one and move on. No insurance needed. It never should have turned into what it is.
Once I bought a house and at closing time I was having trouble finding homeowners insurance. I called my insurance agent and he said we found someone. I asked who? He said Lloyds of London. I got the insurance and still have the house.
Unfortunately Florida residents like to sue Insurance companies….I’ve seen it many times over my 40 years of living here. I guess they figure that it’s like free money…..too bad those actions will affect all of us. I have owned homes since the early 70s and have not once ever put in a claim.
The rest of us have been subsidizing people living in areas prone to natural disasters like Florida for years. This is not isolated to Florida, however. It is starting to hit communities in most coastal areas, and also inland communities prone to wind storms in "tornado alley" as well. The insurance companies will eventually drop storm damage coverage and stick to fire only. No other way.
I looked at a townhome on top of a hill overlooking a big field, I told the realtor no because of the potential fire liabilty. I am glad I did. You would get screwed over if you live there.
I love where I live !! My mom and dad left it to me when they died. It isn’t lavish. It’s not in a gated neighborhood. It isn’t a new community. It was built in the 50s. It’s got your typical 4 seasons. But ! ……. It’s also completely paid for ! It’s 1800 sq ft with a big front and back yard. The neighbors keep to themselves. Everything is within 1 mile - the tennis club that I belong to,, the stores, markets, restaurants, local parks, gas stations, VA hospital (10 minutes away),, local hospital and police station and fire station. Everything ! Why in hell would I move ??? You can have Florida. I’ll stay right here in Washington state!
If they were defects as constructed, weren’t there building codes that were supposed to be enforced? Who got paid off to turn their heads the other way? Too late now. It’s become your problem
Get rid of the condo association if you can and convert to fee simple townhomes and ditch the master policy. Not all properties can do that for various reasons but some can. Then you isolate the problem to some units unless they're all falling apart. They didn't say what the issue was but it probably leaky roofs. That development doesn't look that old.
makes me wonder if condo to apartment conversions are going to be on the rise. The apartment owners can just go on a cash basis with no insurance and I'd suspect its much cheaper. That would be unfortunate as that would make the already rising apartment rentals an even higher ratio when considering rentals vs ownership. Ownership should always be part of the American dream and it's definitely under attack.
So the entire condo complex used to pay $56,000 a year. If you divide that by 50 units, that is $1120 per unit. Now it went up to $526,579 or $10,531 per unit. Its not like every single condo association fee is going up that much in Florida. This specific condo complex failed many various inspections and many homes in the complex have construction defects.
and HOA never informed the new owners, neither broker, nothing, it's a complete scam.
@@Linda-cn3yx No....because people can't take care of maintenance of buildings. Surfside collapses...killing 100 people as they slept....due to poor condo management... But yeah let's blame it on government regulation. Skyrocketing property taxes....well Florida has chosen to not have State or City taxes...so no surprise here. People have been getting away with artificially low fees for years. Now that they finally have to pay, people are going to complain about how unfair it all is. What happened to personal responsibility?
@@Linda-cn3yx I get what you are saying, and can agree with a lot .. ...but the really significant government regulations as it pertains to Florida, have to do with the Structural Integrity Reserve studies, and the fact that reserves are now mandated to be fully funded to plan, can no longer vote to defer. These changes were long overdue. People should have seen this coming ...but people being people, they wait until the last minute. It also has not helped that most HOAs are run by volunteers. Imo, it's going to become an even bigger mess.
Does this mean Florida is not a good place to retire?
@@robertherman1146 Like everything else in life: It depends. If I had a young family I would not want to go to Florida...however, I am very seriously thinking about relocating to Ft Lauderdale for a good part of the year. I'm going to rent first to see if it's a good idea.
Floriday is a swamp with water on all sides including coming up from the ground and coming down as rain. Who would have thought Condos falling down and once in a lifetime hurricanes coming each and every year.
Yep. And they’ll keep on building and people will keep on buying and then gripe about the “big surprise” later
And building things out of cement and sand, like that's not going to crumble in 50 years
Yup
A swamp surrounded by water and "gee, there are water problems?!"
You will OWN NOTHING AND BE HAPPY!!
My ex-boyfriend bought a condo in the Ft.Lauderdale area less than a year before we broke up. He would brag about buying it in cash and not having a mortgage, I heard the other day he's selling the place because he can't afford the high HOA fee's. Me .. I left Florida, I bought a smaller home .. a simple 3 bed 2 bath. There's no HOA and some of the nicest people I've ever known, where I live everybody watches out for everybody. This is a place you could brag about .. and mean it.
As an orthopedic surgeon in Florida I can tell you I see a lot of older people falling in the areas outside and suing the communities. I am convinced that the letiginous climate of Florida helped spike those prices
If they didnt live in an HOA then people couldnt sue the HOA community.
Lawyers in Florida have been successful in keeping mandatory car insurance from happening. 25% of drivers are uninsured. People with assets pay the price for others not being insured.
That's not what's driving up rates overall. Those are isolated incidents.
It is true that 25% don't have car insurance but you must have insurance in Florida to drive a car. Google it. Time to tow 25%of the cars on the road.@@RorkesDriftVC
Most of this rising insurance rates is due to credit suppliers like BlackRock and Vanguard retaliating against red states like Florida because of anti-ESG legislation. Insurance companies can't get financing or it's much more expensive if their ESG score isn't high. The ESG score of corporations is lowered if they do business in Florida.
This is all part of of pushing home owners into rentals. They can't get people out of their 3% mortgages but they can increase property taxes, insurance and inflation to make home ownership too expensive. These big companies like BlackRock are waiting with cash to buy foreclosures at fire sale prices. Also, they are self insured. "You will own noting and be happy"
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
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.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
I had the pleasure of working with one and it proved to be immensely advantageous as they helped me restructure my entire portfolio. My advisor is none other than ‘’JULIE ANNE HOOVER, a renowned figure in her line of work whom you may be familiar with.
@@Pamela.jess.245 -Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
They are screwed by a builder, and hoa. Welcome to the great state of Florida 😅
If there are “defects,” why haven’t they been corrected by the HOA or the individual owners? Of course insurers are going to beg off, particularly in Florida. Part of this too is that the owners are finally having to pay the real price for living in a disaster-prone area.
The defects probably haven't been corrected because it would be a massive special assessment, which means everyone in the community would have to come up with anywhere between 30,000-50,000 dollars on the spot or lose their home in foreclosure to the HOA. That's the ropes. But hey, its the system these aging baby boomers set up for the rest of us. They should move to a cheaper area like they turn their noses up and tell everyone else to do.
You are correct, no one wants to pay , especially if it is a issue with tile roofs , they are expensive to fix and replace.
Absolutely agree! People have paid an artificially low price for living there...but now that they finally have to pay... people want to complain about how unfair it all is. Somehow I bet if you look at all the minutes of that HOA you'll see how they voted to defer adding to their reserve fund.
Yup. Sorry but that's what happens when you don't believe in climate change and don't think you should have to pay for said change. Additionally, you didn't keep up maintenance on your property so of course you'll have to pay.
@@aryaastark9201only brain dead dum dums believe in “climate change” . The government is geo engineering the weather, essentially pissing on your head and telling you it’s raining.
Told my HOA to stop voting no reserves & we would someday run into problems & no $. It happened & now flood insurance & other issues have risen. Glad I sold before their major HOA fee increase. Florida now has new condo laws for reserves starting 2025.
At my Florida condo, we voted to fully fund reserves, and do so. This was several years ago. I wonder about what is the thing with people on this - we also voted to not allow leasing for the first 2 years. This slowed down the flippers who would likely not want fully funded reserves. Just my idea of it.
ANYONE buying a home or condo here in FL should be very CAREFUL AND DO SOME RESEARCH....
Whenever I move to a new area I do my homework....It does not take a brain surgeon to have seen ten or more years ago that Fla weather would affect living costs in that state...
I have a private house in nyc paying only $600 annually.
I see that they did not bother contacting their GOP representatives about this issue.
It doesn't do any good. They're run by the billionaire corporations. They will never listen to pip squeak people like us. Unless you are a billionaire, don't bother with the GOP or DeveloperSantis. They are all on the billionaire's side.
Give it a rest.
@@jimbranaghan1228who’s your daddy
@@Jozeha Why are you asking, don't you know yours? Let me guess, Obama...
@@ricardcluter4765 I don’t support neither party I’m no sheep like most diaper-Don cult followers no way would I stoop so low and look at someone like they are the messiah.
Same here! I moved to Florida for affordability as I am now on a fixed income. Everything has gone up here in Sarasota Fl. Maintenance and insurance is up. I left NYC but there’s no where to run to you avoid the global take over to make us all poor and afford nothing. Generational wealth is a threat to the plan. Who will stop this?
Desantis
When did you move? the insurance crisis has been building for years yet people keep coming and and are surprised. It's been a brewing crisis since 2018.
I was wondering HOW the NWO were going to Confiscate everyones "purchased" homes. Just hike UP the insurance rates to the point where nobody can afford them and then TAKE their homes when they stop making insurance payments...BRILLIANT.
@@williebrinson4699 Desatini
Not sure but there’s a lot of other cheap places in the south
A lot has to do with contractor fee’s. Their prices have tripled in the last 2 years. Nobody works cheap anymore. Just try calling in a roofer, plumber, A/C tech and you’ll be shocked at the prices they charge.
Yep! And the cost of materials has gone through the roof as well! Thank Trump and Biden for the inflation.
Yes, pretty much $250/hour to get things done.
@@SandcastleDreams and all the republicans that run florida
@@SandcastleDreamsGovernments in a capitalist society don't and shouldn't control the free market, or commodity prices. Even goods from China have increased greatly.
@@gedias1 Fuel price increases raises the price of everything. They go through a port in CA, the dock workers went on strike and got a raise awhile back, fuel prices for Semi's is through the roof. Then it has to travel to its destination.
If it comes by air, the same thing.
So, you've got fuel price increases and labor cost increases and you've got inflation.
It's called consequences. We don't have a free market when there are lobbyists wuth deep pockets hollering about global warming while polluting the earth with windmills, solar panels and exploding batteries all the while letting China build 5 or 6 coal fired power plants per day.
Does anybody in their right minds think that buying almost all of our products from a country that uses coal to produce electricity is actually cutting down on pollution?
No, so why is our government and agencies making things so impossibly difficult to manufacture goods in our own country?
UN Agenda21/2030!
My sister owns in a small association on the East Coast of FL. Master insurance policy went from 92k per year to 212k per year. Crazy stuff going on.
Still can’t believe people are buying hoa’s
This is happening everywhere. Developers form assessment districts to build their development and pass a bond onto the new homeowner. Then they form a HOA to maintain the common areas and these assessments are placed on the new homeowners. You would be surprised how many HOAs are in this country. It’s just not a California of Florida problem, it’s everywhere.
@@stevebrannon69 I know it’s a lot. But still why would you buy a house that someone else sets the fees and rules you have to live by. It’s stupid
All condos are HOAs.
HOA has nothing to do with it.
Big money in HOA. Lots of unnecessary salaries. They pay lawyers to be available with money you pay them, but you have to pay for your own lawyers to fight them. It’s bad news.
Down here in south florida, our hoa recently went up 55% because of the master insurance.
Good for you!
Not suprising. A lot of older building have differed maintenance costs. Especially bad in Florida's climate. Water in any form, humidity, waves, etc. can little erode mountains.
Gee, I sarcastically wonder why insurance companies are leaving Florida. Maybe it's because mother nature can completely destroy homes in one fell swoop
@Blockchain - The logic of your sarcasm eludes me:
if insurance companies leaving is rational, why were these 'rational' companies insuring the market in Florida for decades.
It's not woke enough of a problem for who they voted for, DESATAN, now I'm glad they are reaping what they sowed. Also, everything they complain about is just WOKE whining, GET A JOB!!! 😂🤣😂 OR it's FAKE NEWS🤣😂🤣😂
SEE, we can do it too!!! I will watch on GLEE for the people who support the GOP and all they do but forgot they also needed government too. Oops
No. This sounds like people suing the HOA they belong to and being shocked when they have to pay more because of that lawsuit.
It's not hard to build a hurricane proof structure. It takes planning and money.
Climate change told them there will be more powerful storms & frequently. Miamians don't want to listen
Florida has become too expensive place to live. No matter how "nice" it is.
Exactly, it has now become a playground for the top part of the upper class
It's not if your house is paid off. People poured into this state, started bidding wars plus inflated prices. I own several homes here, pre pandemic. All my homes went from 75k to 500k. The pandemic made me rich but if you buy a house here now, you are nuts!!!
it's not even nice
Some building defects can be fixed. You might be able to add extra straps in the attic that hold the roof trusses to the block walls, for example.
1,000% increase is $800 a month? So they were paying just $80 a month for insurance before? I don’t know the area but that seams unbelievably cheap for a condo/townhome master policy.
Exactly, lol. I thought I was the only one that saw the numbers don't add up. They say they were paying $56K a year and it went up to $527K a year , then the home owner is complaining about paying $890 a month which? s 10,680 a year? Which sucks but no where near $527K
@@naplesflexplorerEach individual owner pays $890 a month. It's $527k a year for all condos.
This implies there about 50 condos in the Community, 527k / 50. = $10,540/ 12 = $878 per month…so maybe 49 units…?
That's on top of their separate unit insurance. They have 2 policies. One for the house and one for the HOA.
@@steveconkey7362 Yes I'm aware, but their own policy will be a lot cheaper as they'll only need to cover personal property and liability, the dwelling is already covered under the master policy.
Need to mention the weather hazards. The state is extremely prone to severe weather. That’s like building in the middle of a shooting range. It makes sense that insurance is out the roof. Why willingly cover an area that is most likely to get blasted hard and not get paid for that obvious cost risk?
So climate change is real then, because I've lived in FL my whole life, and hurricanes have always been an issue, this is nothing new
This has little to do with weather, its all about lawyers suing over 1000 fold versus other coastal states for wind damages and litigating that damage. The Florida legislature are lawyers and they refuse to step on other lawyers payday. Its politics.
@@JeffBattleFishEverything's a grand conspiracy to a knuckledragger, especially when his lifestyle depends on not knowing what's obvious to hundreds of millions of other people 😂
Doesn’t help that the governor is in the pocket of the insurance companies either.
Build a damn house strong enough to withstand hurricane winds. It's not hard. It just takes planning and money. Hurricanes are fun if you're prepared. No school or work. Get to camp indoors by candlelight. Watch nature through a peephole. Go outside with a rope attached to your waist. Ride your bicycle around in the eye. Play monopoly with your siblings. Afterwards, the streets are filled with coconut palms and land crabs. I grew up in Miami.
I tried retirement in FL, left after 3 years. Too many old people, scammers and shoddy construction tripping you up everywhere. Hot, humid, crowded. The American Dream turned nightmare.
Blame it on the "WOKE" insurance companies. Don't worry yall your boy Ron will straighten them out i am sure. :)
He'll just keep taking those campaign contributions from them and let them charge whatever they want.
Yeah..."woke insurance"...effing hilarious.
The insurance companies went woke and the homeowners go broke!
It's called INFLATION! Thank your orange messiah and that old geezer in the WH.
Did you honestly think that Trump spending Trillions would just magically turn into no consequence at all? And now Biden falls into his footsteps!
That Omnibus Bill that they all signed started this mess! Trump should have vetoed it and sent it back!
I never thought of turing a profit as woke. It seem capitalistic
So the complex has defects it hasn't corrected. This is not some big surprise or insurance scram problem. It' sounds like the HOA just plain kicked the maintenance problem can down the road...and now they finally have to pay. There are going to be tons of these in Florida.
how can you expect a board of peckerheads to be financialy literate?
I've lived in Florida for 60 years. Hurricanes have been happening during the entire time. While there may be more intense hurricanes today, there have been destructive ones in the past too (hurricane Betsy, Andrew, Wilma). I wonder if the problem is due to construction methods in different parts of the state. I live in Southeast Florida. The buildings here seem to be better built than in other parts of the state. Miami-Dade county building code are pretty strict to protect against windstorm damage. I lived for a time in Southwest Florida and saw less strict building codes. For example, many building in my neighborhood are two story. The second story is a concrete block structure. In SW Florida, second stories are frame construction.
Something needs to happen to control the cost of Florida windstorm insurance. Part of the problem may be that all homes are paying the price for properties that are not as well built. My home was built in 1953. It's been through many hurricanes including Cleo (1964), Betsy (1965), Andrew(1992) and Wilma(2005). I've gone through records to see if the home was damaged in any of these storms and found the only repairs necessary were for a fence that was blown down. Yet I'm charged ridiculous rates for Windstorm.
Lotsa jobs picking oranges in FL now available! Earn extra cash! Pay for your insurance! Your state gov't has seen to it that these positions are available for you - hardworking Floridians. Lawn care, drywalling and roof repair jobs are also available. Start an exciting second career!
I rent 6 months a year so you pick the fruit.
🤣😂🤣😂
Absolutely, these boomers need to get those bootstraps and earn more money, like they've told EVERYONE ELSE to do from younger generations with student debt, high rent, and other costs of living. 🤣😂😂😂 I'm good!!!
Uh, the booming citrus industry in Florida started dying out years ago. Not many groves left anymore.
Miamians voted for Republicans 🤷🏽♀️
Now Republicans taking their homes & selling them pennies on the dollar to real estate firms
Self insure. I lived in Florida for 40yrs and the rate increases were ridiculous. I paid off my house canceled my insurance and saved 75k in less than 20yrs. Everyone thought I was crazy, but my Roth IRA will beg the differ. That money has grown 10 fold. That house is still standing today without a scratch.
Amazing how many lawsuits are avoided when the law firm finds out you cant pay ! Only so much ju$tice they are willing to go to court for.If I was to drive to the closest house burned to the ground by fire, and count how many houses I passed by that didn't.....100 to 1,,,,,200 to 1 pretty good racket
This happens in condo buildings. The buildings age out, 40 yr assessment for good reasons.
Don't buy a condo if you cannot afford upkeep. It's the same with all dwellings. They all need new roofs, air units, plumbing upgrades, new kitchens, bathrooms, etc., plus rising taxes, insurance.
"Upkeep" in Florida is completely different from 'upkeep" in other states. For example, Florida insurance companies are refusing to cover a home with a roof older than 10 years. And Florida roofs are incredibly expensive ie $40k and up. People are used to thinking in terms of a 30 year roof, ie you buy it once, maybe twice in your lifetime. Who can afford to keep rebuying a $40k+ roof every 10 years?? Who?
That’s insane, why are the roofs so expensive?
For years these kind of places near the ocean snd waters got a free ride in terms of insurance. There are fifty some units insured before for $56,000. That is about $1,000 per unit. Would you personally take the risk of total destruction for a $1,000 per year when you consider how many hurricanes Florida has? That's not including any other risks such as home fires.
If these people think $10,000 a year per unit is too much, why don't they self insure for all the risks and save that $10,000? Of course they won't because they know there is a chance of major damage from storms. So they want the insurance company to take a risk that they're not willing to take.
It’s the master policy for the common areas, not for the individual units.
Florida's CFO blames woke. Insurers are leaving the most climate impacted states. Regulations that would mitigate the impact of climate events would be an intelligent response. With our current governance that is out of the question.
Make America Florida he said 😆
@@audenharper3014 I live in Florida! Do NOT make America like Florida! Florida is AWFUL now because of Ron DeSantis!
As Ron 'DeSaster' DeSantis is learning, blaming 'woke' for everything is a losing strategy as his presidential campaign sinks faster than the Titanic. Blaming the problems on the country on 'woke' is simply a stupid and worthless strategy. Maybe the Floridians that he has abandoned will 'wake up' and realize that they should never vote for him again!
These people don't even know what "woke" means, it has replaced the boogie man
You're right and everyone who is complaining now, voted to be in this position and GOOD FOR THEM. I will take joy in their coming bankruptcies that their governor and GOP got them into🤣😂🤣😂 Boomers are FINALLY getting what they voted for!!!
You voted your governor in.
Now, pay the price.
We had a big raise in our condo insurance. Our buildings are 10” slab built walls, 8 miles off the beach, no flood zone or HVHZ zone also but we are getting hit hard on insurance raise.
They’re victims of their own ignorance sadly..as a former banker, we all knew that owning a condo is risky because you really don’t own real estate but “air”. When new complexes go up, yours will sink in value. Especially when these building aren’t made to go beyond 50 years without an overhaul..especially in a state full of hurricanes which add stresses on the building. Similarly , by 2050, when most mortgages purchased in 2020 were made for coastal properties, by the time your home is paid off, the ocean will be lapping on your front door..the science tells you that but most ignore it. By 2050, HUD anticipates at least a trillion in mortgage properties to go underwater ..a huge default due to climate change…but people put on their blinders and keep buying.
Most of Florida will be a sand bar at low tide in 50 years and it will be effectively be uninhabitable long before then. The insurance companies know this and so does anyone who was willing to take a little time to educate themselves. Which are few and far between.
Nothing would make you happier.
If it was to happen that would be flooding and nothing to do with this since floods aren't covered by this kind of coverage anyway.
Then why do major banks still write 30 year conventional mortgages for people buying there?
I agree. People just are NOT studying the scientific data of our world's ice masses melting. It is downright scary and shocking as to how our world might look like in 100 years.
@@kriscampbell2327 Fake news. Lies. Rubbish. Commie disinformation. You're full of it.
I saw a condo in Tribeca NY that had a $24,000 a MONTH HOA fee. I live in a cabin in the mountains with no electric bills, no water bills and no heating bills. YES the homeowners insurance with State Farm Insurance went up 300 % so I may not have homeowners insurance next year. Insurance is a scam!
I see why they’re leaving NY like fleas off of a new sprayed dog 😳
I haven't bought home insurance for 31 years now. My house is just fine without it. If need be...I can rebuild with the money I've saved.
Insurance is a scam.
Who can afford that were living on borrowed time
Seems like the HOA/Homeowners should sign a paper that they will not sue over the defect to clear that issue.
Yeah, that’s not the issue. The issue is who’s going to pay for the repair of the defect.
Interesting. Didn't DeSantis just go visit Lloyd's of London?
Yep. But they refused to insure his brain 😂😂
living in a hurricane zone will bite you in the ass
And tornado alley And the desert
I would never live in neighborhood with an HMO!
@@drc3po HOA. Happy now? lol
@@drc3pohaha
Miamians voted for Republicans to the state senate 🤷🏽♀️
Now Republicans taking their homes & selling them pennies on the dollar to real estate firms
its not the price of the house anymore,,,,,its the added price of taxes, insurance and lot rent..thats what kills you
Reply
But yet the government is still pushing the "dream" of homeownership...like its the key to financial independence,,,,, or slavery if your eyes are wide open.
I think the answer here would be to self insure and make everyone aware of what the coverage will be at any point in time....
Ok, let's do some math here they are paying $560,000 for a policy that only covers $2.5Mil claim that's crazy. If I were the HOA I'd self insure take the $500,000 and put it into my Reserve Fund and roll the dice in 5 years they will have more than 2.5 million set aside and can drop the dues back down.
Yeah, the insurance company also did the math. And that’s what the risk came out to be so the building defect must be pretty severe. It might be cheaper to fix it than it is to just pay for insurance.
Gated golf course community = rich people problems.
Not necessarily rich, but retirees who saved from WORKING their entire lives
People with a Large Monthly Pension.
These people live in one of the wealthiest communities in Florida. And they're complaining? You wanted to move here Transplants. The hoards of people pouring into this State are causing things to go up and up. There is no quality of life living in human overpopulation. You wanted to move here because you think this is paradise????? You got what you deserved. STOP INVITING THE WHOLE ENTIRE WORLD IN. START TELLING PEOPLE THE TRUTH OF WHAT IS BEHIND THOSE PRETTY PICTURES INSTEAD OF INVITING YOUR FRIENDS AND FAMILY TO MOVE HERE. SIGNED - PART OF THE 25% CLUB - A FLORIDA NATIVE.
Per capita, more Floridians move to California than Californians moving to Florida.
I feel sorry... I am glad I rent my rental insurance is $14.17 per month. Not $500,000😂
catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated.If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
People believe their currency has the worth it does because they have no other option. Even in a hyper-inflationary environment, individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.
You are right! I diversified my $550K portfolio across various market with the aid of an investment advisor, I have been able to generate a little bit above $1.4m in net profit across high dividend yield stocks, ETF and bonds during this red season.
My advisor is "Colleen Janie Towe" In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
Lots and lots of these stories about people who cannot afford to pay for these policies--obviously not. But NOT one single person here has made a suggestion about how ALL those impacted - not just ME - can address the impact of more frequent, more powerful, and more COSTLY storms. What is their solution other than "NOT ME"? Someone ELSE needs to fix this--NOT ME. This is a time for people to come together. All those retirees at Lakewood Ranch COULD vote for representatives and a Governor who listened to their needs. They could have a one-day protest during the time the legislation met in Tallahassee. They could form an insurance cooperative. Something other than complaining. I understand where this guy is coming from--we left Tampa after Hurricane Charlie.
Get rid of DeveloperSantis.
Sorry to inform you but the legislation in FL is not "WOKE".......They are all brain dead!!!!!
They need a good old fashioned woke government that would straightening out them evil doers.hehehe/
Spoken like a true MAGAT.@chillwill5080
Voters in FL only care about "cultural war" issues, anything else, they blame the insurance companies.
The Florida government has to do something about these high prices, how can us retries deal with that and our incomes.
Stop voting for people who only care about "culture war" issues and want to focus on pocketbook issues.
@@info781 but I voted for every pro-business republican that was on the ballot. I want the insurance rates to go down please so I can live in peace in the state.
@@bobbullethalfpro business really
Miamians voted for Republicans to the state senate 🤷🏽♀️
Now Republicans taking their homes & selling them pennies on the dollar to real estate firms
They don’t care. Thats the plan. You will file bankruptcy or get foreclosed on. The condos will be removed. Big money will come in and buy up on the cheap and build new condos Meatball Ron and Rick Scott already got paid so don’t look to them for help
You move to a WELL KNOWN and documented Weather and Climate WARZONE and you WHINE about the costs associated with protecting yourself from these established factors.
AND vote for a governor who ignores that to pick fights with Disney🤣😂🤣😂
Should be ability to self insure. If you put $500k into bank for 5 yrs you have $2.5m of coverage lloyds covers. Or, half pmts $250k for 10 years to save up $2.5m. Keep going for 20 years and everyone is better off with self insured pool of $’s. Make the owners all sign waiver on any pre existing conditions/ construction issues. If at some point insurance is too high we resort to what the pioneers did.
$890 a month for insurance that provides no coverage. wow!
Sounds like the lawsuit needs to get settled first.
With the damage caused by hurricanes, tropical storms, saltwater intrusion, etc. What insurance company can afford the risk?
How can people afford it? Cut the cable, get a part time job, don't focus on leaving the kids an inheritance, clip coupons, stop buying lottery tickets, deliver pizza, have a garage sale, take in a roommate, buy used golf balls, give up the cocktail hour at the golf club. There are a lot of options even selling and moving to an affordable area.
@@reactivepall3589 Yes that can be returned to the individuals that actually paid taxes. They can save and invest the money the money as they would like or each individual if they choose could send it back to Ukraine.
@@reactivepall3589That is because America made a treaty with Ukraine to not have nukes. So it makes lots of sense not to break treaties when making a deal to have less nukes in the world. That is waaayyy bigger than unreal Floridian insurance spikes.
@@reactivepall3589
Freedom isn't free. 🇺🇸
@@BurrQ19 insurance hasn't spiked just in Florida, it has spiked or will spike with the the next renwal for all the worlds coastal dwellers. By that I mean 90% of the worlds populace lives within about 200 miles of any coastline. Everybody will pay absurd increases, not just Floridians. We have to remember that water is the most destructive force on the planet.
@picketech Florida is unique in that it is a peninsula surrounded by water. It will almost all be covered. You ever see that meme showing a satellite image of future Florida saying "Eventually Florida will Go Blue"?
Floridians are already having to pay some almost 300% more for homeowner insurance from 2019 prices. The hurricanes also hit stronger in Florida physically and because most of their political party is in denial. They will NOT attempt to prepare. It is a don't look up scenerio.
They were already bit in the arse because of Covid detail which led to more of their voters dying before the 2022 midterms.
what i do not understand is how the insurance companies are at minimum required to do is to create and price their rates by historical data. there are hundreds of thousands of square miles in florida that have not seen a hurricane in twenty years or more, and some areas the NEVER have - versus coastal areas that obviously should cost much more to insure.
these carpet baggers gotta pay up lol warms my heart
Why can't they self-insure?
For an insurance company to insure a known defective house where no other want to have anything to do with of course is going to cost that homeowner a lot more in premium since 'probability' of damage claims is significantly much higher.
this is capitalism at work. The insurers ( and the reinsurers that the insurers pay for coverage ) have determined/analyzed that Florida is a very risky place to do business. So they raise their prices to cover that increased payout ratio that they have determined is inevitable. The solution for homeowners who can't afford to pay for this risk policy is to move out of Florida. I'm sure Governor DeSantis is working on it though, he definitely puts the needs of his constituents above the needs of his campaign /sarcasm, lol
No this is what happens when you live in the middle of hurricane alley, vote for Rethuglicans who do nothing but fight against woke mice and people who don't hurt anyone but don't lift a finger for the citizens in need. This is a rethuglican problem! Blame everyone else but it's high inflation at 9 percent, cost of everything in FlorYaDiea thanks to the Rethuglicans 😂 Thoughts and prayers 🙏
Now do California and the increase in home insurance rates due to the fires. CA car insurance rates also increased 40-50% even if you never filed a claim. Just wait until a REAL major quake hits Cali and see what that does to rates nationwide.
Go woke go broke..i guess florida resisents gonna be broke asf😭😭woke hurricane coming
Our Florida townhome community had a major spike in insurance too but luckily no lawsuit w building defects to escalate the rate even further
You are one lawsuit away from poverty. Sell while you can
Insurance companies have been giving money to the political campaigns of Republicans. DeSantis’s campaign received a $225,000 influx of cash from the Florida Insurance Council, a political action committee backed by the state’s major insurers.
@@aldoe7746 Meaning that DeSantis is turning the other cheek sweetness, since he is on the gifting end of the insurance companies, and isn't doing much about it for fear of loss of donations from them. When the Democrats are in power, I will say the same thing about them. Okay? But right now, he is spineless in dealing with this problem, which will mean no-one will be able to mortgage to buy or build homes in his state. Even more--so since all have to have flood insurance based on his legislation, but no one will write flood insurance. Peace be with you.
The last guy the Dems tried to foist on us for Governor was caught passed out with meth in a hotel room in Miami
Trickle down economics at its finest
Lakewood ranch is very expensive. I think these people got the Money, they just do not want to pay. The retired thought Condo meant free Money, no it means a Financial obligation.
I can afford to buy a house in Florida, I just can’t afford the home insurance…
Ours isn't that bad. We are not in an HOA.
It's just like individual homeowners insurance that's tripled also many of us that have insurance for 20 years we never used it but we're paying all these premiums it's not fair it needs to be regulated
“Don’t build your house in the sand. “. There is a popular book that gives that advice. Florida is a big sand bar
In insurance they say at a certain point any risk an be a good risk at the right price. $500k a year lmao. Once you end up in LLOYDS you're fucked. They dont pay claims for years. You'll be in british court forever waiting on repairs.
Interesting, waiting on a lloyds claim now
Is there an update on this story?
Because years of premiums that were too low and years of deferred maintenance have consequences.
Just FYI, T told DeSantis to do something about the insurance in his state…
Exactly, this is just Boomers wanting the governor to fight woke but NOT for their insurance. 🤣😂🤣😂🤷♂️ They are getting exactly what they voted for and I'm HAPPY AF that they are too
Luckily Florida believes is less government and less regulation.
only when those regulations are inconvenient to them!!!
@@fswatyahoocom Your comment suggests they support SOCIALISM!?!?!?!?!?
Less affordable housing > fewer people > leads to less government. Haha
@@scotth5357 so it's fake news that Florida likes freedom? Darn it, they tricked me
they cant regulate the hurricanes
Had condo Sebastian Fl. Reflections on river they had Lloyds of London they held up payment for close to year after jean Francis hurricanes 2004 was three years to get repairs. State farm individual ins. said you had 90 days to get repairs done or they would not pay deductible
‘ if a big storm comes in and hits everyone… we’re going to be done.’ Insurance company are saying… yes… now you know how we feel.
Why can't they sue the contractors that built the condos?
Why can't they blame the Rethuglicans that aren't doing anything but turning one group against the other and blaming Mickey mouse!
@alexandraoneal4534 bro the mouse hasn't done shit lately. It's all Pixar and marvel. I think you're onto something. Let's all blame Bob Iker
Stay off the meds
@@rustynail3630 Shhh
Defund the HOA
California has the same problem, building collapses, sink holes, shoddy construction. Someone needs to audit these builders and their workers and find the weak links and improve the quality of construction and workers. Insurance companies are aware of the risks of shoddy construction someone needs to hold builders accountable and also provide training to skilled workers and improve efficiency to keep costs of construction manageable .
INSURANCE IS A SCAM
Great info thanks for sharing
Obviously, folks won't be retiring to FL anymore. Just wait till the next major cane hits.
Florida is a seasonal place to me. Can’t imagine the Summer time broiling.
The condo association didn't do proper maintenance in the buildings. Now they are paying the price. Don't move to Florida!
That's what they get for being lawsuit happy.
That’s definitely part of the problem.
And hurricanes, lol.
Florida is a place you build a cheap shack to live in, and when the hurricane takes it, you throw up another one and move on. No insurance needed.
It never should have turned into what it is.
What is the defect in 5e buildings?
Paying for insurance thats doesnt cover. Why they have to? it should be illigal.
Did anyone mention that 85% of all insurance claims in the United States are in Florida?
Condo owners will not be able to sell. The only way out of the property is foreclosure followed by bankruptcy.
Once I bought a house and at closing time I was having trouble finding homeowners insurance. I called my insurance agent and he said we found someone. I asked who? He said Lloyds of London. I got the insurance and still have the house.
Unfortunately Florida residents like to sue Insurance companies….I’ve seen it many times over my 40 years of living here. I guess they figure that it’s like free money…..too bad those actions will affect all of us. I have owned homes since the early 70s and have not once ever put in a claim.
Consider who's name is on all these policies and regulations. His initials are RD..
The rest of us have been subsidizing people living in areas prone to natural disasters like Florida for years. This is not isolated to Florida, however. It is starting to hit communities in most coastal areas, and also inland communities prone to wind storms in "tornado alley" as well. The insurance companies will eventually drop storm damage coverage and stick to fire only. No other way.
Tired of paying out claims every year.
I looked at a townhome on top of a hill overlooking a big field, I told the realtor no because of the potential fire liabilty. I am glad I did. You would get screwed over if you live there.
Ron Desantis world. Same people voted for him. Now they are crying. It's just a beginning.
So, the issue raising the rates on the homeowners' rates is claims from the homeowners that the buildings are defective.
I love where I live !! My mom and dad left it to me when they died. It isn’t lavish. It’s not in a gated neighborhood. It isn’t a new community. It was built in the 50s. It’s got your typical 4 seasons. But ! ……. It’s also completely paid for ! It’s 1800 sq ft with a big front and back yard. The neighbors keep to themselves. Everything is within 1 mile - the tennis club that I belong to,, the stores, markets, restaurants, local parks, gas stations, VA hospital (10 minutes away),, local hospital and police station and fire station. Everything ! Why in hell would I move ??? You can have Florida. I’ll stay right here in Washington state!
One mor reason to get the heck out of Florida.
Are those 2 walking the Dog on a hot side walk? What if they remove their shoes and walk along with the Dog?
run down property causes a huge insurance risk
If they were defects as constructed, weren’t there building codes that were supposed to be enforced? Who got paid off to turn their heads the other way? Too late now. It’s become your problem
Get rid of the condo association if you can and convert to fee simple townhomes and ditch the master policy. Not all properties can do that for various reasons but some can. Then you isolate the problem to some units unless they're all falling apart. They didn't say what the issue was but it probably leaky roofs. That development doesn't look that old.
Sounds good, but you still have issues of common areas, unless it's a patio home, which most of these are not
makes me wonder if condo to apartment conversions are going to be on the rise. The apartment owners can just go on a cash basis with no insurance and I'd suspect its much cheaper.
That would be unfortunate as that would make the already rising apartment rentals an even higher ratio when considering rentals vs ownership. Ownership should always be part of the American dream and it's definitely under attack.