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Old 10-17-2022, 11:55 AM
 
10,237 posts, read 4,976,849 times
Reputation: 1685

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Fitch ups insured loss range for Hurricane Ian to $35-55bn

https://www.reinsurancene.ws/fitch-u...an-to-35-55bn/

"Fitch notes that insurance-linked securities (ILS) capacity will likely absorb a significant chunk of the overall re/insured loss from Ian, and suggested that this could have implications for investment in this sector going forward."
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Old 10-17-2022, 12:44 PM
 
Location: Florida
4,911 posts, read 14,193,917 times
Reputation: 2348
Quote:
Originally Posted by newtovenice View Post
Explain.

if all of a sudden a fixed income who has been living with minimal issues for 10 years is hit with a $500 increase per month .... that's their own fault?

Did their wages suddenly jump $500 a month to compensate that?
It's not their fault but it's just the nature of things; renters were faced with $500 monthly rental increases in Sarasota/Bradenton area in the past year ~ not their fault either but it's pay or leave...
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Old 10-17-2022, 12:51 PM
 
Location: SW Florida
15,186 posts, read 12,355,651 times
Reputation: 25272
Quote:
Originally Posted by newtovenice View Post
Got it.

Only extremely wealthy people should live in SWFL. Thanks for clearing that up. Anyone who has lived here 20+ years needs to move.

Seems to be a popular viewpoint in this part of the forum this year.
Welp, my husband and I have lived in Florida for 46+ years, and are far from wealthy, though we manage what we do have well, and live nicely on it. We are not going anywhere.
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Old 10-17-2022, 01:02 PM
 
15,776 posts, read 7,793,030 times
Reputation: 19642
Quote:
Originally Posted by newtovenice View Post
I fully understand your POV. Loud and clear.

Maybe gut the insurance system and rebuild it? Or are those wealthy people going to bag their own groceries and mow their own lawns when everyone else leaves?

Here's another POV.
https://www.insurancejournal.com/blo.../07/661731.htm

In a recent Citizens report, Gilway also noted a “disturbing trend” in year-to-date litigation through June of 2021—the number of lawsuits against insurers, excluding Citizens, increased 51 percent year-over-year to 50,951 versus 33,800 in the first six months of 2020. The longer-term picture is disturbing—the same report reveals that the rise in Florida homeowners’-related lawsuits more than tripled from 27,416 in 2013 to 85,007 in 2020.

Unlike several Louisiana insurers that succumbed to losses from Hurricane Ida in 2021, Florida insurance failures and pullouts were not driven by natural catastrophe losses. The cause of the Florida woes is excessive litigation.

Although excessive litigation is the proximate cause of Florida’s property insurance issues, it’s not appropriate to blame the lawyers. The problem has arisen from the unintended consequences of a cluster of laws and state Supreme Court decisions that created loopholes enabling contractors, lawyers and homeowners to inflate the number and the value of claims payments. A comprehensive report by Guy Fraker on the dire condition of the Florida insurance concurs with this assessment, finding that “everybody’s just leveraging the rules of the game.”

The Florida Office of Insurance Regulation 2020 annual report presents the striking statistic that “in 2019 Florida accounted for 76.45% of all homeowners’ suits opened against insurance companies in the U.S. despite only accounting for 8.16% of all homeowners’ claims opened by insurance companies in the U.S.”
The wealthy people built the system as it is, and if they don't have people to do their menial labor, then they will just have to deal with it. However, most of the news pieces I've seen on this topic are about older residents living on Social Security. They typically aren't the ones bagging groceries and cutting grass.

If insurers are being harmed by the legal actions of attorneys and contractors, then the relief is through the legislature. My cynical side says that the insurance companies will not win that battle. The linked article provides some good suggestions, but I would not hold my breath on any of them being put into place.

Until insurance is reformed, people who can't afford to pay for insurance will have to make a choice. Either pay the new costs or move.
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Old 10-22-2022, 01:07 PM
 
10,237 posts, read 4,976,849 times
Reputation: 1685
Florida property insurance premiums will likely spike again, Citizens CEO says

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

The CEO of the state-backed Citizens Property Insurance says he expects another spike in premiums after Hurricane Ian.

Citizens CEO Barry Gilway told 8 On Your Side Investigator Mahsa Saeidi it’s likely some premiums will spike by 20 to 30% next year, statewide.

Mr. Gilway says all homeowners with insurance through private companies should expect their premiums to spike by 20 to 30% next year, unless there’s significant reform. Citizens caps its rate increase at 12% next year.

The reason for the price hikes? The soaring cost of reinsurance, insurance for insurance companies.
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Old 12-08-2022, 03:40 PM
 
10,237 posts, read 4,976,849 times
Reputation: 1685
Citizens Insurance wants rate hikes enacted during next week’s special legislative session

https://www.sun-sentinel.com/busines...zgu-story.html

Getting insurance coverage from state-owned Citizens Property Insurance Corp. could become more expensive if state lawmakers agree that the company’s artificially low rates are hurting Florida’s private insurance market.

Citizens wants to be the insurer of last resort, and not the insurer with the lowest premiums.
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Old 12-08-2022, 03:46 PM
 
9,229 posts, read 8,606,337 times
Reputation: 14780
Quote:
Originally Posted by wondermint2 View Post
.... “It is going to eventually catch up with our booming real estate market and bring down values of property.”
With global warming, sea levels are rising. Florida's highest point is 345'. Climatologists have been telling us that the storms are going to only get worse in the coming years. Would you invest in a company that issues insurance to Floridians? I wouldn't. At some point, Americans are going to have to face facts that climate change is not coming, it's here, and it's going to get worse. If I owned land in FL, I would be selling now.
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Old 12-08-2022, 03:48 PM
 
10,237 posts, read 4,976,849 times
Reputation: 1685
United Property & Casualty Insurance ending business in Florida

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

Florida’s property insurance crisis just claimed another company.

In just a few months, United Property & Casualty Insurance plans to end business in the Sunshine State.

The company is responsible for more than 140,000 insurance policies in Florida, according to numbers from November. So, what’s in store for those homeowners now?

All policies by United P&C will be cancelled by May 31, 2023, according to an Office of Insurance Regulation order. State regulators say all unearned premiums will be returned by the next day, June 1.

United P&C is the seventh insurance company to exit Florida this year.

Brandes says their exit means thousands more will be forced into Citizens Property Insurance, the the state-created insurer of last resort.

“Citizens property insurance state-wide is 30% cheaper than the market and in Tampa Bay, they’re 50% below the market,” Brandes said. “What that means is their rates are not reflective of the risk that they’re actually taking on.”
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Old 12-09-2022, 01:01 PM
 
10,237 posts, read 4,976,849 times
Reputation: 1685
I came across this excellent article about next week's FL special legislation session on property insurance. It's very detailed and discusses many potential plans/ideas.

One potential plan is if property owners file a lawsuit against their insurance co. they would have to pay the attorney fees even if they win their case.

New-look Florida Legislature tackles old problem — homeowners insurance

https://www.tallahassee.com/story/ne...s/69696266007/

TALLAHASSEE — The new-look Florida Legislature is coming back to the Capitol to take on an old problem — homeowners insurance — which has worsened since Hurricane Ian tore through the state in September.

It was just six months ago that lawmakers attempted to stabilize an overpriced and unreliable insurance market during a special session called by Gov. Ron DeSantis. This time, new Republican leaders elected to the House and Senate in November will tackle what continues to be a statewide crisis.
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Old 12-09-2022, 01:14 PM
 
253 posts, read 195,413 times
Reputation: 332
Quote:
Originally Posted by LookinForMayberry View Post
With global warming, sea levels are rising. Florida's highest point is 345'. Climatologists have been telling us that the storms are going to only get worse in the coming years. Would you invest in a company that issues insurance to Floridians? I wouldn't. At some point, Americans are going to have to face facts that climate change is not coming, it's here, and it's going to get worse. If I owned land in FL, I would be selling now.
Oh dear God.

Just.....stop.
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