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

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

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

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

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

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

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

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

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

You will OWN NOTHING AND BE HAPPY!!

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

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

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

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

Still can’t believe people are buying hoa’s

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

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

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

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

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

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

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

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

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

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

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

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

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

INSURANCE IS A SCAM

I would never live in neighborhood with an HMO!

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

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

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

Luckily Florida believes is less government and less regulation.

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

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

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

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

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

Great info thanks for sharing

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

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

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

Sounds like the lawsuit needs to get settled first.

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

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

these carpet baggers gotta pay up lol warms my heart

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

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

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

Gated golf course community = rich people problems.

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

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

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

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

living in a hurricane zone will bite you in the ass

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

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

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

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

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

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

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

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

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

Why can't they self-insure?

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

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

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

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

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

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

its not the price of the house anymore,,,,,its the added price of taxes, insurance and lot rent..thats what kills you Reply

That's what they get for being lawsuit happy.

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

Because years of premiums that were too low and years of deferred maintenance have consequences.

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

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

This is happening to one specific condo association, not all. It's unfortunate but the title of the video suggests there are more than just this one condo association.

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

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

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

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

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

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

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

The master coverage includes the grounds and buildings.

Why is there an open construction defect lawsuit? They need to settle that claim then re-market their account. Even so, people who cannot afford the HOA/COA Fees will have to sell….

this is capitalism at work. The insurers ( and the reinsurers that the insurers pay for coverage ) have determined/analyzed that Florida is a very risky place to do business. So they raise their prices to cover that increased payout ratio that they have determined is inevitable. The solution for homeowners who can't afford to pay for this risk policy is to move out of Florida. I'm sure Governor DeSantis is working on it though, he definitely puts the needs of his constituents above the needs of his campaign /sarcasm, lol

makes me wonder if condo to apartment conversions are going to be on the rise. The apartment owners can just go on a cash basis with no insurance and I'd suspect its much cheaper. That would be unfortunate as that would make the already rising apartment rentals an even higher ratio when considering rentals vs ownership. Ownership should always be part of the American dream and it's definitely under attack.

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

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

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

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

One mor reason to get the heck out of Florida.

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

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

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

It is much cheaper in the long not to buy insurance and suffer the loss when a bad thing happens. At least you can bounce back if you don`t pay insurance and you are better prepared and motivated to take remedial measures to deflect, prevent or minimize the bad thing`s impact.

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