Property insurance crisis continues in Florida

Some homeowners are seeing their coverage getting dropped while others are seeing their rates go up.

[wormgoodman]

Paid on insurance for 30 years and never made a claim, got canceled. It's not a economic decision. It's class warfare.

[timmsmiithgm]

As a Floridian and seeing first-hand how insurance companies act after a hurricane, I have little respect for them. They would see a house with $50, 000 damage and pay only $30, 000 - forcing the homeowner to sue for the rest.

[npc]

And then in six months comes increases in property taxes.

[op]

Insurance companies know Florida is not a good bet.

[mjblue]

Americans will soon lose the "roofs over their heads".

[mariakettlehut]

Our property insurance here in Tennessee is 45.00 a month
Time for you Floridians to leave

[clagueb]

Set your hurricane deductible to 10%. Highest insurer must offer by law. My yearly premium $389. Dwelling coverage $219, 000, Hurricane deductible $21900. Hurricane coverage portion of premium $168. This is for a new home purchased 12/2019 for $175, 000.

The higher the deductible the lower the premium. The news needs to teach.

[glasslinger]

Everyone wants their roof fixed with SOMEBODY ELSE'S MONEY!

[MrPrentissDJones]

The roofing scams in Florida has been happening for years, we were studying this issue back in 2000s… when I was studying architecture at University in Florida!

[MacKeyser]

Yep... I got one of those FedNat letters... thankfully, I was able to get new insurance with only 12% increase, but I had several quotes at 250% and higher... As a service connected disabled vet, I was panicking...

Also, as much as I hold insurance companies with disdain, there is simply no way to ignore the rampant roofing fraud in FL. The issue is the "assignment of benefits" which isn't allowed in most states that allow someone to assign their insurance benefits to a roofing company and they just file claims like crazy. People go along with it because they get a new roof for the price of their deductible.

If they don't address this soon, Citizen's (the state insurer) will be the only one insuring in the state and their premiums are legit 250% more than what I pay now.

[zippydo]

Florida has hurricanes, one after another, year after year. Plus severe storms from the Gulf and ocean. Why should all who pay insurance bail out Florida rebuilding year after year? The people are allowed to rebuild on the beach and throughout the state to the same building code that just blew their roof off and flooded their home. Doing the same thing over and over is the height of idiocy.

[PunkMartyr]

What people are going to figure out in a couple of years is if you were making 70k a year now you’re making 35k in terms of buying power thanks to out of control inflation on EVERYTHING

[GreyCrowe]

Don't worry. The hedge fund that scoops up their entire neighborhood, will give them a great rental deal.

[tonyrussi]

In 2012 when I paid for a new roof, it was $7, 400. that same roof is now $20, 000.

[creolelady]

USAA told me that they will not serve certain areas in Florida especially the areas with sinkholes and hurricanes

[midbreezy]

Wonder how much in donations these insurance companies pay to the same politicians yall expect to solve the issue.... hmmm based on this report, I bet it's a lot.

[lisalee]

I'm telling you....WE Need A New Insurance Commissioner 👍👍👍👍👍

[lisad]

As an long time ex-insurance agency owner (southern California), I'm surprised that ANY insurance company would operate in Florida. It is simply not profitable.

[BillForesmanWilliam]

they used a SINGLE bldg in Miami that "fell down" to jack these rates

[Monkeybongoes]

Florida is heading towards a "live at your own risk" state, where can't buy a house that you can't afford to replace out of your own pocket.