Florida property insurance rates expected to jump 40% to 50% in June (Tallahassee: transplants, sales)

[wondermint2]

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.

[joshan]

I am sure DeSantis will be on it, as it would not be good for his presidential run.

[Above Average Bear]

Dang, a $7000 property tax bill plus a 6 or 7% mortgage rate. That will drive inventory up and house prices down.

Edit, I just saw that Americans are into 986 Billion in debt. Add in inflation.
This is a really interesting time!

[beach43ofus]

Before we bought/built in FLA, I sat down with 2 highly experienced insurance agent/brokers to get advice on minimizing our H.O's insurance costs.

I did everything they said, & our '23 policy is <$1,500/yr. on a $1.1M home (we dropped flood in '22). When I hear some pay $7k+, I'm shocked.

Some of the premium bumps are inflation driven...some's due to less competition. New laws that reduce lawsuits will push them down in '25.

If ours goes up 40%+ for '24, we'd likely drop it, because a total loss wouldn't crush us. I need to find out if they'd sell us liability only.

[Above Average Bear]

Originally Posted by beach43ofus

Before we bought/built in FLA, I sat down with 2 highly experienced insurance agent/brokers to get advice on minimizing our H.O's insurance costs.

I did everything they said, & our '23 policy is <$1,500/yr. on a $1.1M home (we dropped flood in '22). When I hear some pay $7k+, I'm shocked.

Some of the premium bumps are inflation driven...some's due to less competition. New laws that reduce lawsuits will push them down in '25.

If ours goes up 40%+ for '24, we'd likely drop it, because a total loss wouldn't crush us. I need to find out if they'd sell us liability only.

I’m currently focused on Southgate and Gulfgate. Are those areas elevated enough and far enough from the ocean to obtain reasonable home owners insurance quotes?

What were the factors that enabled you to pay such a low premium? I’m guessing that elevation, newer roof and proximity to the ocean are some of the factors.

[Sunshine Rules]

In general, FL Insurance rates are influenced by a variety of factors, including the following:

value of the home
year the home was built (this is especially important as insurance companies tend to categorize older homes by dates of significant code changes -- 2002 & then approximately every 3 years after that)
type of structure - block, frame, stucco over frame
age and style of the roof (many insurance companies no longer want to issue new policies if the roof is 15 years or age or older, even though recent changes in state statutes require them to do so if the roof passes inspection with a specific number of years life left)
the wiring, plumbing, age of AC (especially on older homes)
swimming pool
location of the home - is it an area known for sinkholes? Close to a fire station? Distance from the beaches (wind zones)?
smoke detectors, sprinkler systems, burglar alarm system, gated community or not
does the home have hurricane protection for the windows and doors
personal factors such as your credit scores, if you are a smoker, previous claims history
breeds of dogs you may have
will you operate a home based business
the insurance deductible, coverage levels, personal liability limits you select


For new coverage on older properties, most insurance companies will require a 4 Point Inspection Report before issuing coverage. The 4 point inspection covers the roof, electrical, plumbing & HVAC system. All need to be functioning properly and be up to code as of the date installed or updated.

Last but not least, you'll want to check the financial stability of the insurance company as you want to feel comfortable that the company will still be in business after a major hurricane.

[DovieHarding]

Well frankly, it's simple - with more people, more houses, stupid housing price accretion, stupid asking prices, stupid repair costa, crazy labour rates, over crowding, more building per acre, more demand on water supply - more demand on electric supply etc SPELLS HIGHER RISK for the insurers which means HIGHER premiums. ALL of these idiots crowing about phantom increased so-called &quot;equity&quot; in their houses are BLIND the fact that this translates into higher county valuations thus HIGHER (not lower) TAXES, and translates into HIGHER insurance rates. Bottom line is that higher property and structure &quot;values&quot; can, and WILL kill a livable, practical community. Want to BLAME someone/something?? then look no further than the onslaught of recycled TRANSPLANTS, migrants, legal and illegal immigration. Illegal immigration ADDS to PROPERTY RISK, and insurance carriers KNOW it. Also, &quot;open borders&quot; means &quot;open your pocket book&quot; - it's ALL ABOUT R-I-S-K. Don't believe me - look at your increases in auto insurance - more to come. TOO MANY PEOPLE - we can't manage the RISK without crazy cost increases. The onslaught needs to stop...period. Hope all the &quot;newcomers&quot; are happy now - LOL -ruination is around the corner lol

[NSHL10]

Why not blame the natives who sold their properties/ land to the transplants or built the homes to sell to the transplants?

Your native friends sold you out Shekkie!!!

[DovieHarding]

what is a shekie??? selling property occurs everywhere in America, from Georgia to Tennessee to Utah, I was talking about the disaster of what's happening in FL due to everyone else coming here - that's not happening in NY or chicago or many other places. Florida is getting abused and everyone here really acknowledges that. That's nothing to brag about. You don't see throngs of Floridians moving to NJ or NYS . We know better. We aren't invading where most of you came from, right? Many Floridians actually think that most of you transplants are TOXIC. I don't necessarily believe that but I do see and hear toxicity on occasion - even here on this site.WE WILL BET MONEY you're a transplant from NY as well ! lol not a bad thing, but not automatically something to be praised OR welcomed necessarily...right?

[NSHL10]

I am not a transplant yet. Thinking about it, will need to see how the property insurance problems works out and if there is enough of a reduction in home prices to justify coming down. Florida property values historically rise and drop like a roller coaster, so I would think there will be some sort of settling or reduction of prices, particularly if the property insurance problem isn't fixed. I also am concerned if the area is being overbuilt for my tastes.

If Florida as a whole is worried about transplants coming in, the govt could buy up the farms and large parcels of property used for developments and keep it as protected land that can't be built upon. We do that in NY, but it requires tax money and native Floridians aren't too keen on spending money.

Florida survives on transplants and tourists. That basically is your state's economy. If you don't want an economy run on that, you will need to find another state. The hotel tax, sales tax, transfer taxes, and holding off of Homestead tax reduction to transplants is what funds your state and prevents the state from having to implement an income tax. It is kind of ironic that a state which touts freedom so much is so beholden to us tourists and transplants for its economic survival.

Your governor is very proud of the huge influx of newcomers, claiming it is due to policies that he has helped initiate. Maybe you need to give a call to Tallahassee and have him tone down his rhetoric and the massive amounts of advertising he spends on NY TV to draw us down there. Apparently he is actively courting us "TOXIC" New Yorkers to bring our money down with us to support the state and the natives.

If I were to move down, I wouldn't be concerned about what another person thinks of me. I am not in the 3rd grade anymore. If they don't like like my TOXIC ass , they can move.

So basically, people adapt or die. This is the new Florida: getting crowded and congested with the blessings and active encouragement of the state and local governments. If this is no longer a place you want to be in then move to a place that more resembles what you want. Bitching at transplants isn't going to help.