🤔🏠 Florida Homeowners Insurance Crisis Explained

If moving to Florida or living in Florida you are likely concerned over the Florida Homeowners Insurance Crisis and Why are insurance companies leaving Florida? There are new florida homeowners insurance laws in place but it's going to take time for them to help to correct this insurance situation. Watch this video to learn why Florida Home Insurance is this current situation and how the new laws will help.

🚚 Moving to St Augustine?

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00:00 Intro
01:12 Why Florida has Insurance Issues
03:00 How the New Laws will Help
03:05 New Deadlines
03:43 Eliminating Assignment of Benefits
04:06 Remove One Way Attorney Fees
04:22 Reinsurance Funds
04:42 Push to Private Insurance
05:39 What does all this mean for you?

Welcome to the Your Key to St Augustine Youtube channel. We post videos weekly to share information about St Augustine and the surrounding areas in an effort to keep you informed and educated on the lifestyle, area and real estate. People contact us everyday about moving to Florida and we ABSOLUTELY love hearing from you!

Can't wait to speak with you!

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I am so grateful for all that subscribe, thanks for watching my videos!

Moving to Florida?
I'm available to answer any questions you may have

#livinginstaugustinefl #staugustinefl #florida #floridarealestate #floridalife #saintaugustinefl

[NturElle]

Thx for making vids. I’ll wave if I see you around town :) Our premium increased this year.

[bagsjr]

Self insuring can be a good option if the owner has the discipline to put the money away each month and just never touch (unless claim).

[scott]

We got sold out to the insurance companies! This also requires HOA’s to provide a Huge Surpluses to Homeowners within the community, which will cause HOA’s monthly payments to skyrocket 300%-400%. This will Bankrupt a Major Majority of Homeowners!

[nf]

Hi Kim. Thank you for addressing the homeowners insurance crisis. You always nail it Kim!! This is definitely a major consideration for us to purchase in Florida. It’s so frustrating to hear that the insurance costs have increased so much. It is pricing us out for purchasing a home in Florida. We’re wondering if it’s worth the risk to move to the sunshine State. What happens if Florida gets another CAT 5 hurricane? Where will it end for homeowners in Florida?

[spocksvulcanbrain]

Let's be real. Unless the government (Florida state or the Feds here) becomes an insurance agency, there is nothing the Governor can do. You can't force a company to insure people when the cost of doing so will be to bankrupt the company. Even if you mandate you must cover XYZ to do business in Florida, we've already seen companies flee states when insuring becomes unprofitable. I had this happen to me in NJ in 2001 with car insurance. Due to so much fraud, all the companies but 2 fled the state. I had to triple my rate from California when I moved there (to NJ) until I left the state 4 years later. This is no different. No matter how much you study or advise or mandate, a company is not going to willingly open themselves up to failure. The only relief is to make home insurance for loans, ownership, etc, NOT mandatory.

[ViceCoin]

Florida ain't so cheap after all.
Texass is next.