Fla. insurance crisis deepens as rates soar, companies fall (renters, homeowners insurance)

[Sunshine Rules]

Great post Ladywithafan! Very informative.


One line of your post stood out to me as I have heard much about this before, especially regarding roofing scams:


Only 7.03% of all U.S. homeowners’ claims were open in Florida in 2021. However, Florida accounted for more than 81.2% of property lawsuits in the U.S.

[foodyum]

Originally Posted by Sunshine Rules

Great post Ladywithafan! Very informative.


One line of your post stood out to me as I have heard much about this before, especially regarding roofing scams:


Only 7.03% of all U.S. homeowners’ claims were open in Florida in 2021. However, Florida accounted for more than 81.2% of property lawsuits in the U.S.

To me as well.
Wonder if they will be suggesting self insurance? Or maybe a insurance pool with reinsurance for the catastrophic layer.
Interested in hearing what the association is suggesting as both a short term and long term solution.

[Ladywithafan]

Originally Posted by Sunshine Rules

Great post Ladywithafan! Very informative.


One line of your post stood out to me as I have heard much about this before, especially regarding roofing scams:


Only 7.03% of all U.S. homeowners’ claims were open in Florida in 2021. However, Florida accounted for more than 81.2% of property lawsuits in the U.S.

I believe it has to do with the roof scams.

[WRM20]

Originally Posted by Jimrob1

Just so I understand. Does the State of Florida have any control over the outrageous cost of Homeowners Insurance? Does the Governor's office or whatever other area of Florida's Gov't, have any say over what rates can be charged? Is there any Insurance regulation at all, it doesn't seem like there is. Or is this just another aspect of living in Florida that doesn't seem to be dealth with. If the state Gov't does have any say they are not doing anything or so it seems.

I've lived in Florida 7 years now, in two different homes. The first a mobile home I could not get insurance after the first year, no one would insure it. The last almost 3 years now this house I bought in Ocala, has had substantial insurance increases when renewal comes up. I've had all the roof inspections and did get discounts, but they are eaten up by increases. This Jan at renewal I can only imagine the big increases I will get, if I go by what has happened with my neighbors insurance issues. All have either been cancelled by companies leaving Fla, or their rates went up hundreds of dollars at renewal time. All of these neighbors replaced their roofs in the last 2 years. These are seniors and they are fed up after struggling to pay for new roofs on retirement income. They have either been canx because the company left Fla, and forced to go with someone else. Or they got stuck with huge increases with the company that forced them to get a new roof. All are paying between $500 and $1000 more for insurance since their roof was replaced. Were talking small 1 and 2 bedroom 1 floor homes here. It's obvious the state has no previsions in place to protect these people or anyone else in this state from this ripoff.

I don't feel a problem like this is sustainable. The insurance in this state is so out of sync with what many can afford, that its become impossible to keep up with the cost. So that means a homeowner in that situation has to sell and either rent if they can afford that, Or they have to face the fact, that Florida isn't affordable for them and leave the state. Obviously the state of Florida doesn't give a rats rear end if that is the case. I always felt for years Florida's attitude is. We don't have to please you If you don't like how things are done here then leave. There is a long long line of people still moving to Florida.

How is it a ripoff? If the state is involved, then the insurance companies have to justify their rates. Look at the statistics others have posted. Florida insurance has been losing money for a while, and that can't go on.

[Mathguy]

Originally Posted by Jimrob1

Just so I understand. Does the State of Florida have any control over the outrageous cost of Homeowners Insurance? Does the Governor's office or whatever other area of Florida's Gov't, have any say over what rates can be charged? Is there any Insurance regulation at all, it doesn't seem like there is. Or is this just another aspect of living in Florida that doesn't seem to be dealth with. If the state Gov't does have any say they are not doing anything or so it seems.

I've lived in Florida 7 years now, in two different homes. The first a mobile home I could not get insurance after the first year, no one would insure it. The last almost 3 years now this house I bought in Ocala, has had substantial insurance increases when renewal comes up. I've had all the roof inspections and did get discounts, but they are eaten up by increases. This Jan at renewal I can only imagine the big increases I will get, if I go by what has happened with my neighbors insurance issues. All have either been cancelled by companies leaving Fla, or their rates went up hundreds of dollars at renewal time. All of these neighbors replaced their roofs in the last 2 years. These are seniors and they are fed up after struggling to pay for new roofs on retirement income. They have either been canx because the company left Fla, and forced to go with someone else. Or they got stuck with huge increases with the company that forced them to get a new roof. All are paying between $500 and $1000 more for insurance since their roof was replaced. Were talking small 1 and 2 bedroom 1 floor homes here. It's obvious the state has no previsions in place to protect these people or anyone else in this state from this ripoff.

I don't feel a problem like this is sustainable. The insurance in this state is so out of sync with what many can afford, that its become impossible to keep up with the cost. So that means a homeowner in that situation has to sell and either rent if they can afford that, Or they have to face the fact, that Florida isn't affordable for them and leave the state. Obviously the state of Florida doesn't give a rats rear end if that is the case. I always felt for years Florida's attitude is. We don't have to please you If you don't like how things are done here then leave. There is a long long line of people still moving to Florida.

1. Yes, the state has to approve all rates.
2. If it was a rip-off then why are the insurers leaving the state? If they just rip people off then why are the rates so much lower elsewhere?
3. You're living in a hurricane prone area and the state is extremely litigation happy. It's that simple.

[1rainman]

Bro Florida lightening capital of the world hit by massive hurricanes constantly and most of the state is a swamp hence flood zone. It's not a scam.

[johns55]

Originally Posted by beach43ofus

I am not personally seeing this, but I may be in a unique situation....newer single family home on high dry lot well inland.

Condo's that are 3 stories or more will certainly see sizeable increases, and HOA reserve funds being established for settling concrete mitigation.

I think the State Legislators have taken some steps to lower the litigation issues, & are likely looking for more options.

This could impact the low end of the housing market, & the entire 3+ story condo market, but not much of the rest.

I'm 7 miles inland in an X flood zone. My insurance went up 30% each of the last 2 years. Just got a notice from my insurance company that they're pulling out of Florida.

[tinytrump]

With Ian around the bend, let’s see how they fix it now. Sad state of affairs.

[1rainman]

Time for another zillion dollars in insurance claims and the idiots keep moving here.

[loves2read]

Plenty of people paying for insurance are going to find their companies go bankrupt from this storm

DeSantis spent over million $ of tax money to fly immigrants with a legal reason to be in US…not undocumented … to Martha’s Vinyard for HIS political image with Trumpers
That was my money, your money
I didn’t want that
I didn’t ask for that
And it was a horrible way to spend taxpayers money
It was a scam on us even if he broke no laws

Now 1 million less to spend on disaster relief for people who LIVE here

Dumb, selfish, and a cheat when his ads are all about how he cares about Floridians
Bunk!