This was an excellent video, Michael. Having guests like this really gets us informed on what homeowners (I call them home renters) can do to protect themselves.
Going to play devil's advocate here. And no, I do not work for the housing insurance industry. The primary purpose of home insurance is to protect against catastrophic events. If homeowners focused less on insuring smaller issues and instead set aside funds for those repairs, the insurance industry might operate more efficiently. Issues like a broken A/C or a roof leak, while costly, are not typically catastrophic. By putting money aside for these expenses rather than relying on insurance, homeowners could potentially reduce their premiums and ensure that their coverage is reserved for significant, unforeseen events.
@@EvelinHolmes If you can't afford to put money away for stuff like that, then do not own a house. Why is that such a hard concept to grasp? Or maybe buy a condo or townhome where the HoA fees should cover leaking roofs, parking spot repair, and other stuff. Some also cover A/C issues (not all).
@mfenix911 A mortgage is technically borrowing so he is right. He never mentioned car and health insurance so no clue why you brought that up. A better question is why are we mandating insurance for all these things and not mandating insurance for guns?
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
My advisor is “ Lisa Grace Myer’ highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
We need a complete overhaul of insurance company’s,hospitals,drugs,congress term limits,senator term limits. Get rid of lobbyists. Make politicians declare who gave them what.
@daleolson3506 The charge of the 1980s Republican Tax Brigade evolved wealth status through Reaganomics. Less personal income tax and capital gains tax meant the wealthy afforded less to infrastructure. More taxes expected from the middle&lower class to maintain infrastructure; not wealthy zip codes. Then Citizens United augmented Republican charged corporations to influence peddle mass & social media, entertainment ideas, voting process and buy political candidates. We have to live in a devolving social setting where rising to another level of incompetence means the public accepts the converted dolt idiom. Here in 2008 Illinois, the Governor was accused of influence peddling trying to sell the US Senate seat vacated by Obama. And citizens fractured continue to pay for 2024 prisons and government politicians family, food, rent and insurance rates.
Destanis government Scott ruined Florida. Gave the reins of government to big insurance and business. Scotts should never be reelected for Senator. Destruction of our state by these two idiot's.
I considered self insurance, but ended up retiring before I could realizing the amount I needed to cover. Then a hurricane flooded my home. Thr rate I can save now makes this option a very long term goal.
"Insurance" represents the quintessential "protection racket" to extort money from ppl. Virtually all forms of "middleman" occupations, like a sports agent or lawyer, are occupations of corruption and greed! They function as "parasitic specialists" to siphon money from the "productive class"- those who actually create value!
What I want to know is what happens to the money when governor, mayor, or President declares disaster before or after a storm or event? Someone gets tax money, is it insurance companies? If so, they are made whole after paying claims, but we get hit with higher premiums or no longer insured/insurable. Plus with companies raising deductibles to 2-5% it's like not being insured, just throwing money at insurance companies for the paper that doesn't cover anything. We can't afford to pay taxes, pay premiums, pay for repairs and get no benefit from any of the above. Plus insurance companies no longer writing policies in some states for some policies, takes out competition and premiums go out of control.
I've saved countless thousands self-insuring. I did a post hail storm roof claim, got a 15K check, didn't replace the roof ( it was OK didnt leak) and cancelled insurance - I reversed slammed them LOL ( love to screw an insurance company whenever I can)
We paid off our house. Citizens ins co dropped us instantly. The next year there was an accident and our home of 21 yrs burned to the ground and my husband died. It was Devastating.
@@lc4817 That's terrible 😔. I can't imagine what you're going through. I didn't know Citizens could drop people when they're supposed to be the insurer of last resort
I’m in Florida and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Yup. And it's leading to demand destruction as new home sales plunge to 1995 levels, a time when house prices were still flatlining from the early 90s recession. So house prices and supply are spiking at the same time right now. Make of that what you will.
I’m a new dad in Santa Clara, relocated from Tampa a few years ago and i am considering buying a single-family home despite soaring prices. I'm weighing options: wait for a housing market correction or invest in the equity market instead.
@KevinCollins well you could put a downpayment on a home and as well diversify as much as you can into AI, energy and big pharm. stocks like Pfizer and JnJ, ASML, MLM and S&P 500 ETFs.
I had a fire caused by power pole. Damage to deck and outside of house. Was offered 15k. I said no and hired a public adjuster. They dealt with the insurance company-not me. Best thing I ever did. Got far more and all replaced.
You could have hired a contractor to provide you with a proper estimate and saved yourself the adjusters fee. The initial settlement is just that. And initial settlement.
Obviously many of these commenter's aren't familiar with Floridas insurance industry. Politicians have been in bed with the carriers for years. You can't blame the carriers, these issues are completely created by your legislators.... Wake up. If you look at the infusion of cash above the board to Desantis you can see the problem. It's the below the table money that tells the real story.
And your premiums spiked too because public adjusters add to the cost of handling claims. Insurance companies will not take losses. They will pass their losses on to the rest of their paying customers. So adding public adjusters and lawyers into the mix solves nothing for you or the rest of us.
This was eye opening. I was an adjuster with State Farm in the 90s. I worked Andrew in Florida in1992 as a brand new adjuster. Back then, I was proud of the work I did, helping people recover after loss. The industry has changed so much and many of them are being bought by asset management companies who squeeze tears out of every dollar to invest and make themselves richer. While I'm still in the industry, but no longer an adjuster or with State Farm, I'm no longer proud to be in this industry as I approach retirement.
I purchase my first home in 1979, had home insurance for 45 years, never had a claim. After watching this video, I am going to read my policy for the first time ever. That is my top objective for this week.
You had around a 1% chance of losing your home. But if you put the insurance money in an investment account instead of buying insurance, you'd have enough money to buy your house, and that's 100%. Think about that
@keyisersoze When you sign a contract you are signifying that you understand the contents. If you don't read it then that's on you and you will suffer the consequences. Try telling a judge, "Oh, your honor, I signed it but I didn't read it because..." See how that goes. Hint: It won't go well. If you don't understand, don't sign.
@@rcwesselFair point, but they are written in legalese. How many people read their mortgage agreement in escrow? The push the paper with “sign here, and here, and here…” I did & it took hours and questions are answered by escrow agents? Face it, legal agreements are thrust upon us with a “take it or leave it” ultimatum. Now tell me you’ve read every EULA (end user license agreement) for your computer.
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.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
When ‘Stacy Lynn Staples’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
Thanks for the recommendation, I just googled her and I'm really impressed with her credentials, I reached out to her since I need all the assistance I can get.
I had a commercial building with hail damage. A very large building and $1M damage. I had all the documentation/inspection that showed the building was fine when the insurance was taken out, and then harmed. The insurance company decided since it was over $10K (insurance was $50K year w/$40K deductible), they went through 3 inspection reports and we ended up suing. We had to find a gunslinger lawyer in Chicago (expensive) that made them settle for $800K after 2 1/2 years, then paid the lawyers 1/2. So we ended up trying to fix the roof with 1/2 the money. Weather insurance is definitely a scam.
You still need to pay property taxes. Ever notice how those who want to reduce or eliminate income taxes, corporate taxes and other "burdensome" taxes never discuss eliminating property taxes on the main home we live in?
I rolled the dice and didn’t carry insurance this year (no mortgage). I spent $3k fixing the outer walls before the storms and then $2.5k fixing my dock, fence and screens after the storm. Nobody denied me and the money was 100% spent on improving the property.
We can't find insurance in central FL for our mobile home so we self insured I see people say just get insurance our house is paid off and we can't find insurance citizens laughed when we called them
Who would have ever thought that a purchase mandated by the government would be a scam? Total shocker. I'm starting to think my taxes aren't being properly allocated to fix pot holes.
@@bremblepate-oc2vc The issue here would be the insurance commissioner and the fact that providing proper insurance for this sort of thing in FL is unaffordable. That being said, most people are not able to afford to self-insure anyways, doing so is incredibly expensive.
Received my auto insurance renewal up 10%. Same day received property tax bill up 13%. No changes and no claims on auto insurance. Live in the Southeast. Thanks to you and your guest
Got my renewal for my Lexus insurance - up 10% to 230 a month. Sold it and bought a 2003 pickup. Rides just as nice and CUT my insurance $75. Condo cost skyrocketed to 2500 a month. Sold it and bought an RV. Monthly cost $500. " A mans gotta know his limitations: "
If you live in Florida your property tax can’t go up 13%. There is a constitutional limit on how much homestead property taxes can be raised each year.
One thing I did when my house was damaged in 2020 for Hurricane Sally was use a public adjuster after the insurance adjuster assessed my damage. I was able to get my insurance to cover most of the damage once it was all over. It took almost a year from when the claim was made. Using the public adjuster was very helpful in my situation. I didn't have to deal with the insurance myself which was relatively stress free.
@SLR.e14 With the initial check i got from the insurance and using an sba disaster loan, my repairs were complete in 6 months. But majority of the time was the public adjuster battling the insurance company.
I can imagine it was far less stressful than dealing with the insurance company yourself. I have had a couple claims on houses I owned. It was very stressful but I did get everything fixed but I had to educate myself on building and stuff. These days I fear having a claim. Especially car insurance. It’s illegal not to have car insurance in Minnesota. I have full coverage but I know the insurance company will screw me at the end. It used to be your insurance protected you. Now they just screw you over and then raise your premiums. State Farm canceled my home and car insurance after I was hit by a drunk. Minnesota and Florida are “no fault” states so you are responsible for the payout to yourself. It is far more costly to the consumer than regular insurance in other states.
That guy was a gentleman. Should have more of these kinds of conversations with different types of people. Get lots of perspectives on the real economy. Good job!
I learn so much about insurance when I was on condo board two years ago.Very eye opening experience how they work and who controls this industry.Its so crooked.
Easily one of the best guests you have ever had. I learned so much and I am definitely going to be taking a hard look at my current homeowner policy. Thanks so much!
Great video. All insurance. (I’ll repeat). All insurance companies are corrupt. Total scammers. Better off self-insuring. Trust nobody. Ever. They will find any minute loophole and use it. And yes. I too have found out the hard way
Michael, Great and very informative video. Please do a video on the FL self-insure topic maybe even have Sean back as part of that video. Very much appreciated!
Michael - thanks for providing this program. One of the best and most insightful video that you have made. Helps us in Florida understand the 'real' risks we are facing when seeking insurance coverage.
You're absolutely correct, Michael. Insurance is a scam. It's the primary reason why lots of things are unaffordable... property, health, vehicle, etc.
One of the best videos you’ve made. Longtime sub and watched many videos of yours when you first started and helped us move to FL. Now that we’re here, I’m glad you still report on the FL issues. It’s saved us a lot of money having the right expectations.
Great advice!! Everyone should self insure. But if your house burns down or gets destroyed in a hurricane or a flood in the first year or two, just remember you’ll be paying to rebuild it. Also, with no insurance, you’ll be liable for anything that happens on your property. So if someone slips and falls, be prepared to pay if they sue you. Good luck!! 😊
If you don't have insurance a lawyer is not going to sue you if you have no money - it's like getting blood out of a stone - lawyers are suing the insurance company because they have very deep pockets and the lawyers want that money. They are going to get nothing from an individual.
Is it possible to buy just fire and liability insurance on your home in Florida and forgo the hurricane and flood? I've inquired about this a couple of times from agents and never got a straight answer.
@@dayinthelifeofmycatNo straight answer is what we experienced, until you really push. It's cheap, so the commission is much lower. Naturally they'd rather get their live prospect generating a juicier commission.
Older guys in my Gym who have lived in Florida 50 years, stopped paying homeowners Insurance once their Mortgage was paid off. They are saving $6,000. to $8,000. a year not having to pay that Insurance. Plus, they have the money to repair after a fire or hurricane. I’m thinking of dropping mine, I’ve never made a Claim. Leaning toward Self Insuring.
What's amazing is FEMA still technically offers assistance to uninsured public who are effected. It's harder to get that assistance and it's not as good... but not by much and you didn't need to pay years into that coverage.
If insurance companies are going to act like thieves, then let's treat them like criminals. Seems to me like a lot of top executives and board members need to go to prison.
Great video.. people need to build to the environment they live in Guam gets hit hard every couple years . A house must have 2 feet concrete walls and roof . For several decades.. no stick built homes should be allowed to be built in Florida.
Thank you to our host for this outdoor walk around segment on a topic near and dear. Insurance companies do not build downtown skyscrapers by paying out claims. Here, they prevail again by chasing off some customers and gouging those who remain. And, the insured never really comprehend the “exclusions from coverage” until they file a claim.
Can’t get the insurance company to pay you? I used Kanner & Pintaluga in Boca Raton, Fl and not only got paid but more than twice than the inspector offered! You must have an attorney fight for you!!!
My home was hit hurricane Harvey, massive destruction, rebuilt and 19 months later hit by Imelda and total loss. Insurance is a scam. There's no way to be made whole.
I totally agree with you. Thank you for sharing valuable information with us. In 2023 someone rear-ended my car and it was very small damage that would cost about $1500 to fix. The insurance company for the party at fault denied my claim and said that by law they were not obligated to tell me why it was denied. I I then learned if I put a claim through my own insurance company, it would cause my insurance to go up. So pretty much in many situations we are left on our own even though it is a valid claim and we are paying our monthly bill. This is fraud.
What an excellent dive into the current state of the insurance situation. Couple of my coworkers just got dropped from citizens after Milton, no reasons, just because. I pray to God that I never have to use my homeowners policy for fear of this kind of behavior. Its not good place to be when you've lost everything only to find out that is just the beginning of your misery. Thats BS and unAmerican. Thanks Mike and Sean. Appreciate you guys.
Here is a little quote that makes sense by a 20th century philosopher: "What needs to be guaranteed is that one's economic destiny is not managed by men who hate and who will not be comfortable until all other men are slaves."
I once had an adjuster sent over by the insurance company. I had a roof leak that caused damage to my bedrooms. The water came from above as all roof leaks do. Somehow the water was dripping down the walls to the baseboards. They tried to say/convince me that the water came up from the ground and wanted to call it flood damage which it was not! I told the adjuster that gravity doesn't cause roof leak water to jump/rise off the ground. They were trying to force the flood insurance claim over the home insurance claim. I didn't let them get away with it!
On the good side, you have $25k in a slush fund for repairs if you get damage from storms. We're paying cash for having a custom builder do our house, and we will not have homeowners insurance. Additionally, we will have a $20k slush fund for emergency, and we will add money to that fund every year.
Insuance company hire adjusters that are beholden to them and are prodded to lowball. Also, if you call the insurance for potential claims, you will feel like being on the witness stand while talking to someone who should be providing service that you have been paying for years. And for valid claims, they have the option to deny and see you in court after years and major expenses to the insured.
Thanks for that video Michael! I did not know that such a thing existed a a 'public adjuster' who can help us fight our insurance companies when they try to undervalue our legit insurance losses! Keep up the good work!
DeSantis is indeed on a power trip and if his lips are moving, he’s lying. Biding his time for another presidential run in 4 years. Meanwhile, he talks about insurance reform and the legislators have even been called for “special sessions”, but it’s purely lip service as he does not have the best interests of Florida homeowners and citizens in mind.
This exact same thing happened in Paradise, CA with the wildfires 5 years ago....the only people who got their fully owed insurance money were the homeowners who sued. I had a renter in 1 of my houses from Paradise who sued, didn't take the settlement peanuts....it took 4 years to get the full amount they were owed.
In the present climate with insurance companies denying coverage, the homeowner who's best off are those who's home is highly leveraged. If there's a huge loss and the insurance company weasels out of paying, just tell the bank that the home, which was the collateral for the loan, is now theirs. The bank has the resources to sue the insurance company and force them to pay.
Can you say more about this? Are you saying the homeowner can simply walk away, legally, just by telling the bank to go ahead and take the damaged home? The bank won't come after the homeowner for the balance of the loan after subtracting the now lower value of the damaged home? Please say more!
My family and I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
Certain Ai companies are rumored to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
’DIANA CASTEEL LYNCH' is respected in her field. I suggest delving deeper into her credentials, as she possesses experience and serves as a valuable resource
You give somebody else a lot of money often times mandated by somebody else, and then when you need some of that money back to pay for what you insured, you just have to HOPE they give some back to you.
This is a true story. I have been with Allstate for over 20 years and all my policies are with them. Anyway I had to have six large trees removed (some were diseased) and I hired a reputable company but called the insurance company to find out if a worker was injured on my property or something went wrong (a tree falling outside my property into the commercial property behind my fence what my insurance coverage was. She gave me some advice and then said to me "we have to put in your file that you called us and that could be a negative." Our entire country is in a state of collapse!
Thanks for this informative video. I've always been told by mature experience people that self insurance is the best way to go, especially in florida. Much love, keep up the good news.
We got a full payout for damage to our mobile home from Hurricane Ian. Within 90 days we got sufficient funds from Citizens to pay for a new carport, workshop, membrane roof, repairs to the Florida room, siding on the exterior walls, and 2 rooms with damage to paneling.
Thanks for the insurance information! For home owners the more we know the better. Please bring on other people in the industry in other states if possible. This has inspired me to read my policy again and check the laws in my state to be better prepared.
I am so grateful for you providing this information to the public. “Witches” cast spells through words, and they come in two flavors. Good and bad. I admire you and your guest tremendously. Thank you from the bottom of my heart. ❤
OUT OF BUSINESS! It Starts HERE For JEEP, DODGE And RAM! ua-cam.com/video/hjBzIsGxeZE/v-deo.html
This was an excellent video, Michael. Having guests like this really gets us informed on what homeowners (I call them home renters) can do to protect themselves.
Going to play devil's advocate here. And no, I do not work for the housing insurance industry.
The primary purpose of home insurance is to protect against catastrophic events. If homeowners focused less on insuring smaller issues and instead set aside funds for those repairs, the insurance industry might operate more efficiently. Issues like a broken A/C or a roof leak, while costly, are not typically catastrophic. By putting money aside for these expenses rather than relying on insurance, homeowners could potentially reduce their premiums and ensure that their coverage is reserved for significant, unforeseen events.
@@henrythegreatamerican8136put money aside? What money? There is nothing left by months end .
My dad was an "adjuster" for years. They job entailed paying out a little as possible
@@EvelinHolmes If you can't afford to put money away for stuff like that, then do not own a house. Why is that such a hard concept to grasp?
Or maybe buy a condo or townhome where the HoA fees should cover leaking roofs, parking spot repair, and other stuff. Some also cover A/C issues (not all).
Forcing people to pay for a service that doesn't deliver and gets increasingly expensive...it's literally like mob extortion.
Nobody forcing you to have insurance unless you borrow against the property.
@sarahann530 you have to have mortgage & home insurance until it's paid off, also car & health insurance are required by law
@mfenix911 A mortgage is technically borrowing so he is right. He never mentioned car and health insurance so no clue why you brought that up.
A better question is why are we mandating insurance for all these things and not mandating insurance for guns?
@mfenix911 You don't have to have mortgage ,what made you think that 🤔
@@henrythegreatamerican8136so you like feudalism?
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
My advisor is “ Lisa Grace Myer’ highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
We need a complete overhaul of insurance company’s,hospitals,drugs,congress term limits,senator term limits. Get rid of lobbyists. Make politicians declare who gave them what.
Get rid of PACS also! Maximum any business or individual can donate to any politicians campaign is $10. Get big money out of our elections!!!!!!!
@daleolson3506
The charge of the 1980s Republican Tax Brigade evolved wealth status through Reaganomics. Less personal income tax and capital gains tax meant the wealthy afforded less to infrastructure. More taxes expected from the middle&lower class to maintain infrastructure; not wealthy zip codes.
Then Citizens United augmented Republican charged corporations to influence peddle mass & social media, entertainment ideas, voting process and buy political candidates.
We have to live in a devolving social setting where rising to another level of incompetence means the public accepts the converted dolt idiom.
Here in 2008 Illinois, the Governor was accused of influence peddling trying to sell the US Senate seat vacated by Obama.
And citizens fractured continue to pay for 2024 prisons and government politicians family, food, rent and insurance rates.
And that's putting it mildly !!!! Sorry but goverment doesn't know how to deal with insurance companies, at all !!!!!
Gotta get rid of the ruling mafia FIRST.
Destanis government Scott ruined Florida. Gave the reins of government to big insurance and business. Scotts should never be reelected for Senator. Destruction of our state by these two idiot's.
Ex-State Farm adjuster here. I just left the industry and am still doing a happy dance over it.
I considered self insurance, but ended up retiring before I could realizing the amount I needed to cover. Then a hurricane flooded
my home. Thr rate I can save now makes this option a very long term goal.
I bet
Insurance companies are in the business of DENYING claims!
I noticed this more than a decade ago. I self insured almost everything. Insurance is a guaranteed LOSS!
And people building in high risk areas are driving the insurance companies to want to behave this way.
"Insurance" represents the quintessential "protection racket" to extort money from ppl. Virtually all forms of "middleman" occupations, like a sports agent or lawyer, are occupations of corruption and greed! They function as "parasitic specialists" to siphon money from the "productive class"- those who actually create value!
Health insurance is doing it now even more so!
@@RussellD11 Ridiculous! What's the point of HAVING it, then?
This is why I call it "Legalized Extortion" We need to protect our residents better. Great video and informative.
A Mob boss is more honest than these insurance companies. 😬
And the politicians in Florida they bung. DeSantis is a parasite.
Never had any issues with insurance companies. Make sure you read and understand what you’re signing up for.
Heck, even used car salesman, personal injury lawyers, and politicians are more honest! 😂
100% accurate
We might be better off dealing with them. Get them to strong arm ceo's of ins companies.
Thank you for having me on the show
My pleasure Sean, thank you for all your valuable insights!
thanks Sean, after you said most homeowners does not cover wind and blames it on flood, why do you recommend paying for wind?
Thanks for your insight! Where in the Philly area are you originally from?
Great guest!!!
Most honest agents in thee industry will leave due to the business not being right.....
Insurance companies do not like to pay out money, they only like to collect the premiums.
Yep it's ridiculous
Where do I invest? Sounds like a money maker.
What I want to know is what happens to the money when governor, mayor, or President declares disaster before or after a storm or event? Someone gets tax money, is it insurance companies? If so, they are made whole after paying claims, but we get hit with higher premiums or no longer insured/insurable. Plus with companies raising deductibles to 2-5% it's like not being insured, just throwing money at insurance companies for the paper that doesn't cover anything. We can't afford to pay taxes, pay premiums, pay for repairs and get no benefit from any of the above. Plus insurance companies no longer writing policies in some states for some policies, takes out competition and premiums go out of control.
I paid off my house and dropped my insurance. The money I saved paid for a new roof and then I bought silver. It's all good.
I've saved countless thousands self-insuring. I did a post hail storm roof claim, got a 15K check, didn't replace the roof ( it was OK didnt leak) and cancelled insurance - I reversed slammed them LOL ( love to screw an insurance company whenever I can)
We paid off our house. Citizens ins co dropped us instantly. The next year there was an accident and our home of 21 yrs burned to the ground and my husband died. It was Devastating.
Condolences @@lc4817
@@lc4817 that's horrible
@@lc4817 That's terrible 😔. I can't imagine what you're going through. I didn't know Citizens could drop people when they're supposed to be the insurer of last resort
Michael is taking his channel to another level with this type of ''boots on the ground'' reporting.
Michael is doing an outstanding job.
Indeed
I’m in Florida and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
I’ve seen the same craze in other parts of Florida. It's unbelievable how fast prices have skyrocketed!
Australia says hold my beer
Yup. And it's leading to demand destruction as new home sales plunge to 1995 levels, a time when house prices were still flatlining from the early 90s recession. So house prices and supply are spiking at the same time right now. Make of that what you will.
I’m a new dad in Santa Clara, relocated from Tampa a few years ago and i am considering buying a single-family home despite soaring prices. I'm weighing options: wait for a housing market correction or invest in the equity market instead.
@KevinCollins well you could put a downpayment on a home and as well diversify as much as you can into AI, energy and big pharm. stocks like Pfizer and JnJ, ASML, MLM and S&P 500 ETFs.
We have a saying here in UK....... Never trust a Politician or an Insurance Company. Probably the same stateside!
U are so right
Yes, Same here + Bankers + lawyers.
Car salesman too.
yes your right governor of Florida sided with the insurance company s
I had a fire caused by power pole. Damage to deck and outside of house. Was offered 15k. I said no and hired a public adjuster. They dealt with the insurance company-not me. Best thing I ever did. Got far more and all replaced.
But you shouldn’t have to hire someone to prevent your insurance company from ripping you off
You could have hired a contractor to provide you with a proper estimate and saved yourself the adjusters fee. The initial settlement is just that. And initial settlement.
Insurance companies should be working for t. It’s your money that you are paying them.
Obviously many of these commenter's aren't familiar with Floridas insurance industry. Politicians have been in bed with the carriers for years. You can't blame the carriers, these issues are completely created by your legislators.... Wake up. If you look at the infusion of cash above the board to Desantis you can see the problem. It's the below the table money that tells the real story.
And your premiums spiked too because public adjusters add to the cost of handling claims. Insurance companies will not take losses. They will pass their losses on to the rest of their paying customers. So adding public adjusters and lawyers into the mix solves nothing for you or the rest of us.
This was eye opening. I was an adjuster with State Farm in the 90s. I worked Andrew in Florida in1992 as a brand new adjuster. Back then, I was proud of the work I did, helping people recover after loss.
The industry has changed so much and many of them are being bought by asset management companies who squeeze tears out of every dollar to invest and make themselves richer.
While I'm still in the industry, but no longer an adjuster or with State Farm, I'm no longer proud to be in this industry as I approach retirement.
I purchase my first home in 1979, had home insurance for 45 years, never had a claim. After watching this video, I am going to read my policy for the first time ever. That is my top objective for this week.
You had around a 1% chance of losing your home. But if you put the insurance money in an investment account instead of buying insurance, you'd have enough money to buy your house, and that's 100%. Think about that
Your insurance policy is a contract. Do you always sign contracts without reading them?
@keyisersoze When you sign a contract you are signifying that you understand the contents. If you don't read it then that's on you and you will suffer the consequences. Try telling a judge, "Oh, your honor, I signed it but I didn't read it because..." See how that goes. Hint: It won't go well. If you don't understand, don't sign.
@@rcwessel Thank you….! Also, after signing, you should make sure you continue to stay updated on all the policy changes that are going to be coming
@@rcwesselFair point, but they are written in legalese. How many people read their mortgage agreement in escrow? The push the paper with “sign here, and here, and here…” I did & it took hours and questions are answered by escrow agents? Face it, legal agreements are thrust upon us with a “take it or leave it” ultimatum. Now tell me you’ve read every EULA (end user license agreement) for your computer.
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.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
When ‘Stacy Lynn Staples’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
Thanks for the recommendation, I just googled her and I'm really impressed with her credentials, I reached out to her since I need all the assistance I can get.
I had a commercial building with hail damage. A very large building and $1M damage. I had all the documentation/inspection that showed the building was fine when the insurance was taken out, and then harmed. The insurance company decided since it was over $10K (insurance was $50K year w/$40K deductible), they went through 3 inspection reports and we ended up suing. We had to find a gunslinger lawyer in Chicago (expensive) that made them settle for $800K after 2 1/2 years, then paid the lawyers 1/2. So we ended up trying to fix the roof with 1/2 the money. Weather insurance is definitely a scam.
Living in a little shed on a big piece of property is my next chapter.
Fuck Corporate America .
You still need to pay property taxes.
Ever notice how those who want to reduce or eliminate income taxes, corporate taxes and other "burdensome" taxes never discuss eliminating property taxes on the main home we live in?
Yes it’s a good way to go. Less consumption when living small. Live large outdoors and grow a large vegetable garden and add some nice fruit trees.❤
Totally what I said before this video 👏
It’s exactly what I’m gonna do
@@marthadargas7661good for you. Many can’t do it but will have to learn how to. It’s less worrisome
I rolled the dice and didn’t carry insurance this year (no mortgage). I spent $3k fixing the outer walls before the storms and then $2.5k fixing my dock, fence and screens after the storm. Nobody denied me and the money was 100% spent on improving the property.
If Mr. Kling had come to your house, he would have turned in an estimate for 60k to your insurance carrier and wondered why they are fighting it.
I would get liability to protect you from frivolous lawsuits. The cost is hundreds not thousands per year.
Are you going to insured next year?
We can't find insurance in central FL for our mobile home so we self insured I see people say just get insurance our house is paid off and we can't find insurance citizens laughed when we called them
The state of Florida made it easier for insurance companies not to pay what they are responsible for.
yep, tort reform
This gentleman’s honesty is well respected.
Every time we hear from someone inside one of these industries it's always a big eye-opener😮
If insurance companies are making so much money, why are so many refusing to write policies in Florida?
Who would have ever thought that a purchase mandated by the government would be a scam? Total shocker. I'm starting to think my taxes aren't being properly allocated to fix pot holes.
No no no, that's not true. Keep paying please..
😂
Not really mandated by the government, through, it's mandated by banks via mortgages.
@@bremblepate-oc2vc The issue here would be the insurance commissioner and the fact that providing proper insurance for this sort of thing in FL is unaffordable.
That being said, most people are not able to afford to self-insure anyways, doing so is incredibly expensive.
It’s not the government that is in control. It’s the banks.
Received my auto insurance renewal up 10%. Same day received property tax bill up 13%. No changes and no claims on auto insurance. Live in the Southeast. Thanks to you and your guest
Harris Biden inflation, everything is costing more because they have destroyed the economy.
Got my renewal for my Lexus insurance - up 10% to 230 a month. Sold it and bought a 2003 pickup. Rides just as nice and CUT my insurance $75. Condo cost skyrocketed to 2500 a month. Sold it and bought an RV. Monthly cost $500. "
A mans gotta know his limitations: "
If you live in Florida your property tax can’t go up 13%. There is a constitutional limit on how much homestead property taxes can be raised each year.
One thing I did when my house was damaged in 2020 for Hurricane Sally was use a public adjuster after the insurance adjuster assessed my damage. I was able to get my insurance to cover most of the damage once it was all over. It took almost a year from when the claim was made. Using the public adjuster was very helpful in my situation. I didn't have to deal with the insurance myself which was relatively stress free.
A year wow that’s sad
@SLR.e14 With the initial check i got from the insurance and using an sba disaster loan, my repairs were complete in 6 months. But majority of the time was the public adjuster battling the insurance company.
I can imagine it was far less stressful than dealing with the insurance company yourself. I have had a couple claims on houses I owned. It was very stressful but I did get everything fixed but I had to educate myself on building and stuff. These days I fear having a claim.
Especially car insurance. It’s illegal not to have car insurance in Minnesota. I have full coverage but I know the insurance company will screw me at the end. It used to be your insurance protected you. Now they just screw you over and then raise your premiums.
State Farm canceled my home and car insurance after I was hit by a drunk. Minnesota and Florida are “no fault” states so you are responsible for the payout to yourself. It is far more costly to the consumer than regular insurance in other states.
@@DeplorablesGarbage yeah my goal is to start putting myself to be in a position to self insure.
That guy was a gentleman. Should have more of these kinds of conversations with different types of people. Get lots of perspectives on the real economy. Good job!
I learn so much about insurance when I was on condo board two years ago.Very eye opening experience how they work and who controls this industry.Its so crooked.
Easily one of the best guests you have ever had. I learned so much and I am definitely going to be taking a hard look at my current homeowner policy.
Thanks so much!
Better get an attorney, to interpret the insurance language !!! They're pretty fancy with the language !!! Hahaha
Great video. All insurance. (I’ll repeat). All insurance companies are corrupt. Total scammers. Better off self-insuring. Trust nobody. Ever. They will find any minute loophole and use it. And yes. I too have found out the hard way
Amazing video! Clips from this should be played on all local news channels! Extremely informative interview, hope you do more shows like this Michael!
Great video. Sean Kling is obviously very knowledgeable and experienced. As a FL native, I learned a lot.
This is valuable information!!! I’m in FL and yes it’s screwing people up a lot
Remember mostly by corporations and companies !!!
Keep up the good work Sean. Keep educating our fellow citizens.
That's for sure !!!
This was an eye opener for me, thank you Michael. I appreciate you watching over us ❤❤❤
Definitely..Thanks Michael 👍🖖...
Awesome reporting, Michael, one of the best you have ever done. Actually, you look great without sunglasses.😊
good for you Sean there still are a few honest hard working people out there!
I am so grateful you're shedding light on this issue it is serious
Thank you for telling us the truth about the things that matter to us.
💯💯💯💯☝️☝️☝️☝️
Michael, Great and very informative video. Please do a video on the FL self-insure topic maybe even have Sean back as part of that video. Very much appreciated!
Michael you just exceeded al) other viveos with this insurance adjuster. Great job.
Michael - thanks for providing this program. One of the best and most insightful video that you have made. Helps us in Florida understand the 'real' risks we are facing when seeking insurance coverage.
Thank you for having Sean on your channel this is soooo educational 😊
I watch your video , but never comment. Best video you have ever produced. I will be self insured when my policy expires in January.
Great guest Michael. Thanks for having him on!
Big money maikers
You're absolutely correct, Michael. Insurance is a scam. It's the primary reason why lots of things are unaffordable... property, health, vehicle, etc.
Thank you for this Collaboration Michael! We waited so long for this!
One of the best videos you’ve made. Longtime sub and watched many videos of yours when you first started and helped us move to FL. Now that we’re here, I’m glad you still report on the FL issues. It’s saved us a lot of money having the right expectations.
You sure are keeping us all awake thank you for your videos
Great advice!! Everyone should self insure. But if your house burns down or gets destroyed in a hurricane or a flood in the first year or two, just remember you’ll be paying to rebuild it. Also, with no insurance, you’ll be liable for anything that happens on your property. So if someone slips and falls, be prepared to pay if they sue you. Good luck!! 😊
If you don't have insurance a lawyer is not going to sue you if you have no money - it's like getting blood out of a stone - lawyers are suing the insurance company because they have very deep pockets and the lawyers want that money. They are going to get nothing from an individual.
Is it possible to buy just fire and liability insurance on your home in Florida and forgo the hurricane and flood? I've inquired about this a couple of times from agents and never got a straight answer.
@@dayinthelifeofmycat yes,I have it... its cheap
@@RussellD11 What company did you use?
@@dayinthelifeofmycatNo straight answer is what we experienced, until you really push. It's cheap, so the commission is much lower. Naturally they'd rather get their live prospect generating a juicier commission.
Dealing with same
Issue in California with total loss of home due to fire and had over 20% of value loss
Older guys in my Gym who have lived in Florida 50 years, stopped paying homeowners Insurance once their Mortgage was paid off. They are saving $6,000. to $8,000. a year not having to pay that Insurance. Plus, they have the money to repair after a fire or hurricane. I’m thinking of dropping mine, I’ve never made a Claim. Leaning toward Self Insuring.
All insurances are the scam. Insurance companies never lose money.
I feel bad for the homeowners in FL🙏
You are wrong. Many lose money and go bankrupt.
And if they do lose money, big government bails them out! AIG in 2008???
How. They make billions of dollars every month throughout the whole country. They deny or underpay over 90% of their claims.
They get away with fraud. But if us american citizens do it. We go to prison
What's amazing is FEMA still technically offers assistance to uninsured public who are effected. It's harder to get that assistance and it's not as good... but not by much and you didn't need to pay years into that coverage.
Excellent talk today! I feel like I learned a lot today. I’m going to listen again and take notes.
If insurance companies are going to act like thieves, then let's treat them like criminals. Seems to me like a lot of top executives and board members need to go to prison.
Amen to this.! Jail them for grand theft and fraud.
There's no such thing as justice anymore because our justice system is broken.
It's time to take matters into our own hands.
Insurance playing shell games with Florida home owners, similar to Medicare recipients
Whos is going to treat them like criminals? The criminal government ???
Wind damage first not flood.
Great video.. people need to build to the environment they live in Guam gets hit hard every couple years . A house must have 2 feet concrete walls and roof . For several decades.. no stick built homes should be allowed to be built in Florida.
Well that's no fun now is it 🤔🤣
If I was building a house in Florida I would sure build it with 2 feet concrete walls.
Concrete is expensive stick built is cheap that's why alot of the builders use stick built
Thank you to our host for this outdoor walk around segment on a topic near and dear. Insurance companies do not build downtown skyscrapers by paying out claims. Here, they prevail again by chasing off some customers and gouging those who remain. And, the insured never really comprehend the “exclusions from coverage” until they file a claim.
I think this is one of your best video's Very very informative. Thank you.
Thanks for having Sean on your channel. Very informative.
Can’t get the insurance company to pay you? I used Kanner & Pintaluga in Boca Raton, Fl and not only got paid but more than twice than the inspector offered! You must have an attorney fight for you!!!
Michael, this video is a genuine public service !
My home was hit hurricane Harvey, massive destruction, rebuilt and 19 months later hit by Imelda and total loss. Insurance is a scam. There's no way to be made whole.
You need to move. I’m sorry you went through this. ❤️
Stupidity is when you keep doing the same thing the same way but expect a different outcome!
Move!
Honestly, this video made my day!
I totally agree with you. Thank you for sharing valuable information with us. In 2023 someone rear-ended my car and it was very small damage that would cost about $1500 to fix. The insurance company for the party at fault denied my claim and said that by law they were not obligated to tell me why it was denied. I I then learned if I put a claim through my own insurance company, it would cause my insurance to go up. So pretty much in many situations we are left on our own even though it is a valid claim and we are paying our monthly bill. This is fraud.
I read my policy last year. There was no plain language page detailing exactly what was covered. Several pages of incomprehensible nonsense.
Look under Perils Insured Against, and Exclusions sections of your policy.
@SurfinG8or Thank you. I'll take a look.
Thank you, what an HONEST and FORTHCOMING PERSON. I WILL BE CALLING SEAN. Thank you for all your videos and info. 😊
What an excellent dive into the current state of the insurance situation. Couple of my coworkers just got dropped from citizens after Milton, no reasons, just because. I pray to God that I never have to use my homeowners policy for fear of this kind of behavior. Its not good place to be when you've lost everything only to find out that is just the beginning of your misery. Thats BS and unAmerican. Thanks Mike and Sean. Appreciate you guys.
Here is a little quote that makes sense by a 20th century philosopher: "What needs to be guaranteed is that one's economic destiny is not managed by men who hate and who will not be comfortable until all other men are slaves."
The "chosen ones" ?
I didn't understand this until these past 4 years.... This philosopher sounds like they had insider information.....
Sounds like he was talking about Washington Democrats!
You will own nothing and be happy.
I once had an adjuster sent over by the insurance company. I had a roof leak that caused damage to my bedrooms. The water came from above as all roof leaks do. Somehow the water was dripping down the walls to the baseboards. They tried to say/convince me that the water came up from the ground and wanted to call it flood damage which it was not! I told the adjuster that gravity doesn't cause roof leak water to jump/rise off the ground. They were trying to force the flood insurance claim over the home insurance claim. I didn't let them get away with it!
Why would you expect your insurance company to cover damage from a roof leak? You are responsible for maintaining your roof.
i haven't had insurance on my home in 12 years i've saved at least $25,000, fuck off State Farm!
$25K isn't going to pay for a paint job if the house burns down.
On the good side, you have $25k in a slush fund for repairs if you get damage from storms.
We're paying cash for having a custom builder do our house, and we will not have homeowners insurance.
Additionally, we will have a $20k slush fund for emergency, and we will add money to that fund every year.
good for you...same as I
@roadrunnergtx68 What will the 25 k cover if your house burns down?
How about liability if somebody trips and falls ?
@@TheSuperdodgy eh $25k pays for residing the house not just a paint job. But yeah the main reason for insurance is if the house literally burns down.
Love your vids and with each new one I am so happy I did not buy my second home in Florida.
Yeah, lots of people dodged a bullet
Insuance company hire adjusters that are beholden to them and are prodded to lowball. Also, if you call the insurance for potential claims, you will feel like being on the witness stand while talking to someone who should be providing service that you have been paying for years. And for valid claims, they have the option to deny and see you in court after years and major expenses to the insured.
Thanks!
Thank you!!
What insurance companies are doing make me sick.
Thanks for that video Michael! I did not know that such a thing existed a a 'public adjuster' who can help us fight our insurance companies when they try to undervalue our legit insurance losses! Keep up the good work!
Swapped to self insure just recently for the home. Tired of throwing money out the window. I'll keep it myself and tuck it away for an emergency.
I would get liability to protect you from frivolous lawsuits. The cost is hundreds not thousands per year.
I would vote Sean for Governor. This was a great interview Michael, thank you.
DeSantis is indeed on a power trip and if his lips are moving, he’s lying. Biding his time for another presidential run in 4 years. Meanwhile, he talks about insurance reform and the legislators have even been called for “special sessions”, but it’s purely lip service as he does not have the best interests of Florida homeowners and citizens in mind.
Charlie Munger Said He And Warren Buffett Always Self-Insure - You Should Too If You Can Afford It: 'Don't Pay For The Other Fellow's Fraud'.
Insurance fraud is a huge problem, as is insurance greed, self insuring is the way to go.
this is a must watch, good interview with straight talk..
This exact same thing happened in Paradise, CA with the wildfires 5 years ago....the only people who got their fully owed insurance money were the homeowners who sued. I had a renter in 1 of my houses from Paradise who sued, didn't take the settlement peanuts....it took 4 years to get the full amount they were owed.
In the present climate with insurance companies denying coverage, the homeowner who's best off are those who's home is highly leveraged. If there's a huge loss and the insurance company weasels out of paying, just tell the bank that the home, which was the collateral for the loan, is now theirs. The bank has the resources to sue the insurance company and force them to pay.
💯
Can you say more about this? Are you saying the homeowner can simply walk away, legally, just by telling the bank to go ahead and take the damaged home? The bank won't come after the homeowner for the balance of the loan after subtracting the now lower value of the damaged home? Please say more!
good report dude!
My family and I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
it’s a personal decision, but Forbes says housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
Certain Ai companies are rumored to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
this is all new to me, where do I find a fiduciary, can you recommend one?
’DIANA CASTEEL LYNCH' is respected in her field. I suggest delving deeper into her credentials, as she possesses experience and serves as a valuable resource
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
You give somebody else a lot of money often times mandated by somebody else, and then when you need some of that money back to pay for what you insured, you just have to HOPE they give some back to you.
Ty for this information. I’m FL homeowner going thru this process now with a Helene flood disaster
This is a true story. I have been with Allstate for over 20 years and all my policies are with them. Anyway I had to have six large trees removed (some were diseased) and I hired a reputable company but called the insurance company to find out if a worker was injured on my property or something went wrong (a tree falling outside my property into the commercial property behind my fence what my insurance coverage was. She gave me some advice and then said to me "we have to put in your file that you called us and that could be a negative." Our entire country is in a state of collapse!
Thanks for this informative video. I've always been told by mature experience people that self insurance is the best way to go, especially in florida. Much love, keep up the good news.
We got a full payout for damage to our mobile home from Hurricane Ian. Within 90 days we got sufficient funds from Citizens to pay for a new carport, workshop, membrane roof, repairs to the Florida room, siding on the exterior walls, and 2 rooms with damage to paneling.
Thanks for the insurance information! For home owners the more we know the better. Please bring on other people in the industry in other states if possible. This has inspired me to read my policy again and check the laws in my state to be better prepared.
Insurance corruption makes me so sick! So unfair to the consumers.
Thank you Michael & Sean. The best informative video I have seen regarding Home Owner insurance! 🙏
If those insurances r not paying, why the premium keeps going up 30-50 % a year ?? Good info video for floridians !
Im a new fan of this channel 👏🏾 Its good to see Michael sitting still (not walking) for once 😂😂
Thank you for the valuable information!
I am so grateful for you providing this information to the public.
“Witches” cast spells through words, and they come in two flavors. Good and bad.
I admire you and your guest tremendously. Thank you from the bottom of my heart. ❤
Totally true!
You pay thousands for zero cover in case of a disaster.
Awesome info from Sean. A much needed episode and I don’t even live in FL. Thanks Mike!