Home Insurance CRISIS - What YOU NEED TO KNOW!

Homeowners insurance premiums, particularly in Florida have been skyrocketing. In some cases doubling or tripling year over year, leaving many homeowners with making some extremely difficult financial decisions. If anything can bring down Florida's robust housing market it is this insurance crisis.

======
======
I offer 1 on 1 calls, book one if you'd like!
======
My Filming and Editing Equipment
======
Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
======
Get Cash Back on ALL your Internet Purchases!

Articles Mentioned in the Video

FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on sales you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support me and my channel! :)

[kzen]

Lots of people need to liquidate and ACCEPT they cannot afford their situation. Your lifestyle isn't a public concern.

[edwardsalvetti]

I was going to move to Florida. You talked me out of it.

[steven]

Here's a fun thought. South Florida's fuel shortage was caused by flooding blocking access to the fuel terminals for a short time. Imagine a hurricane destroying these terminals, knocking them out for months.

[whcziqv]

This is not a new problem. The problem started with people not being correctly charge for insurance for the risk of building close to the water. The rest of the Florida are paying for them with higher insurance cost. Also, the condos did not just happened, the situations were ignored. You are taking a risk owning any condo because they are known for not being proactive to mitigated any future problems. If you think your condo association knows what they are doing, the people running the board are the owners with little to no experience with condos or businesses. By the way, you videos are great. Thanks.

[MaryOKC]

I recently moved a mile from the beach in Florida where my condo owners association fees were $650/month ($7800/yr) which went up over a 2 year period from $225/month because of increased insurance and past maintenance costs as a result of hurricane Michael in 2018 and past mismanagement and past contractor issues and my annual insurance costs were around $1700/yr. I now live in Oklahoma and love it.

[eattradetravel]

Non-profit actually means: We take a bunch of money from you and spend it all on big parties, big salaries and "work trips"!! leaving nothing left which means "we show no profit"

[lulufulu]

People who choose to live in high risk areas, can’t be subsidised by the rest of the insurance base, when those risks which have been foretold, come to pass. The cost of the risk must rest with the individuals who choose to live in those areas.

[VirginiaScratcher]

I was just in FL last week, interviewed for a job, got it, then declined the offer because of cost of a home and child care. Child care over twice what I'm paying here, rent over 3 times my current mortgage (almost paid off). They offered me about the same pay I make now. I am now interviewing in my current state of Virginia and putting my FL dreams on hold. My parents moved there and health is getting worse, but it doesn't make financial sense for me to relocate. I will get my land here in VA and build a suite for them if they decide they are priced out down in FL, even though they love it there.

[victorsong]

I'm a Floridian. My insurance almost tripled (1700 to 4900). Got a brand NEW 50-year 160mph wind roof - by the way.
I decided to roll the dice. Got regular house insurance WITHOUT hurricane coverage. Cost: 1000 with a one-time 4 point inspection.
That leaves me 4 grand a year plus the $7K deductible.
If I go 5 yrs without a major, cat.4 or 5 hurricane, that's $20K + interest + $7K deductible, for a total of at least $28K. My total damage with Ian was a tad below 30K - including the new roof.
I'm in Cape Coral, we were 2mph short from a cat 5 hurricane and it was a SLOW moving one at that, so it had a long time to do its damage at those wind speeds.
This is the point when self-insurance makes sense.

[bigdog]

Those barrel tile roofs look nice til you have to pay $50k+ to replace it

[hipmoma]

That is why I paid off my mortgage as soon as I could. Homeowners ins. is now an option, not a must!

[retromoto]

Crossed Florida off my retirement list...for sure!😢

[shauntaprahamian]

these longer videos are great. Don't feel any pressure to keep them shorter. You have lots to say and we like it. Keep up the great work.

[mamaitaliano]

@Michael. All these problems are done by design you know what claus schwab said... "You will own nothing and be happy!" Michael happy early birthday and a May baby just like me, a Taurus! No wonder why I like you!I'm glad you're gonna go see your grandpa's place and show us Venice Beach!🙂

[lovlycu]

GAS WENT FROM $3.30 LAST MONTH TO $4.99 A GALLON IN PHOENIX

[echogl]

I left FL 2 1/2 years ago and premiums were going up. My friend lives there in a 900 sq ft. mobile home and is now paying $2100 a year and it keeps going up. What a mess and a shame.

[SiLaChaCha]

My ex husband lives in Fort Lauderdale we've been arguing about this for over a decade. If ever I wanted to be wrong it would be about this. It's been clear as day to many that this would happen very soon. I pray he can keep him home.

[bryanbunday]

We have been looking to buy in Florida since 2014, pre retirement. Now retired, , the home prices in every area we considered have now increased to a point beyond our means. Our dream to live in Florida has been abandoned and are currently looking at alternatives in Georgia and South Carolina which offer more affordability and insurance options.

[donnaflorence]

Thank you Michael you are one of the few that people that has laid this issue out in such an understandable manner.

[cosmiccharlie]

Watching those floods in Lauderdale you could tell the insurance issue was going to bloom.