Florida Property insurance crisis causes an explosion of contract cancellations.

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Florida Property insurance crisis causes an explosion of contract cancellations. Contract cancellation continue to rise as buyers in Florida find out that property insurance is extremely high.
The Florida insurance crisis is problematic for home buyers moving to the sunshine state and as people get insurance quotes, many cancel the deal.
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Пікірлер: 153

@Slide61 4 ай бұрын

Unfortunately, the billion dollar Surfside settlement was the nail in the coffin for condos.

@user-oe5ey3ex8b 4 ай бұрын

I watched a very in depth video on exactly why that building collapsed and it boils down to poor construction and the residents not wanting to spend the money on known needed repairs. They knew and could see the pool deck deforming days before the collapse and they could hear the building creaking and groaning well before the collapse but they ignored it. These people chose and created their own demise.

@INTERNETVID 4 ай бұрын

I was a Florida-wannabe until I heard more about the Condo HOA nightmares with respect to astronomical increases and unpredictable special assessments, not to mention the intrusive and draconian bylaws. I've done a complete 180. What's the point of buying (in my case) a condo for cash if I'm then going to have a de facto landlord? Insanity.

@MrDCMiami 4 ай бұрын

Trust me, sir, as a former highrise condo board president for multi years, during all this upheaval, you are absolutely correct. The bylaws are the least of your problems!! It's the insurance premiums for both the master policy for common elements AS WELL as a separate policy for your individual dwelling which any lender will require if you finance the purchase, plus structural integrity requirements, mandatory reserve funding, etc. Add in rapidly increasing material and labor costs for workers, services, etc. Even if you got the damn place for FREE, your bills will still be huge. So buying it essentially gives you nothing of value. I sold and got my equity out. All I can say is .... STAY AWAY. These places are pure poison that essentially ran like a negative amortization mortgage. The day of reckoning comes when that big bill can no longer be delayed. At that point, it will be clear that condos are a failed concept in home ownership. Now, the PLACE OWNS Y-O-U !!!!!!

@INTERNETVID 4 ай бұрын

Thank you for the intel! In my case I used the word 'insanity' with care as my intention was to acquire a condo as a 2-3 month/year vacation home. Even if you had money to burn, it's unimaginable incurring confiscatory and unpredictable carrying costs while occupying the residence just 3 months of the year. I can't think of one advantage in Florida property ownership in the current environment other than the prestige in having your own place. And with favorable yields in interest bearing accounts it's a no-brainer using said interest to fund seasonal apartment rentals with plenty left over. Glad I didn't fall into FOMO mode. @@MrDCMiami

@MR..181 4 ай бұрын

Coming to a street near you. In a depression debt owned propertys were returned to bank and non debt were forced to also by hoa looter rules... no sale

@raydemos1181 4 ай бұрын

no Fun in the Sun

@cannotbeshaken7889 4 ай бұрын

@@MrDCMiami Are there any safe places to buy a house in Florida? Where the homeowners Insurance won't go up too high? Or will it eventually be too high everywhere for anyone who's not rich? Example: I have a friend living in Ocala Florida in a 700K house. She say's her homeowners insurance haven't gone up yet. How much do you think hers will go up to?

@TheBodrey 4 ай бұрын

Florida's RE industry is toast. Between soaring home insurance, property taxes, and HOA fees, these factors are going to cause a mass exodus by those that have been priced out and can no longer afford to live there. By the sounds of it, the situation's only going to get worse going forward, especially for condo owners (thanks Surfside). At this rate, only the rich will be able to afford to move to Florida. The writing's on the wall.

@cjjohnson4231 4 ай бұрын

Sarasota resident and 11 miles from coast. Single-family home built in 2019 and my premium went up 73% last year. The raise in insurance and other costs are real. Blessed to be able to afford the increases, 🙏🏾 for better days ahead for all.

@Jerzeyguy 4 ай бұрын

If you don’t mind me asking, what is your premium for the year? Thank you

@oscalsochirino8706 4 ай бұрын

Went there last week from last year time I went houses are showing up for sale I’m sore those increases making it impossible for those air b to make any money it’s about time

@MR..181 4 ай бұрын

Owner or debtor?

@cjjohnson4231 3 ай бұрын

@@Jerzeyguy $3400 with low deductibles. Buying a new home has advantages since meets current hurricane code and new roof, block construction, etc. I have Progressive. I’m an Army veteran and USAA was almost double so shop around.

@eliot5220 4 ай бұрын

When condos were invented back in the 70’s I said wow developers and owners are going to get rich selling individual apartments to unaware naive homebuyers that don’t understand that they have to pay to maintain the whole building.

@scottelliott6568 4 ай бұрын

What a rip off. No more American dream for new buyers😢

@steven4315 4 ай бұрын

Lots of affordable real estate outside of Florida.

@lacharmer441 4 ай бұрын

Great information- thank you Lisa!

@cle_roknn3742 4 ай бұрын

Louisiana is just as bad, what rates Katrina and Rita did not drive up Laura and Delta took care of. The next good hurricane that plows through Louisiana will just take whatever was left of the insurance companies and drive them out. Florida has about the same rates for car insurance as Louisiana, astronomical. Two years ago we were told a new state law would reduce the rates, two years later, that was a lie because rates just keep going up, never even checked up…. High risk states, high risk insurance, kind of the reality of it…

@commonsense2809 Ай бұрын

I love the music in the background lol it fits the video and the way you talk perfectly! Very educational video and I think it's just hilarious how you explain stuff I love it!!! Thank you very much for your input!

@TheRealLivingWithLisa 27 күн бұрын

Glad it was helpful!

@anthonypingatore2681 4 ай бұрын

Being from a Midatlantic state. I've traveled to Fla to Disney and Key West. Did the 7 day Caribbean cruise. But dam, it was hot and sweaty, and I missed the cool mountain air and the hills and curves. Fla just seemed like a stinky swamp to me, and I couldn't find a house with a basement and a Pittsburgh toilet. So I said goodbye to the roaches and the hurricanes, and thank God I never lived there.

@xro1983 4 ай бұрын

I love Florida. There’s so many resources here and so much work. You’ll never be bored here. There’s something for everyone no matter what age group you’re in. I live by the beach and I’m surrounded by so many women. It’s awesome.

@tmooregolfer 4 ай бұрын

Did you see the topless women in thongs at the beach ? Less if you visit Haulover beach !

@bigred8752 4 ай бұрын

Fun video! Love your sarcasm. So true about those hoas! My old place in Marco is $1100@mo. Ouch

@alexprosper6148 4 ай бұрын

Great information 😊

@rosewiegman3326 3 ай бұрын

Love your videos

@carriebishop8568 4 ай бұрын

This is very good information thank you for getting all this information to us.

@TheRealLivingWithLisa 4 ай бұрын

Glad it was helpful!

@davescott1491 4 ай бұрын

All of your observations are accurate. Another significant looming reality is the baby boomers are aging out. That massive wave of buyers that drove the Florida boom is rapidly ending. With the crazy costs of ownership facing Florida now, the number of people moving here is drying up rapidly and the baby boomers homes will be empty and prices will fall fast. Sad

@steven4315 4 ай бұрын

Not if you're a buyer.

@TheRealLivingWithLisa 4 ай бұрын

lol.. you do make a good point~

@lizhoward9754 4 ай бұрын

EXACTLY! I am a baby boomer and immediately saw the correlation between baby boomer retirements and a max exodus from high cost cold climates to cheaper, warm climates. When I saw that, I knew I had to stay away from those baby boomer retiree states because I knew it would eventually cause a housing crash because there are few following boomers. As my fellow boomers die off or end up in nursing homes and insurance premiums rise, who will buy their properties? There aren’t nearly as many people following in our footsteps. I have been jumping up and down trying to explain that to people. Insurance costs and storms are just part of the problem.

@vincentkosik403 4 ай бұрын

Don't worry...many will cross the borders legally or not..

@lizhoward9754 4 ай бұрын

@@vincentkosik403 What are you talking about? I think you posted to the wrong video.

@fxmx9003 4 ай бұрын

Thank You again for sharing the Good (love Fl), the bad (crazy house insurance), and the ugly (condo time bomb, and saw a YT video that car ins is also insanely high!). You tell it straight! 👍 P.S. we have lots of lost, and stepped on cheater glasses in common!! 😂Take Care.

@kennethyoung2077 4 ай бұрын

As I have no mortgage I would self insure again before I paid that kind of premium.

@richardmoral8888 4 ай бұрын

Good Day 😊,,

@vincentengongoro2705 4 ай бұрын

I just finished renting a home in Punta Gorda.. it was beautiful and so was the neighborhood. But lots of blue tarps everywhere.. Im to understand if we wanted to buy a home you can expect to pay $3500.00 just to tarp the roof, wait more than a year for a roofing contractor to make actual repairs, pay double the the taxes being paid by the previous owner, pay around $12,000.00 for homeowners insurance, and $12,000.00 in property maintenance.. so after the privilege of paying twice what the same house went for just two years ago i can pay $36,000.00 a year just to call the place mine and still have a leaky roof... I think I'll just rent when i want to

@71chevy 3 ай бұрын

Thinking the same thing.We live in Wisconsin and have a beautiful home.We were going to sell and purchase in Florida but now we're just going to rent and rent our house to our kids.They can't afford to move out anyway because rent in Madison is ridiculous.

@frankd3505 4 ай бұрын

Insurance is way,way betond Crisis here Florida, just got 2 quotes over $8000 year ,way inland not near Intracoastal, legislators have done Nothing but give their buddies in the Insurance Industry everything asked for

@cannotbeshaken7889 4 ай бұрын

How much is your house worth right now? I'm trying to figure out how much insurance it would be on a 700k house in a low risk area.

@hwypirt 4 ай бұрын

$8000 on what home price?

@frankd3505 4 ай бұрын

30+ year old home, prices here ,PBcounty 600k-750k@@cannotbeshaken7889

@tomdrummy4984 4 ай бұрын

Yep !! Insurance and property tax ⬆️ ⬆️ 🆙

@scott331 4 ай бұрын

Funny thing is it’s about to get much worse with the new laws allowing insurance companies to jack rates much higher

@Wisepati 4 ай бұрын

Can you reference which laws those are are they federal or state? All insurance rates have to go through a state insurance commission to get approval.

@MR..181 4 ай бұрын

Up 300% last year..debt free but associative..no claims 40 years...

@ltcmoose2001 4 ай бұрын

All we see in Florida are Morgan and Morgan ads with your morning coffee. These attorneys have there place but we don't need a lawyer for everything. In Florida, the dog has its day. Decades of building cheap poorly constructed homes is now coming to an end. My current home built in the late 80's has a big bill with it. Just finished the windows. for 20k. Roof is next with a re-decking of 100 sheets of 5/8 plywood to meet high wind requirements. 10k to fix the rotten Hardie Board on the gable ends. Which leaves no money for the kitchen and bath update. Insurance will be happy but that's about it. The states homestead exemption has long time residents paying nothing in property tax when the new commers get stuck with big tax bills. The state with no income tax has no money to pay teachers. In my county, teacher make 55k at the top of the pay scale. They will make new laws to fix stuff so long as it does not cost any money.

@rosewiegman3326 3 ай бұрын

I was planning on buying into century village,not now

@mickygarcia4251 4 ай бұрын

Americans can't seem to stop overpaying for everything.

@steven4315 4 ай бұрын

Floridians can't stop overpaying for everything.

@hwypirt 4 ай бұрын

Good video 🎉

@TheRealLivingWithLisa 4 ай бұрын

Glad you enjoyed it

@koolz4094 4 ай бұрын

Condos are a joke ...what a loosing investment...Thank God I sold mine last year ...pit fall

@PianoMatronNeeNee 4 ай бұрын

Thanks Lisa for the great info ❤❤❤❤❤❤

@TheRealLivingWithLisa 4 ай бұрын

Glad it was helpful!

@ocsugar 4 ай бұрын

Can't believe the fools are still signing contracts at these mega bubble prices, outrageous insurance, HOA, and interest rates, not to mention Florida's high property taxes. No thank you!

@RutyStar 4 ай бұрын

i have a land that i havnt built yet so what shal i do? sell the plot ?

@iveyhealth2266 4 ай бұрын

Lisa, what part of Florida are you in?

@Cooper127 4 ай бұрын

My dreams of living in Florida are getting very bleak. 🙁🙁🙁

@TheRealLivingWithLisa 4 ай бұрын

Never give up..... if you want it... you will do it.

@oscalsochirino8706 4 ай бұрын

I’m talking to folks the youngsters regret buying a house in Florida. They sold you a dream baby boomers that sold now over 75 are killing it

@marcusdisalvio1804 4 ай бұрын

The problem with the Florida housing market is that the insurance with the HOA dues and the condo fees have gotten to the point where literally it was decades in the making because everything compounded on top of each other and a lot of the older buildings were built late 70s early 1980s and so for 30 to 40 years you've had mismanagement with lack of care I know that people wanted to live a very fancy lifestyle while having everything cheap and back then you could have done that but now that's impossible. I rent over in Sarasota and the whole city has gone downhill everything looks beautiful and fancy because there's a lot of people that have money that are still investing in that area but right now with all the condo / penhouses being built there's nobody that can afford the asking rate of what they want for example if you take a walk downtown on main Street they're building a whole new condo unit were the old parking garage used to be by the Hollywood 11 movie theater and they're asking for over a million dollars per unit and I wonder what that will cost for the HOA dues and the insurance cost. Right now I'm just saving my money and not even caring about buying a home because the local economy is getting stagnant to the point where people cannot find anybody to do handyman service or even roofing services I personally would recommend that people just rent where it's cheap and just wait until everything comes back down or crashes

@scrosmeintnow 4 ай бұрын

"But then I broke Free!" 😂

@danielhuntington2116 4 ай бұрын

The word condo has 5 letters....butttt...it might as well be "The Bermuda Triangle" of Florida homes these days. Anyone that would buy one now needs their head examined. Why?....in 2025 there just one bad inspection away from bankrupcy.😮😮

@raydemos1181 4 ай бұрын

There are too many people moving here, something had to be done,

@peterbedford2610 4 ай бұрын

Insurance only works if almost no one ever makes a claim. You can figure out the rest

@donburton5323 4 ай бұрын

I will go to Florida in a RV

@tonyn3227 4 ай бұрын

and people still wanna move here. saps

@pauldietzmann5610 4 ай бұрын

RENT RV LOT FOR THE WINTER GO BACK TO NORTH FOR SUMMER

@cwgruber1 4 ай бұрын

Agree Insurance is crazy and it's likely going to significantly impact RE values in Florida. That being said I did hear a unicorn story directly from the president of condo association in Brevard county that their Insurance actually went down.. I know I know it's an exception but from a very trustworthy source it can happen apparently, maybe they have found the top? I assume for this one instance their are 100 more examples of rates going up.

@TheRealLivingWithLisa 4 ай бұрын

There's always an exception to the rule... thanks for your comment... ❤

@jimwolfe4286 4 ай бұрын

Thank you, Lisa for doing all this Homework for us !.....Rules-on-top-of Rules.....Jimmy's Tent World is starting to look better...and...Better !......LOl....

@TheRealLivingWithLisa 4 ай бұрын

Yes it is..... 😂

@Gardis72 4 ай бұрын

This seems like it's geared towards single family home ownership. I can't imagine that a condominium would be subjected to the wind mitigation. That would have to be the master condo policy, not an individual owner.

@TheRealLivingWithLisa 4 ай бұрын

In order to get all or any discounts you need a wind mitigation . (Even on a condo). The master policy will not note if a specific unit has hurricane shutters or an impact door.

@_c_y_p_3 4 ай бұрын

It is amazing anyone can get insurance in a place where storms will wipe out the house every three to ten years thanks to that non existent climate change.

@moonlightfordf1005 4 ай бұрын

What are your credentials?

@drfalcon4102 4 ай бұрын

2of my friends who live in Martin Co, are leaving and going north, cause of rising prices,,,

@TheRealLivingWithLisa 4 ай бұрын

Not surprised. Cost of living is up, property prices are out of touch and insurance all pile up to a big load of you know what. For those who want to retire here, you need to be well funded.

@taffyalusa4642 4 ай бұрын

A lot of hype with florida in the last few years, no income tax, freedom, paradise, its all bs, people move here, then realize it's totally different living here year round and return to their home states.

@PatRzyski-zd4fh 4 ай бұрын

Hoping to retire in Florida in a couple of years and the insurance scares me more than the weather

@TheRealLivingWithLisa 4 ай бұрын

Weather.... no problem. Insurance is a totally different game.

@MrDCMiami 4 ай бұрын

Just rent. If you don't like what you've walked into, just pack up and go. Isold my Miami condo because I no longer wanted my HOME to own ME, which is what it has turned into in reality.

@H_h7391 4 ай бұрын

Hi Lisa. I am a big fan! I will be directly reaching out to you for guidance on a realestate issue Im dealing with. Cant wait to get your input!

@oscalsochirino8706 4 ай бұрын

My father got lucky no rate raise on citizens años saved 1k after the old co went bk I changed his policy to a friendly insurer. I think it’s part to greedy policy writers I bet not just citizen

@mrobfuscation2765 4 ай бұрын

Expect insurance premiums in 2025 to rise significantly all over the country. Allstate and State Farm lost billions in 2023 and they have to make up in 2025 and 2026.

@cindyonyoutube 4 ай бұрын

Is it possible to get an insurance estimate on a new build before signing the contract?

@TheRealLivingWithLisa 4 ай бұрын

If you can get a copy of the sellers wind mitigation, however, most are not going to give you that unless you're buying the unit. You can ask the list agent how much they pay.

@cindyonyoutube 4 ай бұрын

@@TheRealLivingWithLisa I was thinking of a newly built home, not a resale.

@tonyrussi7777 4 ай бұрын

yes, call a licensed, independent insurance agent.Give thenm the details of the home & your personal information.

@TheRealLivingWithLisa 4 ай бұрын

@@cindyonyoutube New will not require a wind mitigation report, provide the address to an insurance agent and they can give you a pretty good idea depending on the amount of coverage you want.

@cindyonyoutube 4 ай бұрын

@@TheRealLivingWithLisa excellent, thanks!

@jackwilson3121 4 ай бұрын

i don't know why anyone would want to move to Florida.

@teresamurray9225 4 ай бұрын

We move to tampa 2 years ago renting now. Looking for condo this really scary. Perhaps stay renting an apartment

@MrDCMiami 4 ай бұрын

My exact attitude. Condos are a broken model

@koolz4094 4 ай бұрын

Do your home work , Ins. laws changed ...HOA fees are rising like crazy ....I live in Madeira Beach and thank God I dumped mine ---Condos are a pitt fall...You will loose if you purchase a Condo, I promise .....HOA's / Ins. increases have already destroyed most Condo owners ..

@danielhuntington2116 4 ай бұрын

....FYI.....in 2025 if your a condo owner you are one bad inspection away from possible bankruptcy...I would scratch condo ownership off your list! Please read up on the new 2025 condo laws taking effect.😮😮😮

@danielhuntington2116 4 ай бұрын

I think where we are at is directly associated to the special interests towards insurance companies in Florida. Who knows where it's going to end?

@autobotdiva9268 4 ай бұрын

we have 16 new $300k starting homes with raggedy d.r. horton and they are FULL but dont see many uhaul or furniture vans coming.

@diydiva3190 4 ай бұрын

D.R. Horton has a horrible reputation

@-DA3 4 ай бұрын

Meanwhile... Meatball is going after Disney for some reason. HA !

@garymcgovern1423 4 ай бұрын

I wouldn't mind renting a spot in Florida for a month. Haven't been there in 6 years or so I need a break from crazy illegal immigrant infested Massachusetts..

@Rick-tb4so 4 ай бұрын

You wont like the rent..

@Wisepati 4 ай бұрын

As far as I know those are people seeking asylum if they were truly illegal I’m sure they would have been shipped back if they could be found. And you know what I bet your ancestors immigrated here to the USA.

@diydiva3190 4 ай бұрын

Get your head out of the sand,. @@Wisepati

@Theguys1 4 ай бұрын

How very hateful!

@garymcgovern1423 4 ай бұрын

Probably not 😮😮

@eliot5220 4 ай бұрын

It’s over . Only the ultra Rich can afford to burn money on insurance . Hey honey it’s cold outside can you bring me about 5-10,000$ to throw in the fireplace.

@DrLusEnglish 4 ай бұрын

$6000 insurance cost a year? No way

@jimshoe402 4 ай бұрын

Total cost on my house $520 per month 1500sq ft Nice Area..

@foxlake6750 4 ай бұрын

My Brother had a $40K claim after the hurricane and now his insurance went from $2,000 to $6,000…..

@FLAC2023 4 ай бұрын

I'm from Florida, and I am moving to Argentina 😂... I will live like a millionaire on pennies 🎉

@INTERNETVID 4 ай бұрын

It won't be Buenos Aires or Cordoba I'm assuming.

@FLAC2023 4 ай бұрын

@@INTERNETVID Mendoza! But Buenos Aires is still cheap... particularly if you rent... me and my girlfriend are renting a very nice apartment in Palermo for $650/month... you can find great deals!

@FLAC2023 4 ай бұрын

@@INTERNETVID we are using Palermo as home base until we find the best house in Mendoza. We are going back there in two weeks and you can a beautiful home for $250k, designed by an architect, etc ..

@cannotbeshaken7889 4 ай бұрын

@@FLAC2023 You may be living like a millionaire until your robbed repeatedly, or murdered. Your not worried about the crime, the economy, the poverty, the lawlessness, corruption, etc.. All homes are designed by an architect.

@jamesgullo8240 4 ай бұрын

Watch out for angry young people with machetes that want your stuff.

@dbrew2u 4 ай бұрын

The 2024 Atlantic Hurricane Season is right around the corner . And the prediction for Florida isn't a good one . All it will take is one more landfalling Cat 5 in an area from Palm Beach to Key West . And you will have to be a Jeff Bezos to afford Property Insurance anywhere in Florida .

@rosewiegman3326 3 ай бұрын

Can a person see the reserve fund before signing contact,and special assessments

@virgilpalmer2427 4 ай бұрын

Those billionaires need more profits. So the peasants must pay more ...

@JoeSanders-ku8dn 4 ай бұрын

Seniors on fixed income will be forced to leave Florida. Great information. Housing prices will drop .

@poollife777 3 ай бұрын

Why are you saying something so ugly you don't know that.

@sarashann 4 ай бұрын

Florida will soon be a peninsula of wealthy retirees and those attorneys and CPAs who support them. Who will stay put? Those who can afford to self-insure and sell to other high income individuals and those too poor to escape (or afford auto insurance). Good luck finding someone to clean that big house or cut your big ol' yard. Get out while you can.

@BoomBustProfits 4 ай бұрын

Until recent times Property & Auto insurance would always go down (dramatically as you got over 40) the older you got - That was true always true until about 15-20 years ago when costs started rising and never declining…Government can only make this worse, not better, the LACK of Capitalism. It does not exist as Capitalism requires Sound Money, Free Markets, Rule of Law, & Property Rights & none of those things exist to any degree - decades ago they existed to a degree but have been eroded so badly you are now seeing the result. HOAs are great imo, as it is a group of property owners agreeing on rules to protect the value of their homes by exercising the rights they have as owners. If you want different owners find a different community with owners that have similar values! It is called freedom of association & freedom to discriminate (yes, discrimination is a positive thing most of the time, it is hugely misunderstood & horribly abused by power hungry control freaks. Private law society is far superior to an inherently inefficient, wasteful, & coercive territorial monopolist of ultimate decisionmaking & violence (as all history demonstrates & simple logic proves.)

@atlantasailor1 4 ай бұрын

What have you been smoking? Go to the totally free Congo in Africa and find out about what unfettered capitalism gets you …