Possible turning point for the insurance crisis in Florida
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- Опубліковано 25 тра 2024
- For the first time in year insurance companies are dropping rates and new companies are setting up shop in the state. But will it stick? Nadeen Yanes has been covering the insurance industry in Florida for month and has a look at the possible turning point.
Scam- liars- this is destroying people's life!!!!! We're frustrated
Thank you Ron Disantis he is Despicable
Miami Herald and Tampa bay times just did a story about all the executives that bankrupt one company then start new ones. The law is not enforced.
I believe you. Corporations do not fear the government. They OWN the government. Basically, they ARE the government.
@@MrDCMiami FINALLY SOMEONE ELSE SEES THIS!!!
We are enslaved by the Oligarchy.
thank you
When I finish paying for my home, I will self-insure; I'm paying $7500 a year, and in two years, that amount of money will almost cover a new roof.
I feel your pain. There's got to be a way to even negotiate a situation like yours millions of others. Does anybody know if they have meetings that we can go to and voice our opinions and ask them questions? When's parents got together and started going to school board meetings and voicing their opinion people listened. My feelings right now are anger, frustration I'm shocked that this is happening.
Yes, that will work as long as you’re diligent and you literally put the money aside every year. Remember, not all storms cause just roof damage some are far worse causing severe damage into the hundred thousands so be prepared for that kind of loss.
sorry you’re rates aren’t going down
The best thing I did was sell my condo and buy a mobile home. I'm not required to have insurance for a mobile home, and the cost is reasonable compared to condos and houses. I have insurance through Citizens. If a hurricane blows away my home, I'll just buy another one with whatever Citizens gives me.
Maybe if these insurance companies didnt pay their executives MILLIONS of dollars in salary/bonuses they might have enough to cover claims. These companies dont GAF about their clients.
That’s the problem, they all cry , and then they get paid profit!
Yes the years there are no hurricanes, the executives take all the profit as dividends. Then after one storm they can go bankrupt bc they have no money in their account. Next year they open a new company with a different name. Cycle repeats and they cry insurance crisis.
It is all talk, I just got quotes on 2 homes by Gulf Breeze. 4k sq feet and wanted 20k a year for insurance. Same size house in costal AL quoted 4k a year for insurance. It's out of control
It's totally out of control! I would love to see a law because of the position I'm in to be able to just self-insure. Say this because the property is worth a whole lot more then the older home we live in. We need options!! They are pricing us out of our homes for home owners insurance.
Shit. In middle America that might be 3-5k. 4K sq ft is a huge home. Our state is in trouble there is NO DOUBT. love hate with my small 720sq ft home.
He says they are not allowed to do new business, that might be true, but these crooks find a loophole!
There is NO turning point for insurance, You may get a policy cheaper when you sign up with a new insurance carrier, but come renal time your policy will go up a lot.
I’m searching for a new HOI.policy. I’m paying $1800 now in Orlando 1800 sq ft house. Have new wind mitigation, and 4 point , roof is 6 yrs old new ac/ heat. Whole house repiped, new tankless Hw heater. My quotes are now $5800 with 2% hurricane, $5400 with 2%, $4950 with 2%. This is more than double and triple increases. This story is not true.
The other issues is that the Homestead Exemption has not been raised in years this would be another avenue to help homeowners. I agree with some of the comments my Citizens insurance quadrupled. I went with Frontline Insurance, but there was a caveat I had to replace my water heater of 20 years old even though I am on the first floor of my townhome and in addition have two inspections one of room and other wind mitigation before I could get a reduced policy. Now I am hearing our HOA insurance will be going up again, so next year I will be selling no more HOAs.
I think this is the very first thing you should try to get a petition together to demand our homeowners insurance exemption is increased. I'm going to look into this and when I find some answers out, I will post. I hope everyone else will do the same. I just don't know whether to start by writing to the governor or city council.
Petrones is on the take , insurance lobbyist is who they serve not us taxpayers
Sarasota County resident here. My insurer jacked my rate 50% this year. And it’s still cheaper - not by much - than every other company I’ve looked at. Florida used to be a relatively “inexpensive” state to live in. Those days are long gone. Peace. Out.
BlackRock is engineering this whole thing from behind the scenes. They have large stakes in insurers and lenders. Think they are not working together in coordinated fashion? Nah, it's all just a coincidence!! 🤔🤔
The real true solution to this issue is: build concrete houses. Build something that wont fly off at a hurricane and you'll see these companies SWEATING.
The reason why we're being taken advantage of for insurance is because they KNOW that we need insurance, because the houses here are built out of damn wallpaper. The way the houses are built ensures that this insurance scam perpetuates for infinity.
Blame everything but the florida legislature huh
Just more talk and lies
Finally they interview someone who knows something about the industry.
Outlaw all insurance! It’s a scam. Stop paying insurance and taxes! That is how you stop these crooks.
If I stop paying insurance, the bank that holds my mortgage charges me an exorbitant insurance rate.
Why would you want to outlaw insurance? Don’t you support freedom? Freedom to contract? Sounds like you love big govt.
Are you talking about outlawing insurance requirement?
@@zrsous8874 Negative. Ask anyone who got shafted in Florida by their insurance companies. I’m sure they will have the same opinion.
Go to any major city and the ball parks & tallest sky scrapers all have a bank or an insurance company’s name on it.
Insurance companies always win and the customers get screwed period. It should be outlawed and I also hate the government too.
Maybe the insurance companies should be non-profit
Excellent point!
Regardless of their rate, the insurance companies WON'T INSURE HOMEOWNERS!
If you have Mortgage - must have - too hard to not have a mortgage- who has that much cash to not have a mortgage
Move to less volatile weather area.
We will not subsidize Florida anymore.
Yeah, it's substandard insurance through surplus line insurers. These new insurance policies even state that you're buying substandard insurance.
Definition: Surplus lines insurance is a type of coverage for specific risks that traditional insurance companies are unwilling or unable to cover. It's written by unlicensed, nonadmitted insurance companies, also known as surplus lines insurers, who have been authorized by the Office of Insurance Regulation (OIR) to provide this coverage.
In 3 years my Insuranse went up from 3690 to $7540 , this is not sustainable
We have too many high rise apartments, HOAs and old trailers in Florida.
And, is it just me, or is that the most beautiful lady and intelligent left on the news? She actually asks solid questions and always has excellent follow-up questions.
Patronis’s response was disappointing. He really just defended his position and wasn’t addressing how critical this has become. What is he really doing for homeowners? When will we see real relief?
I've been saying if you pay in $4500 yearly and don't maje a claim, then $2000 gets sent back to you. There's no reason i should be paying for a $4 million dollar mansion if my house is 1150sqft.
That CFO for FL got some bad info. If ppl are talking about it, investigate it but if a whole lot of ppl are talking and complaining it's bad.
Here's a question: I'm asking this because a lot of people I know are asking too. They lived in a house for 20 years and now it's considered prime property. The homes are older, but the property now is worth over a half a million dollars. A hurricane comes and destroys the house. Does the homeowner have a right to get the home demolished pay off small mortgage and have home dmolished. Haywood cost for more if it even happens that the homeowners insurance would cover the cost. So the homeowners insurance or can the owner just take one of the offers to buy the property and their plans are just a demolish the home. In Florida there's a lot of old homes better now on property worth far more than house. May sound like a silly question and it may not have asked it correctly, people are so fed up and realize how much their property is worth. Maybe the best thing is just to sell it to all the investment companies that are here.
I’m curious about the answer too….
Patronis just blowing smoke!
Not going down I was paying 1600 now I'm at 5300 Born and raised here never seen these prices I even grew up with jealousy windows And a Addic fan Now you need impact windows 🤯
it’s all scam!!!
I'll be paying off my home next year and will also self-insure - these insurance rate hikes are ridiculous!
we are all floridians, however I dont want to help assist the rich on the beach. I dont live on the beach and my insurance has doubled.
Florida always finds a way to make things worse. Remember the sink hole crisis. Now these sink holes get fixed for 40k vs 140k because the homeowners have to pay such a high deductible. We now have roofer fraud. We have the big home builders in the state employing the skilled trades men at low wages and quality for new builds That creates a shortage of quality skilled labor to fix storm damage. The only thing a homeowner can do is find a quality roofing contractor, protect windows, and follow the Florida Retro Fit Guide to make our homes as strong as they can be. Unfortunately, you can not do much about flood damage.
One day technology and news will be able to let us know what city, county, and date their "news" was created.
Great response
I'll stop my insurance in Pennsylvania, before I pay for some DeSatan rich greedy beach homes. Insure yourselves, do not depend on me to pay your bills.
Sounds like wealth envy. That’s one of the deadly sins
Stay in Pa thank you. We don’t need you here
Sadly owning a home in Florida has totally lost it's ability because of rates and constant property tax, county, school....not to mention food. If my home is still standing I hope my daughter sells it and moves to an affordable place. Florida legislation doesn't care, they have said this before. In over 20 years, only one direct hit here. Disgusting disgraceful behavior
The way this report started is very sensational. I been living in Florida all my life, and the last 3 years as an example have been somewhat active, but not all Florida has been affected. Also, they reporter has some amnesia of some kind, because they are forgetting that the 90's was a very active decade.
so what was the turning point, nothings changed.
Great reporting. From new FL resident
He’s full of $hit! Many of the companies are subsidiaries of larger companies. The larger companies allow for different subsidiaries to file bankruptcy so that the sister subsidiaries and/or the parent company is not marked with a bankruptcy. Therefore , they’ve strategically aligned themselves so that they can circumvent FL laws and do business within FL.
I've posted and replied on this site. I think I know where to begin. We can write to this news channel first!
Enforce the LAW!!!!!!!
What he’s not telling you is how all these new carriers will probably vacate the state as soon as they become a product of the excessive amount of fraud in Florida or the unavoidable devastating natural disasters. No matter who comes into the state, they need to be able to profit! If they’re taking five grand the year from you and every two years they’re giving you 30,000 for damages of some sort there’s no profit earned.
Legislature is in the pockets of the lawyers. Drive around and see all the ads for attys. The litigious environment adds to the costs. Why don't the politicians and reporters talk about this?
Dude just said every year they raise what the insurance company needs to have cash on hand. Well, there you go if the state does that every year that gives the insurance company all the excuse they need to raise rates.
This is a Joke,that's why me and my family are getting out of Florida
I was paying $4300 in 7 months it’s now $6800 fucking dollars
The home insurance issue in FL isn't mathematically solvable. The amount of units in the state and the costs and scope of damage created by a single large storm is beyond what any network of providers could profitably sustain over time. This isn't a market issue. It's a math issue. Lol
I do not believe that home owners insurance companies will lower the cost of your policy permanently. I mean think about it why would a company lower its prices when they can just keep them at the same level as before
time to walk away. the right to be left alone is disappearing.
Sw florida is the place to talk about....they Cant get crap...
Yeah explain St John's that turned into Slide insurance...bad information, BS. I have the same account number and everything
How can you tell someone is full of sh!!!!? This guy is lying out his ...
Wait till the 2024 hurricane really gets going. Citizens will go bankrupt with only one hit
This guy is cocky- annoying
He seems like the PR guy they send out to lie to people professionally.
Disingenuous.. the reality is that there is still a rate crisis!!
We just paid off our mortgage now I’ve got to convince my wife to stop paying for insurance
And you don't mention climate change?????
Please stop
@@Stopthecrazz No worries climate change will STOP a lot of things in it's track.
The law ? What law ? Law is non existent with the insurance industry
It's all a scam. Self insure if you can and release these dragons