NO ONE CAN AFFORD THIS ANYMORE!

When you start to realize the scale of the homeowners insurance nightmare that people across America are facing you will never see homeownership the same way again. People are paying massive premiums and when combined with property taxes can be several thousands of dollars per month even if you have no mortgage. How is the housing market going to continue going up when people are paying these massive bills?
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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s KZbin channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, KZbin, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[@MichaelBordenaro]

Fast Food Customers HAVE HAD ENOUGH OF THE HIGH PRICES! kzbin.info/www/bejne/bHSvcpp9etSmh80

[@robertlaird6746]

The connection in your video at around the 9 1/2 minute mark is skipping/ pausing.

[@user-ed5wu6bo6s]

Primary malfunction here, this neighborhood is overpriced by an order of magnitude. Would be interesting to see historical pricing data.

[@brianlewandowski7610]

Good luck with that.

[@editorjohn8803]

How do you feel about the following news: "reAlpha Tech Corp. launches Claire, the real estate industry's first AI-powered, zero-commission Smart Buyer's Agent. Claire offers a cost-free alternative for homebuyers, utilizing AI-driven workflow to guide them through the home buying process. Claire matches buyers with their dream homes using over 400 data attributes, providing insights into market trends and property values. The AI aims to make the homebuying process more efficient, enjoyable, and cost-efficient." Do you think it will take a large piece of the pie from realtors?

[@Battleneter]

FYI That roof looks like some kind of concrete tile likely to last 60+ years, not the cheap garbage vinyl roofing tile that is sadly still allowed in many parts of the US.

[@nicolasbenson009]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[@BridgetMiller-]

"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task

[@tatianastarcic]

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

[@berniceburgos-]

this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@tatianastarcic]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@Michaelparker12]

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.

[@almdrs]

Do not despair. You can always count on your Republican or Democrat sending help to other countries.

[@goofyfoot2001]

Yep, definitely can count on crooks to act like crooks.

[@Battleneter]

The US is protecting its privileged position of having effectively the world reserve currency $US, its a large conversation. Additionally per capita the US is towards the bottom of developed countries for providing overseas aid, not as generous as many Americans believe.

[@gregs8685]

I assume you’re talking about sending arms to Ukraine. To NOT send them military hardware would be dumb. We cannot ignore an aggressive and expansionist Russia. If they succeeds in Ukraine, Poland or Finland will be next. Now is the time to stop the. Spending a tiny amount of our national budget to help Ukraine defend their homeland is a good investment. Our weapons have destroyed a large amount of Russian tanks, planes, ships. Ukraine has killed hundreds of thousands of Russia’ fighting age men. Let’s help them pummel Russia. Their economy is in tatters. You have a problem with that?! Yeah, I agree our spending and national debt is out of control, as is our southern border. But this is a top priority and let’s not cut our nose to spite our face.

[@gaseousclay6126]

Sad to see us homeless and Ukraine and Israel taking our $$

[@ralphholiman7401]

They don't work for us.

[@MichaelBrown-ny3et]

We are completely screwed in this country.

[@MichaelBordenaro]

Specially, if it keeps going like this

[@jf2176]

All by design.

[@8MunchenBayern8]

just wait if we get another Biden term.

[@barjer54]

@@8MunchenBayern8 You can bet on it. Tyrants don't willingly relinquish power!

[@jimshoe402]

@@MichaelBordenaro Move Home I can get u a Job with R&D Thiel right down the street But work...ALOHA

[@Resmith18SR]

The Golden Girls would have to become homeless now if they brought the series back. 😂😂😂

[@Mhel2023]

Their lanai would be in a WalMart parking lot these days 😢

[@davidshanahan5134]

Blanche would be working the streets for cash - and enjoying every second!

[@fabiohoyos4199]

That was filmed in Los Angeles not Florida

[@fireboltaz]

@@fabiohoyos4199thanks capt obvious

[@justadildeau]

Dammit that's what i was gonna say! 😂😂​@@davidshanahan5134

[@jayesimond9301]

Medical insurance, auto insurance, homeowner’s insurance… The whole insurance industry is a scam, no matter ur health, wherever u live, whatever u own no matter how new or old.

[@powerhouse4450]

Yep dam shame every penny we make goes to pay insurance i paid 100k for my house i am forced to insure it for 350 k so they can charge me 3 times as much

[@sharonsparks900]

Yep!

[@MarketMaker23]

It’s all a scam. The insurance market is controlled by the governor and state legislature, so they know what they want. They’re trying to make the state more like California but more RED if you know what I mean.

[@rayprevailer8454]

22 years ago I bought 1 acre with a 1983 single wide mobile home and a co op water meter. Paid $18,000 cash. I still live in that mobile home. Probable spent about $8,000 over the years fixing and maintaining it. It's perfectly comfortable living and this year the DMV dropped the taxes on it as it is so old. I was paying about $53 per year tax. My property tax has not change more than $20 over the 22 years I have owned it. I pay about $65 per pear property tax. As far as insurance goes....I have NEVER had it. I tried to get it when I bought the trailer 22 years ago. No insurance company would offer to insure it as they said it was a fire hazard being so old. Here I am 22 years later living dirt cheap. I consider myself to be one of the fortunate ones that found a unique situation. Over the years I built a 20'x40' metal building with amenities. I can also live in this very happy.

[@manatee419]

You don't mind me asking where you located

[@rayprevailer8454]

Carlsbad New Mexico. I loved it here up until a few years ago. Big oil moved in and has ruined the quality of life. I want to sell and relocate to rural northern Wisconsin. Have family there. I am waiting for the property and housing market to change before I move. Hoping next year changes for the better will happen.

[@pinschrunner]

What does "coop water meter" mean please?

[@ihave35cents95]

But you live in the trailer you only live once baby that’s a horrible life

[@waynebollman]

That's awesome. I love accounts like this. I'm all about living modestly and saving money.

[@malachi-]

Another joke with the whole insurance industry is, you pay all that money in for years, then make a claim and then they try not to pay out for all the damage, in the first place.

[@blackworldtraveler3711]

That’s why I have always partially and fully insured my home and auto while investing the money saved. I have over $300k now as an insurance buffer growing reinvesting dividends and interests until needed.

[@kenb5279]

Don't buy a property that you'll need to insure. Problem solved. Rent.

[@Bella_Kilori]

I don't eat out anymore

[@frederickvalencia4976]

The next step is you don't sleep, neither by doing adding another job to your schedule

[@cmasters007]

Same here.

[@ufcman8015]

eating out is the biggest waste of money. on top of that most of the kitchens are filthy. everyone i know that has worked at restaurants talks negative. one told me " people that work at restaurants don't eat at restaurants "

[@goofyfoot2001]

You eat?!

[@marknewton6984]

Eat what?😮

[@joycedudzinski9415]

I cannot see how people can afford to live in certain parts of Florida anymore.

[@dbrew2u]

They can't .

[@nicholasalteri3144]

I agree. I have a great job and still couldn't afford to buy a house in a lot of "middle of the road" type areas in many of the more desirable cities here. Definitely not with the insurance costs.

[@Brasi4522]

Super wealthy people 😢

[@hideoussails1783]

It's not just being able to afford it, it's being dumb enough to actually pay it 🙃

[@RickJamesFPV]

Here in California it is worse!

[@Resmith18SR]

With those prices is everyone in Miami Beach a fentanyl dealer or a Russian oligarch? 😂😂😂

[@MichaelBordenaro]

It makes you wonder

[@overthehilldill3626]

Why yes... Yes they are

[@networth00]

They mostly live in cheap rental condos.

[@jcmontecarlo6123]

Yes,comrade

[@benfernkay8974]

alot are older folks who have been there always, or foreign money , from countries with political issues and these people are over paying and driving up prices,, like venezuela , colombia, nicaragua , or californianas, new yorkers, ( where a hole in the wall is a million dollars etc) and also some suspicous issues too. an opinion

[@Eiralav6010]

My insurance has increased from $1400 yr to $4800 in just 5 yrs! And I live in a manufactured home! They are pricing us out of our homes by design

[@jessicadubois9945]

💯

[@deep6301]

The system is screwing us over every time we turn around.😢

[@lifewith9cats153]

Ukraine, Israel, and Taiwan send their regards. 😅

[@supasuprodchinda1350]

Jews

[@nikopoulos5241]

@@supasuprodchinda1350 We live to pay taxes to the government who send it all to israel

[@rosesmith6208]

keep you poor. peasants are not allowed to have alot of property and leisure, you will own nothing and be happy perhaps?

[@jadaosteen1898]

These home flippers are what have got us in a lot of trouble. Because every time they flip the house the price goes up which brings up our taxes and insurance. I hope they lose their ass

[@gregorylyon1004]

A lot of Pension funds purchased many of these overpriced homes. Investors figured that a house never depreciates. Yeah right. LOL

[@Pebbs800]

It's crazy if you go on any of the social media websites now adays. Three years ago I swear all I saw was influencers boast about buying income properties and now those videos are almost non existent.

[@zion9860]

Home insurance is making people go broke in Florida.

[@AR-rn8ok]

In Florida and California and whatever areas the insurance companies de use to price gouge.

[@blackworldtraveler3711]

I’m doing fine in Florida. I’m debt free and not in the matrix.

[@MtuckerGoBlue]

Hurricanes and coastal flooding are doing that. Insurance is not meant to be used so the State can kick the can of its responsibilities down the road. Build properties that can endure the storms, buffer the flooding rather than building right on the water line, and finance a state fund to address large scale losses. But instead, the states do nothing and make the insurance companies pay for it so the cost is given to the policy owners. Your tax dollars are being robbed and the government is shifting its responsibility to others.

[@gregorylyon1004]

Florida is making people go broke in Florida. LOL. You gotta be a multi millionaire to even dream of retiring there

[@chris5942]

Housing needs a hard reset on value. Those prices are a pipe dream.

[@KnowstheFuture]

They can't sell their homes EVER... unless they sell at 30% of Appraised value

[@matthewbowers6178]

This is the new normal unfortunately

[@francismarion6400]

You want to cut people's assets into a fraction when our government is blowing money faster than ever? That's insane.

[@Francisco-po1cf]

Too late

[@irritatedkitty7301]

Gary Indiana has low, low housing prices. Almost everyone moved out. They need a tax base. Not being funny. That's what the hipsters did and bought cheap housing in great old neighborhoods in Chicago area. Around "Bucktown, Wicker Park, Ukrainian Village, Pulaski Park, Eckhart Park, Erie Neighborhood, other nearby area". There has to be neighborhoods like that in Florida or any state. Think outside the box.

[@jblaze114]

75,000 a year? That's what I paid for my house

[@gregorylyon1004]

Houses are no longer $75K

[@rongendron8705]

I only paid $30,000. for a 2 bdrm. ranch in Beverly Hills, Fla. in 1990! I sold it in 2004 for $55k! If I still had it, I would probably go without house insurance, today!

[@prd004.2]

Newer houses with modern building codes won’t last half as long as the old school craftsmanship

[@marknewton6984]

Good point.

[@DrEd-th2lu]

Absolutely! New everything is junk.

[@blackworldtraveler3711]

All about choices.

[@vegasprogambler5336]

not according to a hurricane....

[@GW-gz8jh]

@@vegasprogambler5336the 1950s block homes in my area fared better than the newer builds in the last 15yrs.

[@dyates6380]

The numbers in this video literally made my head spin. Ten GRAND a month for rent, and twenty six grand a month to buy and "maintain and stay" in a home????????? A home to buy? LORD. My mother in law lives in Florida. Probably eight or so years ago she just gave up homeowner's insurance. She weighed the pros and cons, and opted on taking her chances. I initially thought she was NUTS, but after some thought, I support and don't blame her.

[@DiscipleofHim]

Go Granny.

[@commonsense6967]

I did the same as your mom, after paying homeowner's insurance for 30 years without needing to make a claim in all those years! I just wish I had terminated my insurance sooner, and I'm in FL.

[@MichaelBordenaro]

It is absolutely crazy

[@jlseagull2.060]

I am moving into that direction. I had a claim before all these crazy things happened. So far I am doing time with my current insurance. I will be off the hook before long. I figure houses in my hood are sold in two weeks (located in a highly sought after school district). If worse comes worse, I can sell my lot and still make a good profit. I am not greedy😂.

[@deborahheckstall1881]

They want money. Pur your insurance money in the bank. Fix it yourself. Lots of people Pay contractors to fix their roof. Noone needs fly by night insurance companies who take your money and run. $25,OO0 a year.@

[@timr31908]

They push everything to the limit and nothing ever gets fixed....😮

[@mr-vet]

The question is, how much are these insurance company executives earning in salary, bonuses, stocks, and other fringe benefits? And, how much money has the insurance industry given to DeSantis and other FL politicians?

[@jeffmason2010]

Nothing will get fixed till Congress stops spending!

[@user-zb7tg5hi3t]

You got a better chance of getting pregnant before that happens

[@pablo81778]

The high spending is causing the very high inflation

[@mustypipes6602]

Nothing will get fixed till Congress implodes and we start over...Also term limits.

[@amrice62]

You are missing the big picture. Nothing is going to get fixed This is a planned process in drive with no brakes! John 14:6 Jesus said, “I am the way, the truth and the life. No one comes to the father except by me”. Now is the time to turn your lives over to Jesus. Live your life for Him. Walk with him through these dark times

[@jblaze114]

so its not getting fixed

[@PeaceIsBetter]

When you speak the truth each and every day you piss very powerful folks off. Please watch you back!

[@redfo3009]

He’s still within the confines of accepted speak. I’d say he’s safe for now. :)

[@michaelmeyers3664]

Don't want to get arkiside!

[@jesusisking8502]

@@redfo3009 It is all good until they make it all retrospective, which is often.

[@blackworldtraveler3711]

I seriously doubt powerful and people with money are bothered. Just the ones who can no longer afford to live in certain areas of Florida.

[@rayprevailer8454]

I will never ever go into another Contract with a bank ever again. Work hard, save what you have earned and pay cash for a piece of dirt in a location you want. Bypass all their fraud and stand tall outside their system. This is not easy buckle down and do it. Dump their system and do not participate. Pay cash from what you have accumulated and never contract with these slime people.

[@sandraalegria3439]

That and the car industry have us working in Florida for insurance company.

[@gregorylyon1004]

Is it slime that handed out 3% loans on houses???

[@GW-gz8jh]

People can’t afford to save anymore. That’s another serious problem.

[@maverick-zj3jz]

My auto insurance went up,50% , no tickets, no accidents 20 year old car.

[@orbitalair2103]

Covering evs, and inflation.

[@kenb5279]

Repair costs are way up. Rental car fees are up. Hospital costs are up. Lawyers are suit happy more than ever before. Why would your insurance premium not increase?

[@gregorylyon1004]

Driving old iron you pay the highest premiums for insurance. Your car is caveman for safety standards.

[@WayneFisher-cs3et]

I am from Australia and we do have our own huge problems here, but those property taxes and home owners insurance in America is insane. If they raised the taxes and insurance to the same level here in Australia that would be the end of the property market here.

[@gregorylyon1004]

America. Land of the free and home of the sky high rates. LOL

[@duancoviero9759]

Yet another American industry flexing it's collective muscle and crushing the chance of the working class to get ahead. I don't believe the insurance industry is out there losing money.

[@gregoryabbot420]

Capitalists are in a consumer gouging feeding frenzy. You step out of your house and it's like throwing a pound of raw ground beef into a school of starving piranhas. It's the law of the economic jungle and WE'RE the primary prey species. The human equivalent of wildebeest.

[@laurijohnson7754]

But if no one insures their home any more will there be insurance companies? Aren’t they just shooting themselves in the foot?

[@duancoviero9759]

@@laurijohnson7754 no because their business is damn near embedded in law. You are forced to do business with them. Which gives them incredible power.

[@laurijohnson7754]

@@duancoviero9759 I didn’t think about that. In no my case our home is paid off. It’s considered a motor vehicle being a MH. I may have to go without insurance. Our property taxes so far are low

[@kenb5279]

No industry exists to give their product away. That's how business works. Then, if it no longer works those businesses close.

[@Poopster4U]

I was planning on moving to Florida until I learned about the insurance apocalypse happening there. I have no idea how people can afford $10k+ a year home owners insurance.

[@AngelwithAttitude7]

There are still places you can move to that are cheap. Ocala for one. If you don’t mind living in the country.

[@rhmagalhaes]

South Carolina or Georgia (if you want the parks benefits) are better options

[@nataliaperez9954]

They can't.

[@francismarion6400]

10k insurance for a $1,000,000 home. Can you afford a $1,000,000 home?

[@pinschrunner]

Don't live at the beach

[@janedoe1404]

My homeowners insurance came in the mail this week, it was double. My house is 3 years old. I called them and they found me a different carrier through Geico, at last years price. They asked me if I ever made a claim in the last 7 years, if I had pets, if I altered the structure, and if I had solar. My answer was NO to all these questions. These insurance companies are getting ridiculous. My house is paid for, thankfully.

[@endofsociety]

It seems like a conspiracy doesn't it? Driving people out from owning their own home. These big corporations are all connected one way or another.

[@blackworldtraveler3711]

Yeah my homes and car are paid for so I partially or fully self insure. Also a large shareholder of Travelers and United Healthcare since early 90s so ironically an insurance company pays my home/auto/health/dental insurance premiums,copays,and deductibles with the dividends now.

[@gregorylyon1004]

You must be Rich to have a 3 year old home fully paid for

[@lawrencearnemann3923]

I paid cash for my house and self insure. I'm retired at 53 and insurance can suck it

[@Veganisbadhunter-wx5nt]

I pay $568/year for home owners insurance Allstate. Home value $300K in northeast Ohio. Cost of living is absurd in Florida.

[@gregorylyon1004]

Florida has been getting hurricanes big-time.

[@paradise6606]

These home prices are ridicules.

[@gregorylyon1004]

A lot of Pension funds drove up prices buying homes

[@northmaineguy5896]

All I see is people going broke to keep up with the Jone's. My mortgage is $465 a month, what do these people do for a living and how do they do it!

[@jayesimond9301]

With respect, what type of home did u buy, where & for how much.

[@MplsMaven]

5 years ago my PTI was $420.00. Now my PTI IS $898.00. The taxes and insurance will likely cause me to be homeless one day. And rent in the suburbs of Minneapolis is $1,500 to $2,000 for rent each month.

[@RickJamesFPV]

@@MplsMaven I wish we had $1500-$2000 rent here in S. Cal.

[@northmaineguy5896]

@@jayesimond9301It's a 1000sf cabin on a lake. Granted I didn't finance much and my interest rate is way low -- my only point was why do you need so much house?

[@gregorylyon1004]

$465 dollar a month payments??? You must have bought a long time ago

[@Ofelas1]

WEF wants all to be renters "you will own nothing"

[@MrTonyPiscatelle]

Lived in FL twice. No way would I even consider moving back with home prices so out of hand. You'll have nothing and be happy. Seems that's where we're headed.

[@snyder.4587]

Michael, my grandmother lived down the road waterfront Palm Beach Island from Trumps home. Epic. My grandmother had to sell because of the property taxes. The family would meet there every year tradition beautiful. That tradition to the family was taken from us, the rug was taken out underneath the entire family, mostly heartbreaking, for our Grandmother. Thank you always for your Florida updates, because people do not see the truth about living there. ..................Michael the Champion.

[@ChristopherSmith-rn4wd]

I paid off my mortgages, tried getting a policy for liability and fire only and that would cost me MORE than my regular policy ,then i tried getting 2 seperate policies 1 for only the structure (as if i was renting it out) and 1 for contents like a renter.that also was more than my current policy.they have all angles covered

[@SFsurf]

You should try doing a normal house under $500000. Most people don't have 3 million dollars to buy a home and if they did they could probably afford that type of payment anyways. Normal people are struggling with $2500 a month rent Or more.

[@askssk715]

I'm down in Miami, Palmetto Bay to be exact. I'm one of a few blocks just east of US1 in Flood Zone X. Citizens dropped our wind policy years ago and now we have Homeowners Choice. My husband and I have been with the same State Farm office/agent since we started driving. Our homeowners policy is still on the reasonable side, but the freaking taxes! We still have a mortgage sadly, although we have lived here since 1998. Don't judge. Mortgage payment went up $150 this month due to an escrow shortage and it's getting close to being unaffordable with our current circumstances. Here we are in our upper 50's and retirement is way out of sight. Can't even think about downsizing. Houses in my neighborhood are selling over a million! It's insanity!

[@ronv6637]

Sell on contract and get a apt or condo. Wait for market to reset

[@jadaosteen1898]

Between homeowners insurance, property taxes and car insurance yeah it's getting a little difficult😢😂😅

[@kmckee365]

I'm in Phoenix and my insurance company for my car just dropped me. Haven't had a ticket or accident in 15 years and I got canned. 😅

[@Kuulei265]

That is so unfair. Did they give any reason? Insurance companies I thought appreciated good clients who didn’t file claims. Seems a lot of things are upside down.

[@kmckee365]

@@Kuulei265 the letter states agency no longer represents the company. Not sure what they mean by that.

[@Dowhatyoucandonow]

Sounds about right,people don't realize it yet but everything in the United States is controlled by insurance companies

[@kmckee365]

@@Dowhatyoucandonow I am a medical biller by trade. I definitely know how corrupt it is out there. 😢

[@azmike3572]

@@kmckee365 Probably need to contact another agency that does represent the company.

[@orionstarman]

I don't eat out anymore!

[@jerrylawler2735]

Me too Stop going to Disney also

[@aurinkobay7118]

@@jerrylawler2735 Disneyland sucks these days. Went there once, then I wanted to return. I looked at the recent comments and said to mysef fck it! Knotts Berry Farm is better.

[@aurinkobay7118]

Eating outside is sucky experience. I just sit for a quick coffee or tea and desert and leave. Quality plummetted.

[@Ken-vl4wk]

Eat where? Most restaurants suck!

[@thetapheonix]

“Don’t eat anymore!” FIFY

[@michaelking42]

In 2019 I was living in Missouri. Had a leaky roof on my house, called the insurance agent. He said he'd send an assessor to see if there was any hail damage. The assessor did not show up when arranged, but called me later in the day to say he'd been out and was going to replace the roof due to hail damage. My roof at the time was only 2 years old. I asked him if he was sure he came to the right house and oh he was absolutely sure. The next day I was out of town and caught him on my ring camera at the front door. He said his computer had crashed and he'd lost all his measurements. They paid $28,000 for a new roof because he guy refused to admit to making a mistake. Add incompetence to your list of reasons for increased insurance.

[@gregorylyon1004]

You got paid for the new roof. So what are you complaining about exactly???

[@michaelking42]

@@gregorylyon1004 Odd. I don't seem to recall the comment filed under complaint. Did you watch the video? Did you read the 'complaint'?

[@doorguru168888]

@@gregorylyon1004 I think his point was he probably didn't need a new roof, but the insurance company replaced it anyway and this is what drives the cost up for homeowners insurance.

[@Alex-tp8ku]

People need to unite and say NO

[@malachi-]

@@geocam2 Capitalism and corporatism, are not the same thing.

[@weirdmatter]

Glad someone is thinking and talking about this stuff.

[@debbiec6216]

believe me , I know people who doesn't come on youtube and they are talking about Everything . They are awake and they know what's going on .

[@gregorylyon1004]

KZbin must pay a lot of money for these videos. Micheal can still afford his house insurance and mortgage in Florida

[@advertisercommerce6990]

Spot on by including executive pay, it has gone through the roof and obnoxious the amount they are paid! They all work 40 hours per week, just like we all do! NO ONE IS WORTH $15 million per year!

[@tizzx4945]

Living near the beach or sea is nice, no question! But the main question is whether you can afford it or not.

[@nataliaperez9954]

Won't matter if you are by the coast or not.

[@justinlowry6522]

These days, only the top 1% can afford it.

[@Alex-jx5bx]

Wait till hurricane comes...

[@shanetoler9905]

Hello Michael. My name is Shane and I live in southern Louisiana. I own my home, no mortgage. I also have insurance with Citizens. My policy just renewed and it went up 110 %. I have never made a claim. This is getting ridiculous and I don't see how anyone can afford these rising prices.

[@gregoryabbot420]

Do you vote Republican? They favor no regulation whatsoever of ANYTHING where there's a buck to be made. Their record speaks for itself.

[@anthony-cm3yj]

It's nuts man we're tired.

[@user-ud6ri7qg5b]

I would just not have insurance and put the $24,000 per year in an account for building a new home on that location in case of anything.

[@joepoppy3264]

My God....these costs are unbelievable...

[@frankrusso2093]

All those insurance execs are living in Miami they need the money!

[@Airbender-kl7cu]

And They're driving Lamborghinis

[@AR-rn8ok]

Yea insurance profits and salaries are way up. If it’s required, it should be regulated better. We should have public option so these guys don’t feel so confident raising rates to infinity.

[@gregorylyon1004]

Too many hurricanes in Florida. That's why

[@difigfs]

We had 10 Bankrupt companies between Irma and Ian.

[@AR-rn8ok]

@@difigfs still if insurance is required by law, then they shouldn’t be able to raise rates to infinity. Or there should be a way to guarantee the market is competitive.

[@seekrengr751]

Good advice regarding the insurance. One additional thing is that when going with an insurance agent, ask about an umbrella policy - meaning both auto and homeowners insurance. Our agent, at least, loves umbrellas as a tactic to reduce insurance rates, and it has kept ours both low. Of course we don't insure $85K SUVs either - our cars are cheapies.

[@pinschrunner]

A high percentage of the seniors that I know in Central Florida who have fixed incomes, put metal roofs on their homes and dropped their insirance

[@pinschrunner]

They tell me if something happens to the house, they will just go live with one of their kids. They prefer to keep their monthly income

[@dsj9831]

Yep.. all the homes here in Charlotte County with metal roofs faired very well when Hurricane Ian hit.

[@gregorylyon1004]

That must be what my father did to his house in Florida. He's a cheap Union retiree. No way is he paying $5K dollars a year for insurance

[@pinschrunner]

What@Michael said about calling insurance company and asking questions is absolutely correct and it goes into the entire Nationwide insurance network so all companies can see it

[@MplsMaven]

That’s just wrong 😑

[@dbrew2u]

A nice 2 Bedroom Apartment in Tampa FL will become available in May . My Daughter has given up trying to purchase her 1st Home there . She's been trying for 3 years but prices and competition have made it impossible . So she opted forTennessee .

[@dsj9831]

Nashville and surrounding counties are very expensive. Insurance may be a little cheaper.

[@maryclebeau]

Wow! No wonder why so many homelessness! It’s scary 😱

[@LeeSurber]

This is absurd..!! Those properties and homes are simply not nice enough to warrant those prices..!! The whole country is seeing this right now and it's down right scary..!! My property value has gone from $160000 to $694000 between 2022 and 2024..!! Never seen anything like this in my life..!! They won''t deflate the values,,,, so,,, I suspect we'll see super extended payment plans being offered soon..!!! Are 50yr mortgage and 20yr car loans the thing of the future..???

[@deerocker6987]

@LeeSurber. What you have to understand is that Miami is home to the international resident. Many wealthy people from other countries can afford to buy in Miami 😊.

[@gregorylyon1004]

It sounds like they are jacking up your property value to pay the pension funds by upping your land taxes. Pension funds for retired workers are sucking us dry on taxes

[@jasongeo2]

Worse comes to worse if you lose house due to hurricane you still have the land. Sell land and move.

[@gregoryabbot420]

Yeah, buying houses for hundreds of thousands in Florida and tearing them down to rebuild will likely come to pass. If you're wealthy a lot of it could be due to tax breaks, loopholes or just plain lying on taxes anyway. So, easy come easy go. After all? It's only (free and unearned) money.

[@marknewton6984]

My land and lot are worth more than the house. 8800 SQ feet in good location. Bring it on. 😎

[@gregorylyon1004]

The land is useless when a hurricane levels everything above ground

[@PauletteWiggins-nq6dn]

I work for one of the largest insurance agency in Florida, and most of our clients' premiums have doubled. And the $25K premiums are on the low side. My brain turns to mush at night because in the day time I'm requoting a ton of policies to see if we can find better premiums. Its just crazy

[@kenb5279]

I've been an independent agent for 45 years. This is insanity and completely unsustainable. Will you keep shopping them again next year? How many times do I have to rewrite a clients policy before it has a good home? This is the most bizarre version of reality.

[@gregorylyon1004]

You must be making a good living on selling insurance. You live in Florida

[@PauletteWiggins-nq6dn]

Yes, I'm in Palm Beach Gardens

[@overthehilldill3626]

You're a rock star Michael. Thx for all you do for us.

[@MichaelBordenaro]

Really appreciate that. I do what I can.

[@jasongeo2]

If you don't have a mortgage you don't need to get any and fall victim to this. There is no mandated insurance required for a home if you don't have a lender behind you.

[@commonsense6967]

Exactly! Pay off mortgage and be free.

[@nicklll4477]

Not on car insurance. It's mandated by law.

[@Deploracle]

I think that's one way they will make sure people own nothing .. by putting required insurance out of reach.

[@seniormale]

And if the house burns down and you don't have the money to rebuild. What then

[@jasongeo2]

@@seniormale you take your loses and sell your land and move.

[@hitherefrompointswest4805]

WHO IS BUYING THIS? This should be your next show or two or more....What kind of money is beingearned, where is it coming from, who are these people buying 2million homs that were 700k a few years agao and absorbing 50k in property taxes and 30k in insurnace HOW AND WHO ??? this i simply insane

[@kenb5279]

Agreed. The real insanity is that people have that kind of money to spend. Yet so many others keep getting poorer. Hmmm. Are those dots connected?

[@isaacsilver5956]

My home owners insurance, eastern FL coastal city, has gone from 3k to 17k in 3 years. Newer roof and all latest codes. My neighbor was quoted 10k higher for renewal and must replace a 15 year old metal roof to write. The system is a joke.

[@networth00]

Same. The insurance business is disgusting... all while they make BILLIONS.

[@gregorylyon1004]

Everyone wants to live in the Sunshine State. Start paying. LOL

[@Cozydrone]

Michael,back in 1995 when I bought my house,$850.00 covered taxes,insurance and mortgage .I am glad today I rent.what a burden that was lifted off me.i am happier today😁🇺🇸

[@TonyM-zi9rq]

Back when I bought my first house in 93 $550/mo covered it all. Paid 58k for it, now its estimated at 250k. Should have kept it...

[@francismarion6400]

You could still have that same cost insurance if you wanted.

[@danettewelborn5577]

But you will rent till you die

[@MichaelBordenaro]

Good for you glad to hear that!

[@lisahertel2415]

Renting has it’s own issues

[@blaakrose]

Retiring to Florida is becoming impossible. How do people afford to live there?

[@northmaineguy5896]

I spent30 days there visiting my sister, couldn't wait to leave.

[@sues3218]

People are starting to leave.

[@s99614]

They don't.

[@francismarion6400]

I bought in 2013.

[@IndianaEd]

Onlyfans 😂😂😂😂

[@user-uu2lr3sf2b]

never make a claim, then why have the policy?

[@MichaelBordenaro]

Because you have no choice unless you don’t have a mortgage

[@kenb5279]

In case of a catastrophic event. The Homeowners policies are not for small claims. But if people insist, then premiums inflate.

[@ILLUMINATOR49]

Michael you are a top shelf journalist with a flair for truth telling 🙏🖖

[@MichaelBordenaro]

Thank you!

[@qbanb8582]

My goal is when I get my house paid off is to get into a position to self insure. Then when a hurricane comes utilize a low interest loan from the SBA.

[@jkmarshall3553]

Florida Real Estate: GAME OVER!

[@pinschrunner]

Not yet. Still South American money fleeing to South Flprida

[@gregorylyon1004]

That's why Michael quit being a realtor and started a KZbin channel. KZbin pays more

[@jamesarias4451]

Insurance industrial complex🤦‍♂

[@CB-jz2dn]

😂Michael, I couldn't help but laugh. The background noise with lawn blowers, trucks & speeding vehicles appear to be on the rise. Chin up Michael. We will tolerate the background noise to hear the updates you provide. Thanks for all you do.

[@chapagawa]

I enjoyed hearing the birds chirping.

[@afisanaa]

That is because he is in Miami. I am in Palm Beach County FL away from all the new developments going on in Florida. Location makes a difference.

[@MichaelBordenaro]

I just tried to ignore it in this one lol

[@timmyers9825]

This insurance morass, that we face in Fl., is nothing more than legalized predatory extortive fees.These companies are refilling their coffers.They have us by the balks because it is all tied together in the financial world, and yes that means, you pay.😮

[@malachi-]

And don't forget the politicians.

[@kenb5279]

If you can't afford it, then you can't afford it. Take it out on the person who sold you that dream which turned out to be untrue.

[@Juliet875]

Insurance is a mess here in Florida! A lot more people are going to self-insure if they don't have a mortgage. Thanks Michael and Happy Wednesday!

[@MichaelBordenaro]

I just can’t believe how expensive it is. I was blown away when I saw these quotes. Happy Wednesday, Juliet!

[@seniormale]

Self insure🤔

[@blackworldtraveler3711]

I have always done a partial or full self insure. Always saved,invested,lived within means,avoided debt,etc.. Maintain a large emergency fund and financial buffer instead that continues to grow with interest/dividends until needed. It’s why I paid off my Oklahoma primary home 30yr mortgage in nine years and paid cash for my Marco Island condo 16 years ago. Funny thing is everyone laughed and made fun of me for doing things like this since the 90s but I’m the one that retired debt free at 49 in 2020 with no financial issues. What’s also funny is as a shareholder the dividends from Travelers pays my insurance premiums.

[@seinundzeiten]

yes put aside 10,000 per year in an account for emergencies

[@formerlywrongwaycorigan598]

how is it possible to pass such a magestic cypress like that in your video and not comment on it? i could make a whole video just on that tree. Don't forget to smell the roses in life.

[@fredk9999]

We appreciate our host for these outdoor walk-around R E segments. Always learn a lot.

[@strangeraver6043]

"Michael, were bigger than US Steel" --- State Farm

[@Cozydrone]

I wonder what the murder/suicide rate is for that neighborhood you just walked through,that would be an interesting # to see 😮

[@not_nostradamus683]

One unstated reason I can see insurance going sky high is insurance companies have to purchase a certain allotment of "safe" investments, i.e. U.S. government bonds. With the Federal Reserve keeping interest rates at or near zero for almost 20 years, this worked when inflation was below 2%. Now that inflation is between 4% and 12% (depending on who's number you believe), these "safe" investments, these long term U.S. government bonds paying 1% to 2% interest, are losing massive amounts of money for the insurance companies when adjusted for inflation.

[@louisstennes3]

Also beware that insurance companies will drive by your property unannounced and look for an excuse to drop you such as a tree to close to the house that looks dangerous or a fire hazard. This happened to me and I did not know it until they sent me a letter telling me they did it. I was not cancelled. I had dangerous trees removed about six months before. Just be aware.

[@user-qj6jb9nk9w]

Yes they do in person inspections in CA and also use drones!

[@belindamiller6349]

Sorry but that's creepy.

[@kenb5279]

True that ! The policy language gives them the right to do so.

[@gregorylyon1004]

Insurance companies are just like a one night stand. They want to assume no risk. The one night stand wants the same exact thing. How did she get pregnant??? I was only with her for one night. LOL

[@FrankRizzo557]

We all are going to start to need new roofs soon. Our houses were build around the same time. So, I'm talking to my neighbor about it. They told him that when he gets his new roof that they will increase his rates because the house will be worth more money. Go Figure.

[@SilverWatcher.]

In california del taco taco night will officially go from 3 tacos for 1.99 to 3 tacos for 3.79 yo thats almost double the peice for 3 tacos with 1 finger of greasy meat and iceburg lettuce, and a pinch of cheese. 😅😂

[@hcox1111]

Wilted iceburg lettuce- and not deli cheese, the cheese that doesn't melt.

[@afisanaa]

It is not real food. Eat at home.

[@marknewton6984]

Not worth it.

[@BTC909]

$24 bucks an hour, oh opps I meant to say $20 bucks an hour.

[@wadeinn463]

Ian’s eye went over our house. Our pool cage ended up in the pool and we had a little more damage. Our yearly rate was $1200 and the deductible was $8000, we got a check for $15,000 from the insurance company. We were lucky and sold. Wonder what the insurance would’ve cost us nowadays.

[@nancymorera2119]

You nailed it Michael! I’m an insurance agent and realtor as well. You’re always informing people the right way. Thank you! God bless!🙏🏻

[@pinschrunner]

My Florida home insurance increased 50% and car insurance 18% for 6 months and they tolde they already have another increase approved for the next 6 months. Thanks Tallahassee! My friend is an adjuster and said that die to lack of car parts from Chyna they are totalling cars with $5k damage sometimes

[@gabyfields3235]

Everything in the U.S. is smoke and mirrors, but VERY expensive for what you're getting....who the hell would want to live in these FL neighborhoods with flimsily-built multi-million dollar homes (they certainly don't look like it!), with electric lines above ground on ugly poles, no sidewalks, and houses with cheap roofs that need to be replaced every 20 years? Looks like a Third World country to me! I am from Western Europe, and the houses are so much better built! No cheap drywall, tar shingle roofs, Tyvek insulation, or flimsy 2x4s stapled together! We have REAL shingles on the roofs that last for 100 years or more, thick walls, and much better windows! To me it would be an insult to spend $2m for a sh*t house in Florida that blows away in the next hurricane, lol!

[@lifewith9cats153]

Agree and I'm a US citizen. The US is all about marketing!

[@jeffsilverberg5848]

Hurricane season must be a very scary time to have a home. 😮😢

[@deep6301]

Yes.

[@robsterthelobster420]

This guy loves walking, good for him, I appreciate your uploads.

[@vincentkosik403]

His mouth gets more mileage

[@NorthFlaMan]

In Florida, Citizens Insurance is a non profit company set up by the Florida legislature to provide coverage for people who can not get insurance through the private sector. Why is insurance high in Florida? 2 reasons .. Hurricanes and Attorneys. Attorney’s in Florida make a TON on fees after they file suit. They work with roofers and water mitigation companies to exploit the situation. When Citizens raises rates, which they do, it’s not to make a buck but to pay for all the frivolous lawsuits and keep afloat. Each year, a dozen of private carriers go out of business. Very few carriers want to enter the Florida insurance market.

[@bryanspayde5681]

Wild ! Most people in this country only makes 25 k or less …

[@ayo9057]

Who else wants Michael to do a video from the hood?

[@orlandoalessandrini2505]

Pork n beans!

[@UnordinaryIzz]

Yea, bout time to get the Real Miami

[@markremer1532]

Your right

[@andrewkaska471]

Liberty City.

[@frankcorrea8691]

And don't bring your attitude into the hood!😮

[@perrymeyer752]

Michael - thank you!!! I had no idea about HO3, DP1, DP3 type of policies. I'm calling my agent tomorrow! Cheers m8

[@MichaelBordenaro]

Glad I brought it to your attention. I hope it saves you some money!

[@imxploring]

The price for insurance is crazy.... especially for the rest of us that are being hit with higher rates to cover the losses/risk that insurance companies have assumed in areas like coastal Florida. As to the houses you showed us today that are in a high risk flood zone.... yet (from what I could see)... most were built on a slab at grade. Even in the mildest of floods.... the water is rolling right into the front door! No wonder the insurance rates are so high!

[@ginacardarella]

I really loved Florida when I was out there. Looking for retirement, but I am so thankful I pulled out❤❤❤

[@shriaingnama]

I guess you gotta stay in New York City !

[@gregorylyon1004]

Why pull out??? It's just a little bit more expensive. I'm sure that you can afford it

[@snackman2005]

Oh and don't forget the insurance companies guideline on roofs. We inherited a house from my dad a few months ago. The house is in the panhandle. I've already gotten the non renewal notice from State Farm. Getting insurance in FL you almost have to get a new roof. My dads roof is 19 years old and in perfect condition. So to make it easier on the buyer I am going to have a new roof installed. Got the quote today 13,325 dollars. To replace a perfectly good roof.

[@jeltoninc.8542]

Yeah so much waste… humanity is driving itself into a big hole.

[@The_Laid_Off_Life]

It would be good to send a bill for a new roof & just turn in the paperwork ...... All good 😂

[@nelitatanner2277]

The KZbin Realtors I listen to (one in CA and one in IL) both say "Do Not" replace your roof if it is not leaking or broken! They are telling the public that you won't recover that money. I question that too, but the ole saying "if it ain't broken, don't fix it" may apply here?

[@snackman2005]

@@nelitatanner2277 Normally that would be true. But things are not "normal " in Florida when it comes to getting insurance on your home.

[@gregorylyon1004]

Either way. Sell it

[@user-qj6jb9nk9w]

I write insurance in California and it’s our entire area as well… the entire state really. Everyone is going on CA Fair Plan and it’s triple the price. Still needs a second DIC policy to go with it. It’s absolute insanity that we get calls every day from people out of the area wanting to buy homes in our area. I keep telling people no, don’t move here, don’t buy here. You almost can’t get home insurance anymore. And you are correct, location, age of home, roof, wiring, plumbing, etc is all a factor. No carrier will cover mobile home, or any home over 20 years old. It’s damn near impossible in California right now. Anyone not getting non renewed are seeing significant rate increases, I’ve seen up to 150% rate increases. Most everything you have said is accurate! You get rated on your area. And avoid filing any claims!! You WILL get non renewed. I literally tell people the same thing- pay your bill and shut up. 😂 Go to an independent agent like me!

[@Rich-lu6pd]

I wouldn’t have insurance on a house in the neighborhood you walked through. The homes are very old and the value is in the land the house is standing on. In fact most of those lots would probably be worth more if the old house wasn’t there. A builder would have to pay to knock it down and remove the rubble before building a new house.

[@cabracove]

Meh, my house is 75 years old. I wouldn't trade it for a new one.

[@fredk9999]

If not mistaken, flood insurance protects only structure and not landscape such as trees.

[@kenb5279]

true that. !

[@johnb-qw9sp]

My homeowners insurance went up 25% in 2023 and another 25% in 2024 in Texas. Still glad I'm not in Florida.

[@larrykoltun3703]

Also, Michael the choice of deductibles on your auto policies is going to depend on whether you have a loan. The lender usually requires a deductible no higher than a set maximum, which is usually pretty low. Usually $500 to a maximum of $1,000 or $1,500 for your comp and collision.

[@tennislover5763]

This is quite interesting what is happening in the state of Florida. A neighbor that moved to Florida in 2012 bought a home built in 1999. The roof was 13 years old. So far, they have replaced the roof in 2014 and then in 2023. Why do you need to replace the roof so many times I asked. In addition, they replaced the windows and entry doors. Because the homeowner's insurance companies are stating that if you want us to insure you, you must make these changes, or we will cancel your homeowner's policy. The insurance companies are raking the money in from people living in Florida expecting them to replace roofs every ten years. That's ridiculous! I live in the northeast, and we replace roofing shingles every 40 to 50 years. My home was renovated in 2011 with a new roof, entrance door, double car garage door, and windows only because they needed to be updated. The insurance company didn't say for us to do these things. I think I will stay where I am. No offense to Florida, but this sounds unreasonable.