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Old 03-03-2023, 11:00 AM
 
Location: Bradenton
104 posts, read 111,887 times
Reputation: 260

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Quote:
Originally Posted by DovieHarding View Post
well, that's the game of risk, it's like musical chairs most times! (by design)

Yawn!!!!!!!!
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Old 03-10-2023, 10:28 AM
 
6,681 posts, read 4,379,439 times
Reputation: 1645
I wonder how much the insurance for a condo in downtown Sarasota is increasing compared to a condo on/near the beach? Since flood insurance is going to be separate - the basic insurance for wind damage could be about the same?

SWFL condo owners seeing skyrocketing insurance renewal increases

https://nbc-2.com/news/state/2023/03...wal-increases/

If you own a condo, you know that the cost of living in it is skyrocketing in Florida. As a result, many condo owners are seeing their insurance renewals increase by 40% or more.

The rate hikes are also hitting condo associations, passing along their costs to condo residents, making it unaffordable for many people.

While condo owners have historically enjoyed paying less for home insurance, they’re not exempt from the state’s insurance crisis.

In most cases, they’re getting hit twice as hard, seeing their rates skyrocket.

It’s so severe people are forced to put their condos up for sale.
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Old 03-11-2023, 12:19 PM
 
Location: Native of Any Beach/FL
35,358 posts, read 20,722,137 times
Reputation: 14124
Quote:
Originally Posted by wondermint2 View Post
https://news.google.com/articles/CBM...S&ceid=US%3Aen

The Sunshine State, home to more than 22 million people, has an affordability problem when it comes to housing—not just for buying a home or finding a place to rent. Protecting your home can also be expensive.

John Rollins, a former Florida Chief Financial Officer and former Chief Risk Officer at Citizens Property Insurance spoke with WFLA.com about the state’s ongoing property insurance issues. Rollins serves as a Director of Ventures at EIG Holdings, Inc., a Texas-based diversified claims, technology and restoration company serving several Florida insurers.
Hope they are happy with who the voted for. The local and state government is pushing gentrification hard.
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Old 03-11-2023, 12:37 PM
 
Location: Boston
19,916 posts, read 8,811,076 times
Reputation: 18451
someday property insurance will be a thing of the past. Choose wisely where you live.

States with the highest annual homeowners insurance rates.

Kansas
Oklahoma
Texas
Nebraska
Arkansas
Kentucky
Louisiana
Alabama
Missouri
South Dakota

https://www.mpamag.com/us/mortgage-i...e-rates/260722
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Old 03-11-2023, 05:00 PM
 
17,462 posts, read 38,864,396 times
Reputation: 24101
Quote:
Originally Posted by skeddy View Post
someday property insurance will be a thing of the past. Choose wisely where you live.

States with the highest annual homeowners insurance rates.

Kansas
Oklahoma
Texas
Nebraska
Arkansas
Kentucky
Louisiana
Alabama
Missouri
South Dakota

https://www.mpamag.com/us/mortgage-i...e-rates/260722
Wow, I am surprised Florida is not on there!
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Old 03-12-2023, 08:09 AM
 
Location: Native of Any Beach/FL
35,358 posts, read 20,722,137 times
Reputation: 14124
Quote:
Originally Posted by joshan View Post
I am sure DeSantis will be on it, as it would not be good for his presidential run.
Do you think with other 49 states to pander to, he is thinking of Fls well being. ROTFL - only approach him on a woke or LBGTQ issue…
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Old 03-12-2023, 08:19 AM
 
Location: Native of Any Beach/FL
35,358 posts, read 20,722,137 times
Reputation: 14124
Quote:
Originally Posted by gypsychic View Post
Wow, I am surprised Florida is not on there!
Oh with gentrification- we will be. But the present issue is that insurance companies are paying maybe 1/4 of claims on the damages from IAN if at all.

Florida homeowners upset by ‘insulting’ Hurricane Ian insurance payouts

https://nypost.com/2023/02/20/florid...rance-payouts/

You pay your insurance and you expect to get that back, especially when you've never had a claim in almost 30 years we've lived in that home… Ian flooded their entire home and damaged their $50,000 dollar solar panel roof, pool enclosure and outside storage.
“We just spent a bunch of money new roof, we've redone the plumbing read, everything was up to code,” Matt Hall explained. At the end of October, their insurance company sent … about $6,000 dollars that were their payout after their policy’s $18,000 dollar deductible.


According to the Office of Insurance Regulation (OIR) claims database, more than 358,000 homeowners have filed claims out of Hurricane Ian as of November 30. The department is reporting almost 95,000 claims closed without payment, and more than half of total claims closed in general.

https://www.abcactionnews.com/news/s...blic-adjusters
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Old 03-13-2023, 09:05 AM
 
6,681 posts, read 4,379,439 times
Reputation: 1645
This is a big story about FL property insurance that appeared in the Washington Post several days ago. Unfortunately the Washington Post article is behind a paywall. However here is a link to the exact same full article republished on MSN without a paywall.


https://www.msn.com/en-us/news/us/in...b09be2df&ei=25


Insurers slashed Hurricane Ian payouts far below damage estimates, documents and insiders reveal


Adjusters contracted by regional insurance carriers say that managers have been changing their work by lowering totals, rewriting descriptions of damage and deleting accompanying photos without their approval. These actions to devalue damage are the latest example of the insurance crisis in Florida.


After years of more frequent and intense storms, national carriers have pulled back from the market and smaller, regional carriers with smaller financial reserves jumped in. In the wake of Hurricane Ian, those companies have been aggressively seeking to limit payouts to policyholders by altering the work of licensed adjusters, according to a Post investigation. As a result, homeowners are left footing much of the bill for repairs, exposing an untenable gap between the cost of storm damage and what insurers are willing to pay to fix it.
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Old 03-13-2023, 09:37 AM
 
65 posts, read 42,844 times
Reputation: 90
well, look around, FL's growth with population is out of control. Insurance companies must play defense in order to manage-spread risk at this time or they will become insolvent. The risk is growing, the damage/claims are inevitable, the magnitude is uncertain. Insurance companies don't exist to lose money or capital. With out of control building, expansion, transplants, stress on infrastructure, labor costs, material replacement costs, extreme use of available land, stacked urbanist housings, etc., it's understandable that far more increases are inevitable - even in auto insurance claims.


The crux of blame, if there is blame is because of Population Explosion in a very short period of time. That is the culprit, and the genesis of all things financial in services, housing, access to capital, demand, resources, and intelligent planning.


It's simple: There are too many people moving here in order to sustain orderly use of resources, and to manage all kinds of risk at lower costs.


Insurance companies are not the problem.
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Old 03-13-2023, 11:42 PM
 
1,002 posts, read 1,190,564 times
Reputation: 1525
Quote:
Originally Posted by DovieHarding View Post
Gee, it has significance in everything to do with insurance rates. It's called RISK. Look at the over-crowding, look at the number of houses and their proximity to each other within a plethora of subdivisions. Look at how close they are to each other....duh, it's called RISK - more houses, the more risk in a community - the more houses, the more potential CLAIMS (er, remember that little thing called RISK), the more houses the more demand for services (fire, erosion, water to put out fire, duh), the more houses in high winds and water intrusion the more possibility that the damage might fly across the street or next door, the more houses crammed in a subdivision the more likelihood to have problems with sewers, run-off, etc Use your head, pal, more people/lives/families risk profiles automatically rise. How about more houses actually built in or near a flood plain LOL.....the coast, the bay, all of the internal RIVERS, Streams, CREEKS all around the State of FL. Duh. How's that for a cogent explanation?
I think you are talking about zoning laws which doesn't seem to exist in Florida. Ask the Governor why there are no rules about how close together houses should be. Also, ask about the immigrants and why they haven't been shipped to Martha's Vinyard? I didn't know illegal immigrants could buy houses.

How about some regulation about building, water usage, sewers, roads.

Seems the only thing this Governor is interested in is banning books and drag queens. How about looking at quality of life for all of us who pay taxes.
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