‘It’s just not affordable’: Some Florida homeowners ditch insurance due to cost

‘It’s just not affordable’: Some Florida homeowners ditch insurance due to cost

[glenalguire]

Kudos to you for taking the chance, I couldn’t sleep, but that’s exactly what the insurance wants, the paranoia

[Babinkley]

The problem is when you go to sell the property. Most of the people who will be interested in your home will need to get a mortgage and they will need to get insurance on the house to get that mortgage. If they can't get or can't afford insurance they will not be able to buy the house. This will shrink the number of people who can buy your property, decreasing demand. When demand decreases you will need to lower the price you are asking for the property in order to sell it. If this happens on a large scale in Florida it could severely damage the real estate market.

[mary-jrtg]

What's more sickening than going bare and having catastrophic loss is paying out all those high premiums thinking you're covered then the greedy bastards deny your claim or drop you all together! People are getting tired of being fleeced!!!🤬

[dbrewu]

The 1700 people moving into Florida every week are undeterred by the high cost of living in the State . At least not till the Bills come rolling in . Florida isn't cheap Folks .

[goofygirl]

I understand that insurance has gotten more expensive but $8000/year amounts to $666/month. A married couple would basically need to come up with $333 each extra a month or about $77 extra each every week. And that's not even taking into account that they had home owners insurance before this and only dropped it when they felt it became too expensive. Their actual increase per month or week is likely way less than that.

[KD-lxny]

So now they invented "wind insurance"?

[Fullautoak]

Let's be honest if you have a total loss from a hurricane especially in Central Florida you'd probably be killed anyway if not then the whole state would have more than likely be destroyed as well.

[dianev]

That's pretty funny saying you have to maintain your home, if you go bare. Insurance is not in lieu of regular maintenance. If you Mickey Mouse the home with a facade the likes of Main Street, when it falls apart insurance will deny for wear & tear and lack of maintenance. You have a duty to neighbors and to the carrier under policy language to maintain the home and long-term damage is not a covered event. Often neglect of proper regular maintenance is more costly due to wood rot, seepage, and mold. Home maintenance segments please, since the public is at a loss.

[SamuelDurrstein]

I'm so confused? 🤔 You have no mortgage but can't afford 8K a year? Hope you have a million in the bank because someone can sue you too if they get hurt on your property

[charlotteab]

People need to learn if you can't afford a house to sells and get an affordable one you owed to the bank is mandatory to have an insurance

[DARTHDANSAN]

Home steaders didn’t even have the concept of issuance .

[gymdoc]

This is sad. One hurricane and they will lose everything

[allenwynne]

This video is very negative. I will not live in fear. That's a choice you make.

[Scribz]

Lmao, I love boomers who own their home outright and can't afford the forking insurance. These boomers can't afford $1k a month, yet those same people say my generation isn't buying homes because of avocado toast and coffee. No it's because we pay forking $2k a month in rent alone, and that's for a tiny apartment that could fit in her garage.

Also, for anyone who is upset about high insurance prices, it's dumb benches like this one who caused it to go up. Maintaining your home is always your responsibility as a homeowner, insurance is not there for you to just "wait for everything to fall apart" in fact wear and tear is an EXCLUDED peril in florida's standard HO3 ISO form (for the record this is excluded in all states ho3 form, not just Florida). But thanks to people like her and overworked and under paid claims adjusters, a lot of those claims still get paid out.

And while she herself may have never done this, a lot of wealthier individuals (ie can afford to own a home without a mortgage) will use private claims adjusters who basically get paid to knowingly commit fraud and force your insurance company to pay on bogus claims. It was one of the leading reasons that premiums in Florida went up, a lot of roofing companies committed insurance fraud and used independent adjusters to claim roof damage was from storms on roofs and a full roof replacement was required even though the the roof was still in okay condition and didn't have any damage.

Mortgage companies were also requiring illegally high limits on dwelling coverage that ended up with insurance companies paying out more money than the home was worth. And even though the Florida state government has issued even more laws regulating mortgage companies relationship with insurance, every single loan officer still breaks these laws on a daily basis and for the most part you bench ash homeowners are too scared of the bank to tell them you know what their doing is illegal when your agent tells you it's illegal or you keep calling until you get an agent who doesn't care or doesn't know.