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Keep in mind this article was from August 12 before Ian. Over 40,000 homeowners lost their policy in the last 2 years, 14 companies have stopped writing policies, 5 have gone bankrupt this year. Average policy doubled since 2019.
Lack of tort reform, climate change and crooked contractors have all driven up the cost.
Hurricane Ian should put them over the top.
Quote:
August 12, 20222
TALLAHASSEE — Florida’s crumbling homeowners insurance market is exposing one of the state’s long-running flaws: its reliance on a single company to certify the majority of the state’s insurers.
For the last few weeks, state regulators and Gov. Ron DeSantis’ administration have been scrambling to contain the fallout after the state’s primary ratings agency, Ohio-based Demotech Inc., warned of downgrades to roughly two dozen insurance companies, according to the state.
The downgrades would have triggered a meltdown of the state’s housing market, a pillar of Florida’s $1.2 trillion economy. Without the ratings, a million Floridians could be left scrambling to seek new insurance policies, possibly triggering a housing crisis in the middle of hurricane season and months before the November election.
Keep in mind this article was from August 12 before Ian. Over 40,000 homeowners lost their policy in the last 2 years, 14 companies have stopped writing policies, 5 have gone bankrupt this year. Average policy doubled since 2019.
Lack of tort reform, climate change and crooked contractors have all driven up the cost.
This has been a huge problem and a lot of it is due to insurance fraud.
We are currently on a Citizens policy bc everything else is ridiculously unaffordable. I shopped it over summer and they are all crooks as far as I can tell. We are in a mobile home which doesn’t help. They don’t want to insure us for replacement value despite prices having gone up about 50% since we bought two years ago. They charge an arm and a leg to add a detached workshop and cap the value on that as well.
Insurance as a whole (all types) has turned into a money pit for all involved. And now we have the Ian damage (not my area) which will be absolutely massive. Can’t wait to see our premiums next year. We will be on Citizens forever at this rate.
Most of the state is on a flood plain, construction materials and labor costs have exploded. Comfortable tropical living for working classes will be a no go in a few years time.
We are currently on a Citizens policy bc everything else is ridiculously unaffordable. I shopped it over summer and they are all crooks as far as I can tell. We are in a mobile home which doesn’t help. They don’t want to insure us for replacement value despite prices having gone up about 50% since we bought two years ago. They charge an arm and a leg to add a detached workshop and cap the value on that as well.
Insurance as a whole (all types) has turned into a money pit for all involved. And now we have the Ian damage (not my area) which will be absolutely massive. Can’t wait to see our premiums next year. We will be on Citizens forever at this rate.
Citizens is underpriced and has been for a long time, just ask their own actuaries.
The problem is that politically, the state has not wanted to raise rates. They've been lucky.
Until now.
They strong armed low rates for ages until eventually State Farm and others revolted so what you are seeing here has been DECADES in the making.
The state of Florida is a trial lawyers wet dream. That's a big part of the reason other insurance is so high.
Keep in mind this article was from August 12 before Ian. Over 40,000 homeowners lost their policy in the last 2 years, 14 companies have stopped writing policies, 5 have gone bankrupt this year. Average policy doubled since 2019.
Lack of tort reform, climate change and crooked contractors have all driven up the cost.
Climate change is a convenient excuse. Scientifically, the jury is out as to if it will mean more hurricane risk for Florida.
(Note: this does not deny climate change, it's a complex issue, before any knee jerk responses I'd ask people to read up on the topic.)
Global reinsurers however have scared investors and demand premiums for the risk of hurricanes from climate change.
So you're paying for the perception of more hurricane damage but the science is undertermined at this point.
Citizens in particular does not have a uniform Florida exposure. The market is so *fluid* (aka effed up) that this may have changed recently so grain of salt.
Remember, insurers want to sell policies, they want to make money....when they won't sell policies to you and a bunch of other states all have competitive markets, there needs to be an intervention, the problem is you despite what politicians say.
Best of luck, I wish no one any ill and I too like to go to florida.
Just beware a lot of BS on the topic drive by politics.
Climate change is a convenient excuse. Scientifically, the jury is out as to if it will mean more hurricane risk for Florida.
(Note: this does not deny climate change, it's a complex issue, before any knee jerk responses I'd ask people to read up on the topic.)
Global reinsurers however have scared investors and demand premiums for the risk of hurricanes from climate change.
So you're paying for the perception of more hurricane damage but the science is undertermined at this point.
Citizens in particular does not have a uniform Florida exposure. The market is so *fluid* (aka effed up) that this may have changed recently so grain of salt.
Remember, insurers want to sell policies, they want to make money....when they won't sell policies to you and a bunch of other states all have competitive markets, there needs to be an intervention, the problem is you despite what politicians say.
Best of luck, I wish no one any ill and I too like to go to florida.
Just beware a lot of BS on the topic drive by politics.
Live in my part of FL and never get anything. Not even a twig blown off a tree in my 59 years living on the gulf.
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