Facing South Florida: Homeowner Insurance Crisis

[@leonardovocalist2438]

Dude, that Guy work for the Insurance Companies

[@nataliavillalvazo564]

Always on the corporate side.

[@TravelerWendell13]

The question is will banks allow homeowners with a mortgage to buy Actual Cash Value homeowners policies? I don't think they will.

[@dinoflagella4185]

Sounds to me that insurance companies, in a rush to sign on as many new customers, bit off more than they could chew. Now they’re choking on these AOBs, and the greedy attorneys are chomping at the bit to further strangle the insurance companies. Maybe start saving money by cutting back on these damn commercials. I don’t know how many damn Geico home insurance commercials I see per day on youtube alone.

[@finalchapter24k]

They should all pull out of Florida. Let Citizen take over the entire Florida market. And if a major hurricane hits and the State of Florida goes bankrupt, then oh well.

[@marriev494]

Waste of time ... discussion here I have been screwed over and over meanwhile all my neighbors have new roofs because they hired a crooked attorneys. The system sucks all of these politicians are all corrupts. Save money for a new roof piece of &%$#.

[@FR-tb7xh]

Between the overbuilding in uninhabitable areas, building right up to the sea’s edge, cheap construction, irresponsible maintenance, corruption, and stupidity, it’s no wonder insurance companies are pulling out. It’s high time homeowners started paying their share of the actual costs if the companies actually stay.

[@paulconner4614]

So they think the AOB changes will reduce lawsuits because the customers will just give up instead of fighting it like the roofing companies do. As for the insurers going under. Have you checked to see if they are holding back enough of the premiums to pay for claims?

[@bigstickful]

This guy gets it. Better listen to him.

[@nataliavillalvazo564]

All about the cash 💸.

[@Joda-es5xd]

In my humble opinion, the issue we have is that many insurance company seem to always want to pay less. Maybe a viable option is if the homeowner is not content with the payout and a public adjust is used and the amount is higher, there should be an agency to review the case and if the insurance company is under paying the claim there should be some sort of financial penalty to the insurance company to deterred this type of predatory practices. 2. Why can We buy insurance coverage just for my loan amount, currently Insurance company want you to get a coverage that are 3 to 5 times the loan amount “claiming the replacement value”. Example you owe 100k and you need to have 350k coverage. Makes no sense and thus resulting in a higher amount of insurance ( the lank in this example is 100k so the bank will not have a lose should they home owner walk away. As you indicated in car insurance we don’t get a new Toyota every 1( years but we should the same option to insure to what our loan or mortgage amount is not what they require us to have.

[@Kittycattnatt]

let's say you buy a home for 50k and it burns. You would need to get a coverage that is around 140k to cover the loan and extra to rebuild it. i think lol

[@finalchapter24k]

The only problem with that is if your 350K house burned down and the 100k policy went to cover your loan, you'd have nothing. You would have loss all of that equity. Then you'd be mad about that. The bottom line is Florida is HIGH RISK as a whole. I wouldnt even do business in Florida if I owned a insurance company.

[@t.f.3305]

It's called, move. Go somewhere else.

[@joedeli1095]

Mine has doubled in the last 2 years despite a new roof, new impact windows and doors, and a new tankless water heater. Edited to add I pay for my own stuff, I don't dump it on my neighbors or my fellow taxpayers.

[@genestarwind4610]

But you don't and never realized that. Insurance Companies get MASSIVE payouts and subsidies from federal programs for hurricane damage. Nearly $10 billion a year. According to FEMA data.

[@FR-tb7xh]

@@genestarwind4610 Our kingdom for more like the OP! He comes closer than anybody at maintaining and improving his property and minimizing its risks than 90% of the population there. I’m guessing his rates have doubled maybe due to the new federal flood zone delineations, prior claims by his neighbors - from nickel and dime (industry death by a thousand cuts) to catastrophic, and only an across-the-board rate hike can begin to help the insurance industry recover its losses and hope to make a profit. Too, my guess could be wrong - if he’s had a major or multiple claims filed in the past, the insurance company may consider his property, despite all of its improvements, a higher risk forevermore. Regardless, there’s an incredible amount of actuarial science that goes into everything the insurance companies do. The industry in Florida has been profoundly hit by fraudulent activity, and it’s so cancerous the companies have to either raise everybody’s rates to compensate or cut their losses and run. To OP, our nation thanks you, and hang in there - you’ve become a rare breed.

[@lowkey_nev9439]

I work in insurance, and I get what he's saying, but no homeowner should buy an actual cash value policy when a replacement cost policy is offered.

[@JohnPeter-yf5jf]

This Guy Gets IT! if my insurance company had to buy me a new car every 10yrs because of wear; they wouldn't want to insure me anymore.

[@albertatimmons8067]

It would be great if everyone got fair pay.

[@dr.suezettealoysiaandcarla1664]

Fraud 👈🏾

[@zeke5491]

Build your house on a hurricane bowling alley-see what happens

[@LifeMax305]

The whole insurance system is corrupt. They do everything possible to not pay. Individuals need home repaired as soon as possible. The AOB allows them to get there home repaired and move back in.

[@mrcharles4636]

Facts, that no one is talking about

[@bigstickful]

Tort reform, tort reform, tort reform.

[@lisahertel2415]

Blame the governor?? Hate to tell these people that they aren’t the only crisis. Thank dems

[@samcalven12]

😂😂 yet this problem isn’t an issue here in California

[@genestarwind4610]

HAHAHAHAHAHA Red states being forced to deal with the effects of climate change through deregulated Capitalism. Now asking for Federal Money. OMG! The Irony is so so rich.

[@PederE007]

Bullshit!