[MOforthewin]

Well. we're likely to have a major hurricane hit FL on Wed! Better hope the track doesn't shift more east and goes into the Tampa area. I don't even know economically what will happen to FL being the second largest city and with the insurance issues already.

[Lincolnian]

The insurance situation in Florida is unreal. My auto insurance went up 12% since my March renewal (it is annoying that insurers will only offer 6 month policies with constant upward price adjustments despite no claims and my vehicle decreasing in value). The annual premium is about 10% of the purchase price of the car and I only drive about 2000 miles per year. The cost of my Florida policy on a Chevy Spark is 75% the cost of a 3-car policy in Connecticut (a high insurance state) on vehicles much higher in value. I am now paying nearly 20% more for my Florida car insurance than when I first obtained insurance 2 years ago when the car was new. Homeowners insurance is significantly higher now too. In 2 years the policy has risen approximately 100% and my neighbors are now looking at policies that are 500% higher compared to what I paid on the same sized unit in 2021. Our building has stood for over 60 years, is well maintained, has good reserves, and has not had any large claims in its 60+ year history. The building's insurance has increased over 100% (with more exclusions/less coverage) since 2021.

The governor should focus on rally business, community leaders, and insurance professionals to figure out a workable path forward that does not bankrupt the insured. As an aside, Freddie Mac and Fannie Mae are looking to further tighten structural and reserve requirements into lending requirements. These changes, along with already-existing insurance challenges, could effectively make many existing properties unsellable.

[sinatras]

Originally Posted by Lincolnian

The insurance situation in Florida is unreal. My auto insurance went up 12% since my March renewal (it is annoying that insurers will only offer 6 month policies with constant upward price adjustments despite no claims and my vehicle decreasing in value). The annual premium is about 10% of the purchase price of the car and I only drive about 2000 miles per year. The cost of my Florida policy on a Chevy Spark is 75% the cost of a 3-car policy in Connecticut (a high insurance state) on vehicles much higher in value. I am now paying nearly 20% more for my Florida car insurance than when I first obtained insurance 2 years ago when the car was new. Homeowners insurance is significantly higher now too. In 2 years the policy has risen approximately 100% and my neighbors are now looking at policies that are 500% higher compared to what I paid on the same sized unit in 2021. Our building has stood for over 60 years, is well maintained, has good reserves, and has not had any large claims in its 60+ year history. The building's insurance has increased over 100% (with more exclusions/less coverage) since 2021.

The governor should focus on rally business, community leaders, and insurance professionals to figure out a workable path forward that does not bankrupt the insured. As an aside, Freddie Mac and Fannie Mae are looking to further tighten structural and reserve requirements into lending requirements. These changes, along with already-existing insurance challenges, could effectively make many existing properties unsellable.

For the governor, it's a lot easier to focus on banning gays and banning books than it is to fix the insurance and cost of living crisis in Fla.

[sinatras]

Originally Posted by MOforthewin

Well. we're likely to have a major hurricane hit FL on Wed! Better hope the track doesn't shift more east and goes into the Tampa area. I don't even know economically what will happen to FL being the second largest city and with the insurance issues already.

LOL!

The rest of the country secretly prays that we keep getting hit by hurricanes and that the Florida economy crumbles. Because, you know, serves us right for living in a "climate change ravaged state" that doesn't believe in climate change.

[Mathguy]

Originally Posted by LKJ1988

Good luck with that. Never had a twig blow off a tree where i have lived in FL for 60 years.

I hope that continues to be the case, but you may soon be experiencing that 1 in 100 year storm.

[Mathguy]

Originally Posted by Lincolnian

The insurance situation in Florida is unreal. My auto insurance went up 12% since my March renewal (it is annoying that insurers will only offer 6 month policies with constant upward price adjustments despite no claims and my vehicle decreasing in value). The annual premium is about 10% of the purchase price of the car and I only drive about 2000 miles per year. The cost of my Florida policy on a Chevy Spark is 75% the cost of a 3-car policy in Connecticut (a high insurance state) on vehicles much higher in value. I am now paying nearly 20% more for my Florida car insurance than when I first obtained insurance 2 years ago when the car was new. Homeowners insurance is significantly higher now too. In 2 years the policy has risen approximately 100% and my neighbors are now looking at policies that are 500% higher compared to what I paid on the same sized unit in 2021. Our building has stood for over 60 years, is well maintained, has good reserves, and has not had any large claims in its 60+ year history. The building's insurance has increased over 100% (with more exclusions/less coverage) since 2021.

The governor should focus on rally business, community leaders, and insurance professionals to figure out a workable path forward that does not bankrupt the insured. As an aside, Freddie Mac and Fannie Mae are looking to further tighten structural and reserve requirements into lending requirements. These changes, along with already-existing insurance challenges, could effectively make many existing properties unsellable.

1. They have to prove the need (using data) for those increases to the dept. of insurance.

2. Auto, auto part costs have been soaring as have home costs\repair costs\materials costs.

3. Florida laws have long made it more attractive to sue and thus has a large established lawyer industry which increases costs.

4. Condo collapse caused new concerns.

If you want lower rates in Florida for starters:
-change laws to restrict lawsuits, some was done in 2022 which will take time to realize.
-crack down on uninsured drivers. (Florida hovers around the top 5-6 most % of US states)

[sinatras]

Originally Posted by Mathguy

3. Florida laws have long made it more attractive to sue and thus has a large established lawyer industry which increases costs.


If you want lower rates in Florida for starters:
-change laws to restrict lawsuits, some was done in 2022 which will take time to realize.

understatement much???????

you are talking about a state where someone who gets into a fender bender (with no visible damage to cars) sues the insurance company for a million dollars, and frequently GETS IT thanks to ambulance chaser lawyers and doctors overbilling for "treatment" (both of whom have plastered the state with their billboards)

the recent litigation reforms are doing NOTHING to stop this

between the people scamming from car accidents and the people scamming from property claims, i am actually starting to feel sorry for the insurance companies operating in florida.

the few that are left won't be here for long.

[xray731]

The scamming is going on all over the nation - it's not just a Florida concern. The reason we didn't move towards the coast in Alabama is because of the increased insurance rates. I also kept abreast of low flood plain areas as they pay more in insurance. We moved from NY State and I've had to file 3 claims due to water backup or high winds damaging the roof. Granted our home owner's wasn't as high as in Florida but it went up each year as did our county and school taxes which are extremely high.

[Mathguy]

Originally Posted by xray731

The scamming is going on all over the nation - it's not just a Florida concern. The reason we didn't move towards the coast in Alabama is because of the increased insurance rates. I also kept abreast of low flood plain areas as they pay more in insurance. We moved from NY State and I've had to file 3 claims due to water backup or high winds damaging the roof. Granted our home owner's wasn't as high as in Florida but it went up each year as did our county and school taxes which are extremely high.

Yes, being near storm surge or flood zones is a BAD thing for insurance rates.

The problem is that by the time we really start paying attention we are like 20. So most folks have a limited memory window of the responsibility and pain of natural disaster. (the kids don't get it for the most part).

So, nobody in the general public grasps 1 in 50 or 1 in 100....let alone 1 in 1000 or worse storms which all go into the modeling.

We have several posters that have stated how they've been untouched in the 40-50-60 years they've lived there. Yep, awesome...tell that to the dinosaurs things change.

[Mathguy]

Originally Posted by xray731

The scamming is going on all over the nation - it's not just a Florida concern. The reason we didn't move towards the coast in Alabama is because of the increased insurance rates. I also kept abreast of low flood plain areas as they pay more in insurance. We moved from NY State and I've had to file 3 claims due to water backup or high winds damaging the roof. Granted our home owner's wasn't as high as in Florida but it went up each year as did our county and school taxes which are extremely high.

Side note: Let's say legislation A is proposed to "help consumers get a fair deal".

Proposed by trial lawyer lobbyists, opposition labeled as hating the poor and old etc.

Guess what? Losses go up...it goes right into the insurance company formulas...and voila rates go up after STATE APPROVAL.

Now factor in inflation...and not just average inflation but car or home inflation.

It's basic fact. Insurance is not like buying beer or a loaf of bread it's all regulated for basic consumers buying home, car, life type stuff. (Oil rigs, car dealerships, high-rises in Indiana...totally different.)