MASSIVE Insurance Increases Starting To BANKRUPT Homeowners
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- เผยแพร่เมื่อ 2 ต.ค. 2024
- Homeowners insurance is becoming an unbearable expense for many homeowners, especially in Florida but in other areas of the country as well. In some cases you have insurance premiums doubling or even tripling year over year or folks losing coverage all together after paying decades of premiums.
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Exactly What NOT TO DO Right Now... th-cam.com/video/D2nQvz-mi_A/w-d-xo.html
Michael when you say roof's. Are you just talking about shingle roofs or all roofs including terracotta roofs and metal roofs?
You are spot on
Florida went from being one of the most affordable states to live to one of the least, at least if you're still in the work force. Wages are an absolute joke especially if you're in the trades.
It sure did
All that with bugs and hurricanes. Enjoy!
It happened soo fast though, Orlando was actually affordable even in 2020
I agree!!!
@@strawdemindset inflation from all the c0vid money, plus demand from people moving into the state from c0vid restrictions and higher insurance from the hurricane damage
If buyers don't do their research, buying a place in south Florida is like buying a Ferrari...it's not the initial cost but the insurance and maintenance that can financially cripple the uninformed.
Your assuming people getting bankrupt are new owners, many people getting hammered are those who bought long time ago
Or like buying a yacht. Sure, you can live in it, but can you afford to leave the dock?
Very few people buy Ferraris they lease them so they don’t have to worry about maintenance.
@@war8036 Correct. For those who do lease, they're on to their next lease before expensive breakdowns and maintenance costs begin.
@@VortexVibe634💯% that's why a lot of them sold and moved to a more affordable part of the country.
Insurance company business 101:
Step 1 - Take everyone’s money
Step 2 - Go bankrupt and ditch everyone
Step 3 - Open up new company and repeat
You know Capitalism is working properly when each step is met.
Actually your forgetting the most important step.
Step 1- Bribe politicians to pass favorable legislation allowing industry to gouge residents
Exactly
@@bnyob3463zero cost
You all have been mis-educated…..it isn’t capitalism.
I can't afford health insurance or home insurance....I hope to stay healthy and my house has survived 2 major hurricanes here in Fort Myers in the last 5 years, all without insurance coverage. This isn't for the fainted heart, fellas!
Good luck, and it's quite possible to pay for homeowners' insurance for 33 years like I did, and never make one claim...but it was a reasonable and prudent expense then. In the last two years, homeowners' premiums for my older house have tripled!! It no longer makes sense to insure it, so this year for the first time, I'm not. Actually, I'm self-insuring, but I admit I'm a bit nervous, because it is FL, and we do have a hurricane every so often.
"faint of heart....."
Insurance is a scam!!! Think of all the money you saved!! And even if you have to patch the roof, a good handy man can get roof glue sealer, etc, and done. If it's major, cover it with a tarp and some heavy stones.
Do you have concrete roof? You might be surprised about your wooden roof condition with deeper inspection
move to NY - when you won't even be able to afford food. stop being a baby.
This is my biggest fear as a homebuyer. You have to look at your monthly affordability and then factor in "what if insurance tripled a year or two into the mortgage? Can I afford that?"
If you truly own your home, no mortgage, you don't have to pay for insurance. It's a scam.
I’ve been trying to keep costs low and not get into more debt. Car is paid off and some student loans with no plans to buy a home. I had finally gotten a decent paying job almost exactly a year ago and was beginning to pay down credit card debt accrued from being underpaid at full time - then my apartment got sold and was given notice to vacate so they can flip the apartment and make more money. I barely managed to find a new place and am now paying more than double in rent, which is half of my monthly net pay. I’ll be lucky if I can afford NOT to increase my credit card debt - let alone pay it down. People suck! I just want an adorable life!!
Find a roommate
Insurance is a scam anyway, they have no issue taking your money but getting money out of insurers is something else
My wife and I are building a mountain lodge style timber frame cabin with our own hands from lumber we milled ourselves. My neighbor asked if I was insuring it (Actually said "You ARE insuring this aren't you?" I just looked at him and said "Hell no I'm not giving a dime to any insurance agency" The only reason you are required to pay home owners insurance is for the BANK to get their money in the event of a fire or other natural disaster. If the Bank wants to insure themselves I have no problem with that. Because I am building with no borrowing I can do whatever the hell I want. See the difference? He said "What if the house burns down?"" Well I said "I'll just rebuild it!" "F" them
Michael you know who I am I sold my house in Cape Coral in July of 2022. The insurance is probably the main reason why I decided to sell my house and thankfully so. That was nine months ago and I saw the writing on the wall as clear as day. I do absolutely nothing about real estate. But I do know a lot about common sense. 😀
I’m glad to hear you have common sense because it seems to be a rare quality these days
@@MichaelBordenaro Always been rare and a degree makes people think their Smart..
The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy
you are definitely right , waiting on the government is a big waste
Investments are the stepping Stones to success especially if you been guided by a professional
who is your pro ?
I trade with a professional stock expert " KATRINA VANRENSUM " who i met in one of the seminars..
There are so many investment out there but if profits must be considered then not all investments are good to go into.
The legal system in the USA has done a good job of helping to destroy this country. I have four attorneys in my family and they are all very wealthy.
Florida has more members of the bar living in their automobiles than any other state.
Legal crooks
Oh my doctors malpractice insurance. He gave up his whole business and went to work for a health care group. He also told me he would tell any young people looking to get in to his line of work.dont.
as for the condo fees and insurance, i notice everybody blogging and complaining but when it counts nobody shows up for the meetings or voting to stop it before it gets out of hand....as for the doc, i wonder if the premiums would be as high if there wasn't so much murder and malpractice!??? if they'd stop overprescribing and cutting off wrong limbs and apart actually treating people and saving lives, it would definitely be diff.
@@amgsince2017 I think it's mostly first gen attorneys. I'm in law school right now and the financial stress and job prospects between the two groups are noticable.
We're the baby boomers Michael was talking about @ 19:00. Sold, downsizing and building in a similar Southern state with no HOA's or busy body neighbors. But with all the $ we're saving every month, INSURANCE was the cost going up in our budget and all three at that -- health, homeowners and auto.
Absolutely we’re all getting hit with these insane insurance costs
I owned a condo in Hawaii and just sold about a year ago. I'll never own a condo again! Between the HOAs and the board...not for me.
@@dougmartin7129 I take the time to /report the comment flies as soon as I see them swarm in.
Destroying value= board...
You can almost be guaranteed that your insurance will double from the current price, YOY. None of this is by chance… What we’re witnessing and experiencing is a wealth transfer, designed a long time ago. Sorry to be conspiratorial about this, but if you follow digital finance, you’ll see the world governments hashing out a new system. This is the death of the middle class in the United States.
I don’t doubt what you’re saying at all.
Michael, hasn’t Florida always had hurricanes? Haven’t insurance companies always offered insurance and also made money ? Something fishy here.
Yes, they have but the one thing that’s different now or a couple things is that the replacement cost for rebuilding is so much higher than before, doing too much higher labor and material costs.
But it’s not just the hurricanes that caused this issue. It’s the fraud and the lawsuits that lead to so many insurance companies folding up and not writing any more policies here like I explain in the video.
@@MichaelBordenaro exactly. Just look at the damage estimates for the last hurricane. Huge!
There wasn't raging inflation back then. Last period of semi high inflation was in the 1970s. Money is meaningless now, everything is going up- costs to replace, parts, materials, labor to do it...etc...my food bill up 20% last 3 months. Once the snowball starts rolling it is harder and harder to stop. Interest rates- March 1980 Fed Funds 20%, today its 4.5%. Yes insurance companies are taking advantage of the situation, but nobody knows how bad this will get.
I'm guessing that a lot of insurance claims are for floods, mudslides, homes burnt down, tornadoes and of course hurricanes. Climate Change is making The Home Insurance Industry a crappy business. Used to be profitable based on disaster statistics. Guess what; BAD STATS NOW.
You can blame these issues on a lot of reasons but ultimately it falls on the Florida legislators for allowing these problems to get to this point. The insurance and HOA debacle was self inflicted. Property tax, every resident of the state should be demanding their politicians an accounting of where these taxes are going. The infrastructure is seriously deficient, school systems a joke, medical system steadily declining, etc. Yet their collecting record amounts every year with nothing to show for it. Florida has always been one of the most politically corrupt states in the country but its now on a whole different level.
House insurance up 25% here in Michigan.
There you go! A lot of people think it’s just in Florida, but it’s not
Stinks its up, but in MI insurance is generally really cheap in comparison. My house is $950 a year for homeowners premium in MI. 10 years ago it was really cheap. Like $500 a year.
8:23 71% of insurance case cost goes to wicked lawyers and 8% to claimants
As a 45 year local in central Florida, I can tell you maintenance and overhead will crush you and local blue collar, that maintains your homes, can no longer afford to live here. I'm throwing in the towel myself. It's really bad. Imagine, a a retiree, forking over 300 a month, minimum, just for mafia taxes....a MONTH! Add up the math for the year. Thats outrageous!
Same. I’m in central Florida and planning my escape. I like Florida. But it’s just too expensive and the wages are comparatively crap. The wages are literally a joke.
Exactly..neo mafiaoso taxes...garbage
@@jeremybaldwin2840 philippenes is affordable
@@MR..181 i was there 2 weeks ago. Its about 70% the same price. Construction and foreign investors are buying up everything. Its not cheap anymore. Trust me I've studied phillipines for past 10 years thinking i would retire there. My mind is changing.
@@MR..181 yes a lot of TH-camrs report who wonderful it is.
Low rent,low cost and all the wonderful women . A single man’s paradise. Let’s go.
I love Northern California, I hate the politics ! Been here for over 40 years I’m to old to move 🧑🏻🦳
I admit I laughed out loud when I heard $7,000,000 for insurance
That's insane!
I couldn’t believe my eyes when I read that!!
Keep the insurance money- fix the roof with the money instead- ha!
USA is so vast that if homes are built realistically every person can have a place to live. By building mansions and single family homes a lot of land is taken away . That is a big waste of home where only a maximum of 4 -5 folks live and many times no one lives there on a regular basis. Why not build smaller homes and make them affordable for all ?I get it Americans love their privacy too much but is that worth it if you can't afford to live properly and go bankrupt in the process? American dream is fast becoming a big nightmare.
There is a ton of cheap land in the US. They should be able to build dirt cheap condos for people 600 to 1000 square feet. Or townhomes.
Great info, Michael. It sounds like the FL condo situation is going to get worse before it gets better.
Absolutely there’s gonna have to be a lot of changes and unfortunately some people will get burned in the process
18:00 Best advice I can give anyone under 40 is to not get married, don't go to college, or buy a home until you are sure you know what you want to do with your life.
My Windstorm insurance increased $1,500 last year. Will be cancelling next year. House is paid off. The insurance and real estate industry are criminals…
And that's probably with increased deductible
I waited from 1977 until 2008 for the housing market to come down. I wasted 30+years waiting and could have had a house or two paid for instead of renting.
Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis
Always keeping it 100% with the reality for us workers!
“You’ll own nothing and be happy.” ~ Klaus Schwab
You vill eat da bugs 🐛 too, and you vill like dem 😋
I wonder if the nazi schwab would be happy if he never owned anything
Michael I’d like to add to your video. I’m an estimator in the construction industry and I live in Miami. We are getting A LOT of requests for quotes to do re-roofs on these older large condos because the buildings are being FORCED by the insurance carrier to replace the roof or their premium will DOUBLE. Just sent out a proposal for this yesterday.
Tampa Bay Area insurance going up like mad. The stories I’m hearing 😮
It’s crazy!
Same here. My old insurance company went bankrupt last March. The new insurance required me to replace my 16 yr old roof first at a cost of $25k. ! The new insurance would be $ 5k a year with a $20k wind deductible!
I said no thanks. I now have no insurance.
3000 SQ ft home is paid for.
YOUR CHANNEL IS REAL AND FROM EXPERIENCE
I work in the insurance industry and specialize in personal lines insurance I could attest that the insurance costs are increasing hence increasing consumers' premiums
Retired agent here. You are so correct. Most people don't want to acknowledge that the insurance companies have increased costs themselves therefore higher premiums. Every other industry in this country raises prices to consumers, but insurance companies are never supposed to raise premiums, according to most people. I believe that it's because insurance is an intangible thing that people are basically forced to pay and don't feel like they are getting anything in return for their money. No doubt, though, there is greed and corruption in the insurance industry. Glad to be retired.
I live in Mass and while I hate the weather six months of the year, I don't have to deal with these Florida issues.
Debtors who must pay insurance on the banks propertys, control the associations and force the non debt owners to comply...but, they spend other peoples money to buy thus irrational prices ...no buyers..!..could fire managements..
Disassociate..
I paid off most of my debts but it feels like insurance increases are just replacing the payments that I used to have.
In 2012 my homeowners was $1,200. Last year it was $2,500. This year it’s $3,400.
I’m in Central Florida, 50+ miles from either coast.
My car insurance was $760 3 years ago for 6 months, I just renewed at $1,120.
Insanity (and I shopped both renewals).
Sad
They can can raise the condo fees to anything they want.. and they will. you have no choice but to Pay them... You don't pay them they'll just take your condo.. half the time the condo manager is getting kickbacks from the contractors who do the work.....
I bought cash condo in 21. For some reason based on you tube I guess I asked to get hoa minutes, and year prior financials- cash on hand. BUT I did not know I could have asked about the list you mentioned on how many owners own multiple, how many owners live on site and how many rentals
I found out there is a guy that own about 50 of 170 units and that upset me. Also found out like 5% owners live here.
It turned out luckily to be a very well maintained and quiet place but I sure wish I had more questions to ask
My realtor never hinted at any. I brought up the financials
Live and learn. We are in good track for 2025 law on reserves
We did just renew insurance
Moved out of Orlando late summer of ‘22 . Seen the writing on the wall of housing ,property and insurance on homes. Both of us just retired after 40 years of work. Got the money and RAN to the PNW! Best decision for us . Have a smaller house paid cash with the money from the old Fl house . Done with the rat race and all the craziness of the world!
Surely, you mis-spoke when you said "tiny 1500 sq ft" apartment.
Great info again, for SFH in south Florida , normal middle class property, expect to pay $ 5000 - $9000 per year for Home Insurance, so the No State taxes is basically useless, Property taxes on 500K SFH property , if you can find one at that price, maybe $6000 - $9000, so not inexpensive... better chk before you purchase
We millennials TOTALLY got screwed. So many years of work experience and income were lost because no one would hire us because we were inexperienced and the 2008 recession. Now we’re finally old enough and making okay money, but will get screwed again with this inflation/recession where morons are getting into huge debt and passing the buck to renters or anyone else they can offload on - and boomers are holding onto their high paying jobs because they can’t/won’t retire.
1. in Florida condo's are falling down on their own.
2. hurricane costs, the government is tired of bailing them out and asking them flood insurance instead of getting it for free.
Look at rent across the entire State. You can't even walk into a 1br without paying 1400+!
And jobs pay 12..00 bucks a hour
So very accurate and detailed. Having lived through the last housing crash in Florida, it’s easy to see the signs right now and how much worse it is in every way. We are no longer in Florida. Living on the west coast, house paid for, waiting for bargain prices on the East coast. And if that doesn’t happen we are okay where we are. Not ideal living situation, but debt free. Being able to stay on the sidelines is something we are very, very grateful for.
It's hard not to feel something very ominous about the mega boom of construction in Florida, and how it could so easily come crashing down.
I watch Micheal because he's shown integrity. Not all RE people have that quality. Look beyond the smile.
Please know your comparable properties prices. And have multiple options in mind. You're in charge.
Where is it cheap to live? The only left is a tent ⛺️. I do feel a lot of pain for the younger generation.
But then on the other hand you hear how many people going on spring break and the prices are steep for that period.
Florida especially South Florida is now Cali-York
@@landmark22 I grew up in S. FL in the '50's and '60's, when it was uncrowded and affordable. Would NEVER live there now. Wall to wall condos and cement. As Joni Mitchell sang, they paved paradise and put up a parking lot.
Condos!! Make zero sense !! Listen to this guy !!
No worries. Live in a R. V. Leave each time a hurricane comes, come back when it's over. Don't play the insurance scam . Keep it simple
Take the RV Pill
There aren't any available spots
I was just saying that to a friend the other day. I own a home. But if I was single. I’d do that before renting! Because rent is crazy too. But I don’t really have a clue what RV parks charge. 🤷♀️
Don't glamorize RV life
R.V. living must be a purgatory but paying rent in Miami or paying this much insurance is plain hell.
71% in lawyers fees
so can we say the lawyers fucked Florida insurance prices?
When a person moves,sells from a condo project.
Do you get the Reserves you paid in.
If not used. And why not.
If you do not get the value. Why leave it on the table.
Self insure, pay cash, outside of an HOA and maintain your own property without insurance.
And hope and pray that there is no catastrophic event out of your control. We all hate paying for insurance, but happy that we have it when something serious happens.
Michael, I agree with pretty much with everything you are saying. There are still to many wealthy foreigners and retirees buying up property here in South Florida. Where I live in Broward County condos if priced right are still selling and getting asking price if not above. It is working people and seniors that have been living on fixed incomes for many years that no longer can afford to live in this state.
But at least the governor can spend millions of dollars to fly immigrants from Texas to Martha’s Vineyard. No need to use that excess money to give rebates to homeowners, that won’t help gov get elected president.
It didn’t cost millions to fly the illegal immigrants out of Fl. Most were bused to sanctuary cities that claimed to want them. It would have cost Florida millions had they stayed in Florida to live off of its teet.
Here in NYC, insurance has gone up as well since hurricane Sandy.
As a millennial myself, I am extremely lucky that my only debt is my house which I bought in 2017 when the housing market was still pretty good. But unfortunately my car (which was fully paid off) got totaled a month ago and right now is not the best time buy a car, and and as if doesn’t get bad enough, the salt in the wound is that they raised property taxes 30%. so it feels like we just can’t catch a break.
I'm thinking about getting the Chevy bolt, they lowered prices and there's that 7500 tax credit still, maybe look into that? I know it's a gay little electric car but I'm spending a lot on gas commuting 90 miles every day and I get 19mpgs on my SUV.
Where did they raise your property taxes 30%? Horrible.
Ah yes the "property taxes"(rent) that never goes away and always increase As an older American I can tell you it is easy to be forced off "YOUR" land I have seen it happen numerous times I have had a friend tell me well if my house is worth that much than let them give me the cash Sad it does not work that way
You are correct in all your comments however housing is still unaffordable in Florida and other southern states sadly it’s going to get affordable real soon when the economy crashes and thousands of homes are in foreclosure due to massive layoffs, taking your advice sitting on my cash waiting for the days of good deals to arrive
Smart move
I’m in California. Never had a claim in 29 years. My single family house homeowners just went from 2 grand to 4885.
Wow… it’s just criminal because you never had a claim and even worse they end up dropping people like you and where is your refund after all those years of paying ?
If you lived in the home is 29+ years old what is its market value? If in a nice area it is likely 5 times what you originally paid, and the rebuilding cost have gone way up. I know mine has done both. Just be glad you are not in a wooded area with high fire danger. At least we have Prop 13 so our property taxes can only go up 1% or so/year regardless of the increase of the homes market value.
Blatant burglary
Just say no..screw the pushers..
Just say no..screw the pushers..no borrowers in association..by vote..screw job votes..??? Serve in paradise..rule in hell...
At this moment, Florida real estate is a wobbly house of cards just waiting for a slight push.
It will at some point but for now they are literally clearing thousands of acres of land as we speak in Charlotte and Sarasota counties for tens of thousands of more homes. The amount of construction is insane. I think it will go bust in spectacular fashion
Homelessness is at an all-time high in America, and doing this will see millions more of our neighbors in every state living in a tent or their car over the next 6 months or so. It's so very sad. God help them.
i wonder if many of them will go to live with family in other states - heaven knows families are often battlegrounds so who knows how welcome they would be but it might beat living in a car if at all avoidable. There's also renting rooms in homes. I was "homeless" for about 3 years in the 90s and always found a nice room to rent with shared bathroom and kitchen privleges. It isn't as hard to do as it sounds.
@Christine Cortese Yup, most family members can't stand each other anymore in todays world
The cadaver who stole the presidency opened our southern border! We have yet to realize the effects of this.
@@christinecortese9973 you are lucky if you can find a room for rent now for less than $800/mo to compare to the 90s is silly
Storage shelters are looking better and better!!
Totally agree with your commentary except that these issues will only affect the middle and lower classes and never the affluent. Take a look at some of the neighborhoods you’re walking through. Large waterfront homes with expensive vehicles in the driveways. I don’t think higher costs have much of an effect on them. Another indicator is just to take a look at how crowded most restaurants are in these areas. If people were really feeling the pinch you would think they wouldn’t be so crowded. Just my observations.
The pinch is there... they just choose not to feel it
We owned a beautiful farm house during the depression and for 60 total years i had been told , rock built and slate without insurance....owner had those rights.. keep bloodsuckers off the lands..
Include brokers, realtors, developers, insurers, infestors..associations..
We had planned to move out of CT this year but now we’re not so sure. Sure, FL doesn’t have a state income tax but home prices in Orlando are not cheap, add in HOA fees, insurance and 7% interest rate, it doesn’t make financial sense to move 🙁
I am in ct also it is so inflated it is truly off the charts.. I have seen this before happen before after real estate drops a good 30% it will take 30 years or another plague to jack up prices again if you can get out get out now
Moving out of CT is always a great idea but the hot weather in Florida is truly shocking if you have not experienced it before.
Im in Ct too.. very expensive…very anxious to move to a low tax state…
can refi later. since prices are going down, can wait for the bottom too.
Multiply you by hundreds of thousands of others.
The LOVE of money is the root of ALL evil. Greed at the expense of those struggling is a sin.
I don t think most ppl are worried about the sin of greed
They prolly don t believe that the wages of sin is death and that they re headed for
hell: sleep walking into the wood chipper, as it were
Amen! This is the root of these problems we are seeing
People in my neighborhood are giving up selling their houses because prices are falling too fast.
Where
*Insurance doubling is scary*
That is just a disgrace. Seriously, 4 million dollars for one year of HO insurance? And...potentially 7 million. That is just mafia level fuckery.
It's a HOA policy, not a HO.
Bring back crucifictions.
Great video Michael, and I want to thank you for all the info you have provided. You have saved me a lot of money as we have decided not to buy a condo at this time in Florida. With all the price increases like taxes, insurance and the home prices itself it no longer makes sense right now. The big issue is with the new condo laws coming in 2025 as you have described, no way do I want to get caught holding the bag on some condo. Just cant believe the insurance costs down here. I pay $800.00 a year for a full replacement cost policy for a $450,000 home in MI, ya we don't have the weather but I can just come an vacation for awhile, the zero state tax isn't looking as good as it once was, thanks Michael,
Zero state tax means you will be taxed to death in other ways.....
There are so many new rental properties with nice amenities completed in 22 or partially completed north of Tampa. May make sense to rent for a year and let things cool off while the FL legislature attempts another fix.
Florida is a great place to vacation but unless you got deep pockets you don’t want to live there !! That’s why I sold in 2011. And moved back to Ohio !! Even condos in Ohio are failing …. !! Avoid condos at all cost!!!
Ok, I’m not buying in Florida now, thanks for the warnings lol.
Another great video Michael, thank you for the information and insight! “Hurry up and wait”is what I learned in the Army..interesting to relax and watch the housing market adjust..
Insurance.. 1. You live in Hurricane alley... several per year do damage to private and public property. MOVE TO NEBRASKA... No hurricane insurance needed.
Home maintenance 2. The climate in Florida is very corrosive, accelerating rusty rebar, deteriorating concrete, and more. A 20 year old steel reenforced concrete high rise in Florida has already reached its 'half life' and needs a lot more up keep .. OWERS HAVE TO PAY FOR IT, or the building will likely collapse.
Mom's in the mini vans are insane everywhere lol
This whole debacle we are in is just crazy. I can't imagine people who don't HAVE to move taking a risk.
I foresee a NEW BUSINESS in Florida....if it doesn't already exist. It's a person that analyzes HOA reserves/ knows construction/ can advise a potential buyer on the likelihood of future assessments...
The potential condo buyer would pay $xxx.xx per report ....
1,500 sq ft is not tiny.
My insurance in KY went up about 15%
10%%%😁😁😁
A lot of my wealthy clients pay cash for their houses, then forgo the property insurance.
They then put that savings in investments in case of needing damage repairs.
Before thinking of buying home 🏡
Thing you need to do
1 job security
2 large down payment
3 has no debt
4 has good credit score
5 buying near your job
6 don't buy property that has
HOA
i think the state should allow private non-profit insurance cooperatives, where, up to a certain number of residences all pay into a general fund up to a certain designated point, then if a claim is needed, a board decides if and how much is paid out. Totally non-profit, this way your monthly payments aren't going to fund insurance co big wigs who gamble with your money.
Unfortunately, the so-called, "middle class" will suffer the most. Lastly, you can't possibly continue to sustain these ridiculous prices with the housing market, condos, etc. Sooner or later, the housing market will crash worse than before... You need to make a salary of 300 to 500k per year to survive, and sadly, that's not what most of us make these days! Who's the blame???? Goverment!
Too much deferred maintenance
Insurance are not just raising prices willy-nilly, they are predicting the future based on science. It is reasonable to say that the storms are only going to get worse. Look around the rest of the country all getting hit with hundred year storms. I looked at some of these houses in Florida and see that you only have a few feet between the houses. To me that is not a house but an apartment on the ground. Just my opinion.
As I said in the last video! I went thru a bankruptcy in the early 90 s. It took me 5 years to recover.. never finance anything pay cash don’t be a slave to your bills !!!! Pay cash for your home your cars your toys !! If you have to finance it you can’t afford it !!
Only millionaires can pay cash for a house so your comment isn't based in reality.
My recommendation is to create a insurance savings plan. You pay in your insurance amount each year and if you don't file a claim you get 25% back or you can apply towards next years amount. They shouldn't be allowed to consistently keep100% for not providing any claim money. This would weed out the fraudulent claims and encourage honest homeowners
I have a insurance company out of San Diego that is fantastic. They keep your rates down by only takeing on good drivers..and they don't waste revenue on silly commercials on TV.
@@brianmatthews4149 I think they mean house or home insurance here in Florida 🤷🏽♀️
How would the Banksters make money 💰 under this plan? Lolz 😂
How would that work? The investors who back up the companies that underwrite these policies go in expecting solid returns on their money. Property insurance in Florida is a very high-risk thing. All it takes to wipe them all out is one good hurricane. Not giving you your money back is part of how they get paid for taking a big financial risk on covering your property.
@@Josh.Stovall they keep dividends they earned from the investment they put the money into.
I saw this coming 7 years ago and bought a 5th wheel trailer for full time
Pay 500 a month for lot rent all in. Love it
I'm in a single family house (no HOA fees) in California and my homeowner's insurance for the next year went up 25% over last year. I canceled a bathroom remodel in 2020 just as the pandemic hit, finally got it done in mid-2022, and it cost about 25% more in just those two years. Crazy! The other bathroom just needs aesthetic changes (new fixtures, tile, counters, paint), I'll do those myself over the next year.
It's called raging inflation and shows no sign of abating. It's scary to think where we as a Country will be 12 or 24 months from now. Personally, I start thinking about it and can't sleep! It's going to be that bad.
Well someone has to foot the bill for the invasion of Illegal aliens
3.9 mil for 900 units comes out to about $4333 per unit. Not including HOA, property taxes or assessments. Wow! I pay $700 insurance a year on my 2000 sq ft home in NJ plus 2K in state income tax. Property taxes about 12k vs 7k for comprobable home in Weston (Broward). Running down to FL to escape the high cost living? I'm not seeing it...👀
My mortgage went from $1700 to $2005 due to escrow shortage because of tax and home insurance increase.
Mines increase $352 in February due to insurance & taxes.
All you Obiden voters: How ya loving it now?
I’ll tell Michael between the lawyers and the developers in that in Florida terrible
What?
My home insurance doubled the last 2-3 years. Was $1000. Now $2000
Yep, it’s happening to many people
I ALWAYS SAID INSURANCE COMPANIES ARE THE WORST.
Soon, will only the wealthy be able to afford condo living in Florida?
That’s yet to be seen, but the good news is if you buy in a small condo that’s two stories or less you shouldn’t be as impacted by these new laws
Michael, I want my social security! I worked too hard and long not to get any of it.
All the hoa does is save the money for you. It costs 30,000 to replace a roof on a single family home. It costs a lot of money to paint. A basic metal fence is 13,000 dollars. Lawn care is not free. It isn't just Florida or HOA. None of these subdivisions need maintenance until 20 years down the road. The cities cannot afford to fix roads and infrastructure.
Insurance companies want NO liability but more $$. Florida the new California
@CW yep and the weather long term will only be getting worse and worse with more storms.
It's a fascinating pattern that Florida has. Going all the way back to the Great depression.
Man you seem cool when I'm in Florida next time I want to buy you a drink 🍸 ✊️
Thanks!
If it's not one thing it's another. People think that buying a home is the solution to paying high rents. I think you're screwed either way. The squeeze will get worse when property taxes go up again, and God help us all if another big hurricane hits Florida this year.
Im glad i could do most of repairs on a home if i owned one but i don’t because these homes can be cash cows if your not careful,buy @ the right price & have the income for maintenance.
You are telling me. I just paid $1700 for a single window installed.