Florida property insurance market on disastrous path

[Al3x Lee]

[EXTERNAL LINK] - Florida property insurance market on disastrous path

Damn Florida agents, you guys feeling this?

 

[AZDave]

Seems what makes sense to us Agents gets reported as 'bad for consumers'. Attorneys going to do everything in their powers to block common sense legeslation and will fight to continue this bad insurance environment.

What an absolute mess. I feel sorry for our insurance brothers and sisters that have been dealing with this.

And my wife wants to retire in Florida...! NFW!

 

[Al3x Lee]

Seems what makes sense to us Agents gets reported as 'bad for consumers'. Attorneys going to do everything in their powers to block common sense legeslation and will fight to continue this bad insurance environment.

What an absolute mess. I feel sorry for our insurance brothers and sisters that have been dealing with this.

And my wife wants to retire in Florida...! NFW!

I don't have much room to talk in terms of government policy since I live in Oregon, but I feel really bad for all the people getting screwed in Florida. It looks very unaffordable to live there

 

[marindependent]

"3. Allow home insurance companies the option to offer a roof value schedule in their policies." Seems to make sense to me!

 

[Al3x Lee]

"3. Allow home insurance companies the option to offer a roof value schedule in their policies." Seems to make sense to me!

Yep, I think the people of Florida might have to learn that nothing is ever truly free

 

[ehall2]

Florida definitely has a problem caused by greedy lawyers and contractors. I read a few weeks ago the attorney fees on a $55,000 claim were over $500,000. As you Florida agents know, Citizens is the largest carrier in Florida and the legislature is considering making insureds with Citizens buy flood insurance. People can't afford the property insurance rates and if you add flood I don't know what people will do.

 

[Al3x Lee]

FAs you Florida agents know, Citizens is the largest carrier in Florida and the legislature is considering making insureds with Citizens buy flood insurance. People can't afford the property insurance rates and if you add flood I don't know what people will do.

When the state has this kind of language, it doesn't surprise me...

"When two or more perils converge to cause a loss, and at least one peril is not covered by the policy, the insurance carrier is required to cover all the damages."

 

[toolbelt]

Luckily Florida is shrinking in size every day....at least the parts above water.

 

[ehall2]

Just learned that FedNat insurance company has filed for bankruptcy.

 

[AZDave]

These were the average HO 3 rates on a $300,000 policy in 2019. Today, way more. Crazy high premiums and still not enough.