Florida property insurance rates expected to jump 40% to 50% in June (Sarasota: condos, house)

[City Guy997S]

Citizens is proposing 14%..........I suspect the state will step in and tell them 50% is too much

[beach43ofus]

My insurance broker today told me another insuror is canceling Thousands of policies here, so she is scrambling trying to find new policies for all her clients.

I wish DeSantis would have implemented his homeowners fix sooner than he did. I'm confident it will have the desired results eventually, but it will take a couple of years, & we'll have lots of turmoil during this time.

I also aked her which insurors performed best during the Ian aftermath, and they said they were all bad. None of them had adequate infrastructure to service their customers fast enough. All of them slow-walked paying their claims, & tried to settle for less than the damage would cost to repair. They were overwhelmed.

[wondermint2]

Florida homeowners insurance rates will soar under new defamation law, attorneys say

https://www.firstcoastnews.com/artic...5-ba14b23001c2

Your homeowners insurance rate could shoot up if two bills moving quickly through Florida's legislature become law, according to attorneys and insurance agents.

Attorneys say it would be an unintended consequence of changing laws that would make it easier to sue and be sued for what you say in print, on social media and in public meetings. The same insurance that covers you if someone slips and falls in your driveway or if your dog bites someone on your property also covers you for defamation, libel and slander claims. It's called personal injury insurance.

"We call it the Facebook coverage," said Jacksonville Insurance Agent Matthew Carlucci, Jr. "Because we're like, 'Go on Facebook, go on a rant, be careful. You might be committing libel.'"

Carlucci says he could "easily see" 20 to 30 percent rate increases if House Bill 991 and Senate Bill 1220 become law.

"If lawsuits start flooding in for this sort of thing, insurance companies are gonna start charging a lot more for that coverage," Carlucci said.

He says it's also possible insurance companies may stop offering that coverage. First Amendment Attorney Rachel Fugate agrees and says getting sued for defamation isn't cheap.

"It can easily get into the millions of dollars to defend one of these cases," Fugate said.

[wondermint2]

Florida homeowners face new 1% assessment fee amid property insurance crisis

https://news.google.com/articles/CBM...S&ceid=US%3Aen

The Florida Insurance Guaranty Association (FIGA), which handles claims when insurance companies go insolvent, voted on March 31 to ask state regulators to collect a 1% emergency “assessment” to help cover claims from insurance companies that may or have become insolvent.

“The emergency assessment is necessary to secure funds for the payment of covered claims, to pay the reasonable costs to administer such claims, including claims resulting from insurance companies that have become insolvent or may become insolvent as a result of losses incurred due to hurricanes including but not limited to Hurricanes Irma, Michael and Ian, and to secure bonds issued to generate revenues to pay claims,” FIGA’s Executive Director Corey Neal wrote in a letter to Insurance Commissioner Mike Yaworsky in April.

On April 10, Yaworsky issued an order, approving the request.

To help offset the deficit, FIGA plans to borrow $150 million, then issue up to $750 million in Insurance Assessment Revenue Bonds to pay off its debt and cover the remaining claims.

Starting in October, insurers will collect the assessments from policyholders and send the money to FIGA “until the end of the assessment year in which all of the bonds have been paid in full and are no longer outstanding.”

[blueskies2023]

Originally Posted by beach43ofus

Updating the post below...my wife who, pays all of our bills, says our HO's insurance is just over $1,100/yr for the highest deductible they sell...I think that's $10k. We also have wind driven rain coverage written into our base policy...which is rare. How well does our insuror pay claims? Who knows, nobody rates that oddly enough...they just rte financial stength, & ours is okay....none are good or great that I know of.

which insurer doyou have?

[blueskies2023]

Originally Posted by beach43ofus

Just got our quote for renewal. It would go from $1,300 to $1,950...a 50% increase, if we decide to renew. $1,950 on a $1.2M property is still reasonable imho.

We are deciding if we should cancel it, or not. I need to speak to our insurance broker, & our lawyer before we decide.

I'd have to dig up last years quote to see if the Hurricane portion went up a lot, or not. I'm guessing it did because that part is >1/2 our current quote....Hurricane is $1,000 the rest is just $950.

I'm leaning towards canceling, unless I learn something new about our legal exposures. We'd put $1,950 into a CD ladder, then do the same each year for what we think our bill might have been if we kept our insurance. That wouldn't make us whole, but it would help defray the cost to repair/rebuild just in case. We'd do that for the next 20 years, so it should be $1M+ by then. In 10 years, it will be ~$400k, maybe $500k depending upon interest rates.

We just came out of a CAT 4 (Ian) unscathed, & a total loss wouldn't be devastating to us financially, so I'm willing to self-insure.

10 years to 400K? how?

[blueskies2023]

did you find insurance that is without flood or just basic ?

[tinytrump]

Originally Posted by Eda_Pimentel

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.

The the problem is approved overgrowth. Ronnie, developers and willing counsel members are approving all kinds of housing. We cannot sustain all those wealthy people. Hurricanes will come every year, instead of paying a $20k per claim, the insurance is hit with a $1 million dollar claim by times 100000. The middle/poor class cannot afford it. Period. They can’t. If this doesn’t stop or start reversing, Fl is in hot water.

[beach43ofus]

Originally Posted by blueskies2023

which insurer doyou have?

Olympus

[beach43ofus]

Originally Posted by blueskies2023

10 years to 400K? how?

Instead of paying the insurance company $1,950/mo (plus all the increases yet to come), we'd invest the money in a seperate money market account earning interest...which is increasing.