Florida homeowners fear soaring insurance cost after hurricanes

[Pogo]

Florida has been hit with four major hurricanes in the past four years, which has sent insurance premiums rocketing and caused some insurers to pull back on coverage. For residents cleaning up after storms or living nearby water, they have another worry: Will they still have insurance?

Analysts and insurance experts predict more nervousness about insurers following Hurricane Milton, which made landfall on Florida's Southwest coast just 12 days after Hurricane Helene made landfall on Florida's Northwest coast.

"This is ...certainly going to cause insurers to be concerned about continuing to insure in the market," said Marc Ragin, associate professor of risk management and insurance in the Terry College of Business at the University of Georgia.

https://finance.yahoo.com/news/florida-homeowners-fear-soaring-insurance-100508455.html

[baboon]

This will effect more then just Florida. Lots of insurance companies have pulled out of Texas and rate are up because of it. It''s not as bad as Florida but we do have more land and a bigger variety of storms.

[RedOak]

KamalaCare! Government homeowners insurance.

Has your home been trashed by hurricanes? NO PROBLEM! Kamalacare to the rescue.

[rto]

I've been after my wife to do the 'aviator insurance plan'. I believe that if the rates go any higher she'll be game.

[4thIDvet]

My neighbor and friend across the canal here just spent over $400,000 + on his new home and property. He just told me he called for insurance? Most he could get was a hundred thousand $$. He paid cash no mortgage and did not even need insurance but wants it. Hell I paid $1,600 for this little swamp shack here and they wanted the damn money up front before issue.
Ins. adjuster is coming and I probably have four or five grand $ in damage. My neighbors roof blew off and a lot of the neighborhood has water in their homes.
I don't blame the ins. companies for bailing its not a profitable business down our way. I don't know what the solution will be?

[aviator]

If you put all that money in a high interest savings account in three four years time you have enough to do a new roof. Of course the property must be paid off, banks require insurance. We presently have three properties, without insurance, mine and two of my kids, my oldest son we paid off his mortgage and he dropped his insurance as well. It is crazy what they are doing, 25% increase a year.

in 35 years I have seen my policy go from $500 a year to over $7,500 last time I paid over 10 year’s ago.

[4thIDvet]

Well I don't have to worry about paying my insurance company next year. Their leaving Florida. Talked to my adjuster this afternoon and he told me their sending out letters this week. Its becoming a case of not how much are you going to pay. Its can you even get insurance.

"Over the past few years, the state has experienced the withdrawal of more than 30 insurance providers. This trend reflects deeper systemic issues within the market, including high litigation costs and frequent, severe weather events, which have led to substantial financial losses for these companies."

How Many Home Insurance Companies Have Left Florida in 2023: Complete Guide (oyerinsurance.com)

I think their is only about 20 companies left and some of them are not writing new policies.

[4thIDvet]

So I am sipping a bit of the devils brew and I got to thinking about this insurance. I get wicked smart after a few sips. This swamp abode would probably sell for around $200,000 +? The lot on the canal and the tree house is where the money is at. I only owe about $5,000 mortgage payoff.
Few years back I have an argument with some insurance chick who thought she was smarter than Einstein. I looked up the rules and best I could decipher is that you only need enough insurance to cover your mortgage? Miss Einstein? No you have to insure the property value. Fred, Brian, anyone is that true the sellable value or the outstanding mortgage?
My argument was the mortgage co. does not give a damn about the value they just want what their owed covered? Yes no anyone?

[GBob01]

Tim, þhere wad a time years ago that I could not afford the homeowners insurance, and it's about at that point now. With the mortgage company requiring insurance, I bought what was basically just mortgage insurance, for what was owed on the house. I took the chance. If the house had been damaged or destroyed, I was out of the cost fir repair or out on the street all together. Mortgage company would have had no loss, if it had been destroyed and I quit making payments, they'd have gotten their money

[GBob01]

Doesn't matter where you live or if your state has been hit with a storm or not. If you live in an area prone to hurricanes, expect coverage to go up considerably after every bad season....if you can even get insurance. Companies are dropping people simply because of where they live

[4thIDvet]

Tim, þhere wad a time years ago that I could not afford the homeowners insurance, and it's about at that point now. With the mortgage company requiring insurance, I bought what was basically just mortgage insurance, for what was owed on the house. I took the chance. If the house had been damaged or destroyed, I was out of the cost fir repair or out on the street all together. Mortgage company would have had no loss, if it had been destroyed and I quit making payments, they'd have gotten their money

Mortgage insurance. Good man GBob01 I have to look into just that you put a name to it thank you. Oh I know once I put this claim in they are going to bitch slap me next year $$$$.
FEMA flood ins. sent a booklet and flat out said if you put a claim in get your wallet out for next year. Almost like it was a govt. frigging threat. This is going to get ugly I have a feeling.

[aviator]

So I am sipping a bit of the devils brew and I got to thinking about this insurance. I get wicked smart after a few sips. This swamp abode would probably sell for around $200,000 +? The lot on the canal and the tree house is where the money is at. I only owe about $5,000 mortgage payoff.
Few years back I have an argument with some insurance chick who thought she was smarter than Einstein. I looked up the rules and best I could decipher is that you only need enough insurance to cover your mortgage? Miss Einstein? No you have to insure the property value. Fred, Brian, anyone is that true the sellable value or the outstanding mortgage?
My argument was the mortgage co. does not give a damn about the value they just want what they’re owed covered? Yes no anyone?

Basically yes, they want to protect their investments , that’s why they have clauses in the mortgage agreement tellling you you are responsible for maintaining the property and making sure it’s habitable. They are looking for a policy where you get enough money to fix the house should anything happens, which is becoming increasingly more difficult the way insurance companies are operating.

[Johnny]

If you put all that money in a high interest savings account in three four years time you have enough to do a new roof. Of course the property must be paid off, banks require insurance. We presently have three properties, without insurance, mine and two of my kids, my oldest son we paid off his mortgage and he dropped his insurance as well. It is crazy what they are doing, 25% increase a year.

in 35 years I have seen my policy go from $500 a year to over $7,500 last time I paid over 10 year’s ago.

Wife and I have two properties: our main residence and an off-grid cabin. Both are paid off. We still have insurance for the main residence, but decided not to insure the cabin. We didn't even tell the insurance company we bought it.

The reason we decided not to insure the cabin came to us based on poor service from our insurance company when we filed a claim about 4 years ago. We found that insurance companies are good at taking your money, but not so great at responding to a claim. In fact, they're pretty terrible. Like you said, it's better to simply bank the money you would have paid out in insurance premiums and "self-insure".

We still maintain insurance on our primary residence, but if rates rise too far, we might just dump that as well.

[Sanders]

Just try to call someone to ask a question...

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[Klauss]

Just try to call someone to ask a question...

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I usually have to talk to staples advantage customer service a couple times a week, I’m not paid enough to deal with them.