Cost of 'ridiculous' insurance costs have Florida residents pondering move
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- Опубліковано 5 жов 2024
- More than a million homeowners rely on Citizens Insurance for coverage, and people in South Florida are feeling the financial pressure.
Emily Redey and her husband have two young kids. She said when she first got Citizens in 2021, her premium was about $1,562.
Two years later, Redey said it's gone up nearly $1,000, to $2,449, taking a big blow on their budget.
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You think that's bad? Wait until you have a legit claim and they low-ball the estimate forcing you to sue and have to wait 2 years for the money.
Or they will say only wind damage from huricanes, you need flood insurance if it also had rain water, in the fine print,
Plus, they changed the law so that if you need to hire a lawyer to pursue the claim with your own insurance company you have to pay for your attorney. The insurance company has a whole roster of attorneys on their side. If you don’t have the cash to pay for your own attorney, then you are basically forced to take whatever the insurance company decides to give you and that’s gonna be a lowball offer.
@@tcoylesq1 Wow, they can tell you a house that would be assesed at $200,000, will cost $500,000 to rebuild, so you will need to insure for $550,000 minimum. But they would only provide say $2000 after a $20,000 deductable if your roof and windows are damaged after paying $1000 per month in premiums. Plus your rate the following year will be $1500 per month. I can see why more insurers want to flood the market.
@@holdilocks $1500 per month? Is this figure for real? I thought the insurance premium shown in the video was a per year figure.
@@kyungshim6483 With the new assesment fees facing condo owners, the combo of their HOA and renter's insurance I have seen videos of them saying it is real, depending on locations near flood zones and wind risk.
The cost of living seems to be increasing every year, making it harder to keep up.
Indeed , it's becoming quite challenging to manage expenses.
I've actually managed to stay ahead of the curve. I'm even contemplating early retirement.
Impressive! How did you achieve that?
@@WhitneyRoss-dj4rf Our family got introduced to a financial consultant”DESIREE RUTH HOFFMAN .” about four years before my dad retired. That was what changed things, and I think my retirement income will be on the right track, luxury cars and trips
Absolutely, DESIREE RUTH HOFFMAN has a knack for analyzing market trends and helping clients make informed decisions.
I read somewhere that the average claim paid is $4500 from an insurance company, if you paid $5500 a year for ten years is ,$55,000. To get $4500 . No wonder these insurance companies are so rich. It’s a racket .Most people never make a claim ,ever .Because ,it’s frowned upon,and you will probably get dropped, or pay much more in premiums if you do.
The man who was interviewed mentioned not wanting to see home insurance rates go sky high for “no reason”. There are reasons! Florida weather and coastal conditions are both rough on structures. People who choose to live in high risk areas should have to pay higher premiums than homeowners in low risk situations. That’s the nature of insurance rates.
I’m sure it has nothing to do with their homes values quadrupled in the last 3 years!
Florida needs to build houses with bricks and steel,not plyboard and wood. Once you do that, you really dont need insurance. Most people in the Caribbean dont have insurance and they are in the hurricaine belt.
I know what you mean. I lived in Brazil and Australia in the past and homes in those countries tend to be build with bricks. But I went to Home Depot to pick up some bricks for a small project last year. I was shocked at how expensive bricks are. I don't think North America will switch to brick homes any time soon.
It would help, half the time construction workers don't know how to use tape measures or levels properly, by the look of the beer cans and bottles laying around home developments in progress, it looks like they work all buzzed up.
@@kyungshim6483 In most of the country it's not really needed. In places like Florida with a lot of flooding the future probably lies in the 3D printed concrete homes just because of the reduced labor costs but provides the same benefits as the brick or concrete block houses.
Our foundations and walls are made of concrete bricks In Florida, the most common damage from extreme weather is flooding and roof damage . The main reason why Florida has high insurance premiums is because of roofing claims and lawsuits which bankrupted hundreds of insurance companies between 2016 - 2020.
@@metal-k9069 Actually insurance companies have climate data, and they are in the risk business. There is too much risk. It's that simple.
Feel sorry for the homeowners
In central NJ, we pay $1,300.00 for home ins. Never had a claim.
@@2pugman You are lucky people down here in Florida have to pay thousands for home insurance
@@phallondavenport470 They pay more in property tax, like double than here .
@@mr.majestic3851Bruh, the 50% increase in premium is from Citizen Insurance. Even Desantis said that Citizen will go bankrupt if even 1 Hurricane hits FL this summer!
OP - At least your governor is picking fights with Mickey Mouse instead of protecting property owners.
Imagine if elected officials actually dealt with domestic issues
Oh but they are. The governor is doing battle with Dastardly Disney while waging a war against the Wretched Woke. Who cares about skyrocketing insurance rates when children are being indoctrinated to accept that the United States has colored and non-Christian citizens? Oh and let’s not even talk about *looking around….whispering* gay people. Mustn’t say it….mustn’t say *whispering* gay….oh dear I’ve said it twice.
Hey Meatball ron and the republican legislature defeated the woke mob…oh and no one can say gay…
The insurance companies come with professionals to justify their fees. Just read their contracts you sign.
Exactly. I don't know how this issue will get any better. The state legislature needs to help Floridians adapt their homes to climate change but how can such policies ever be discussed if state officials are barred from ever mentioning climate change?
@@bh-zj4yt SSSSSSSH! You said “gay.” You could be arrested for saying “gay.”
Maybe it's time for people to start leaving Florida. The state is way too crowded, so this is a good thing, traffic has gotten so bad since covid, please leave.
To quote my grandfather, “Yankee go home!” 🤣
"The middle and lower class is not going to be here." She said the quiet part out loud.Thats the plan lady...
Middle and lower class people please continue voting for Desantis. He will certainly take care of your anti-woke ,anti-gay anti-education Insurance problem!
Ron is your problem
Right!? Vote BLUE folks, they are for your average Joe American!!
My sale closes next week. I am soooooooooo out of Florida.
Meanwhile DeSatan is worried about drag show, banning books and history!
"For no reason at all, your insurance just go sky high"
I know, right lol lol 😂 😂.
That was my hs choir teacher 😭
$2500 is not bad. Most Fla homeowners are paying $5k & up.
It seems to be a mobile home . The siding and front door design. Which in theory is why it went up. Liability. However it’s still a lot percentage wise. I hope for this particular family things work out. They are doing the best. Citizens should increase the rates for multi million dollar homes .
OP - At least your governor is picking fights with Mickey Mouse instead of protecting property owners.
@@Matt-fl8uy Somebody has to stand up to Drag Queen Story time pervs like Disney.... Apparently you like the DQST
I've lived in Florida for many, many years. This year I dropped my insurance for my primary residence. My home is paid off and I am not required to have it. I have a rental house. I dropped all but liability on it, as it also is paid off, and I cannot control who comes or goes over there. The liability is $557 per year. The insurance had jumped through the roof not so much for my house ($350 more a year) but the rental jumped $800. That meant that every month, between the two houses, I would be paying a total of over $400 a MONTH just on insurance. I am frugal. I am putting that money in the bank in a Money Market and will use it if I need to make repairs from any storms. My insurance company (Citizens) was helpful but the tone in the voice changed, a lot.
@ yellowbird5411 I hope this works out for you in the long run. However, the possibility of severe damage to your home still exists, and your savings might prove insufficient. The lady in the video who had the premium increase with Citizen insurance doesn’t realize that given the exposure faced by the insurance company, the new premium is quite reasonable. Most companies have left. FL accounts for about 70 percent of lawsuits against insurance in the country. Insurance fraud is a major reason why the FL insurance market became what it is now. Best wishes.
@@portiamarriott5513 Seems that as finances tighten up for everyone, we must make decisions we think will work out best. Everything is a gamble. Thank you.
U can always sell an extra house if u need money. Most folks can't do that.
Imagine a world where all thought as smart as you. It wouldn't be so easy for insurance companies to continue to raise their rates. They make TONS of money off everyday people who struggle. If we all walk away and self insure, THEY would then know what it feels like to struggle finding customer's. How much do you think they would be able to charge in this case?? Insurance is a scam. Good on you to realize that and take another avenue. 👍
@@scotts8284 Many people are terrified to think of dropping their insurance, even if they could. The "what if?" factor keeps us chained to insurance, and we are slow to try to get insurance costs down. When I look at the cost of private insurance as compared to Citizens it is appalling to see how much they want. I think I'll see if I can find a chart that shows the chances of severe home damage from a hurricane. We don't get wildfires where I am, or earthquakes. An occasional tornado, which I don't recall seeing in years past. Thank you.
DeSantis need to be vote out of office. He doesn't care about a Floridians except line his pocket with special interest money.
Where is the Florida government officials? Are the insurance companies making excess profits or have the costs gone up?
DeSantis is worrying about antiwoke bs instead of important issues. But you trumptards love him!
Wake up folks. If you live in a high risk area for damage expect to pay. Pretty simple. As much as I hate insurance companies, they don't have money machines to rebuild or repair on an annual basis. Look at the history, Florida, California, storms, fires, etc on an annual basis. Do you really think you should have to pay very little?
Time to leave this crappy excessive hot state
I think the point of the story is that this is a struggling family, and not some retiree living in a $700k home with a Corvette and boat parked out front.
Somebody's tired of paying for hurricanes!
OP - At least your governor is picking fights with Mickey Mouse instead of protecting property owners.
DeSantis you need to take care of the home owner insurance You say you have a surplus in the fix the home insurance Know if you own your home you don't need to have insurance but how many people have their homes paid for with this economy the way it is you will be having people moving out of the state
You don't have to pay home owners insurance
Thats what he wants. He wants poor people to leave so that new rich people can move in while keeping the richest insurance low
He’s too busy fighting with the mouse. What a slap in the face to all of us that have this insurance nightmare to deal with.
I have paid off my mortgAGE, yet still require insurance. In 2009 a hurricane came thru Houston and left two big trees on my house, damaging the roof, with water damage inside the house. Spent over 20K making repairs. Fortunately insurance paid for the roof, some of the inside drywall and some of the carpet.
He is too busy liking the boots of someone who called him every childish name in the book. If Trump spent half his time coming up with policies he can articulate on the campaign trail, rather than inventing names to call people who disagree with him, maybe the Republicans would still have a party.
A lot of people keep saying don’t carry homeowners insurance. That means when the next hurricane hits Florida is going to be devastated. Will you be expecting the federal government to bail you out?
By the way, citizens insurance doesn’t have the reserves to handle hurricane so Florida is going to have to raise taxes to cover the difference.
It’s a new class of people that are going to be living in Florida in 2025 and beyond.
If the working class leaves Florida, the rich won't have anyone around to take care of them.
Indeed…They’ll have to rake/blow away their own leaves and clean their own houses and raise their own children.
Please report on this: What are the salaries of the CEO and Board members of Citizens Insurance???
They need to stop covering million dollar homes, and ANY homes built on the water. The Chairman of "The Board of Citizens" is a developer currently building a MASSIVE development on the edge of Sarastoa Bay in Manatee County. He's a good friend of the Manatee County Commissioners and Govenor DeSantis. If people are wealthy enough to build on/live on the waterfront here in Florida, they're definitely wealthy enough to stay out of Citizens Insurance.
They need to raise the premium for all rich people on the water to 2 million
There you go. Follow the money and sounds like shady business practices are occurring on our dime .
Thanks Desantis
Who will move to Florida…
Californians and New Yorkers they don’t care
If the middle class leaves…
Ya true
I am a Californian but would never consider moving to Florida. I have many relatives and friends that live in many different parts of Florida, but only travel there to visit them. Florida is a beautiful state, but I prefer to visit only.
Rest assured I will never move there.
@@Lourdes-A.thank you very much! On behalf of all native Floridians
If they can handle the heat, many only stay in the colder months
New York doesn’t have an insurance problem right now. In California is different than Florida’s.
Well, at least Floridians don't have to worry about all those books that got banned.
As a Florida Native there’s some major hurricanes coming. I can feel it in my vain that it’s going to very worse then Andrew.
@@Gone_huntinggHope you like higher sales & property taxes! BC will less people in FL, Tallahassee will spread the tax pain on the remaining population!!!
I am so glad that DeSantis' antiwoke policies are helping to improve the material conditions of the average Floridian. Oh wait, they're not!
Government has no control over natural disasters.
But but Disney is a bigger problem!
Disney going under.
And The Woke…don’t forget The Woke.
Do you read the contract before you sign? Do you share any responsibility?
Somebody has to stand up to Drag Queen Story time pervs like Disney.... Apparently you like the DQST
I've never been to Florida, it looks so beautiful, I'd enjoy a week or two there. I couldn't afford to live there, I had to leave California to move where I could afford to buy a house and glad I did.
I have not seen an insurance premium of $1500 since 2009. For her to complain that it went to $2400 is bringing a tear to my eye because what would I give for a $2400 policy right now... I am paying $5000. $2400 is so avangarde and so $2014 for me.
I saw this coming when i lived in Miami around 2002. I moved to Tampa and it started there around 2014. I got out in time.
The worst part is when u file a claim they want every paperwork but when u don’t have it on
Y a few they denied you mine denied us then they went bankrupt then it took us 3 to 4 months get a new insurance we went back to citizens it feels like no matter how much we pay when we file we barely get any money back. I feel once my house is pay off not renew my insurance I’ll just save money in case something happens and do any work before my insurance expires
That's what happens when you elect a muppet that's more interested in fighting Mickey Mouse and banning books. 😂
No state tax does not even come close to balancing out all the other expenses dispersed to live in Florida. If you want to live in Florida and can't afford the homeowners/renters insurance for flood and hurricane damage, don't expect the government to cover it. It is the responsibility of the residents of the state. What are the state leaders doing to help the residents? I guess banning books and white washing history will help you financially.
Mine was around $1,000. several years ago, It's now $2757! FL insurance is crazy!! I dont get it. We have always had hurricanes in FL!! Why is insurance so expensive now!!??
Citizens insurance has a lot of exposures. If a big hurricane hits this year, it could bankrupt Citizens.
I am in tornado-proof, hurricane-proof McAllen, Texas, and my insurance premium went up 28%. Citizens only raised 14%. That means it won't have enough money to cover losses.
Unless you make One Million Dollars a year you can't afford to live anywhere in Florida, that's a huge reason I left and will never go back.
But desantis is great. Why concerned we can;t afford to live in the great state pf fla
Crazy how we Floridians never expected this to happen. Bought my home in 2010 147k brand new at 23 now worth 380k. Never thought a house will cost more than 150k new. Property taxes was $1,100 now $3,600. Eat from home and work efficiently and get payoff debt to feel normal again.
Desantis ruined Florida.
Facts !!! He is intentionally to move in rich people
@@andreward8268 Move back to New York then
Insurance companies are a rip off. Self insure is a much smarter way. Invest your insurance payment into your own portfolio. It's your money, an investment in yourself and there when you need it. 👍
Remember Ronnie Boy has "promised" lower rates next year (insider knowledge?). 😉
It's not that much better anywhere else though. Insurance prices are high everywhere. All kinds of insurance, particularly the ones that you're required by the government to have.
Move to GAUTIER Mississippi. Way cheaper in Mississippi..
What the government must do is cap all property taxes on rental properties. Every landlord is forced to raise rent every year due to the horrible increases.
Thanks DeSantis.
Paying this premium how often?
Citizens has been on burrowed time. I am not surprised seeing the rate increase. The writing has been on the wall for a long time with the litigations stacked on them and the inability to raise enough premium to pay for reinsurance.
Fortunately the anti-woke governor is laser focused on the things that are important to families- and will help this lack of home insurers... He passed the Don't Say Climate Change law... That should stop any hurricanes or sea level rise.
PS After the last big one, my sisters neighbor punched a bunch of holes in his roof with a shovel and ripped off his gutters to scam his insurer.
So that is another issue.
Insurance companies gouge, sure. But they do need to run a business, and when you get more and more large hurricanes taking out newer and newer homes, loaded with more and more expensive cars, elecctronics and stuff, they will charge what is necessary to recoup their losses when they pay out for disasters.
The problem this family has is they aren't the new rich that have taken over Florida. Wealthy retirees have driven up housing costs and insurance for those who've lived in FL for generations and are just trying to get by.
One more storm will cause many to sell that have a mortgage. Most that don’t own now never will. Sadly it’s the plan for almost everyone to rent permanently.
Wherever they move the costs are high. Insurance is higher because the cost to rebuild is ridiculous nowadays. Everyone wants a million dollar home but want insurance costs to stay like they were when the home was 300k
The insurance companies are on there way out, they know by the end of the century 70% of Florida will be uninhabitable. Much of it already is unless your ok with your home flooding every year or two. Looks what happened to large swaths of Miami just last week when a "rain storm" hit.
Wow…tough situation on the average family and everyone else. Terrible.
Love all the insurances we are required to pay before the actual notes for the product…. Health insurance ( affordable of course), car insurance, life insurance, and homeowners insurance.. WHEW now give me the house note, car note, everything the health insurance doesn’t cover, and enjoy no money for anything in life.
The thing about all this is the locals have been crying and losing everything for years. Since 2020 when this madness started. It's just now getting to the higher income brackets. So y'all are literally starting to feel the pain many locals have been complaining about. It sucks. Welcome to our world.
I want to live in a mafia drugpin paradise and I demand that the government pay my bills…do it Now!
It ain't worth it in Florida anymore...
Florida is a mess!
I don't understand. I have two homes in Florida, 1 of which is 10 minutes from the beach. The rate is 1200 a year. The other house inland is 2800.
You should probably check your policy coverage. Does it cover storm damage?
@neilkurzman4907 yes hurricane coverage as required by the mortgage
@@ducheau100
Then you got a good deal for now.
For the price of insurance and taxes a family can outright pay the rent for homes in Mexico (and other places). Just saying ...
Not to worry though, DeathSantis will strap on his White boots and fix this issue..... 🤣🤣🤣🤣 He already banned Climate Change so it should be fixed soon.... 🤣🤣🤣🤣
Tax the CEOs & Companies across the board. They don't like it they can leave. No fear of threats of them leaving, other businesses will step in. It's called capitalism. State Farm has hundreds of Billions.
Florida sucks. Not even close to what it used to be
I moved back to Englewood, Florida in 2018…rented while I looked around for a house. But I could tell that buying would not be a good idea.
Very glad now that I didn’t buy. Florida is a nightmare that is only going to get worse.
But there are still many people moving here. I guess they can afford it. One major hurricane hit on a populated area this year may change a lot of folks minds.
Rip florida
Let's just all move to west Virginia to save money
No, don't move just hold on, it'll get better soon.
overwhelmed by 100.00 a month ?
They can cut down on food, entertainment, cable, the water bill from filling up that pool. So many ways to save money.
@@emichelsThey can cut down on food? Even for the their own kids? It’s time for them to move out of FL!!!
@@tringuyen7519 And go where? Where is cheaper than Florida?
@@emichels most other states are half the price.
"Affluentification"
If u pay off house u dont need insurance
That's insane. Besides the insurance company hiring good contractors with oversight. Besides the structure you'd have to replace everything inside the new home, cars burnt up in the garage . What about getting sued for someone getting hurt on your property ? A paid off home and personal property has ZERO value burned down. Dealing with all that without professionals and upfront money is stupid.
1:34 which is exactly what they want.
"Costs of ridiculous insurance costs" THIS is pathetic. I see it over and over again. Do news stations even edit or proof anything prior to posting anymore?
Now that most small news orgs are owned by only 3 corps, they have replaced older, experienced, more educated employees with younger, less experienced, less educated ones. Americans failed to stop 'Corporations are people, too'... this is just one of the results.
Deregulation has lead to many new houses being built on floor prone land. This will only get worse.
Yankee car tags all over the place.
MOVE SO THAT THEY CAN GO BANKRUPT
The rich will have to clean their own homes and cut their own lawns etc. LOL
Move to California, I hear they need people
Ron desatans fault
Please fire whoever is titling your youtube videos.
Flee FLA..........Maga has ruined it
Surprise!!!
BIDENOMICS BABY! BUILD BACK BETTER!!!
Just deny it,... remember? When in doubt? Phase out!!! Loser's believe in science.
Joe got u
Desantis don’t. So someone has to.
@@bobroberts2217Joe is the reason the dollar has no value, causing prices of houses to skyrocket along with everything else.
💚
Central Florida is cheap.and park jobs.
It's not cheap. Even out there, houses are around 400k-500k for something decent.
@@kenshinhimura9387 no cocoa and Titusville
There might be excuses for this (frequent storms...) IF the companies' profits weren't mushrooming every year, or if they were decent about honoring their commitments. There have to be SOME LIMITS ON CAPITALISM. Same everywhere, my mortgage is paid in three years, then I'm dropping them !!!!
You know your rant has nothing to do with reality. The insurance companies in Florida went bankrupt or left the state due of losses. Citizens insurance is the state of Florida, so that’s not capitalism. That’s communism. By the way citizens doesn’t have enough reserves to cover a hurricane. So even with these higher rates, if there’s a hurricane in the near future Taxes in Florida are going to have to go up to pay for it.
Desantis is working on this!
If you live in Florida, you definitely want insurance !
Keep telling yourself that
That sarcasm was priceless.... 🤣🤣🤣
How much did they pay down . In the Old Days , you don't have 20-25% down you are a renter.
In the old days, you go through law school only paying a little over $5000. Think about that.
I have 20% down easily. But I’m not making 5000 dollar monthly payments when someone down the street is paying 1000 dollars a month for a house in the same neighborhood. I’d rather save and put that money to work in a CD or stocks.
What is the theological message of this passage? When God speaks and declares that the silver and gold are his, he is in fact asserting his sovereignty and title to the earth's resources as the creator and owner of all there is. God also declares in Psalm 50:10 "For every beast of the forest is mine, and the cattle upon a thousand hills." David declares of God in Psalm 24:1 "The earth is the LORD'S, and the fullness thereof; the world, and they that dwell therein." These verse make it plainly clear that men are not the true owners of the resources of this earth but they hold all things under the grace of God.
Insurance is going to price themselves out of business.
Insurance in Florida already went out of business or left the state. Because even with those high rates, they’re still losing money.
Just quit eating double burgers twice a day …
WPTV can't even write sensible titles of their videos? Read it again...
Working for an insurance company, I am grateful for our Republican legislature and Republican governor. Sorry no free lunch in Florida. You want to live here you have to have means.
Care to share your personal homeownership story and insurance situation?
Must be nice getting all those kick backs from the gov there, eh?
@samiami9990 Don’t worry. You’ll be facing the pied piper at some point. Karma
You're a clown and definitely not republican. You're a left wing liberal
And when the company leaves FL, you’ll be receiving your means from the state. Oh, don’t worry; you’ll still be leeching off the public, but for less money.
Desantis is the greatest... Best governor Florida has ever seen
He is useless. Dump pudding fingers
Nurse….NURSE….he’s escaped the ward again!