Florida Condo Association's insurance spiked nearly 1,000% - Here's why

8 On Your Side Investigator Mahsa Saeidi has the latest on Florida's property insurance crisis.

[@jjman533]

So the entire condo complex used to pay $56,000 a year. If you divide that by 50 units, that is $1120 per unit. Now it went up to $526,579 or $10,531 per unit. Its not like every single condo association fee is going up that much in Florida. This specific condo complex failed many various inspections and many homes in the complex have construction defects.

[@michelrodrigues110]

and HOA never informed the new owners, neither broker, nothing, it's a complete scam.

[@Linda-cn3yx]

Condo HOA fees are going up all over Florida and around the country because of Government regulations, skyrocketing property taxes, inflation, interest rates and insurance. It's going to get worse in the next few years because of more new Government regulations, that will start going into effect next year.

[@Floorguy1000]

@@Linda-cn3yx No....because people can't take care of maintenance of buildings. Surfside collapses...killing 100 people as they slept....due to poor condo management... But yeah let's blame it on government regulation. Skyrocketing property taxes....well Florida has chosen to not have State of City taxes...so no surprise here. People have been getting away with artificially low fees for years. Now that they finally have to pay, people are going to complain about how unfair it all is. What happened to personal responsibility?

[@Linda-cn3yx]

@@Floorguy1000 Hurricanes are a big part of higher insurance. Several insurance companies have gone bankrupt and others have left Florida. But skyrocketing property taxes, interest rates, inflation, condo fees are happening all over the country. A big part of it is new Government regulations and there are more going into effect, starting next year. On air conditioners, appliances, green building materials, Insurance, energy, public water and sewage.

[@Floorguy1000]

@@Linda-cn3yx I get what you are saying, and can agree with a lot .. ...but the really significant government regulations as it pertains to Florida, have to do with the Structural Integrity Reserve studies, and the fact that reserves are now mandated to be fully funded to plan, can no longer vote to defer. These changes were long overdue. People should have seen this coming ...but people being people, they wait until the last minute. It also has not helped that most HOAs are run by volunteers. Imo, it's going to become an even bigger mess.

[@kortyEdna825]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@Pamela.jess.245]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@rodrigo.971]

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

[@Pamela.jess.245]

I had the pleasure of working with one and it proved to be immensely advantageous as they helped me restructure my entire portfolio. My advisor is none other than ‘’JULIE ANNE HOOVER, a renowned figure in her line of work whom you may be familiar with.

[@rodrigo.971]

@@Pamela.jess.245 -Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@ricklogan1433]

They are screwed by a builder, and hoa. Welcome to the great state of Florida 😅

[@vulcan2882]

My ex-boyfriend bought a condo in the Ft.Lauderdale area less than a year before we broke up. He would brag about buying it in cash and not having a mortgage, I heard the other day he's selling the place because he can't afford the high HOA fee's. Me .. I left Florida, I bought a smaller home .. a simple 3 bed 2 bath. There's no HOA and some of the nicest people I've ever known, where I live everybody watches out for everybody. This is a place you could brag about .. and mean it.

[@jasonviner8259]

Floriday is a swamp with water on all sides including coming up from the ground and coming down as rain. Who would have thought Condos falling down and once in a lifetime hurricanes coming each and every year.

[@critterscute3642]

Yep. And they’ll keep on building and people will keep on buying and then gripe about the “big surprise” later

[@danasmith858]

And building things out of cement and sand, like that's not going to crumble in 50 years

[@SK-lt1so]

Yup A swamp surrounded by water and "gee, there are water problems?!"

[@bumblebay9559]

Told my HOA to stop voting no reserves & we would someday run into problems & no $. It happened & now flood insurance & other issues have risen. Glad I sold before their major HOA fee increase. Florida now has new condo laws for reserves starting 2025.

[@Pondapple]

At my Florida condo, we voted to fully fund reserves, and do so. This was several years ago. I wonder about what is the thing with people on this - we also voted to not allow leasing for the first 2 years. This slowed down the flippers who would likely not want fully funded reserves. Just my idea of it.

[@jsch9173]

If there are “defects,” why haven’t they been corrected by the HOA or the individual owners? Of course insurers are going to beg off, particularly in Florida. Part of this too is that the owners are finally having to pay the real price for living in a disaster-prone area.

[@Neimfeltrite]

The defects probably haven't been corrected because it would be a massive special assessment, which means everyone in the community would have to come up with anywhere between 30,000-50,000 dollars on the spot or lose their home in foreclosure to the HOA. That's the ropes. But hey, its the system these aging baby boomers set up for the rest of us. They should move to a cheaper area like they turn their noses up and tell everyone else to do.

[@info781]

You are correct, no one wants to pay , especially if it is a issue with tile roofs , they are expensive to fix and replace.

[@Floorguy1000]

Absolutely agree! People have paid an artificially low price for living there...but now that they finally have to pay... people want to complain about how unfair it all is. Somehow I bet if you look at all the minutes of that HOA you'll see how they voted to defer adding to their reserve fund.

[@aryaastark9201]

Yup. Sorry but that's what happens when you don't believe in climate change and don't think you should have to pay for said change. Additionally, you didn't keep up maintenance on your property so of course you'll have to pay.

[@user-zi4gy4qt1f]

Whenever I move to a new area I do my homework....It does not take a brain surgeon to have seen ten or more years ago that Fla weather would affect living costs in that state...

[@joseh3564]

This happens in condo buildings. The buildings age out, 40 yr assessment for good reasons. Don't buy a condo if you cannot afford upkeep. It's the same with all dwellings. They all need new roofs, air units, plumbing upgrades, new kitchens, bathrooms, etc., plus rising taxes, insurance.

[@curtandoscar]

"Upkeep" in Florida is completely different from 'upkeep" in other states. For example, Florida insurance companies are refusing to cover a home with a roof older than 10 years. And Florida roofs are incredibly expensive ie $40k and up. People are used to thinking in terms of a 30 year roof, ie you buy it once, maybe twice in your lifetime. Who can afford to keep rebuying a $40k+ roof every 10 years?? Who?

[@frankpinmtl]

Lotsa jobs picking oranges in FL now available! Earn extra cash! Pay for your insurance! Your state gov't has seen to it that these positions are available for you - hardworking Floridians. Lawn care, drywalling and roof repair jobs are also available. Start an exciting second career!

[@dennistyler9852]

I rent 6 months a year so you pick the fruit.

[@desmondjefferson2127]

🤣😂🤣😂 Absolutely, these boomers need to get those bootstraps and earn more money, like they've told EVERYONE ELSE to do from younger generations with student debt, high rent, and other costs of living. 🤣😂😂😂 I'm good!!!

[@ippapp2]

As an orthopedic surgeon in Florida I can tell you I see a lot of older people falling in the areas outside and suing the communities. I am convinced that the letiginous climate of Florida helped spike those prices

[@damham5689]

If they didnt live in an HOA then people couldnt sue the HOA community.

[@RorkesDriftVC]

Lawyers in Florida have been successful in keeping mandatory car insurance from happening. 25% of drivers are uninsured. People with assets pay the price for others not being insured.

[@williamsmith6838]

That's not what's driving up rates overall. Those are isolated incidents.

[@craig162]

It is true that 25% don't have car insurance but you must have insurance in Florida to drive a car. Google it. Time to tow 25%of the cars on the road.@@RorkesDriftVC

[@user-oe5ey3ex8b]

Most of this rising insurance rates is due to credit suppliers like BlackRock and Vanguard retaliating against red states like Florida because of anti-ESG legislation. Insurance companies can't get financing or it's much more expensive if their ESG score isn't high. The ESG score of corporations is lowered if they do business in Florida. This is all part of of pushing home owners into rentals. They can't get people out of their 3% mortgages but they can increase property taxes, insurance and inflation to make home ownership too expensive. These big companies like BlackRock are waiting with cash to buy foreclosures at fire sale prices. Also, they are self insured. "You will own noting and be happy"

[@brandon-tech]

I have a private house in nyc paying only $600 annually.

[@Danny4Aarch]

1,000% increase is $800 a month? So they were paying just $80 a month for insurance before? I don’t know the area but that seams unbelievably cheap for a condo/townhome master policy.

[@naplesflexplorer]

Exactly, lol. I thought I was the only one that saw the numbers don't add up. They say they were paying $56K a year and it went up to $527K a year , then the home owner is complaining about paying $890 a month which? s 10,680 a year? Which sucks but no where near $527K

[@livedreamsg]

​@@naplesflexplorerEach individual owner pays $890 a month. It's $527k a year for all condos.

[@maryrenaud6732]

This implies there about 50 condos in the Community, 527k / 50. = $10,540/ 12 = $878 per month…so maybe 49 units…?

[@steveconkey7362]

That's on top of their separate unit insurance. They have 2 policies. One for the house and one for the HOA.

[@Danny4Aarch]

@@steveconkey7362 Yes I'm aware, but their own policy will be a lot cheaper as they'll only need to cover personal property and liability, the dwelling is already covered under the master policy.

[@chodkowski01]

A lot has to do with contractor fee’s. Their prices have tripled in the last 2 years. Nobody works cheap anymore. Just try calling in a roofer, plumber, A/C tech and you’ll be shocked at the prices they charge.

[@SandcastleDreams]

Yep! And the cost of materials has gone through the roof as well! Thank Trump and Biden for the inflation.

[@info781]

Yes, pretty much $250/hour to get things done.

[@GreggSagge-lt6le]

​@@SandcastleDreams and all the republicans that run florida

[@gedias1]

​@@SandcastleDreamsGovernments in a capitalist society don't and shouldn't control the free market, or commodity prices. Even goods from China have increased greatly.

[@SandcastleDreams]

@@gedias1 Fuel price increases raises the price of everything. They go through a port in CA, the dock workers went on strike and got a raise awhile back, fuel prices for Semi's is through the roof. Then it has to travel to its destination. If it comes by air, the same thing. So, you've got fuel price increases and labor cost increases and you've got inflation. It's called consequences. We don't have a free market when there are lobbyists wuth deep pockets hollering about global warming while polluting the earth with windmills, solar panels and exploding batteries all the while letting China build 5 or 6 coal fired power plants per day. Does anybody in their right minds think that buying almost all of our products from a country that uses coal to produce electricity is actually cutting down on pollution? No, so why is our government and agencies making things so impossibly difficult to manufacture goods in our own country? UN Agenda21/2030!

[@Pondapple]

Some building defects can be fixed. You might be able to add extra straps in the attic that hold the roof trusses to the block walls, for example.

[@bryceharper446]

Same here! I moved to Florida for affordability as I am now on a fixed income. Everything has gone up here in Sarasota Fl. Maintenance and insurance is up. I left NYC but there’s no where to run to you avoid the global take over to make us all poor and afford nothing. Generational wealth is a threat to the plan. Who will stop this?

[@williebrinson4699]

Desantis

[@jetjan]

no one-hurricanes do severe damage in Florida & Florida is mostly limestone- which weakens with rain-which leads to sinkholes all over Florida-big ones which can swallow a whole house-insurance for sinkholes in Florida is $2500 a year

[@Bradimoose]

When did you move? the insurance crisis has been building for years yet people keep coming and and are surprised. It's been a brewing crisis since 2018.

[@kyleklmondwa9042]

I was wondering HOW the NWO were going to Confiscate everyones "purchased" homes. Just hike UP the insurance rates to the point where nobody can afford them and then TAKE their homes when they stop making insurance payments...BRILLIANT.

[@orethawitcher3133]

@@williebrinson4699 Desatini

[@bobbullethalf]

Florida has become too expensive place to live. No matter how "nice" it is.

[@bigcahuna42366]

Exactly, it has now become a playground for the top part of the upper class

[@briankane3905]

It's not if your house is paid off. People poured into this state, started bidding wars plus inflated prices. I own several homes here, pre pandemic. All my homes went from 75k to 500k. The pandemic made me rich but if you buy a house here now, you are nuts!!!

[@carochio8639]

it's not even nice

[@dragoonseye76]

Need to mention the weather hazards. The state is extremely prone to severe weather. That’s like building in the middle of a shooting range. It makes sense that insurance is out the roof. Why willingly cover an area that is most likely to get blasted hard and not get paid for that obvious cost risk?

[@Standing_on_my_Z]

So climate change is real then, because I've lived in FL my whole life, and hurricanes have always been an issue, this is nothing new

[@JeffBattleFish]

This has little to do with weather, its all about lawyers suing over 1000 fold versus other coastal states for wind damages and litigating that damage. The Florida legislature are lawyers and they refuse to step on other lawyers payday. Its politics.

[@isocarboxazid]

@@JeffBattleFishEverything's a grand conspiracy to a knuckledragger, especially when his lifestyle depends on not knowing what's obvious to hundreds of millions of other people 😂

[@tylerbroom8309]

Blame the government for decades of irresponsible development. These people will need to find a new place to live.

[@Frank-tk2kr]

Doesn’t help that the governor is in the pocket of the insurance companies either.

[@therealmvp232]

Still can’t believe people are buying hoa’s

[@stevebrannon69]

This is happening everywhere. Developers form assessment districts to build their development and pass a bond onto the new homeowner. Then they form a HOA to maintain the common areas and these assessments are placed on the new homeowners. You would be surprised how many HOAs are in this country. It’s just not a California of Florida problem, it’s everywhere.

[@therealmvp232]

@@stevebrannon69 I know it’s a lot. But still why would you buy a house that someone else sets the fees and rules you have to live by. It’s stupid

[@Tugela60]

All condos are HOAs.

[@MountainMan7.62x39]

HOA has nothing to do with it.

[@mandybradley3079]

Big money in HOA. Lots of unnecessary salaries. They pay lawyers to be available with money you pay them, but you have to pay for your own lawyers to fight them. It’s bad news.

[@newkirk7591]

Down here in south florida, our hoa recently went up 55% because of the master insurance.

[@thedude1666]

Good for you!

[@JBoy340a]

Not suprising. A lot of older building have differed maintenance costs. Especially bad in Florida's climate. Water in any form, humidity, waves, etc. can little erode mountains.

[@Teena6565]

My sister owns in a small association on the East Coast of FL. Master insurance policy went from 92k per year to 212k per year. Crazy stuff going on.

[@rebeccastallard5366]

You will OWN NOTHING AND BE HAPPY!!

[@darrinpayne27]

Ok, let's do some math here they are paying $560,000 for a policy that only covers $2.5Mil claim that's crazy. If I were the HOA I'd self insure take the $500,000 and put it into my Reserve Fund and roll the dice in 5 years they will have more than 2.5 million set aside and can drop the dues back down.

[@blockchainprofessor.x]

Gee, I sarcastically wonder why insurance companies are leaving Florida. Maybe it's because mother nature can completely destroy homes in one fell swoop

[@charlesbrown9213]

@Blockchain - The logic of your sarcasm eludes me: if insurance companies leaving is rational, why were these 'rational' companies insuring the market in Florida for decades.

[@desmondjefferson2127]

It's not woke enough of a problem for who they voted for, DESATAN, now I'm glad they are reaping what they sowed. Also, everything they complain about is just WOKE whining, GET A JOB!!! 😂🤣😂 OR it's FAKE NEWS🤣😂🤣😂 SEE, we can do it too!!! I will watch on GLEE for the people who support the GOP and all they do but forgot they also needed government too. Oops

[@JBoy340a]

No. This sounds like people suing the HOA they belong to and being shocked when they have to pay more because of that lawsuit.

[@devanishant]

It's not hard to build a hurricane proof structure. It takes planning and money.

[@josephwoehlerii2855]

I see that they did not bother contacting their GOP representatives about this issue.

[@cindystiles4671]

It doesn't do any good. They're run by the billionaire corporations. They will never listen to pip squeak people like us. Unless you are a billionaire, don't bother with the GOP or DeveloperSantis. They are all on the billionaire's side.

[@jimbranaghan1228]

Give it a rest.

[@Jozeha]

@@jimbranaghan1228who’s your daddy

[@ricardcluter4765]

@@Jozeha Why are you asking, don't you know yours? Let me guess, Obama...

[@Jozeha]

@@ricardcluter4765 I don’t support neither party I’m no sheep like most diaper-Don cult followers no way would I stoop so low and look at someone like they are the messiah.

[@chodkowski01]

We had a big raise in our condo insurance. Our buildings are 10” slab built walls, 8 miles off the beach, no flood zone or HVHZ zone also but we are getting hit hard on insurance raise.

[@herberthall8082]

For years these kind of places near the ocean snd waters got a free ride in terms of insurance. There are fifty some units insured before for $56,000. That is about $1,000 per unit. Would you personally take the risk of total destruction for a $1,000 per year when you consider how many hurricanes Florida has? That's not including any other risks such as home fires. If these people think $10,000 a year per unit is too much, why don't they self insure for all the risks and save that $10,000? Of course they won't because they know there is a chance of major damage from storms. So they want the insurance company to take a risk that they're not willing to take.

[@pauljones6321]

It’s the master policy for the common areas, not for the individual units.

[@henryc1000]

I would never live in neighborhood with an HMO!

[@drc3po]

There are no neighborhoods with an HMO. That would be your health insurance! 😅

[@henryc1000]

@@drc3po HOA. Happy now? lol

[@drc3po]

@@henryc1000 👍

[@bobbylincoln6949]

Blame it on the "WOKE" insurance companies. Don't worry yall your boy Ron will straighten them out i am sure. :)

[@Matt-fl8uy]

He'll just keep taking those campaign contributions from them and let them charge whatever they want.

[@JusticeAlways]

Yeah..."woke insurance"...effing hilarious.

[@PSCA1988]

The insurance companies went woke and the homeowners go broke!

[@SandcastleDreams]

It's called INFLATION! Thank your orange messiah and that old geezer in the WH. Did you honestly think that Trump spending Trillions would just magically turn into no consequence at all? And now Biden falls into his footsteps! That Omnibus Bill that they all signed started this mess! Trump should have vetoed it and sent it back!

[@robevans2114]

I never thought of turing a profit as woke. It seem capitalistic

[@jrtstrategicapital560]

They’re victims of their own ignorance sadly..as a former banker, we all knew that owning a condo is risky because you really don’t own real estate but “air”. When new complexes go up, yours will sink in value. Especially when these building aren’t made to go beyond 50 years without an overhaul..especially in a state full of hurricanes which add stresses on the building. Similarly , by 2050, when most mortgages purchased in 2020 were made for coastal properties, by the time your home is paid off, the ocean will be lapping on your front door..the science tells you that but most ignore it. By 2050, HUD anticipates at least a trillion in mortgage properties to go underwater ..a huge default due to climate change…but people put on their blinders and keep buying.

[@robevans2114]

Seems like the HOA/Homeowners should sign a paper that they will not sue over the defect to clear that issue.

[@fredricksmith-something.2125]

Why can't they sue the contractors that built the condos?

[@MsOSheDidIt]

Why can't they blame the Rethuglicans that aren't doing anything but turning one group against the other and blaming Mickey mouse!

[@maderastuff]

​@alexandraoneal4534 bro the mouse hasn't done shit lately. It's all Pixar and marvel. I think you're onto something. Let's all blame Bob Iker

[@rustynail3630]

Stay off the meds

[@fredricksmith-something.2125]

@@rustynail3630 Shhh

[@RorkesDriftVC]

Florida's CFO blames woke. Insurers are leaving the most climate impacted states. Regulations that would mitigate the impact of climate events would be an intelligent response. With our current governance that is out of the question.

[@audenharper3014]

Make America Florida he said 😆

[@JamesBrown-ij1px]

@@audenharper3014 I live in Florida! Do NOT make America like Florida! Florida is AWFUL now because of Ron DeSantis!

[@JamesBrown-ij1px]

As Ron 'DeSaster' DeSantis is learning, blaming 'woke' for everything is a losing strategy as his presidential campaign sinks faster than the Titanic. Blaming the problems on the country on 'woke' is simply a stupid and worthless strategy. Maybe the Floridians that he has abandoned will 'wake up' and realize that they should never vote for him again!

[@Standing_on_my_Z]

These people don't even know what "woke" means, it has replaced the boogie man

[@desmondjefferson2127]

You're right and everyone who is complaining now, voted to be in this position and GOOD FOR THEM. I will take joy in their coming bankruptcies that their governor and GOP got them into🤣😂🤣😂 Boomers are FINALLY getting what they voted for!!!

[@dylanmoris6211]

catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated.If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.

[@williamsbrown4026]

People believe their currency has the worth it does because they have no other option. Even in a hyper-inflationary environment, individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@LionTowercoporation]

If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.

[@KelvinWallace]

You are right! I diversified my $550K portfolio across various market with the aid of an investment advisor, I have been able to generate a little bit above $1.4m in net profit across high dividend yield stocks, ETF and bonds during this red season.

[@LionTowercoporation]

My advisor is "Colleen Janie Towe" In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.

[@KelvinWallace]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.

[@droolalot5795]

Luckily Florida believes is less government and less regulation.

[@fswatyahoocom]

only when those regulations are inconvenient to them!!!

[@Matt-fl8uy]

@@fswatyahoocom Your comment suggests they support SOCIALISM!?!?!?!?!?

[@JusticeAlways]

Less affordable housing > fewer people > leads to less government. Haha

[@droolalot5795]

@@scotth5357 so it's fake news that Florida likes freedom? Darn it, they tricked me

[@johndubose1395]

they cant regulate the hurricanes

[@DavidPerez-oj2dv]

INSURANCE IS A SCAM

[@richardhead3211]

living in a hurricane zone will bite you in the ass

[@dhowto3005]

$890 a month for insurance that provides no coverage. wow!

[@phallondavenport470]

I feel sorry... I am glad I rent my rental insurance is $14.17 per month. Not $500,000😂

[@bobbullethalf]

The Florida government has to do something about these high prices, how can us retries deal with that and our incomes.

[@info781]

Stop voting for people who only care about "culture war" issues and want to focus on pocketbook issues.

[@bobbullethalf]

@@info781 but I voted for every pro-business republican that was on the ballot. I want the insurance rates to go down please so I can live in peace in the state.

[@damoneboyd9945]

​@@bobbullethalfpro business really

[@diytwoincollege7079]

“Don’t build your house in the sand. “. There is a popular book that gives that advice. Florida is a big sand bar

[@jamess1314]

I've lived in Florida for 60 years. Hurricanes have been happening during the entire time. While there may be more intense hurricanes today, there have been destructive ones in the past too (hurricane Betsy, Andrew, Wilma). I wonder if the problem is due to construction methods in different parts of the state. I live in Southeast Florida. The buildings here seem to be better built than in other parts of the state. Miami-Dade county building code are pretty strict to protect against windstorm damage. I lived for a time in Southwest Florida and saw less strict building codes. For example, many building in my neighborhood are two story. The second story is a concrete block structure. In SW Florida, second stories are frame construction. Something needs to happen to control the cost of Florida windstorm insurance. Part of the problem may be that all homes are paying the price for properties that are not as well built. My home was built in 1953. It's been through many hurricanes including Cleo (1964), Betsy (1965), Andrew(1992) and Wilma(2005). I've gone through records to see if the home was damaged in any of these storms and found the only repairs necessary were for a fence that was blown down. Yet I'm charged ridiculous rates for Windstorm.

[@fl0wmastr]

Great info thanks for sharing

[@timallison8560]

what i do not understand is how the insurance companies are at minimum required to do is to create and price their rates by historical data. there are hundreds of thousands of square miles in florida that have not seen a hurricane in twenty years or more, and some areas the NEVER have - versus coastal areas that obviously should cost much more to insure.

[@rubegoldburg7841]

You move to a WELL KNOWN and documented Weather and Climate WARZONE and you WHINE about the costs associated with protecting yourself from these established factors.

[@desmondjefferson2127]

AND vote for a governor who ignores that to pick fights with Disney🤣😂🤣😂

[@scott5966]

The rest of us have been subsidizing people living in areas prone to natural disasters like Florida for years. This is not isolated to Florida, however. It is starting to hit communities in most coastal areas, and also inland communities prone to wind storms in "tornado alley" as well. The insurance companies will eventually drop storm damage coverage and stick to fire only. No other way.

[@joelcleare]

‘ if a big storm comes in and hits everyone… we’re going to be done.’ Insurance company are saying… yes… now you know how we feel.

[@dirk7816]

Most of Florida will be a sand bar at low tide in 50 years and it will be effectively be uninhabitable long before then. The insurance companies know this and so does anyone who was willing to take a little time to educate themselves. Which are few and far between.

[@craig162]

Nothing would make you happier.

[@Member-el4zo]

If it was to happen that would be flooding and nothing to do with this since floods aren't covered by this kind of coverage anyway.

[@geckster109]

Then why do major banks still write 30 year conventional mortgages for people buying there?

[@kriscampbell2327]

I agree. People just are NOT studying the scientific data of our world's ice masses melting. It is downright scary and shocking as to how our world might look like in 100 years.

[@devanishant]

@@kriscampbell2327 Fake news. Lies. Rubbish. Commie disinformation. You're full of it.

[@mattstiles-ok8yz]

F HOA'S!!!! and insurance companies ugh! 😡🤬👎

[@hideoussails1783]

Interesting. Didn't DeSantis just go visit Lloyd's of London?

[@johnjdumas]

Why can't they self-insure?

[@JBoy340a]

So, the issue raising the rates on the homeowners' rates is claims from the homeowners that the buildings are defective.

[@Young-rn5ss]

Just FYI, T told DeSantis to do something about the insurance in his state…

[@desmondjefferson2127]

Exactly, this is just Boomers wanting the governor to fight woke but NOT for their insurance. 🤣😂🤣😂🤷‍♂️ They are getting exactly what they voted for and I'm HAPPY AF that they are too

[@ElDell]

I think the answer here would be to self insure and make everyone aware of what the coverage will be at any point in time....

[@timothythompson4036]

The condo association didn't do proper maintenance in the buildings. Now they are paying the price. Don't move to Florida!

[@Needglory23]

I can afford to buy a house in Florida, I just can’t afford the home insurance…

[@SandcastleDreams]

Ours isn't that bad. We are not in an HOA.

[@user-qr5bm7ek6r]

😂😂😂😂, Fmr, Broker, MA happened to me San Jose California..... 2023

[@davidmiller6981]

Had condo Sebastian Fl. Reflections on river they had Lloyds of London they held up payment for close to year after jean Francis hurricanes 2004 was three years to get repairs. State farm individual ins. said you had 90 days to get repairs done or they would not pay deductible

[@lonevoice9838]

With the damage caused by hurricanes, tropical storms, saltwater intrusion, etc. What insurance company can afford the risk?

[@donnellbryan3265]

Go woke go broke..i guess florida resisents gonna be broke asf😭😭woke hurricane coming

[@j.103]

Unfortunately Florida residents like to sue Insurance companies….I’ve seen it many times over my 40 years of living here. I guess they figure that it’s like free money…..too bad those actions will affect all of us. I have owned homes since the early 70s and have not once ever put in a claim.

[@lordbyron3603]

I love where I live !! My mom and dad left it to me when they died. It isn’t lavish. It’s not in a gated neighborhood. It isn’t a new community. It was built in the 50s. It’s got your typical 4 seasons. But ! ……. It’s also completely paid for ! It’s 1800 sq ft with a big front and back yard. The neighbors keep to themselves. Everything is within 1 mile - the tennis club that I belong to,, the stores, markets, restaurants, local parks, gas stations, VA hospital (10 minutes away),, local hospital and police station and fire station. Everything ! Why in hell would I move ??? You can have Florida. I’ll stay right here in Washington state!

[@naplesflexplorer]

The numbers don't add up? They say they were paying 56K a year and it went up to 527K a year , then the home owner is complaining about paying $890 which is 10,680 a year? Desantis did a great job during covid , but he needs to address the Insurance issue in Fl.

[@SandcastleDreams]

Its the HMO's.

[@AJourneyOfYourSoul]

$10,680 per unit, about 49-50 units. It is amazing to me how many people in the comments don’t understand this.

[@Wooster77]

It’s because this condo board is seen as litigious. They sued their former insurance co.

[@Allaiya.]

Sounds like the lawsuit needs to get settled first.

[@jetjan]

how-while you build house in Florida you pay off republican governor

[@cbrashsorensen]

Lots and lots of these stories about people who cannot afford to pay for these policies--obviously not. But NOT one single person here has made a suggestion about how ALL those impacted - not just ME - can address the impact of more frequent, more powerful, and more COSTLY storms. What is their solution other than "NOT ME"? Someone ELSE needs to fix this--NOT ME. This is a time for people to come together. All those retirees at Lakewood Ranch COULD vote for representatives and a Governor who listened to their needs. They could have a one-day protest during the time the legislation met in Tallahassee. They could form an insurance cooperative. Something other than complaining. I understand where this guy is coming from--we left Tampa after Hurricane Charlie.

[@cindystiles4671]

Get rid of DeveloperSantis.

[@tomnguyen9931]

Sorry to inform you but the legislation in FL is not "WOKE".......They are all brain dead!!!!!

[@akita96th]

They need a good old fashioned woke government that would straightening out them evil doers.hehehe/

[@chillwill5080]

There is no Constitutional Right to insurance, that's the end of any argument. Either pay the price or don't, that's freedom.

[@akita96th]

Spoken like a true MAGAT.@@chillwill5080

[@paulkelly4731]

That's what they get for being lawsuit happy.

[@AJourneyOfYourSoul]

That’s definitely part of the problem. And hurricanes, lol. Florida is a place you build a cheap shack to live in, and when the hurricane takes it, you throw up another one and move on. No insurance needed. It never should have turned into what it is.

[@AjitMD]

Florida geography is extremely vulnerable to hurricanes, rising sea levels. Insurance companies are not stupid and can not afford the risk. Also, many condos on the cost get exposed to foundation and structural corrosion…. Very costly to repair. Florida is for rich people mostly, unless living in the sticks.

[@Bradimoose]

In insurance they say at a certain point any risk an be a good risk at the right price. $500k a year lmao. Once you end up in LLOYDS you're fucked. They dont pay claims for years. You'll be in british court forever waiting on repairs.

[@just_icethereal]

Interesting, waiting on a lloyds claim now

[@Wongseifu548]

Literally people move to Florida from cities in the north east and are shocked that their is a downside of their move

[@cindystiles4671]

These people live in one of the wealthiest communities in Florida. And they're complaining? You wanted to move here Transplants. The hoards of people pouring into this State are causing things to go up and up. There is no quality of life living in human overpopulation. You wanted to move here because you think this is paradise????? You got what you deserved. STOP INVITING THE WHOLE ENTIRE WORLD IN. START TELLING PEOPLE THE TRUTH OF WHAT IS BEHIND THOSE PRETTY PICTURES INSTEAD OF INVITING YOUR FRIENDS AND FAMILY TO MOVE HERE. SIGNED - PART OF THE 25% CLUB - A FLORIDA NATIVE.

[@lakenneth374]

Per capita, more Floridians move to California than Californians moving to Florida.

[@bgregg55]

Obviously, folks won't be retiring to FL anymore. Just wait till the next major cane hits.

[@dennistyler9852]

Florida is a seasonal place to me. Can’t imagine the Summer time broiling.

[@steven4315]

Gated golf course community = rich people problems.

[@legalbeagle295]

Not necessarily rich, but retirees who saved from WORKING their entire lives

[@phillipweissburg1882]

Here in Ocala...no hurricanes.....& if you own the roof over year head....You don't have to buy any home owners insurance.......

[@celestialtl]

I am a rich old guy who lives on the golf course and I demand that everyone else pay for my insurance

[@joeblakely5950]

Once I bought a house and at closing time I was having trouble finding homeowners insurance. I called my insurance agent and he said we found someone. I asked who? He said Lloyds of London. I got the insurance and still have the house.

[@user-cv9cd4sq2n]

Did anyone mention that 85% of all insurance claims in the United States are in Florida?

[@usptact]

I’ve told long ago that insurance premiums will skyrocket and will rival mortgage payment itself.

[@jaddek.astrie3071]

Paying for insurance thats doesnt cover. Why they have to? it should be illigal.

[@hammertyme8392]

Self insure. I lived in Florida for 40yrs and the rate increases were ridiculous. I paid off my house canceled my insurance and saved 75k in less than 20yrs. Everyone thought I was crazy, but my Roth IRA will beg the differ. That money has grown 10 fold. That house is still standing today without a scratch.

[@ericwsmith7722]

Amazing how many lawsuits are avoided when the law firm finds out you cant pay ! Only so much ju$tice they are willing to go to court for.If I was to drive to the closest house burned to the ground by fire, and count how many houses I passed by that didn't.....100 to 1,,,,,200 to 1 pretty good racket

[@critterscute3642]

If they were defects as constructed, weren’t there building codes that were supposed to be enforced? Who got paid off to turn their heads the other way? Too late now. It’s become your problem

[@billdursa4976]

One mor reason to get the heck out of Florida.

[@SkipinlLA]

these carpet baggers gotta pay up lol warms my heart

[@Floorguy1000]

So the complex has defects it hasn't corrected. This is not some big surprise or insurance scram problem. It' sounds like the HOA just plain kicked the maintenance problem can down the road...and now they finally have to pay. There are going to be tons of these in Florida.

[@user-se7vt5ow4e]

Floriduh is a criminal state where there is a scam a minute. So glad we sold on and moved 5 years ago.

[@privatepilot4064]

This is how they’re going to get homes from people. Our homeowners association fees increased a whooping 10% in just one year! Unacceptable.

[@ponygirl1624]

The governor better get back here and work on rectifying this problem. Pronto!

[@Incrediblewash]

WTF lmfao!!!! 500k!!!

[@fl0wmastr]

Our Florida townhome community had a major spike in insurance too but luckily no lawsuit w building defects to escalate the rate even further

[@jetjan]

Florida averages 1 full hurricane a year & insurance goes up ski hi in Florida all the time- & sinkhole insurance in Florida is at least $2,500 a year as well-look at how much insurance for homeowners in Florida went up in last 10-20-30 years-everyone builds houses in Florida close to ocean or gulf of mexico-hurricanes will do more damage all the time & sinkholes are a major threat to living in Florida as well-inflation has gone up astronomically in last year-year & a half-oil has gone up ski hi & all building materials for houses have gone way up so insurance has to go way up as well- & hoas for homeowners in republican states are out of control & taking away peoples houses while paying off politicians-& houses built since covid in USA are often built cheaply as possible while selling for very hi prices & way to often are defective-not up to building code for city where house was built

[@tjts1]

You are one lawsuit away from poverty. Sell while you can

[@Moondoggy1941]

I looked at a townhome on top of a hill overlooking a big field, I told the realtor no because of the potential fire liabilty. I am glad I did. You would get screwed over if you live there.

[@Member-el4zo]

Get rid of the condo association if you can and convert to fee simple townhomes and ditch the master policy. Not all properties can do that for various reasons but some can. Then you isolate the problem to some units unless they're all falling apart. They didn't say what the issue was but it probably leaky roofs. That development doesn't look that old.

[@legalbeagle295]

Sounds good, but you still have issues of common areas, unless it's a patio home, which most of these are not

[@12HappyDonuts]

Who would have thought that building over a swamp would be so risky.

[@philscholze6528]

Consider who's name is on all these policies and regulations. His initials are RD..

[@ComplexityUnveiled]

That $800 per month is probably the condo fees and not just the association insurance.

[@dgriffin6074]

Slide? Gee, that name spells confidence and integrity, doesn't it?

[@daveedvalds3326]

Should be ability to self insure. If you put $500k into bank for 5 yrs you have $2.5m of coverage lloyds covers. Or, half pmts $250k for 10 years to save up $2.5m. Keep going for 20 years and everyone is better off with self insured pool of $’s. Make the owners all sign waiver on any pre existing conditions/ construction issues. If at some point insurance is too high we resort to what the pioneers did.

[@williamhenry3337]

I saw a condo in Tribeca NY that had a $24,000 a MONTH HOA fee. I live in a cabin in the mountains with no electric bills, no water bills and no heating bills. YES the homeowners insurance with State Farm Insurance went up 300 % so I may not have homeowners insurance next year. Insurance is a scam!

[@prmath]

I see why they’re leaving NY like fleas off of a new sprayed dog 😳

[@jetjan]

@@prmath homeless & illegals are all moving to NY

[@JusticeAlways]

I haven't bought home insurance for 31 years now. My house is just fine without it. If need be...I can rebuild with the money I've saved. Insurance is a scam.

[@orethawitcher3133]

Who can afford that were living on borrowed time

[@dereckc9469]

thoughts of selling taking equity and pay cash and self insure give to companies the finger

[@christoner2666]

the condo owners got exactly what they asked for. must have assumed all the complaints of defects would pay for themselves

[@StephenOshea]

run down property causes a huge insurance risk

[@Kuulei265]

Ridiculous!! These HOA’s are out of hand. Past time to disassociate and find another way to have insurance.

[@Tugela60]

All condos are HOAs. It does not work if you don't have one.