Florida property insurance rates expected to jump 40% to 50% in June (Bradenton: credit rating, new home)

[Above Average Bear]

Originally Posted by beach43ofus

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.

$1950/month??? Should that read per year?

[MOforthewin]

Originally Posted by Above Average Bear

$1950/month??? Should that read per year?

That's F'd up and I recall he lives closer to I75 which isn't on the water. Something doesn't sound right. I live close to I75 and that's what we pay in a year to insure our house!

[Above Average Bear]

Originally Posted by MOforthewin

That's F'd up and I recall he lives closer to I75 which isn't on the water. Something doesn't sound right. I live close to I75 and that's what we pay in a year to insure our house!

That’s probably a typo. I think he means per year

[MOforthewin]

Originally Posted by Above Average Bear

That’s probably a typo. I think he means per year

He has a nice house. 2k a year isn't bad for his house if that's the case.

[wondermint2]

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

Claims of Florida insurance companies underpaying policyholders under investigation

Public records obtained by WESH 2 Investigates show thousands of complaints against insurance companies, but an insurance watchdog group says the state needs to work harder to hold the companies that collect your premiums accountable.

One of three has helped policyholders obtain roughly $25 million in claim checks since Ian battered south and central Florida.

Jimmy Patronis' office, the Department of Financial Services (DFS), investigates complaints of alleged fraud by insurance carriers, agents, and adjusters.

WESH 2 Investigates obtained DFS records that show between September 2017 and November 2022, there were just 99 complaints against public adjusters, while insurance carrier complaints numbered more than 105,000.

Doug Quinn founded the insurance watchdog group, the American Policyholder Association, which helps in reporting alleged fraud.

He's concerned that the state is soft on insurance company penalties because a big chunk of Patronis' campaign cash comes from insurance companies and their executives.

Our WESH 2 Investigates review of Patronis' "Treasure Florida" political committee reveals more than $1.8 million in contributions from roughly 150 insurance industry donors.

[wondermint2]

Florida lawmakers reverse Citizens flood insurance requirement for high-rise condos

https://www.wfla.com/8-on-your-side/...h-rise-condos/

8 On Your Side has learned lawmakers have repealed an odd requirement that would have cost hundreds, if not thousands of dollars for people living in high-rise buildings.

Back in December, 8 On Your Side told you how a new rule was about to kick in. It required Citizens Property Insurance policyholders who live in high- rise buildings to buy flood insurance as well. This applied even to condo owners on the 20th floor, for example.

8 On Your Side is the first to report that lawmakers have reversed this odd portion of the new mandate. They’ve done it in two separate bills: S.B. 154 and H.B. 799.

“Both repeal the requirement that Citizens policy holders who are in condos have flood insurance,” said Pizzo. “It’s a huge win but it should’ve never happened in the first place. I mean this was, this was nuts.”

The governor is expected to sign the bills.

Once he does, Citizens would no longer require condo unit owners to buy flood insurance.


https://www.youtube.com/watch?v=TudHEtbWg2o

[Above Average Bear]

Politicians love to spend our money. Bring illegals in so we can pay for welfare, educate their kids, participate in a war that has nothing to do with us, make people who make prudent decisions to live in less vulnerable places pay for those who don’t.
The decisions that politicians make only benefit them and drain money from us.

[wondermint2]

https://www.msn.com/en-us/money/insu...3718c0f5&ei=68

Federal flood insurance rates spiking in Florida, expected to double in Sarasota County/Hillsborough County


8 On Your Side Investigator Mahsa Saeidi looked into it, and found out that nine out of ten people get their flood insurance through the Federal Emergency Management Agency (FEMA), which sets the rates. In 2021, for the first time in decades, FEMA changed how it calculates your premium. This unfortunately means many Floridians will be hit with an increase.


In the past, your rate was based on your zip code, but now it will be based on your specific flood risk. FEMA says they’ll look at the characteristics of your home, its elevation, and distance from rivers and lakes.


Insurance Broker Rob Samuels said before, people who were further from the water were subsidizing those closer to the water. But that won’t happen anymore.


“The thinking is hey, if you want to purchase a property in Naples, Florida, in Sarasota, Florida…you know the inherent risk in purchasing that property. If you want to go ahead and buy that property, you need to pay your full share of what that flood insurance premium is,” Samuels said.


In Hillsborough County, FEMA data shows that on average, premiums will double, going from roughly $1,132 to $2,550. Homeowners in Pinellas and Sarasota, on average, will see a similar increase as well.


But Samuels says some families will see their flood insurance stay the same or go down. This is crucial.


If you’re getting flood insurance for the first time, you’ll have to immediately pay this higher rate.


But if you’re just renewing your policy, your increase is capped at 18 % per year.

[Dave_n_Tenn]

St. Pete is the 'most' flood prone city in the US
Texas is the most flood prone state
Southern Louisiana (delta)would be under water if not for levee's and dikes

https://ktvz.com/stacker-money/2023/...in%20the%20U.S.

PS... for you climate accusers... The ice melting in the Artic Ocean has ZERO impact of costal flooding. Check your science.

[wondermint2]

I would be interested to know what percentaqge of property owners in Sarasota/Manatee Counties actually have their flood insurance staying the same or going down? And how far these folks are from the water? Obviously those closer to water will see increases.

I'm actually just East of Highway 41 in Nokomis and I'm not near any major body of water. And yet the house I live in is considered "Zone A" (the highest flood zone risk). There are several drainage ditches near my property (and drains). Also where I live must be low elevation because when we get several days of torrential rain one of the bedrooms usually floods. It happens rarely and it's usually limited to an inch or less of water in that one bedroom.