Florida property insurance crisis is getting ready to take a big turn as new laws are passed.

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Күн бұрын

#homeinsurance #housingnews #floridarealestate
Florida property insurance crisis has been in the news for several years now. Home owners in Florida have been experiencing property insurance cancellations, increased insurance premiums and even trouble getting property insurance. Governor Desantis singed new legislation in 2022 to reduce fraud claims and help lower premium for Florida home owners. These new law will hopefully bring more property insurance companies back to Florida.
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Пікірлер: 117

@whocares0316 6 ай бұрын

Nicely presented in a practical way which helps the average homeowner understand their current and worsening predicament. I was in the property /casualty insurance biz for 35 years and the problems today dwarf the scope of the same problems we had back in the day. I almost moved to Florida 4 years ago but decided no to and am i glad I'm still in Georgia!

@marvelharris9540 6 ай бұрын

We are glad too! I hope this catches on...

@drunkensquirrel7545 3 ай бұрын

We moved to FL 30 years ago for work. It was the biggest mistake that we ever made. We can't afford to move. We can't afford to stay. SMH

@marvelharris9540 6 ай бұрын

I think it would be cheaper to save the premium funds in an account and just buy a new roof if it flies off..probably much cheaper in the long run.

@ka0s-v7i 16 күн бұрын

What if it flies off againand again and again

@The1958Voice 5 ай бұрын

Perspective from a Florida Home Owner who sold his 1958 3/1 Concrete Block House in June of 2023: I lived in an older neighborhood in the 32935 zip code. Most houses in the subdivision were built from 1955-1963. Standard Florida construction at the time. Houses built like tanks with low pitch roofs, terrazzo floors and jalice windows (single pane, crank out). I had the roof replaced when I bought the house in 2015. It cost me $12,000 out of pocket. Today that same roof replacement cost is quoted as $30,000. I used plywood to protect my windows during the hurricane season. I got a quote for 'hurricane' windows last year. $18,000 for the windows and an additional $16,000 for the big sliding glass patio doors. The "reduction" in my policy for spending $34,000???? $500/year. During the 8 year period of ownership, I was dropped three times by insurance companies (they all left the state or became 'insolvent'). This with no claims on my part. My agent hooked me up with Citizens and I felt like it was a god-send. $2500/yr on a house with a market value of $275,000. No other insurance companies would touch my house because it had a 400 sq./ft "flat roof" addition. That has proven to be an unexpected advantage because Citizens can never force me into the 'open' market requirement vis-a-vis the Florida Legislative Reform. Down the street, my neighbors were not so lucky because they had a standard roofline. They are now paying $6,000 a year for a similar build (3/2 with a swimming pool). Their roof is aging out, they are elderly and cannot afford to replace the roof. What will they do??? I chose to sell the house near the peak of the market and left the state. I plan on returning as a renter in the spring. With respect to insurance fraud, Florida has always been the land both of opportunity and of opportunists. That cuts both ways. Part of the reason insurance companies get sued is their refusal to pay legitimate claims. When I had my house reinspected (per Citizens requirement) the inspectors told me their new marching orders were to find ANY and EVERY potential defect as a reason to NOT underwrite. I had to replace a three-year old water heater because the inspector found a SPEC of rust. I don't have any solutions, particularly to the fixed-income group who still hold a mortgage and are being forced out of their homes. But despite the legislative reforms, I don't see any scenario under which insurance premiums will ever go down to previous levels. Paradise lost.

@jbbb7418 7 ай бұрын

Lisa, we were looking to purchase just before the market exploded. I watched in horror as the prices ticked higher and higher and our dreams were slipping away. I don’t know whether we were blessed or cursed when we put in an offer on a house at the absolute top of our price range, as the marked neared peaked. We were out bid. I kept telling my husband there was a reason God did not want us to have that house, and then…. 💥 BAM 💥 hurricane Ian hit! We were looking in Port Charlotte…. We would have lost everything…. I have watched markets rise and fall for about 30 years…. Usually in 10 year increments…. But this was a combination of so many factors, including watching the insurance nightmare after Ian. I hope things return to normal in the next few years, or we may just remain visitors as opposed to residents… I am really worried that the greedy uber wealthy will be the only people that can afford to live in Florida, and also wonder if that was the plan any way, just like what happened to California, and now on Maui…. 💔

@TheRealLivingWithLisa 7 ай бұрын

I hear you. Prices in Florida are very high now. I'm not sure if it will change... but I am hoping for prices to comedown.

@nickkacures2304 7 ай бұрын

Yes sometimes things do happen for a reason and you were very fortunate . I have always found out that when things are really expensive and hard to get that it was my expectations or ego that got in the way of sound decisions now that i have learned by living way below my means is the only way to go and that you can get what you want the minute you stop chasing it.

@jann1717 6 ай бұрын

Prices simply must come down. The value of my home rose 40% in just 2 years. I sold immediately. A friend purchased on the west coast, in an area where hurricanes never seem to travel. Low home insurance and reasonable property taxes. He needed to sell now and has had to drop his price, so far by 100K. No one is buying or least they aren't drinking the coolaid that was served in 21 & 22. He has had it on the market now 6 months and not one single interest. It's still not as low as what he paid but it's getting very close.

@nickkacures2304 6 ай бұрын

@@jann1717 hopefully you found something affordable to replace it in an area that is away from the expensive insurance market

@matthewsmith2362 6 ай бұрын

The world is becoming far less stable every day that passes. Europe is hurting, China is hurting ect ect … those countries have 100s of millions of wealthy people who can and are buying things in the USA. My point is there’s lots of rich people in the world, and more of em are deciding it’s time to move to the US. They ain’t gonna settle in Iowa or Kentucky lol. So Florida and California it is. Don’t hold your breath for 2019 pricing. Not gonna happen unless you’re thinking about Nebraska, North Dakota lol.

@poollife777 3 ай бұрын

I bought my house 2 years ago and it's 110 years old with a metal roof. I do the basic insurance because I bought the house for half of what it would cost now. That's the blessing of being a great renter for 5 years while I also had all the work done on the house as I lived in it. And the landlord paid for that. And I didn't have to have any realtor fees at all! That same house is now going for $350,000 and it has a wonderful metal roof. Right now my insurance is $2,400 a year.

@davidcharlesworth648 7 ай бұрын

Thanks for all you do to give us vital info for both people now living in FL and those like myself considering a move to your state.. Please keep it up. You are a breath of fresh air.

@eattherich9215 7 ай бұрын

@6:35, it's not FRIVILOUS when the insurance company refuses to meet a legitimate claim leaving the insured with no option but to go to law. That reinsurance programme is costing the TAXPAYER and is something that the insurance companies should have sought in the market. DeSatantis is helping nobody but the insurers that donated $3m to his failed campaign to be the Republican nominee in 2024.

@Columbus1152 7 ай бұрын

I'm surprised you didn't bring up Citizen's insurance, the public option when you can't get insured. But, there's a lot of strings attached with them too. Hopefully the latest legislation will reduce fraud enough to lure some competition back into the Florida market.

@winstonjames2583 6 ай бұрын

No screened enclosure/carport coverage sucks...but other than that it's a decent carrier....until you get depopulated...good thing I work w a decent agency so we are proactive with our book

@rolandthethompsongunner64 6 ай бұрын

It’s insolvent 😂

@lizhoward9754 4 ай бұрын

I am glad to hear that insurance companies no longer have to pay these scammers. Homeowners should know better than to trust some scammer who comes to your door after a storm saying they will fix whatever. Every news outlet in the country has ALWAYS warned people never to trust these people with fliers or knocks on the door. This happens all over the country following a hurricane or tornado. These scammers come out of the wood work. The onus is on the homeowner who was stupid enough to hire one of these scammers and not the insurance company

@Nsx234 6 ай бұрын

Citizens must force GOVERNMENT TO STOP TYRANNY and Enforce and follow THE SUPREME LAW OF OUR LAND!!! THE US CONSTITUTION!!! HAVE YOU ALL FORGETTEN THAT!!!

@RealCptHammonds 4 ай бұрын

❤❤❤ This is an absolutely amazing video that taught me a few things. THANK YOU SO MUCH!!! ❤❤❤

@maxchen7229 6 ай бұрын

I’m going to wait for a few years later to buy a house or condo in Florida once this crisis is over.

@yorsan2240 6 ай бұрын

A condo ? Think again 😂

@manbtm1 6 ай бұрын

Uum, the bad weather occurrences and crisis are sadly not “ over”, its just the beginning of calamity with property damage in the future.

@ronniecardy 5 ай бұрын

Cost a lot to even live in a rv park for a small park models now

@jann1717 6 ай бұрын

Thanks for the thorough explanation. Now I have the full picture on how the insurance fraud for the roof occurred. But, I know of at least 2 people who have replaced their roof in 2022, in hopes of reducing the insurance fee and found that the benefit was well under a 1000 savings on the premium. I'm guessing that insurance companies are working to recoup any losses they've had & I wonder how long that will take.

@manbtm1 6 ай бұрын

That’s really the unknown, because most certainly there will be future incidents, unfortunately happening, which will just cause billions of more dollars of damage, a vicious circle, that is, unless these horrible weather events stop happening, and that is more than unlikely.

@techworld-kc6lt 6 ай бұрын

A dream to own a house is now a burden to keep up with taxes, insurance premiums etc. increase that being free with more money for yourself is a new reality

@kurtgandenberger6139 4 ай бұрын

my mom lives on the beach in north florida and is now 101 years old. even though she retired wealthy, she is gradually running out of money. (this story is not at all unusual for people who live a long life). my parents stopped paying for insurance 25 years ago. now she ways she can afford to pay taxes, but not insurance. they only paid $100,000 for their condo, but now they say it is worth $500,000. rates have gone way up.

@flybirds2024 6 ай бұрын

You mentioned that 300k people left the state of Florida but what you didn't mention is that over 700k people moved into Florida in 2022!

@flybirds2024 6 ай бұрын

I actually live in central Florida more than 50 miles from either coast and have a home that is 2 years old and last year I actually had a $1000 hurricane deductible and payed $1500 a year. I just renewed my policy and no insurer would offer anything below a 2% hurricane deductible but, my new policy dropped down to $1000 a year!

@manbtm1 6 ай бұрын

Actually latest stats showed 500,00 people moved out, 700,000+ in.

@flybirds2024 6 ай бұрын

@@manbtm1That is still a net positive migration!

@manbtm1 6 ай бұрын

@@flybirds2024 of course thats a positive but accurate statistics should be shown.

@grantaugustyniak6667 2 ай бұрын

Just love the guy running with his briefcase in hand 🤣

@AmericanConstellation 5 ай бұрын

Part of the problem to is that many people are not paying their mortgage, therefore no escrow, no insurance payment. We payers are taking the brunt of that. So will my homeowners insurance go down with the new state laws? I doubt it! No...oh hell no!

@Sunlover42 7 ай бұрын

Thanks for the video. Another big change you did not mention is the Feds changed how they calculate flood insurance and to no one’s surprise they tripled or quadrupled the rate for most of Florida coasts due to you guessed it, climate change. What used to cost about $600/year several thousand. Thankfully existing owners only see small annual increases and years down the line there should be private companies willing to offer flood insurance for less than $3 to 5k/year. We were dumped earlier this year for lack of payment because when we called in our credit card, they intentionally didn’t run the $3 processing fee on a $1,700 quarterly payment without telling us them dropped us. Citizens picked us up then determined after reviewing interior photos that our home would cost too much to rebuild and they dropped us two months later. I know our issues are not all that unique around here and we consider ourselves lucky as our home is paid off and we changed to a wind/hail exempted policy. That made sense for us as we live by the Space Center and our area has never seen anything greater than a Cat 1 or 2 storm. We pay about $3,000/year for both policies and feel fortunate we won’t be forced out of our home like so many..

@jamesflemingjr8967 6 ай бұрын

awesome Video, I highly recommend anyone in Florida and you own a home, watch and learn! thanks Lisa!

@bethannea4842 6 ай бұрын

Good info. Thank you!

@usndon222 7 ай бұрын

Excellent presentation. Nice Christmas tree. Merry Christmas.

@thatyanamartins3050 5 ай бұрын

I love your videos! Thank you for keeping us informed about the cost of living in Florida. 🌹🌹

@edwardschneider6396 6 ай бұрын

Florida should require all future homes to be built 100 % from cement. It was that way before land developers used timber and drywall to speed up construction for quick turn around on new homes.

@poollife777 3 ай бұрын

And you're obviously unaware that we're having a huge shortage on Sand and it's becoming extremely expensive.

@mariebrooks7341 6 ай бұрын

I am so happy that I chose to stay in Georgia and didn't move to Florida as a resident or a snow bird. I will continue to visit a few times a year and come home to Georgia. I dodged all of that. Oooh my my.

@gregvisioninfosoft 6 ай бұрын

Why is it that when a homeowner goes into legal battle with, or negotiations with insurance companies - they do so poorly? Whereas a roofing company can have better success - given they do not even own the home?

@TheRealLivingWithLisa 6 ай бұрын

Good question. i would assume the roofing company have more money to fight.

@yorsan2240 6 ай бұрын

@@TheRealLivingWithLisathey're hooked up with lawyers who know how to squeeze insurance companies

@laurasamaniego5937 6 ай бұрын

Lisa, amazing video. Very informative content. My house is paid off and I have been thinking in only keeping liability, slip & fall, fire and theft at renewal in may. I am paying $5,000 and received a letter that at renewal is going to $ 6,000 and agent said the insurance company most likely is going to request a new roof. Thanks so much for sharing your knowledge.

@humanresources2138 3 ай бұрын

I take issue with how she describes the roofing contractor 'fraud'. I've actually seen customers sign the AOB (assignment of benefits) and each and every customer signed willingly. I've never seen a customer sign against their will.

@jasonpinson8755 2 ай бұрын

Im from jacksonville.good to see.thanks.

@davidcole6051 4 ай бұрын

Tell em about FEMA changing the food zone areas and requiring fed insured loans to carry separate flood insurance policies.

@rolandthethompsongunner64 6 ай бұрын

Lisa is killing it in that flannel shirt. I think she’s ready to give up that stressful beach life for a ranch house in Montana 😂

@goldenboy5500 3 ай бұрын

this is not a recent issue it has been ongoing since 1993 when hurricane Andrew bankrupted many insurance companies

@georgetaylor2819 7 ай бұрын

volume is way too low -- could not hardly hear a word -- How nice the C.c. is working --

@mgd455 7 ай бұрын

Hey Lisa, I now have a better understanding of how the fraud has gotten out of hand. Looking forward to your upcoming videos. Thank you, and hope you-all have a very Merry Christmas. michael

@TheRealLivingWithLisa 7 ай бұрын

Thank you and merry christmas to you too!!

@ryanchinh1040 6 ай бұрын

I move from California to Nevada this year I purchase new home build in Nevada. My home insurance $680 a year in Nevada full coverage.

@brucesalta3271 6 ай бұрын

Damn, I really liked this video. it was so real and true to life video.

@peterchirico2153 7 ай бұрын

Liza on the lighter side you have a beautiful Christmas tree. :)

@monkusbee 7 ай бұрын

Wonder what the banks would do if all homeowners with a mortgage decided to go bare. Would they, or could they foreclose on everyone?

@TheRealLivingWithLisa 7 ай бұрын

It's called forced placed insurance. They slap it in your payment and MAKE you have the coverage and its super high... even higher than the standard rates you would pay.

@TheSeangerber 3 ай бұрын

why did they settle ? I could walk into court and win the case and get the roofers sued

@Frank-nh9fe 7 ай бұрын

I hear two sides of the insurance issue, many horror stories of bills doubling, but then I hear from others "not an issue," slightly higher bills but not more than anywhere else. Is this a central FL vs. coastal issue? Also, what is the deal about FL insurance companies obsession with roofs? Age, demanding replacement before they will insure, etc. I have not heard of this issue outside FL. Roofs are a maintenance issue for for owner, not not insurance companies. If the roof is old, the owner is responsible for replacing it, so why does the insurance company care? An old roof is no better or worse at protecting the home from storm damage (unless it is obviously degraded).

@TheRealLivingWithLisa 7 ай бұрын

Howdy Frank. Insurance companies are obsessing over roofs because of the roofer fraud. Rates are on the rise for everyone... and not just a little, they are jacking up the premium like between $2000 and $3000 more for the average joe. People on the water can look at $25,000 or higher... not kidding. Mostly this is a Florida thing, but I believe insurance companies will increase nationwide eventually. And you are correct... there is absolutely nothing wrong with a 15 YR old roof. They make the rules and we have top play by them.

@manbtm1 6 ай бұрын

Its the damage caused by faulty roofs, and fraud not so honest people try to claim because of it.Bad roof = bad home protection.

@poollife777 3 ай бұрын

@@TheRealLivingWithLisaI heard they just passed the law saying they can't use the roof against you. I don't know I have a metal roof and they better leave me alone. They call it a forever roof in my wind mitigation is great.

@jimwolfe4286 7 ай бұрын

Lisa, do you have the option of "self-insurance" , basically setting-up a "sinking fund " ?... Insurance cos., with their price gouging ,will make self-insurance a cost effective alternative . All costs are going up in our country , due to inept leadership and fiscal mismanagement...very Sad !.....Now.....Have a Merry Christmas !....Take care...

@TheRealLivingWithLisa 7 ай бұрын

You CAN self insure if you have the money. ( and NO mortgage) I am thinking of doing this and I have friends and family that do. Even with these bills that have gone into place I don't see insurance getting much cheaper.... and many may think I am a conspiracy theorist ... but many of the insurance companies are part of the WEF.

@ShantalhaitianPrincess 4 ай бұрын

meh dont know how true this is cause many many people in my neighborhood in Fort lauderdale had to pay out of pocket after Wilma hit cause the insurance companies refused to pay up. for years all over Broward you would see blue tarps on peoples roofs cause they just didnt have the money to pay to get them fixed now same for the flooding last year many people in Broward sold their homes quick to investors cause the insurance companies were dragging their feet

@auroranite 7 ай бұрын

Couple ?’s Lisa. Do most of these developments own the land your house sits on? Or does buyer own both? If so agree no insurance or reduce coverage. the land will be your $$ value if it all goes. Roof can homeowner do the work or must it be “certified license contractor” ? Thats a scam if it is. Many could replace- repair it themselves. Tks

@TheRealLivingWithLisa 7 ай бұрын

Most people own the land. And there’s no reason to insure land.

@Hirogen24 6 ай бұрын

Why would an insurance company pay at all? What are you going to do? Sue them? You will still have to pay tremendous amounts of money in legal fees, EVEN IF YOU WIN... They will say no, regardless, and unless you have thousands upon thousands to spend on legal fees to sue them, you will not see a cent. Thank you Ron De Santis for protecting insurance companies against all claims by those pesky homeowners who have been paying their premiums for many years for NOTHING.

@yorsan2240 6 ай бұрын

Theft, government in bed with insurance companies is nothing but Theft

@JFreeUNC 4 ай бұрын

Florida had more homeowners law suits in 2022 than all the other 49 states combined. That’s a part of why rates have been so high and why the legislature passed and the Gov signed these necessary laws to limit roofing contractors and tv lawyers from filing so many lawsuits. That’s a bad thing? If you think so, then you’re a lawyer or a contractor or just enjoy crazy high ins rates.

@LibertarianShaman 6 ай бұрын

This is a disaster for those that live on a fixed income. Why being so cynical?

@joethecomputerguy1 7 ай бұрын

LOL, glad I got out of the real estate market in 2017. Love living in my motorhome traveling the country and coming back to Florida in the winter only just like all the other hated snowbirds.

@TheRealLivingWithLisa 7 ай бұрын

Traveling the country how exciting. I love that and for many possibly a good move, because it’s not going to get any cheaper as time goes on. Enjoy yourself and thank you for watching. 😊

@AmericanConstellation 5 ай бұрын

If I put a new roof on my home, will my insurance go down?

@Cooper127 7 ай бұрын

Great information Lisa! I’m happy the governor has figured out there is a problem and is correcting it, but I’m also sad that a person such as yourself has to possibly go uninsured for wind damage because of some bad apples who exploited the insurance companies.

@TheRealLivingWithLisa 7 ай бұрын

Yeah, insurance .... it basically sucks.... all of it. Everything continues to rise. ( too much) As someone heading into my retirement years I find it very worrisome. Thanks for watching and your comments~~~

@Cooper127 7 ай бұрын

@@TheRealLivingWithLisa thanks to our present leadership, I can’t afford to die. So let that sink in….

@gregorylyon1004 6 ай бұрын

The governor is just trying to cover his ass

@manbtm1 6 ай бұрын

Yes DeSantis is something else.@@Cooper127

@davidwaVR 6 ай бұрын

No the weather related issues are identical for the last 100 years in Florida the issue is called inflation when you look at the price of a home 100 years ago versus a home today and that wonderful cost increase in cost of goods for the last 3 years that put everything up about 300% you're just paying the real price now

@jcoluc 7 ай бұрын

Just found out we are now in a flood zone!!! And we have a mortgage!!! Thanks good info on the new laws too.❤

@nycas2192 7 ай бұрын

You didnt know before you bought that you are now in flood zone

@jcoluc 7 ай бұрын

@@nycas2192 we were told by agent not in a flood zone before they broke ground Just found out this eeek it has now been declared a flood zone

@laurasamaniego5937 6 ай бұрын

@nycas2192 flood zone changes. I don't know how often they do a study. I was in a flood zone when I bought my house. Three years later I received a letter that I was no longer in a flood zone are. The letter came from the government. I was given the option to keep it or stop paying. I did not move. Same house, same lake behind the house. I decided to maintain the flood insurance. I figured the same way they removed me from the flood area they can add me back again.

@Deairguard 7 ай бұрын

So Lisa when looking on line for a property how can you figure out the insurance cost?

@TheRealLivingWithLisa 7 ай бұрын

Really the only way is to call an agent and provide the address for a general idea....( and the amount you plan to insure.)

@amateur_football9751 6 ай бұрын

I would just move, Florida is cool, but its not the greatest place

@davidwaVR 6 ай бұрын

Insurance is up over 80% in the state of Washington in 3 years and we don't have hurricanes, the problem is is when you already live in the area that's expensive and they make up stupid rules allowing people to scam insurance companies you wind up with stupid prizes like unaffordable insurance or like California we can't even buy it😂

@carolyneverett762 4 ай бұрын

You have a lot of coffee makers!

@jsd354 6 ай бұрын

Insurance Hell! Talk about the property tax arbitrage. The counties in this state are running a racket similar to the mafia from the 1920’s to ‘60’s. Your property taxes are based on current sales in your area or whatever the county tax appraisers think it’s worth. While there are no income taxes in Florida it is offset by huge property taxes. Comparing the bigger picture I can live in Alabama or Georgia (states contiguous to Florida) both of which have state income taxes, and pay 26% and 23% respectively less in total taxes than here in Florida. What happens is the counties are encouraged to tax and spend rather than lowering the property taxes assessed. Furthermore, every self interest group of entitled taxpayers have their property taxes either reduced or waived all together. The pool of property tax payers is reducing all the time. I expect to wake up one morning and find out I’m the last person left to pay the state’s property taxes.

@nickkacures2304 7 ай бұрын

As we have ignored climate science and building in areas of potential extreme weather related claims plus lack of regulations on unscrupulous contractors and insurance companies This problem was mostly avoidable but now it’s becoming a serious problem of being able to have affordable housing in Florida

@TheRealLivingWithLisa 7 ай бұрын

Well you're right about one thing.... Florida is no longer "affordable".... Thank you for your comments~~~

@marvelharris9540 6 ай бұрын

"climate science"? lol They can't even project what the weather will be daily with any real accuracy.

@chevypreps6417 6 ай бұрын

Sorry Florida you are not worth the trouble or expense. Not to mention the storms and flooding problems.

@davidwaVR 6 ай бұрын

I'm confused you build a house in a swamp in the middle of a hurricane drive-thru and you wonder why you pay the most, that's like building your house on the edge of a volcano and then asking the same stupid question

@manbtm1 6 ай бұрын

Thankyou, logic is a gift few have.

@manbtm1 6 ай бұрын

Do not forget the ramifications of these horrible weather occurances is NOT going to stop,, its going to become even worse as Mother Nature has a field day, people nievely act like nothing furthur will happen.