FLORIDA'S INSURANCE NIGHTMARE: Why You Need To Pay Attention Now!

[@Bigwilli123]

I've heard about the challenges with insurance in Florida, especially regarding property and flood insurance. With hurricanes and other natural disasters becoming more frequent, protecting our assets is paramount.

[@V.stones]

It's a complex issue indeed. Insurance premiums are skyrocketing, and coverage limitations pose significant risks. I'm considering reevaluating my insurance policies to ensure adequate protection

[@har0ld551-hn6fm]

I've been through similar situations in the past. Having a knowledgeable insurance advisory firm by your side can make all the difference. They can help assess your needs, explore different coverage options, and find cost-effective solutions tailored to your situation.

[@Larry1-pl2wq]

That sounds like a wise approach. Do you mind sharing the details of your insurance advisory firm? My family and I could really benefit from professional guidance in navigating this insurance nightmare.

[@har0ld551-hn6fm]

They have been instrumental in helping me navigate the complexities of insurance

[@har0ld551-hn6fm]

And also, I was able to pay off debts and my retirement portfolio has more than 2 million. Which is sitting there, waiting for me ro retire this year.

[@LRH143]

I have lived in Florida my entire life. If you’re not wealthy run, run as fast as you can to another state. If you buy a home an insurance company will write you a some what reasonable policy in the first go around. But one year later they will and can double, but in my case triple your rate the next year. And there is not much you can do but cry that you will be paying twice as much for your home. Don’t ever live within 2 miles from the ocean and buy a house that was built before 1990. You will just put loads of money in that house and the insurance rate will sky rocket to a level that you will be basically be paying what amounts to two mortgage payments for a home. RUN, RUN, AWAY FROM FLORIDA AS FAST AS YOU CAN. Our governor has and continues to let insurance rates go above reasonable amounts because they are lining his pockets.

[@dweickel]

Governor definitely needs to put this as a priority, there is no reason for these insurance rates. Shady roofing contractors don't help in this either. It's a shame that we want to retire and build a new home in Florida but now all this is putting a big red flag on our plans. To pay over $5,000 for insurance on a same size home in Michigan at $1,080 is a big difference.

[@lizzieb6311]

Lakeland resident. Home built in 1985. Never a single claim in 23 years of owning this house. Newer hurricaneImpact windows; hurricane straps on trusses; concrete block construction; hip roof; roof age 9:years old; hurricane rated garage door; flood zone X. My insurance has gone from 1180.00 in 2019 to the current 4300.00. It’s OUTRAGEOUS! Thank you for your information…important for people moving to,Florida to understand this.

[@LivingInSarasota]

Wow, it is truly crazy! Thanks for the feedback.

[@lizzieb6311]

@@LivingInSarasota Thank YOU! Thankfully my home is paid for, so I can afford it. Not sure if I could if I was still carrying a mortgage.

[@elliotmanuelel1031]

Wow, I bought a home in Puerto Rico for $236,000 VA loan. I pay a little under $700 a year for hazard insurance. Our majority of homes in PR are made of concrete.

[@wesellplaces2796]

Lizzie, What most people are not aware of, is the carriers who provide insurance to consumers actually buy insurance to cover the majority of a catastrophic event. The issue is the reinsurers of companies are non-renewing and not issuing coverage for Florida insurance providers. It is my understanding, when the state legislation imposed the responsibility of companies to replace entire roofs when the damage is minimal, was the reason reinsurers stopped providing coverage for insurance companies. There is a solution to this madness but our legislators are not addressing it. Please write to your representatives and ask them ... Solve the Home owner insurance crises.

[@jimlimberakis8115]

Thank you for this video. There are so many stories out there as to the various costs for insurance. When you said a roof must have at least five years of life left to get insurance, that applies to other types of roofing as well,not just to tile roofs ?

[@LivingInSarasota]

Yes, any roof covering must have 5 years of useful life.

[@fxmx9003]

Excellent update Lisa. Thank you so much for the details and thoroughness on complex and changing environment. passed it on to friends.

[@LivingInSarasota]

Thanks so much.

[@ellisturner9618]

Thank you for the video. Very informative, especially the insurance cost mitigation info.

[@MandyDouglas-hg4cv]

FEMA remapped on March 27th. Several areas of Sarasota County that were in flood zone X are now mapped as flood zone A. We discovered this as we are closing on our new construction home in the upcoming month. Our lending company contacted us requiring flood insurance.

[@LivingInSarasota]

Wow, that is really good to know. I have been told about a few possibilities of this happening.

[@jon19100]

Correct me if I’m wrong I think this is sad with the price of homes coming down. People are forgetting that they’re going to get blindsided by the insurance either now or down the road and they never take that into consideration so what you’re saving on the home that money that you’re saving goes in one hand and it’s handed out to the insurance companies.

[@ahart1189]

Helpful.Just purchased last week in Wellen Park. Single family new home. Approximately $1200 per year to insure this $600k plus home.

[@LivingInSarasota]

That sounds like the amounts I am hearing also.

[@LJH662]

Not bad!

[@LJH662]

Why so cheap? Bc new?

[@LJH662]

What carrier?

[@LJH662]

What carrier?

[@LJH662]

Awesome info! Ty

[@LivingInSarasota]

Thanks so much.

[@noush4283]

Great information, any defense between instant hot water and regular water hot water.

[@flmediasolutions]

Great information, thanks!

[@LivingInSarasota]

Thanks for watching. Heavy subject matter in Florida for sure.

[@albertlee6614]

Awesome video. Thanks. Would living in a gated community lower the insurance? Also, I assume not having a pool will reduce insurance. Does living on a corner lot increase insurance?

[@LivingInSarasota]

Thanks for watching. Gates communities do not often lower rates. Yes, having a pool can increase the rate due to liability but corner lots I am not sure about. It is always good to consult an expert insurance agent.

[@chickengod9184]

Thanks for the video. Do you have a ballpark idea of the price for a roof replacement Sarasota right now? I am understanding new construction is running maybe $400 per square foot. But haven't heard anything about roof costs. I would be looking at just a standard 1500 sq ft one story type of home.

[@LivingInSarasota]

Cost of roofs vary greatly and I am sure you would get a variety of options if priced out. However I can say that last year I had 2 different clients replace shingle roofing on homes under 1800 square feet and both came in around 18,000. That of course can change at any time.

[@pipito113]

For advice with homeowners insurance I have to call you?, Thank You

[@Morninglory86]

Will My Safe Home program be available to condo owners?

[@LivingInSarasota]

It should be but I would need to verify that. Remember they are not taking applications again until July.

[@Morninglory86]

Ok July 1, also what if you have some windows done already? Does that disqualify you?

[@LivingInSarasota]

@@Morninglory86 I am not sure. There is a website that may be able to answer the questions a bit better for you.

[@LesliePrincipato]

Here we go again. New construction homes (built to the latest codes, all new systems) seem to have reasonable insurance cost at least for a while. What are people supposed to do, move every 15-20 years into a new construction home. What happens to the older homes? My experience was a nightmare. Moved into a St. Pete house in 2017. (forever home) all updated with impact windows, storm hardening etc., etc. Annual insurance rate $3500. Sold and moved out of that home in December 2023 because yearly insurance was up to $24,000 and likely to keep going higher. No flood zone, basically just because it was an older home in a historic area. No claim history that could be found. Non-renewed 3X. Many long time owners in the area have decided to go "bare" because of this nonsense. We moved out and are leaving Florida later this year after 44 years. A huge disappointment, but the situation is disgraceful. Drive 4 hours north into Georgia, the insurance rates drop back to reasonable levels and home purchase prices/taxes are 50-60% less.

[@LivingInSarasota]

Wow, thanks for that information. It is very crazy what is going on. Hopefully it can be controlled soon.

[@stevecrane1125]

Great video.

[@LivingInSarasota]

Thanks so much!