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- เผยแพร่เมื่อ 10 ก.ย. 2024
- As climate change fuels a stark increase in extreme weather, it is also driving up the cost of homeowner's insurance. In recent decades, Texas has seen more billion-dollar disasters than any other state, causing the price of homeowner's insurance premiums there to skyrocket. Scott Friedman, senior investigative reporter at NBC’s owned station in Dallas-Fort Worth, has more.
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#Texas #ClimateChange #HomeInsurance
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Would you mind providing details on the advisor who helped you?
Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
I’ve definitely noticed. My premiums skyrocketed, too. It’s because of all the disasters we’ve had-hurricanes, floods, wildfires. The insurance companies are trying to cover their losses, but it’s putting a huge strain on homeowners.
My rates have nearly doubled in the last couple of years. I get that the insurance companies are dealing with higher costs, but it feels like we’re the ones paying the price.
It’s frustrating, isn’t it? I’ve been looking into ways to lower my premiums, but there’s only so much you can do. It seems like every year, there’s a new disaster, and the rates just keep climbing.
I’ve tried bundling my home and auto insurance, installing a security system, everything. It helps a little, but not enough to offset these huge increases.
We’re dealing with the same thing. My husband and I are considering raising our deductible to lower our premium, but that’s a bit risky. If something does happen, we’ll have to pay a lot out of pocket.
You want to save money, but you don’t want to leave yourself vulnerable. We had to tap into our savings after the last storm hit, and I’m worried about how we’d manage if we had to do it again.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
It's likely going to grow worse. Housing that is affordable will soon become unaffordable. Consequently, I will encourage everyone who wants to take action to take it now, as today's prices will appear to be lower than they are tomorrow. I believe that we will witness hysteria as a result of unchecked inflation until the Fed takes additional action. The band-aid cannot be torn off halfway.
The new mortgage rates are crazy, add to that the recession and the fact that mortgage rules are getting more difficult, and home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. For now, get your money (as much as you can) out of the housing market and get into the financial markets or gold. If you are at a cross roads or need honest advice on the best moves to take now, it is best to seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
'Jessica Lee Horst' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I find this informative, curiously explored Jessica on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
Florida insurance says hold my beer
I see a pattern here, Hmmm
@@sharkfence576 Florida Man says, “We invented price gouging.”
🤣🤣
Definitely. Especially if you live in an older condo.
Right
She doesn't understand the rate increase after having 3 roofs replaced ? Thats part of the problem
Amen
Gubment, Insurance Companies, Customers, Contractors, No saints in the equation
We're just seeing the beginning of the costs of doing nothing about human accelerated climate change. Don't be surprised when they come to you.
You know, I do wonder if that’s the biggest cause of this problem. We get a new roof every year or so. Whenever there is large hail, we are bombarded with a series of cold calls about free estimates on roof work. What’s worse are the door to door roofers that blanket neighborhoods with their harassment. Everyone on our street will put up signs at our door telling them that we already have a roofer. I know, because our roofer will want me to go talk to them about their roof, and will accompany me to make sure I do it (and to inform them about how bad it is they need tarps!)
Do we really need a new roof? They have to submit photos to the insurance company. They will point at damage that looks totally fine to me. And technology just makes things even worse. They fly drones now! And many homes have to have solar panels removed then reinstalled. That adds to the cost
Growing up, I don’t think my parents ever got a new roof. The homes were brand new, so the roof was sure to last at least a decade. There was only one time, ONE TIME, when I remember them getting a new roof. The house and roof was about a decade old, and it started leaking through the ceiling. Of course, that was where the copper roof met the brick on the first floor, so it wasn’t like it was caused by damaged shingles on the second floor.
Yup. Every time you claim your premium will increase. Just because some roof people knock on your door and tell you there is damage doesn't mean you need to have them replaced entirely. Shop around first and see who gives the best price and don't tell them about your ins policy. They will charge you more just because they know you have insurance. If the cost is less than your deductible or even reasonable enough to cover on your own then don't file the claim.
The average cost to replace a 3,000 square foot roof is $18,000. If you replace the roof 3 times in 20 years due to hail damage, that is $54,000 in claims just for hail damage. As a homeowner facing rapidly rising insurance premiums, that math is ugly & worrisome.
@@garyjones9023 well either that or she can save up on her own and see if that pans out for herself. However we all know that it won't happen. 1. She doesn't have the disciple to save 2. She will still complain how much it cost in the end. So the end results is, she needs to clam up and pay what is on her insurance premium as it is since they are providing a service for her foreseeable issue.
@@kito1san yeah it really is that simple. We also need more of a discussion about the real cost of owning a home and cut it out with lies about how homes are good good way to accumulate wealth.
@@patty109109So what’s the alternative? Renting? Just for the landlord to continue to raise the rent and gain equity while the renter just throws away money, doesn’t gain a thing from renting? I agree people need to understand that homeowner ship is no joke.
@@kito1sanI respectfully disagree. We should not be "forced to clam up and just pay". I live in NC (well inland from the coast) in a 22 yr old dbl wide. I am retired on a fixed income of work retirement and SS. I have no fixed debt and only bills are cell phone, utilities, food, and auto/home insurance. My homeowners insurance on the dbl wide doubled from last yr while my rural property tax estimate for the trailer has been the same for 10 yrs. I went to insurance agent as my new premium is now 1/3 of my monthly income. I understand the rationale for increases (building material inflation and increasing climate related catastrophe payouts). I told them at my age and what I want for my limited lifetime future, I would never replace the dbl wide and take on a mortgage because insurance would not cover the replacement of the personal lost contents that are still important to me. I have multiple other housing options that currently exist or I can pay cash without undertaking fixed debt. They looked at me like I had 3 heads. I went through a previous insurance goat rope in 2000. I sold that house to a flipper in 2021. It never was right after the damage from straight line winds. It took 2 yrs to get the back room rebuilt and I just got tired of constantly fighting with insurance vs builders.. I just let the premium lapse on my trailer. The relief is fantastic. It is all about how we choose to live and what we are willing to live without and be happy. I can be happy in a shed from Home Depot. A little insulation and interior walls with a bed, chair and table and I'm good. I have done a lot of camping and it isn't really hard to make do with less.
So are you saying that there would be NO insurance increase if there was an $18k deductable? I'd gladly accept that risk.
A former vice president used two documentaries to predict these insurance rate increases, but no one believed him, just as homeowners are shocked and cannot believe the increases.
Climate migration will become the next predicted drama.
It is already underway. Gore was absolutely correct yet he is still ridiculed by the right. Denialism and cognitive dissonance are powerful forces.
Ignorance never ends. Bunch of fools
Gore… his name was Al Gore for those who don’t know. And he was right, I was new to politics and one of those who did not believe him in the 90’s. You can blame Newt Gengrich & Rush Limbaugh, as they are the ones that started the Climate Change Hoax movement that is still going strong today, over 25 yrs strong.
They also keep voting pro-insurance corporations cons in 🐘 party.
That same former VP flies around in private jets, lives in a house the size of a shopping mall and got rich off of his books and films on the subject.
I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but I'll also have at least one pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Retiring comfortably in the US these days is almost impossible.
I know this FA, Abby Joseph Cohen Services but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
What country you moving too?I'm headed to Thailand or the Philippines in 4 years.
@@ShilohMorgan-mp4ty
Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@@MammeMassaertI have a sister in Sri Lanka, should be easy for me to settle in
You are not alone. My husband and I will be retiring in the next two years and another country as well. We are absolutely worried that SSI will no longer be funded. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.
Yall still want to move to Texas? Based on this video, I wouldn’t and they didn’t talk about property taxes. They’re sky high too.
Same here government giving it to us to they thank you while you work but don't become disabled because they lose your name and don't care if you can pay rent lights or cable bills but hold on come taxes they will go get you 😢😢 oh and sorry can't help you buy food or heart medication 😢
Fla is in the same boat
So many ppl moved ttere during covid and now they want out.
Watching it all from on top of the Rockies.
Glad I dont live in the south anywhere.
Just wait till the power grid collapses and there’s no AC. Then you’re really gonna see a mass exodus
Property taxes in Texas are out of control-
Tx does not have state income tax.
so just like Florida, Texas doesn't actually care about helping their people recover from natural disasters. quelle surprise.
You meant to say Republicans don’t actually care about people recovering from natural disasters!
Nope. Never have.
You really should educate yourself kid. LOL!!!
@@andrewbui8295You meant to say that Republicans don’t actually care about helping their people!
@@andrewbui8295 Remember Florida and Texas are controlled by Republicans! Enough said!
Time to start building homes that are more resilient to storms.
They are going to be very expensive!!
Never going to happen. The build materials have gotten worse since the 00's. They will only get cheaper and worse
Live in snow not a disaster zone.
@@joesmith3590gee thanks for your input oh wise one
@@007Julie well my house insurance is around 1.2k with no repairs needed sooooo. I know the south is not smart and has the largest cities where they get flooded yearly then complains about insurance. Sound smart to you?
Lol all the Californians that fled a few years ago now moving back. Texas infrastructure, insurance and property tax is a train wreck.
As a Texan, i agree. It’s a hot mess
Texans are being gouged on property taxes.
Craziness. Used to be a great place 15 years ago.
No I haven't
I read most of the people who left California weren't born and raised in California. They were people who had moved to California from all over the US. Californian's born and raised haven't gone anywhere. Statistically speaking, 2nd, 3rd, 4th etc... generation Californian's tend to stay in California.
Texass refuses to invest in it's own state. From the infrastructure to education.
Rember folks GLOBAL WARMING is a 4 letter word in Texas 😅
Californians coming to Texas thinking insurance is something for the consumer to use. Ha, nope it's for the bank to protect their investment, not for you to file claims all the time, or anytime really.
The government should be helping with this instead of sending money to other countries.
@@7wpollard ok communist
@@ArizonaSquatch it's more than refusal. The self-righteousness and arrogance of a state that doesn't need the federal government to oversee it but yet turns around time and time again with an open hand wanting FEMA funding is sickening at best. Texas economically can't really handle itself and is one of the reasons why Johnson placed it in the civil Rights act
People don’t want to believe the climate is changing. Well…this is what you get.
Climate is never stationary but yes the acceleration of change has increased .... I believe we (humans) have an unreal expectation of the level of control we have over it. Climate will continue to change regardless of what we do, hopefully it reverses in the coming years on it's own. Like the wind, it changes direction all the time.
Wrong. It's simple physics.
It's what we ALL get... Insurance has gone up in areas that are not affected. So we all pay.
Climate always changes.
@@Pencil-o1pit’s always changing, but it’s now more severe.
Ban politicians from accepting campaign donations from insurance companies and watch rates go down. Insurance companies own the government in Texas, straight down to the courts.
You meant to say, insurance companies own the Republican controlled government in Texas!
So the increased risk of disasters isn’t a reason for homeowners insurance to increase?
This fool still hasn’t figured out the connection between and increasing cascade of natural disasters and insurability. No company wants to insure your home that gets flooded or blown away every other year. Insurance doesn’t work if everyone is constantly making claims. Insurance is about spreading risk but if the risk is constant they either have to charge an arm and leg or just leave the state entirely. That climate denial is really paying off!! 😂😂😂😂😂
@@kurtphillyno because if you can build a house to withstand this type of weather.
Oil companies own Texas, but climate change isn't real, they said,
Good time for them to become a sovereign state like they want
But we don't want to lol
😂😂
Exactly
They won't do that because that means losing all of their federal money aka welfare. Republican Texan politicians talk some good game but don't follow through on any of it. They don't mean a word they say. That state won't survive 5 years on its own, even with their own lousy electrical grid and oil pipelines.
Enjoy all your deregulation Texas. My thoughts and prayers are with you.
And Florida. Both of these states lure a lot of new money there and yet they still can't get it right. Your thoughts and prayers are really for those who got lured into those two states and can't get out due to their locked in low interest rates or relocated job they followed to.
Sarcastic much? Love it! Get out while can still find another place to live in the country.
the heck is governor Abbott doing about all this?
Nothing but traveling out of the country.
I heard he had a great time in Japan and spoke at the RNC
He not doing nothing just sitting in the wheelchair
@@aharonbenyisrael8387 On a wooden throne 😜 🏠🐉
Blaming the homeowners from his travel destinations
So the insurance companies can’t handle a loss so they pass the cost on to the people who have the loss.
No...they pass a lot of costs to those that never file a single claim! Like me.....I pay extra high premiums because my roof is 15 years old, yet when Hurricane Beryl just came through I sustained no roof damage, yet all the new neighborhoods around me that are built cheaply and in a hurry, sustained roof damages but pay lower premiums because they are newer!?!
@trailerparkcryptoking5213 sorry man. Xrp.
You don’t understand how insurance companies work. For one, it’s not a charity. They wouldn’t be in business if there was no profit. They’re having to pay too much out in claims. That’s why prices are going up. They pay. Calculate risk and potential future loss. And price accordingly.
Insurance is a shared risk. Think of it as a collection pot. Enough money needs to be in the pot to cover claims. Rates increase based on a number of factors. It’s an algorithm they use in order to determine the rate needed to cover and have a store of funds.
@@teylarmadebeauty4778and pay the execs/shareholders enormous amounts of money, year over year, never dropping, never taking a slight hit, never doing what’s best for their customers. I know it’s capitalism, but at what cost in the end game - quick fast money for those who have enough already?
If the insurance has risen in Texas wait till you see what's coming for Florida soon.
I heard that several companies have or will pull out from that state. How could those companies make any money if payouts are greater than insurance premiums?
It’s already there unfortunately.
Insurance in general has risen. Perhaps that is the new gold mine for the rich which is seeking a bigger return on the investment to their stake with insurance companies.
You don't know anything so don't keep saying ugly things. I cannot stand it when people like to forecast ugly freaking news. Negative people like you are not in my radar and I rebuke you.
Lol it's been this way and worse for a couple of years now here in Florida
I live in Dallas and my insurance and property taxes are $1239. It is now more than my house payment of $1200. So I pay $2439 for a home that is $230,000
Stop doing that.
Stop voting res. Good lord when will you people realize your prices you drop
If you live in Dallas and your house is $230,000, I would hate to see it. It must be a cinder block number in a ghetto fabulous black slum because the smallest and cheapest houses in my neighborhood start in the very high 600s.
P.S. Our property taxes are high because we have no state income tax. Every state has to get its 💰 somewhere.
Texas has no income tax. So, you're making it up in property tax, etc
If
Homes are being built where they shouldn’t be built. Period.
You mean like wisconsin where that church was demolished by a tornado? Or Montana where wildfires are everywhere, or Idaho where you can't breath outdoors?
Cardboard shingles and wood, just garbage man
The Climate is Changing and it is affecting areas we have previously lived in with far less risk. Texas already has had multiple crises this year and Hurricane season is just starting. They had multiple last year and are likely to continue having them into the future. Just a decade ago this wasn't normal. That difference is causing this problem the most.
But Texas and Florida is so wonderful. 😂. Both hot, humid, flat, flooding, hurricanes, bugs/critters and now an insurance disasters other than that paradise.
Why did so much flooding occur up north in blue states? LOL!!!! Some people just aren't that bright.
Texas is not flat, central Texas has hill country and west Texas has mountains everywhere, if you are talking about Houston yes, also west Texas city El Paso is 3,000 ft above sea level
Yeah but not many options. Cali is not right politically and they have an insurance problem due to wildfires.
But the free market will take care of the consumer!
the "consumer"...
like we're a bunch of cattle on a science chart about the web of life..
We can send them free thoughts and prayers!
As a firm believer in the free market, I must say, capitalism *can* actually function.
If external costs are paid.
That would look like a hefty carbon tax, among other things.
It’s honestly kinda embarrassing that no major US party is advocating for a carbon tax yet
@@SigFigNewton I thought capitalists were against "the government picking winners and losers"...
That is odd? How are they paying more than what they are collecting but yet posting billions in profit?
NYTimes has a great tool where you can see profit/loss by home insurers for specific states by year. They show that Texas insurers took a huge loss in 2021 and barely made a profit in 2023. With the first 2024 hurricane already causing huge damage, I would be surprised if they turn a profit this year. Not sure where the billions of profit you are referring to is coming from.
because insurance companies don't post earnings by state. they probably lose money in places like texas with big storms but make money in many low storm states like illinois, wisconsin, and minnesota. and don't forget there are other business lines like auto, life, and business insurance
What are you talking about? Homeowners' insurance lines are hemorrhaging money at the moment
Negative billions in profits
But insurance companies can buy billion dollar football arenas and hire famous actors or sports figures to push their product.... It's absolutely price gouging! If they say it isn't, it's because he's benefitting from the system. He even said they need to make a profit, but not too much profit... I wonder how much all the CEOs are making.... It's ridiculous!
Huge bonuses, I'm sure.
State Farm and that "Get to the Chopper!" Super Bowl Commercial.
I know at the end of the year my car insurance will go up 😂😂😂
@NerdsWorldNYC exactly! Lol. And then be like, "we can't explain it." 🤷
pure GREED!! mine has tripled in 3 years
I had to cancel my car insurance. I only drive to the store 2 times a week and they want $150/mo for liability on a 2008 Ford Focus.
It's sad, guess this disabled person will be walking.
It's highway robbery, we have not had any claims in decades.
@@lorihoop3831how’s your credit?
Living in disaster zones costs money. Count the cost before you decide to live in a disaster prone area
the entire country is a disaster zone.
@Bob-sd8ns that’s the truth. It’s exactly why coastal cities are running out of tax dollars to maintain infrastructure. People are moving out of coastal regions which is slowly but surely turning these regions into ghost towns.
This entire planet is a disaster zone.
The entire universe is a disaster zone.
And the world.
Most people will not be able to afford housing and food in less than 20 years if we keep going like this.
Most people. Right now it's bad, yeah, but it will get much worse. People are not having kids because of this. If things can suddenly cost 3x their price, what makes us think that the world will be affordable for the non-ultra rich in the next generation or two?
Sure they will, if people didnt all want Mcmansions with exercise and entertainment rooms, 4 bathrooms, etc.
Why are there people like you all over the place freaking being doomsayers. Do you not know that the words you put out there can cause harm to others do you not understand how that works. So why don't you keep your freaking mouth shut if you don't have something positive to say. I rebuke what you say I'm not going to believe it. As far as I'm concerned we'll all be dead by then because God's getting tired of it. But that's already been prophesied in the Bible but not what you said.
Late stage capitalism for you. The end won't be pretty.
We've been seeing it here in CO for decades. Climate Change is going to make it worse. Any state that denies that weather is changing due to OUR actions should not be allowed home or business insurance coverage, period. You can thank Abbott for all of our woes that pertain to climate change. $10,000 a year to cover a home is not uncommon in our state. Our forests are dying, our entire ecosystems are changing before our eyes, and some still don't believe there's a problem.
Can't do anything about it anyway as nature is going to do what nature is going to do. You can thank the Liberals for going about climate change all wrong and made people hate it.
I always ask : Do you know who absolutely believes in climate change? The insurance industry!
The Heritage Foundation’s Project 2025 wants to get rid of the EPA, NOAA because they push that climate change is real. Crazy
How is it you can pay for home insurance for 10+ years without using it but the rates need to go up the one or two times it’s being used?!? Insurance is one of the biggest ripoffs!!!
We haven't filed a claim since Ike, and only a small one. But our rates are up as much as if we did.
We are all subsidizing these folks in TX, FL, and CA. Look it up
You should NEVER file a small claim. Just pay it out. It can lower the value of your home.
Fl insurance companies have been literally losing money. This is not a case of insurers ripping off customers. It’s a society pretending that climate change isn’t real ripping off insurers… that is finally changing
If you want home insurance to not be way more expensive in the future, you are free to campaign for a carbon tax
I wonder if any homeowner ever got a refund for not making claim for years
That's absurd
The American dream of owning a house is turning into a American nightmare.
Don't buy in disaster prone areas and you will be fine.
Remember...you will own nothing and be happy
@@letarfl1809Exactly, came to the world with nothing and will leave with nothing.
@@letarfl1809and eat the bugs!
@@EattheApple666 Well, everywhere is "disaster prone", South has hurricanes, Midwest has hail and tornadoes, West has wild fires, and North has blizzards and ice storms. Where would you go?
My question is why are insurance companies approving entire roof replacement when there are only a few damaged shingles and maybe some cosmetic damage to metal flashing?
Not everybody needs a complete roof replacement yet I never see or hear about a more reasonable repair alternative.
And.....climate change is a hoax😂😂😂
I'm sure all those ppl won't be accepting help from FEMA.
Nope. The climate has always been changing since the planet has formed. Thinking that paying more money to the government is somehow going to stop it is the hoax.
@@darthmax-fk8qe The writting is on the wall for Florida and Texas.
Sue big oil. They are actively killing us without 1 f**k to give.
Jesus will protect them.
Your monthly insurance payment should never be more than your total mortgage payment.
The insurance company has to be able to pay claims and turn the profit. They really don’t care what your mortgage payment is.
even if homes are cheaper eventually all these corporations will come for your money.
What's the point of having any insurance if they dont want to pay for the help consumers pay them to do.
They paid. They are in business to make a profit though. So your rate is all the money they paid out divided by the number of policies the have plus the profit.
Customers are cheapos who don't bother to understand what they're buying, or who they're buying from. Got allstate, for example? They depreciate roofs from day one. This is publicly available information. You should have read your contract at minimum, but the rate was $200 less per month than a decent carrier so you saved yourself $2400 to get a $10k bill when hail wrecks your new roof. You stepped over a 10-spot to get a nickel, well played, you.
Insurance companies should not be let off the hook for garbage behavior, but neither should consumers be excused from accountability.
How about not living in these bloated homes (with pools) so the repair cost is less, and having more trees that adsorb food water and gardens for food instead of a chemically contaminated lawn? No? Then pay up.
These people need to stop depending on insurance companies and pick there selves up by there own boot straps.
THUMBS UP!!!!
It's the Republican way.
Pay your house off and cancel the insurance. Put that money aside. Paid my house off 20yrs ago and canceled the insurance the next day. Saved well over 100k so far and have never needed a repair.
What if there is natural disaster that ends up wrecking the paid off home ? Don’t you need insurance to build it up from the ground up? Can you do it with 100k put aside. What if it keeps happening year after year?
Don't do that in certain places in Texas, or your home might get destroyed to much n you might not have the money to fix it
@BeadzW
The only reason an insurance company will insurance you is because they know they will come out ahead. We can What if all day, but the fact is there's a slim chance of me coming out on the losing end. My house is in FL and was built in the 60's and hasn't suffered any damage in the 40yrs I've owned it.
Pay my house off and cancel the insurance. That’s a little easier said than done…. Yeah lemme just pull 340k outta my a** real quick no problem
@@hammertyme8392 good for you then. Most of us don’t have that kind of assurance in life. Not just house, it could be health, job, family . Acknowledging the “What Ifs “ and being proactive brings about peace of mind . IMO it would be singularly stupid idea to opt out of insurance , just cos I don’t like the idea that company profits out of my business and that I have 100k put away .
yet they want a $12,500 deductible on $15,000 in damages
Exactly. Thieves!
No, it’s not what they want. It’s what you chose to pay for you can get a lower deductible if you wanna pay more money.
She had to have her roof replaced 3x in 20 years and wonders why insurance goes up.....
Does she think they just collect money from a tree to pay for her roof and their other expenses?
Yup. She expects that she pays the insurance so they should get her claim paid and that her insurance should be the same infinite. However, what she doesn't get is insurance rates can change anytime. Insurance is an gambling bet, but insurance companies are the one who makes the terms for you to buy the bet. Just like a gambling table with the minimum bets.
If she was paying $2,600 a year for 20 years, is that $52,000 enough to cover the cost of roof replacements?
@@ericstevens8131 Idk, I live in Europe and my roof costs 30k (Germany is prob cheaper labor than US). Considering that over 20 years there will be a whole lot of other costs and inflation, I'd think that would not nearly cover it.
problem is all her area mostly likely replace their roof 2x in past 20 yrs so everyone rate will go up no matter your roof replace or not as insurance is pool system
A roof didn't cost as much 20 years ago. Her house didn't look too big and complicated, but it's still most likely more expensive in Texas than here in Kentucky.
When the insurance companies ask for a raise, Greg Abbott said yes. That's because insurance companies contribute to the RNC
They can say no like in CA but that means the insurance companies just bail from the state.
Always trust every word out of an insurance lobbyists mouth
Insurance is a scam now
Always has been and will be so long as they're allowed to profit.
Haha. Insurance is meant as a last resort for catastrophic loss (as in a roof or worse), not for a new roof every 10 years. This is the cost of climate change. Risk is higher, which means costs are higher.
@@kurtphillythere was a pretty bad tornado where I live and my neighbors’ houses were lightly damaged. Ours wasn’t, but still an inspector came and checked out our roof, we can’t see any damage really but according to them we have to replace the roof because the roof has a few bumps that can cause massive damage when another storm hits. We have to pay at least 1.5% of the value of the house as deductible for them to fix it. Our house is less than three years old and we already have to replace the roof!
Until you need it yourself.
Insurance is a scam, thanks to lack of oversight from Republican controlled governments!
They said, move to TX because CA politics is bad. How's it going now?
If she had her roof replaced three times in a decade she already has got paid out more than she ever will paid in. No wonder her rates went up so much.......
We don’t know her deductible though
@@cyndiipanda That is true but I just had my entire roof replaced last year in MN because of hail damage for over $20k and my deductible was about $500.
What’s the point of insurance if you can’t actually use it when you need it?
What is the point of an insurance company if they continue to lose money?
One solution for homeowners would be to band together to form a mutual insurance alliance. Also, when you do replace your roof, whether by choice or due to hail damage, consider stone coated steel roofing. It is highly resistant to hail damage and it looks good as well. No, I don't sell it.
Mutual insurance companies already exist. Big clue - they usually have the word Mutual in their name. Mutuals go back several hundreds of years, and the first Mutual insurance company in the US was founded in 1752 by Benjamin Franklin.
A longer term solution is a radical change in building methods. No more shingled roofs in favor of metal roofs and even siding for hail resistance. Major structural changes for improved hurricane wind resistance. Will cost money upfront but can save more money and grief in the long term.
beyond OR work to stop the petro industry from destroying the planet. Or not.
Poor contries use reinforced concrete for everything in their homes even the roof. Unless earthquakes are an issue is better to use concrete. It is way easier to industrialize and precast everything in a factory to reduce cost of labor.
When insurance costs more per month than your mortgage, that is unlivable
Oops. Significant effects for the state that both denies and is most responsible for the climate crisis.
Insurance companies should be non-profit companies. Any "profit" should be saved for future emergencies. We need to go back to "mutual" insurance companies. A "mutual" insurance company is one that is owned by its policyholders, rather than by shareholders or private owners.
Whoa that would be socialism! Totally incompatible with Texazz values.
I agree. If the government makes me have it, should be non profit companies
If it gets to bad which that is starting. The gov will have to take over insurance. Though we know how gov works. It will be to late for many.
@@nikosolikosBank on your loan makes you have insurance
If your home is paid for you can cancel an set any insurance amount you want.
@@davidwilliams4498 which is why I bought a house I could afford with cash. No ins. No mortgage. Lower property taxes due to homestead exemption
If insurance prices are going up then make home buying prices cheater.
That will actually occur naturally as new Home shoppers look at perspective properties and take insurance into account. This has actually occurred in other towns across the country.
But it will still cost more overall.
@jaime1200 If oil companies continue to promote propaganda and lobby for legislation, causing global death and destruction make insurance fight oil companies to lower rates. Haha I don’t understand your approach? That’s not how our markets work. Haha
free market will take care of that
😂😂😂😂😂😂
what about all those years when people were paying insurance and the weather was not so bad??? the insurance companies were happy to take your free money!!
Maybe, just maybe address the underlying cause, Climate Change.
insurance companies stocks were at an all time high disaster do not occur every year. I have been paying more than my share of insurance over 20 years without any claims and yet it keeps going up. They just want to ride on free money and the ride is over.
In 2021, the insurance industry spent $12.51 billion on digital advertising, which was a 12% increase from 2020. They are about making a profit not helping you with what they are there for in the first place.
Midwest is looking better and better
Why do people in MN have to pay for what happens in TX?
Greed
They don’t. But they should. If we split up our cost throughout the entire US then ours wouldn’t be so high in Florida 🤣
@@cyndiipanda
So other states should pay for your states bad choices.
They do not
How are natural disasters our bad choice? Nobody wants a hurricane here lol
If you think insurance companies are paying out more than they are taking in, you're a fool
Like the casinos, they don't do business to lose money
When I worked for an insurance company the profit was from investing the float. Claims plus overhead was about equal to premiums.
@@At_the_Garden Boards of directors set/mandate profit levels, execs meet profit expectations to make their bonus ...trust me they are not breaking even ...my ex was an exec at a LARGE insurer ...making profit goals was TOP priority!!!
If you think the insurance companies are lying in their quarterly board meeting to their investors and the government oversight… you didn’t finish high school
If you think you’re wild, guess about finances is correct then you’re also a fool. Dozens of insurance companies in Florida went out of business and many left the state because they were losing money or do you have another reason why they left and left all the business to the state of Florida.
What about all those decades they made nothing but profit?!
I don't care or feel sorry anymore that's why I left texas
Her roof was torn off 3 times in 20 years? $8000 a year sounds like a bargain to get coverage for that kind of routine damage!
Hail damage probably.
Insurance lost big time on her no wonder her rates went up so much........
Yeah, and the next rate increase? It’s ten k a year now but whose to say it won’t be doubled the next year. Basically insurance companies are crying that it’s costing them too much to fulfill their obligations on the contracts they wrote and made every one purchase.
And this is why people are living in RV's now,no one can afford a home nowadays.
For every home filing for a 19k repair, there are 20 homes paying 4k without filing.
Insurance companies are crooked.
Insurance rates are sky rocketing because claims are sky rocketing.
@tcsmagicbox Keep the chain of reasoning going, I think you are getting somewhere. Why are claims skyrocking?
@@danielmcdermott3558at 0:14 it says number of billion dollar disasters this year double the annual average since 1980, do you think they adjusted those numbers for inflation?
@@danielmcdermott3558 what a great comment!!!
@@danielmcdermott3558 I think perhaps a descendant of Mr. Einstein??? Or maybe a faux "news" report???
@@danielmcdermott3558 returdicans still deny it
That lady had massive equity when home values skyrocketed, got 2 roofs and made out like a bandit, now she complains the insurance company is charging a measly $8600. How much is her house worth? How much did it appreciate because of the same inflation that causes insurance to go up?
Dont worry though Texas and Florida have no state taxes 😂😂😂😂😂.
I live in NY, 2 hrs North of NYC in a 4 bdrm 2 1/2 bath, 2400 sq. Ft. Home sitting on .75 acre with a 36X30 above ground swimming pool and I paid just under $1400 for home insurance last year. My home is valued between $350-$400k.
Just looked up some insurance stocks. Most are private. Those that are public that I found: Hanover made 210 Million: selective insurance group $240 million in the last year. That doesn't equate to massive losses.
Don't worry Mexico will pay for it.
Mexico is just laughing all the way to the bank and saying "Americanas tontas"
Muy bueno
Everything is bigger in Texas....
Insurance companies are getting rich . 10X more rich
nah, 9x more.
The video literally stated the company’s were investigated and only a few were overcharging.
Oh, your $350,000 Costco mansion made of plywood isn’t holding up? I am shocked.
😂😂
no climate change 😂😂😂 it's going to get hotter every year keep voting for Abbott . Abbott more worried about Trump than his people
Who do you want? A blind mentally ill democrat?
Yeah Abbott gonna be sorry he got rid of all those Migrants who he could have used to help in the rebuild process 💯
Always shop for insurance every year. I saved 40% by switching. This goes for all insurance.
Yeah where your deductible went from 1% to 5%
Wrong
BS. Its profit. I have been with AAA for 10 yrs, never filed until Beryl. 1st time filing and sent 25% increase annual premium. Where my $$$ from prior 10 years
Well these increases are scary! Insurance companies need to be watched. They need to be held accountable and no one should listen to lobbyists. They are the reasons corporations have a chokehold on out Congress!
Like Florida the governor and legislature spend huge sums on the border and yet do little to nothing to help out homeowners/taxpayers with issues that directly impact their lives.
Remember Florida and Texas are both controlled by Republicans! Maybe they should designate natural disasters as “woke events”.
Remember, Republicans control both Governments in Florida and Texas! Maybe they could designate natural disasters as woke!
Remember, Republicans control both Governments in Florida and Texas! Maybe they could designate natural disasters as woke!
Republicans already own homes, democrats keep believing the lie that biden and kamela is going to buy them one.
Which State is good at helping out their homeowners and taxpayers with similar issues?
No one understands what’s happening with the insurance industry. That seems by design.
Let’s give all the big corporations more tax abatements and everything will be ok. 😂
To those of you who haven't made any adjustments on your policy, AT LEAST go sit down with your insurance agent and discuss coverage on the "price to rebuild". There's a chance when you insured the house, it was estimated at let's say $1.75 per SQ ft. The cost of building now is let's say $3.50 per square foot so you're going to be using VERY substandard products, cheap out on labor OR be stuck paying out of pocket just to put you back where you were. Be sure and do whatever you need to for proof of insurable items, sometimes it's as simple as a video walkthrough showing items. Insurance companies are getting SHADY, be sure to check your coverage and for how much, ask hypothetical questions of costs if there were a fire and what gets replaced.
No moving back to California. You moved there so stay there. 😡
You can’t force insurance companies to lose money. Otherwise they simply leave. If disasters are now more common, people have to be willing to pay much higher rates. That’s called reality.
You'll see the same with rates in Florida.
10k preminum.
Had friends move to Texas and Florida because it’s cheap. I knew about the disasters. I warned them.
People are so gullible.
Insurance companies shouldn't be paying for roofs. That's how we got into trouble here in Florida. Damage yes, but not replacing an aging roof. We also have a State pool, Citizens, for hard to insure and older properties. Lets not kid ourselves, insurance companies make billions as most people never file a claim and they are traded on Wall Street..
Insurance companies disburse any unused premiums as profit every year instead of setting it aside. Of course when something does happen they claim they incurred losses.
Sad. But I guess it's time to flip the script, "You get what you vote for".
i'm a homeowner too and hate paying higher rates. But for her to claim at the end "I don't understand what's happening with the insurance industry" is literally insane. She herself has had three new roofs paid for by insurance over a relatively short period. It should be quite obvious? Where does the $25k+ for each claim come from then?
How much do all those flooded vehicles cost insurance companies. Freezing without electricity 4 times in 30 months has broken pipes that cost 10,000× 2 times. Need a house west of Dallas anybody?
@luv2roam879 Yes everyone’s strategy should be to play musical chairs with environmental catastrophes causes by governments inability to regulate companies and capitalism even if it threatens global life’s existence. Except some countries already have no chairs to sit in and just die because of other countries use and profit from global resources.
The red states getting alot more expensive by the day.
Billions in profits year after year and rates still sky rocking up.
Billions in profit were wiped out during the 5 days in February 2021 massive freeze that burst pipes in millions of homes.
$3719 in 2022, $5578 in 2023 and now $6382 in 2024. Houston, with USAA. No claims ever.
Lol...they wanted to be like Florida so here you go!...
In which way?
@@biellaspointofview2054 republican controlled one one
@@1stTnetix idiots too...
Insurance isn't the issue. Its homebuilders / developers. If you build a cheap home, you're gonna have high costs. Trade timber framed (at least for exterior walls) with concrete/stone/block, replace cheap shingle roofs with plywood baking for strong stone or metal roofs, et c.
They've got plenty of money, stocks, investments etc. It's all a scam.
THINK ITS TIME TO REDESIGN INFRASTRUCTURE, BUILDING CODES OR WEATHER A HOME IS UNINSURABLE AFTER PAYOUT.
I’m sure the free market will just fix the issue and make things better for people in Texas. That’s what they want right?
Not sure who didn’t see this coming? More severe weather will cost homeowners hugely. Eventually fewer people will be able to afford homes.