What to do if impacted by Florida's property insurance crisis
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- Опубліковано 12 лип 2023
- Full Story: wfts.tv/3pLUSFG As Florida homeowners continue to deal with a property insurance crisis, experts are weighing in on the changing marketplace and what you should do if your coverage is impacted. "Our existing insurance company dropped us, and we needed to get new insurance,” said Larry Sosa, a homeowner in Lutz.
it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
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Screwed again😢 You pay and pay and when you need it you are penalized 😢
Most of this issue is due to money suppliers like BlackRock and Vanguard retaliating against red states because of anti-ESG legislation. Farmers Ins. 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 manipulation should be criminal and fall under RICO or SEC violations but BlackRock, Vanguard and State Street have more influence than the state and federal governments combined.
Again
And wait for the mandatory flood insurance.
Sell and move as fast as you can before potential buyers realise what a bad idea it is to buy a house in Florida
35% increase??? Try 100 to 200% where I am in FL. I'm not exaggerating.
Soon or later property insurance premium will cause peoples home to go on foreclosure in Florida
Not likely.
@@joenunez938 very likely actually. People are losing their shit over it
This is the plan to push people out of their homes and back into rentals. They can't eliminate the 3% mortgages many people have but they can increase property taxes, property insurance and inflation which has the same effect. BlackRock, Vanguard and State Street are waiting with cash to buy these properties at fire sale rates to rent back to people. "You will own noting and be happy"
Also, these big real estate investors are self insured.
They shouldn't go by zip code if someone does not jave claim their premium shouldn't go up
Price of price gauging!
Texas is bad too. Maybe not as bad as California and Florida, but our home insurance went up close to 30% from last year with Allstate in the Frisco area of Texas. It came to around $3900. That’s $325 a month. No claims either. We are looking to switch.
For $292,000 of Dwelling Coverage, thru the State of Florida's Citizens Insurance, I just paid $1,328 per year ( up from $1,069 in 2022 ) - and with a guarantee to pay claims thru the State of Florida.
California is cheap. We have a great insurance commissioner. You might have trouble getting it in some areas but if you look at national rates in in the bottom third. My 3 bedroom two story was 2200 without earthquake.
I live in Cali and it’s not bad. If you live in a fire zone yeah but not everywhere else. My insurance in cali is 1000 a year. You pay 3 times as much as me.
In 3 years in dfw.... I went from 1600. To 3300, and now renewal quote is 8000..... like wtf.
Most of this issue is due to money suppliers like BlackRock and Vanguard retaliating against red states because of anti-ESG legislation. Farmers Ins. 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 manipulation should be criminal and fall under RICO or SEC violations but BlackRock, Vanguard and State Street have more influence than the state and federal governments combined.
What you did not cover is the forced lpi that can be even higher then state farm and even cause for closures to drive the elderly out of housing
Mine went from $1150 in 2021
To $2650 in 2023 Port Richey
The problem Ronny is not dealing with
Thank the governor for this mess.
Why? Not his fault.
@@joenunez938it is his fault you goofball. What you mean it's not his?
@@White_Crystal_Snow because the cause problem started long before him, and there is no over night solution.
@@joenunez938 He took millions from insurance companies and then they all did this. So yeah, his fault.
@@Matt-fl8uy
No he didn't. This has been brewing for quite a long time. The insurance companies themselves are at fault.
I always see national ads for insurance bundling from companies that don't even offer home insurance in Florida anymore. Maybe if they fined companies for those misleading ads, the companies would actually have to do something other than just stop offering what isn't a guaranteed profit. If they want to sell auto insurance in FL, they should need to insure a certain percentage of property value as well.
And I'd be willing to bet you that in those same ads they have some disclaimer about not all products being available in all places. So now you want to force companies to do business in areas that they don't want to and offer products that they don't want?
@@Andres64Bit is unfair and unethical for insurance companies to cherry pick like this.
Do people not understand how insurance works?
These insurance companies should pay back all the money they took in premiums .they basically stole the money and ran.
Then why are they losing money? Oh, because they've been paying out more than they bring in. 13 bankruptcies in the past couple of years.
Riiiiiight. I guess automobile insurance ought to do the same thing when you leave the state or change insurance companies, right? You paid for insurance for a specific period time, and you got that. They owe you nothing. 🤦🏼♂️
Reasoning like this is why you all deserve to stay poor
That's just ignorant. They'd stay if it was profitable to do so. When claims exceed premiums, it doesn’t make sense to do business there anymore.
I have the solution, just move out of Florida.
Boycott Farmers..
are we sure, Santos.. you know that New governor! it seems like we ar enow just hearing about this after He took Office!
Sure, I'll move out, send me a check for my house and to move all the belongings.
@@webrunner2407: Farmers is gone, so a boycott will have no impact on it. People not living on a low lying sand bank will be able to be able to get insurance.
@@yankeesusa1: if you put your house on the market, any of the idiots flocking to Florida will snap it up. I don't see the problem.
Thanks Ron Disaster.
My home insurance went from $3500 to $6000 last year. What joyful news. When I bought the place in 96 it was only $875 yearly. The house before that was $550. PS don't forget the flood insurance.
See all these informercials how to flip homes for profit and how difficult it really is to get insurance coverage may make home buyers think twice before buying a money pitt in paying the higher percentage rate for insuring that home.
Unsure if Banks are lending and financing in the sunshine state to own a home, or make improvements?
This is on gubner do nothing. His insurance commissioner won’t do his job.
So they are only insuring low risk homes .. meaning that you will pay more insurance than your claims. So why pay insurance if you are not among the 100,000 dropped?
The governor is out of the state looking for work for another job. If he came back to the state and solved this mess I am sure his pole numbers would go up.
He can't solve this.
It's not just happening in Florida either. Actually our representatives in congress should be dealing with it.
@@Gww-1but florida is huge and suffering terribly
The issues have been building up for awhile now. To many investors who want a sure thing when it comes to profit margins (reinsurance marketplace as example #1).
But Florida allows 10' between homes, allows building new homes in previous low lying farmland, does not require a certain amount of grade from the street to the homes, has not helped with state programs to update older homes (a lot of Florida has homes are 40+ years old) & requiring newer homes to be built even more hurricane proof. I have been living in Florida now for about years & I have lived in 5 Florida counties.
@@Gww-1 Why do you want handouts from the Feds, you woke welfare queen? Pull yourself up by your bootstraps!
@Gww-1 he could. He doesn't want to try. Helping others is 'woke.' 😂
She’s incorrect you can’t “shop around” until you have a renewal notice from your current homeowners insurance company because most insurance companies cannot give you a rate quote and compare with your existing to see if they can save you money without knowing your new increase
You're incorrect! You can shop anytime and change your policy anytime.
What happens if you're a first time home buyer? You have to go with the 1st company you got quotes from?!
BULLSHIT... I changed homeowners insurance mid policy year... DOn't speak on what you know nothing about.
@@lennym480 incorrect State Farm cannot write a homeowners policy unless they can save you 25% on your “existing” insurance policy, I just did this
@@Shaqlife
Well somebody lied to you, buddy. They can as long as underwriting approves the policy, they don't have to save you money on your insurance premium. They may have told you that, to make you feel better. You should have gone with Chubb, they probably would have saved you more money
You are incorrect. You can shop for home insurance anytime you want, just like car insurance. The only issue you'll run into is if your roof is older than 10 years. You'll most likely be denied until you replace it or you'll have to go with a higher price.
How come thepeople who don't have claim their premium went up
It is not fair
It doesn’t go by claims. It goes by risk. Seen the weather out lately?
Its time to take real solutions. Stop the monopoly and free the people. Every bank operate in Fl should create they own home insurance since they're are the ones requiring. There are two states that it's not mandatory to hame home insurance. The banks still there making money. Every one is happy.
The voters should pay for failed GOP policy, not the banks.
Great idea but we need to take it a bit further and create a new type of currency that these globalist bankers can't control, track or counterfeit.
That's obvious advice...start shopping for a replacement policy
my doubled from 4500 to 9000, and doesn't cover the mortgage.
Didn't Florida just pass laws to improve the Insurance market?
DeSatanists used $2bn of taxpayers' money to set up a reinsurance market yet people cannot get insurance. Oh, the irony.
Yes, but just as is took YEARS for the problem to reach this point, it's going to take time for the new laws to have a noticeable impact. People expect an instant fix, which doesn't exist.
Although it's true that the can has been kicked down the road for decades - The State of Florida is going the wrong way, trying to entice Private Insurance Companies back into the State, at the expense of Homeowners ; as they will take your Insurance Premiums, and when it comes time to pay a claim, they will probably go Insolvent, or low-ball, or out-right deny the claim, without fear of being sued - due to New 2023 State Law.
What the State of Florida, should do, will have to do....is make Citizens Insurance the Primary Homeowners Insurance Company ( or only Insurance Company) ; NOT the Insurer of Last Resort.
That way, everyone pays their fair share for their Homeowners Insurance ( less than most overpriced Private Insurance Companies)
AND are guaranteed a fair Claim Payment.
They passed a law, yeah. It will make things much much worse for consumers in the long run.
They pass a law trying to get more insurances to come back to the state. Have more stable market, but not to help the home owners typical government solutions.
These people on the state insurance, Citizens, should be paying more, its ridiculous!
That's just hateful😮
What i am saying is that those people who are on Citizens pay alot less than those of us like myself who have insurance with another company....there is even a extra fee I have to pay to Citizens on my bill..I am not rich and have a small home why should I pay for others.
@@MBFLmom why don't you call citizens?
The home insurance with citizens covers just your home. If you want coverage for theft you better go somewhere else. It's bare bones insurance to meet home insurance requirements. But you can call them and get a quote
Who's stopping you? If it wasn't for citizens I would have to sell my house and live in my car. So people who say this like I should pay more than I do are hateful and ignorant
Mom and dad first home didn’t have insurance you took care of it yourself,you just put away a little every month
Own the Libs! Happy Hurricane Season!
Are Hurricanes "woke?"
Move! Why do you expect other people to pay for damages to your home when you know it's going to happen again? Play stupid games, win stupid prizes.
De santos is too busy fighting for a job that will get him out of Florida to care about the problems his constituents have!
Ron de santis :everyday lgbt lgbt lgbt lgbt lgbt😅😅😅😅
That's right governor put a foot, fist, bat and whatever what fit in those lgbtq (pro democat) immorality worshipping freaks mouths and rear ends and tacos ...🍑 😜 🌮 . Let the weak crooked insurers leave.
A Wise man may need to get poised to manage $4800÷12=$400/month.
Buy new,er home buy inland, not farmland, you+spouse pay house off in 15--20 years, keep cars longer (save thouands).
Get out of that dead red state.
Dont pay and get a forced placed for 5X more. Watch ykur monthly mortgage payment double 😊
MAKE AMERICA FLORIDA 🥴
😢😢😢😢.
Clearly WOKE culture falt 😅
Because hurricanes
I appreciate ancient times when people lived in huts. It was easier to move on for whatever disasters happened.
Leave Florida now !!!
Florida is fixing its insurance fraud problem . Its harsh but my state farm stocks are happy . Bye bye
Move. How often do they reallocate the EC votes, BTW?
P.S. 0:01 If you drive one of those, it's your fault.
Stop living in an Orwellian society where up is down & war is peace
We r F’d & the longer that Americans stay ignorant about their true history & the reality that we r not in a dream but a nightmare
We need a 3rd party to shake this failed system down
People need to live on earth keeping it seriously simple. Mother Earth is tired of humans tearing up her body to satisfy human so-called comforts. The more people tear up to build houses, furniture, vehicles, etc., the more the earth has to stay strong. People reaping what they sow via the demonic system of evil. Being blinded by evil makes what’s happening these days and times. Money? That’s from the earth too. Even the trees are sick and tired of human ignorance. Termites even claiming their natural environment even going into houses.
move
A person’s credit score has a lot to do with insurance rates. People are very ignorant if the numbers systems.
For homeowner’s insurance? That doesn’t make sense. Maybe car insurance would makes some sense bc maybe (just maybe) a more financially stable person would be more responsible when driving a car, but home insurance is about a storm hitting your house most of the time. Unless maybe you could say a tree is less likely to hit the house because someone who is more financially responsible is more likely to have the money to take care of the tree so it doesn’t fall. Or a more financially responsible person is less likely to file a false claim for burglary or something.
@@iMatti00 INS doesn't like TRASH or people who had claims...ALOHA
How could that affect all families across the state then? All these white people can’t have fucked up credit. wtf you talking about
Say woke and libs a lot
Kin Insurance !! Get it Direct !!! That is who I have !!
I just tried the other day ; but due to the age of my property's roof (16 years old ) they wouldn't even quote me !!!
I had Kin we went from 1300$ to 3500$
I got Citizens Insurance, and for $292,000 of Dwelling Coverage I paid $1,358 (up from $1,069 in 2022 ) ; and with a guarantee to pay claims, by the State of Florida.
Stop moving to Florida
Homeowners need to just move out of Florida. Problem solved.
risk? they do anything not to pay. where's the risk. you pay them for a slim chance they'll pay. risk my ass
Guest everyone has to live in the park now. Can't afford home insurance , Can't get a mortgage.
hmmm i wonder whos behind all this
Here's what to do: Kiss your credit goodbye, you're going into foreclosure. That's what happens when you live in the Free State of Floridumb.
Florida, like other states, needs to change the game. Can't keep building with the same materials, styles, and building codes in all 50 states. This "one size, fits all" development/construction mentality has to change, or it's just gonna get more stupid......
Where did you come up with that nonsense from?
@@joenunez938 reality, common sense, and history. So, sit back and watch, time tells all...
@@robertward8035 So you just made it up with no idea what you're talking about. Thats what I thought.
It means build better homes!
Make America Florida 😂🤣😂🤣