Possible turning point for the insurance crisis in Florida

For the first time in year insurance companies are dropping rates and new companies are setting up shop in the state. But will it stick? Nadeen Yanes has been covering the insurance industry in Florida for month and has a look at the possible turning point.

[Bradimoose]

Miami Herald and Tampa bay times just did a story about all the executives that bankrupt one company then start new ones. The law is not enforced.

[SANangarita]

When I finish paying for my home, I will self-insure; I'm paying $7500 a year, and in two years, that amount of money will almost cover a new roof.

[tkulfxx]

It is all talk, I just got quotes on 2 homes by Gulf Breeze. 4k sq feet and wanted 20k a year for insurance. Same size house in costal AL quoted 4k a year for insurance. It's out of control

[ivanrojas]

The best thing I did was sell my condo and buy a mobile home. I'm not required to have insurance for a mobile home, and the cost is reasonable compared to condos and houses. I have insurance through Citizens. If a hurricane blows away my home, I'll just buy another one with whatever Citizens gives me.

[Mako_]

Maybe if these insurance companies didnt pay their executives MILLIONS of dollars in salary/bonuses they might have enough to cover claims. These companies dont GAF about their clients.

[jerseygirlinflorida]

I’m searching for a new HOI.policy. I’m paying $1800 now in Orlando 1800 sq ft house. Have new wind mitigation, and 4 point, roof is 6 yrs old new ac/ heat. Whole house repiped, new tankless Hw heater. My quotes are now $5800 with 2% hurricane, $5400 with 2%, $4950 with 2%. This is more than double and triple increases. This story is not true.

[LatinJck]

The other issues is that the Homestead Exemption has not been raised in years this would be another avenue to help homeowners. I agree with some of the comments my Citizens insurance quadrupled. I went with Frontline Insurance, but there was a caveat I had to replace my water heater of 20 years old even though I am on the first floor of my townhome and in addition have two inspections one of room and other wind mitigation before I could get a reduced policy. Now I am hearing our HOA insurance will be going up again, so next year I will be selling no more HOAs.

[jfpzjxg]

There is NO turning point for insurance, You may get a policy cheaper when you sign up with a new insurance carrier, but come renal time your policy will go up a lot.

[gmohler]

Scam- liars- this is destroying people's We're frustrated

[CraigerAce]

Sarasota County resident here. My insurer jacked my rate 50% this year. And it’s still cheaper - not by much - than every other company I’ve looked at. Florida used to be a relatively “inexpensive” state to live in. Those days are long gone. Peace. Out.

[beautyRest]

He says they are not allowed to do new business, that might be true, but these crooks find a loophole!

[toe-ray-she]

Yeah, it's substandard insurance through surplus line insurers. These new insurance policies even state that you're buying substandard insurance.

Definition: Surplus lines insurance is a type of coverage for specific risks that traditional insurance companies are unwilling or unable to cover. It's written by unlicensed, nonadmitted insurance companies, also known as surplus lines insurers, who have been authorized by the Office of Insurance Regulation (OIR) to provide this coverage.

[mikehamm]

Petrones is on the take, insurance lobbyist is who they serve not us taxpayers

[nowthatsfunny]

I've been saying if you pay in $4500 yearly and don't maje a claim, then $2000 gets sent back to you. There's no reason i should be paying for a $4 million dollar mansion if my house is 1150sqft.

[devans]

Maybe the insurance companies should be non-profit

[gmohler]

If you have Mortgage - must have - too hard to not have a mortgage- who has that much cash to not have a mortgage

[MrDCMiami]

BlackRock is engineering this whole thing from behind the scenes. They have large stakes in insurers and lenders. Think they are not working together in coordinated fashion? Nah, it's all just a coincidence!! 🤔🤔

[annkennedy]

Here's a question: I'm asking this because a lot of people I know are asking too. They lived in a house for 20 years and now it's considered prime property. The homes are older, but the property now is worth over a half a million dollars. A hurricane comes and destroys the house. Does the homeowner have a right to get the home demolished pay off small mortgage and have home dmolished. Haywood cost for more if it even happens that the homeowners insurance would cover the cost. So the homeowners insurance or can the owner just take one of the offers to buy the property and their plans are just a demolish the home. In Florida there's a lot of old homes better now on property worth far more than house. May sound like a silly question and it may not have asked it correctly, people are so fed up and realize how much their property is worth. Maybe the best thing is just to sell it to all the investment companies that are here.

[Mako_]

The real true solution to this issue is: build concrete houses. Build something that wont fly off at a hurricane and you'll see these companies SWEATING.

The reason why we're being taken advantage of for insurance is because they KNOW that we need insurance, because the houses here are built out of damn wallpaper. The way the houses are built ensures that this insurance scam perpetuates for infinity.

[ecigglobal]

In 3 years my Insuranse went up from 3690 to $7540, this is not sustainable