Fla home insurance cost about to go up?

Apparently Farmers is also cutting back in California. They say it is due to natural disasters, but Jimmy knows it is that California is not woke enough

https://ktla.com/news/farmers-to-en...ck-in-california-over-natural-disaster-costs/

 

Patronis is a career politician who's never held a private sector job, weird how that hasnt held him back in Republican politics and from being appointed CFO

 

He was supposedly likable and had good instincts. But this is as stupid and any of them

 

Oh, he's definitely just read the room to see what the temperature is his whole career, I dont think he's a true believer by any means.

 

Well, he is a Nole

 

I too would rather Disantis address our insurance crisis rather than Mickey Mouse. The problems seem obvious, though. Fraud and attorney fees.

"Triple-I and other insurance companies have pointed to a 2017 state Supreme Court decision as the driving force behind an increase in attorneys’ fees. They say the decision now allows courts to award attorneys with much higher hourly billing rates. Previously, attorneys’ fees were limited to no more than 25% of any judgment against a sovereign.

Between 2017 and 2021, data from the Florida Office of Insurance Regulation showed that $51 billion was paid out by Florida insurers over 10 years. About 71% of that total went to attorney’s fees and public adjusters while only 8% went to claimants."

"Florida's insurance crisis worsens as Farmers pulls out. What to know"

 

“For the people”

 

Attorneys fees? Maybe if the insurers paid what was due under the policies, they wouldn’t have to pay attorneys fees. But the insurance lobby is strong, obviously, given how Florida caved to them in every fashion.

 

Harsh, but fair


What Farmers is doing is not uncommon. Over the past three or four years, we’ve seen a number of private market insurers that have been nonrenewing policies across the state.

It’s been very difficult for these primary private insurers to find reinsurance. The reinsurance companies that underwrite policies for the insurance companies are telling them that they’re not going to underwrite them if they have certain risks. Or if they do underwrite them, it’s going to be super expensive.

Florida is a very risky area. We’re a huge peninsula, in the middle of the Atlantic Ocean, in the middle of a wind tunnel, basically sitting on a sponge.

If you’re a national company, you’re like, “Do I really need to go through that headache?”

What does insurer’s exit from Fla. mean?
What does insurer’s exit from Fla. mean? - Tampa Bay Times

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Switch my party affiliation to R so I could say stupid things about the climate without being questioned by party membership and order that all the forests floors be raked raked up immediately and kept clean. I would then order 1000 blank hurricane tracking maps and a case of Sharpies so I could plot the hurricanes to wherever I wanted.

 

You didn't have to go through all that, you say stupid things all the time

 

AAA pulls back from offering insurance in Florida, following Farmers

AAA will not renew the auto and home insurance policies for some customers in Florida, joining a growing list of insurers dialing back their presence in the Sunshine State amid a growing risk of natural disasters.

"Unfortunately, Florida's insurance market has become challenging in recent years," the company said in a statement emailed to CBS MoneyWatch. "Last year's catastrophic hurricane season contributed to an unprecedented rise in reinsurance rates, making it more costly for insurance companies to operate."

AAA declined to say how many customers won't have their policies renewed, saying only that the change will affect "a small percentage" of policy holders.

The company is the fourth insurer over the last year say it is backing away from insuring Floridians, a sign extreme weather linked to climate change is destabilizing the insurance market. Farmers Insurance recently said it will no longer offer coverage in the state, affecting roughly 100,000 customers.

 

I have always felt cheated by home insurance. Been paying it for 50 years and and only once collected a claim. That claim wasn't worth reporting, a garage burglary, I think after paying the deductible I got like $300.

 

Just renewed with Frontline for 4k. Middle of the state, new CB metal roof construction. Combined with property taxes damn near 12k/yr.
Just sold another rental property only because dealing with crappy tenants and insurance demanding a new roof on the triplex it’s no longer worth the hassle.

 

We are seeing more private carriers entering into the market, flood pricing hasn't been a huge issue and you should have it living in FL flood zone or not. People not in flood zones in Houston never thought thought their homes would flood either, Harvey said otherwise

 

Perhaps - I think the real question is how much will be left in our collective bank accounts when the “big one” hits and Citizens is (literally) under water. No joke - this would be ugly.

 

Hurricanes haven't been the main issue. It's fraudulent roof claims that have caused most of this. Ian was an added bonus. Reinsurance has also been a major reason we are seeing premiums skyrocket. Home replacement costs have also increased greatly which obviously increases premiums as well, perfect storm. It's a mess. I deal with it everyday, luckily for me we only insure brand new homes so the pain hasn't been near as bad as it is for older home owners

 

Make sure you have Replacement cost on contents and extended replacement cost on your policy. Many agents leave those two coverages off to lower the premium

 

What is extended replacement cost?

 

ERC adds an additional % to your dwelling coverage. Typically it ranges from 10-50%, usually see 20% in FL. This helps to make sure you're made whole and can rebuild a similar priced home in the event of a total loss due to increased construction cost and other factors that would make your like home more expensive to rebuild than what your stated dwelling coverage offers. Some policies include this automatically but many don't unless you ask to endorse the policy to include it