Thanks for clearly laying out the problem, however I cannot yet see a solution for me, a mom n pop landlord who depends on rental income in retirement. My insurer cancelled, I expect to pay much more under FAIR yet the market cannot support nearly the amount of increase needed to cover the cost increase. I’ve always kept rent price below market. I’m caught in the middle.
Yes it's hard out there Terry. I'm sorry you got cancelled. Reach out if you would like some insurance contacts to possibly help. Thank you for being a good landlord.
Coming Texas, I see what you’re saying. I also saw the foundation of what was shared was that inflation has increased prices for everything. In Texas, hail is no joke and in addition to inflation, the growing roofing companies and other hail repair companies and they are learning the tricks to take advantage of insurance companies. We get so many “we’ll pay your deductible” contractors and even auto hail damage door knockers in our area dying to pull money from insurance companies. Bottom line, they are a for profit business, inflation is cutting into their profits and other items are cutting into their profits, the government doesn’t properly allow them to set pricing in accordance, so they leave and or jack up the prices…
Good point. When researching for this video, I found that Florida and California have similar reasons like natural disasters and climate change risks. However Florida has a unique issue with litigation with home insurance fraud. Homeowners can sign an assignment of benefits form, giving contractors the right to file an insurance claim on their behalf. Check out more here: www.bankrate.com/insurance/homeowners-insurance/florida-homeowners-insurance-crisis/#why
Had claim 2 years ago major theft. Now some insurance co won’t cover me for 5 years. Trying to get ins on rentals separate but they still consider claim on personal house.
Now people have to sign a one year lease it's not good for the people either people with fixed income you cannot who cannot meet the standards cannot rent a house how is this helping anybody
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Thanks for clearly laying out the problem, however I cannot yet see a solution for me, a mom n pop landlord who depends on rental income in retirement. My insurer cancelled, I expect to pay much more under FAIR yet the market cannot support nearly the amount of increase needed to cover the cost increase. I’ve always kept rent price below market. I’m caught in the middle.
Yes it's hard out there Terry. I'm sorry you got cancelled. Reach out if you would like some insurance contacts to possibly help. Thank you for being a good landlord.
Outstanding 👏👏👏
Thanks again!
Most things I think you're right, but this is one you are wrong. Just look at Florida and other states with their out of control insurance prices.
Coming Texas, I see what you’re saying. I also saw the foundation of what was shared was that inflation has increased prices for everything. In Texas, hail is no joke and in addition to inflation, the growing roofing companies and other hail repair companies and they are learning the tricks to take advantage of insurance companies. We get so many “we’ll pay your deductible” contractors and even auto hail damage door knockers in our area dying to pull money from insurance companies. Bottom line, they are a for profit business, inflation is cutting into their profits and other items are cutting into their profits, the government doesn’t properly allow them to set pricing in accordance, so they leave and or jack up the prices…
Good point. When researching for this video, I found that Florida and California have similar reasons like natural disasters and climate change risks. However Florida has a unique issue with litigation with home insurance fraud. Homeowners can sign an assignment of benefits form, giving contractors the right to file an insurance claim on their behalf. Check out more here: www.bankrate.com/insurance/homeowners-insurance/florida-homeowners-insurance-crisis/#why
Texas and Florida having similar issues it seems. Good to know!
Hahahaha. “I guess that’s a win for democracy“ 😂😂😂. But for real, great research and thanks for sharing.
Thanks brotha!
Had claim 2 years ago major theft. Now some insurance co won’t cover me for 5 years. Trying to get ins on rentals separate but they still consider claim on personal house.
Now people have to sign a one year lease it's not good for the people either people with fixed income you cannot who cannot meet the standards cannot rent a house how is this helping anybody
What's not good about signing a one year lease?