Another insurer leaves Florida ...

[mamooth]

... leaving the state in crisis mode. Some homeowners can't get insurance at any price, and they can't get a mortgage unless they have homeowners' insurance.

‘An existential dilemma’: Florida homeowners scramble as another major insurer exits

One of Florida’s largest home insurers is exiting the market, leaving thousands of homeowners scrambling to find new coverage as options continue to dwindle in the Sunshine State.

www.local10.com

Florida's problem? It's not hurricanes. They haven't had any for a long time, while Louisiana, which has been hit multiple times, isn't having any problems with insurance companies leaving.

What is the problem? Fraud, fraud and more fraud. It's a Florida tradition for homeowners to conveniently get "storm damage" every 10 years, requiring replacement of the entire roof, paid for by insurance. There are many scam companies out there that specialize in finding this "storm damage." Or possibly creating it themselves.

Why Florida? It seems state laws allow for such scamming. No, the Florida Republicans didn't address it last session. They were too busy being antiwoke. You get the government you vote for.

 

[Delldude]

Sure it doesn't have ideological implications?

“That means a lot of woke businesses will get better insurance products, while others who ignore ESG criteria, may not get any coverage. All of this means if you’re not woke enough, certain insurers will not cover you,” continued Patronis. “Meanwhile, as certain insurance companies have joined the cult of ESG, Florida is experiencing a hardening insurance market. If insurance companies are charging a premium for ESG, then we need to know about it. We know that asset managers are telling insurers to focus more on climate change, or they’ll lose money, or be sued. Or both.”

Jimmy Patronis slams ESG regulations, recommends Office of Insurance Regulation to investigate

 

[C_Clayton_Jones]

... leaving the state in crisis mode. Some homeowners can't get insurance at any price, and they can't get a mortgage unless they have homeowners' insurance.

‘An existential dilemma’: Florida homeowners scramble as another major insurer exits

One of Florida’s largest home insurers is exiting the market, leaving thousands of homeowners scrambling to find new coverage as options continue to dwindle in the Sunshine State.

www.local10.com

Florida's problem? It's not hurricanes. They haven't had any for a long time, while Louisiana, which has been hit multiple times, isn't having any problems with insurance companies leaving.

What is the problem? Fraud, fraud and more fraud. It's a Florida tradition for homeowners to conveniently get "storm damage" every 10 years, requiring replacement of the entire roof, paid for by insurance. There are many scam companies out there that specialize in finding this "storm damage." Or possibly creating it themselves.

Why Florida? It seems state laws allow for such scamming. No, the Florida Republicans didn't address it last session. They were too busy being antiwoke. You get the government you vote for.

Some homeowners end up with forced insurance from the mortgage company, which is expense and doesn’t benefit the homeowner.

It’s madness.

 

[C_Clayton_Jones]

Why Florida? It seems state laws allow for such scamming. No, the Florida Republicans didn't address it last session. They were too busy being antiwoke. You get the government you vote for.

In Florida’s case corrupt, incompetent Republican government.

 

[HereWeGoAgain]

In Florida’s case corrupt, incompetent Republican government.

Did you read your own link?
Of course it's hard to find insurance in flood prone areas,thats true across the country.
We paid much more for our river place than our home in Houston.
Same goes for California homes that are in mudslide areas and wildfire areas.

 

[Harry Dresden]

Did you read your own link?
Of course it's hard to find insurance in flood prone areas,thats true across the country.
We paid much more for our river place than our home in Houston.
Same goes for California homes that are in mudslide areas and wildfire areas.

jones is to partisan to figure that out......care to comment jonesy?.....

 

[Harpy Eagle]

Did you read your own link?
Of course it's hard to find insurance in flood prone areas,thats true across the country.
We paid much more for our river place than our home in Houston.
Same goes for California homes that are in mudslide areas and wildfire areas.

Did you read the link?

The link mentions floods once, and that is to say that... "Florida home insurer that announced exit from market due to ongoing volality and litigious environment (company will still write small commercial, renters and flood insurance in Florida)"

 

[HereWeGoAgain]

Did you read the link?

The link mentions floods once, and that is to say that... "Florida home insurer that announced exit from market due to ongoing volality and litigious environment (company will still write small commercial, renters and flood insurance in Florida)"

I find it hard to believe Florida is worse than places like chicago.

 

[Rigby5]

The solution to bad "for profit" services, is always government services, which are always cheaper and more fair.

 

[debbiedowner]

Did you read your own link?
Of course it's hard to find insurance in flood prone areas,thats true across the country.
We paid much more for our river place than our home in Houston.
Same goes for California homes that are in mudslide areas and wildfire areas.

Hurricane prone areas not flood prone.

 

[HereWeGoAgain]

Hurricane prone areas not flood prone.

Florida is flood prone due to hurricanes.

 

[debbiedowner]

Did you read the link?

The link mentions floods once, and that is to say that... "Florida home insurer that announced exit from market due to ongoing volality and litigious environment (company will still write small commercial, renters and flood insurance in Florida)"

Most flood insurance policies currently providing coverage in Florida are underwritten by the National Flood Insurance Program (NFIP). The NFIP is managed by the Federal Insurance & Mitigation Administration which is a part of the Federal Emergency Management Administration (FEMA)

These insurance companies that are pulling out are doing solely because of (wind) hurricane claims.

 

[debbiedowner]

I find it hard to believe Florida is worse than places like chicago.

An average house with homeowner's and a separate wind policy together start at approximately $2500 per year and goes up from there depending on age, size of house and whether or not on a coast. If you want a flood policy you purchase separate.

 

[debbiedowner]

Florida is flood prone due to hurricanes.

That is true, what I'm saying insurance companies are not pulling out because of floods and regular. They are pulling out because of wind. Homeowner's or a wind policy doesn't cover floods anyway, you have to purchase a flood policy separate.

 

[HereWeGoAgain]

Most flood insurance policies currently providing coverage in Florida are underwritten by the National Flood Insurance Program (NFIP). The NFIP is managed by the Federal Insurance & Mitigation Administration which is a part of the Federal Emergency Management Administration (FEMA)

These insurance companies that are pulling out are doing solely because of (wind) hurricane claims.

I know how flood insurance works.
We paid a premium for our river property.

 

[debbiedowner]

I know how flood insurance works.
We paid a premium for our river property.

I imagine insurance is very expensive on the coast of Texas.

 

[HereWeGoAgain]

I imagine insurance is very expensive on the coast of Texas.

It's not bad once you get inland 40 or 50 miles.
We didnt flood when Harvey hit,if that didnt flood us we're good.

 

[debbiedowner]

It's not bad once you get inland 40 or 50 miles.
We didnt flood when Harvey hit,if that didnt flood us we're good.

That's good.

There are a couple Florida insurer's who have dropped policies and not writing any new ones if you have solar panels. Also, there is at least one could be more that will drop you or not write you if you're roof is 15 yrs or older regardless of what shape it is in.

I live between two bodies of water and put a new roof on 3 years ago (last one was after Ivan) and had new wind rated windows and shutter's last year and had a wind mitigation inspection and my insurance came down $1000 at least for the next year.

 

[HereWeGoAgain]

That's good.

There are a couple Florida insurer's who have dropped policies and not writing any new ones if you have solar panels. Also, there is at least one could be more that will drop you or not write you if you're roof is 15 yrs or older regardless of what shape it is in.

I live between two bodies of water and put a new roof on 3 years ago (last one was after Ivan) and had new wind rated windows and shutter's last year and had a wind mitigation inspection and my insurance came down $1000 at least for the next year.

We just got a new roof as well.
Of course we were hoping for a good hailstorm.
Assing up $20k for a new roof sucked!!!
We're far enough inland that we dont need storm windows or shutters,when you get down to Galveston most people have the metal roll down window protection.

 

[bdtex]

... leaving the state in crisis mode. Some homeowners can't get insurance at any price, and they can't get a mortgage unless they have homeowners' insurance.

‘An existential dilemma’: Florida homeowners scramble as another major insurer exits

One of Florida’s largest home insurers is exiting the market, leaving thousands of homeowners scrambling to find new coverage as options continue to dwindle in the Sunshine State.

www.local10.com

Florida's problem? It's not hurricanes. They haven't had any for a long time, while Louisiana, which has been hit multiple times, isn't having any problems with insurance companies leaving.

What is the problem? Fraud, fraud and more fraud. It's a Florida tradition for homeowners to conveniently get "storm damage" every 10 years, requiring replacement of the entire roof, paid for by insurance. There are many scam companies out there that specialize in finding this "storm damage." Or possibly creating it themselves.

Why Florida? It seems state laws allow for such scamming. No, the Florida Republicans didn't address it last session. They were too busy being antiwoke. You get the government you vote for.

Some of the Florida based companies ended up paying lots of claims for Hurricane Harvey and February 2021 freeze damages on policies issued in Texas.