Florida residents How do you afford insurance?

[M-technik-3]

Every other storm it seems insurance companies stop covering residents and paying claims yet they raise everyone elses rates nationwide to cover their costs.

At what point is Florida uninhabitable? I feel bad for folks that can't just pick up and move.

[erickonphoenix]

Good question, we moved my mom off the Texas Gulf Coast largely due to homeowners insurance increases. Wind, flood and fire were three different policies and the totals were nearing her mortgage payments.

[kscarrol]

Go ask folks in CA about earthquake or fire coverage. State Farm is threatening to leave CA altogether, it’s not just a Florida issue.

[IanH]

"We can't profit off you anymore so get bent, we out" - the cartel

[RickFLM4]

We don’t pay state income taxes, so that helps. I pay about $6K/year for insurance with 2% deductible and expect I’d pay more than that in state income tax if we had one.

Also, our property value assessment increases are capped for primary residences. I pay about $6K for property taxes in our home we’ve been in since 2002 and that is well under 1% of property fair value.

[rebekahb]

Ask this question again once their renewals come up. In LA, we had Laura, Delta, Zeta & Ida. All within about a year. Prior to this my homeowners was around $3200 and flood around $900. In 2022, my insurance was around $5500/year. UPC went bankrupt at the end of the year which was after all the other companies had pulled out. Result, force placed with Citizens at around $9k/year. Was able to maneuver to get it around $7500/year. This is NOT including flood which is around $1200 or property taxes. A few companies came in and we are back down to around $5400.

Currently, people are trying to buy homes and the note they can afford. Once insurance gets factored in people are walking away from the deals.

The next issue, is getting insurers to pay. We know people who are fighting insurance and don’t have complete repairs from Ida 8/2021. Attorneys have had to get involved and don’t even get me started on that. We will never file a claim again unless we have significant damage. It isn’t worth it and they nail your ass on the back end.