The Florida Insurance Crisis

[Harpy Eagle]

Between property taxes and insurance you're making perpetual payments equivalent to a mortgage payment for as long as you live in florida.

That is why they are bleeding retirees to places like Alabama and Tenn.

 

[Missourian]

Maybe, even some funded by big oil figure it will get worse.
View attachment 804835

Which energy source is most subsidized in the US?

President Biden has committed to shifting the United States to renewable energies but the fossil fuel industry still receives billions of dollars every year.

en.as.com

 

[struth]

Hurricane seasons were not stopping them, until the last year, but with recent losses, some companies are actually leaving the market, preferring to stay in business, profitably, instead of as a public service kind of thing, as no arguing with the change in data and losses.

which companies are totally leaving the FL market?

 

[Missourian]

Sounds like a nightmare.

My folks wanted me to buy a house down there.

I told them my property tax is $431 a year and our insurance is $600 a year.

Now they are looking for a summer home here instead.

 

[Missourian]

which companies are totally leaving the FL market?

UPC filed for bankruptcy.

AIG left.

State Farm is not issuing policies to new florida customers.

And many that still write policies have age requirements as draconian as nothing built before 2000.

 

[Tommy Tainant]

My folks wanted me to buy a house down there.

I told them my property tax is $431 a year and our insurance is $600 a year.

Now they are looking for a summer home here instead.

Oceanfront must be limited in Missouri.
I dont know what we pay. Probably too much but its not a problem.

 

[White 6]

They knew about it years ago. And kept a lid on it.

I'm not arguing the man-made or natural, but it appears to be picking up speed.

 

[White 6]

View attachment 804838

Which energy source is most subsidized in the US?

President Biden has committed to shifting the United States to renewable energies but the fossil fuel industry still receives billions of dollars every year.

en.as.com

I have no problem, with that, except would like to see much more in Nuclear.

 

[Tommy Tainant]

I'm not arguing the man-made or natural, but it appears to be picking up speed.

We get daffodils blooming in January now. 3 months early.

 

[struth]

UPC filed for bankruptcy.

AIG left.

State Farm is not issuing policies to new florida customers.

And many that still write policies have age requirements as draconian as nothing built before 2000.

AIG simply said they won't issue home owners insurance on the Coastline...not that they were leaving FL all together....same with Farmers 2 more property insurance companies scaling back in Florida just 2 weeks into hurricane season

State Farm actually has done the opposite, and is pushing for more businesses..https://www.foxbusiness.com/markets/state-farm-doubles-down-florida-farmers-insurance-pulls-back

State Farm doubles down on Florida after Farmers Insurance pulls back​

State Farm says it's sticking with Florida months after ceasing new applications in California​

Try again..

 

[Dont Taz Me Bro]

You cannot live in a place prone to disasters and then be surprised when the cost of living there goes up as a result

 

[Flash]

Florida insurance crisis explained: Why multiple insurers are leaving state

Farmers Insurance has become the latest insurance company to pull out of Florida.

www.newsweek.com

Farmers Insurance has become the latest insurance company to pull out of Florida, despite repeated efforts by Republican Gov. Ron DeSantis and the state legislature to shore up the volatile market.

On Tuesday Farmers informed the state that it is discontinuing new coverage of auto, home and umbrella policies, a move that will reportedly affect 100,000 policies.

"This business decision was necessary to effectively manage risk exposure," Farmers spokesman Trevor Chapman said in a statement to CBS Miami

When there is less choice for customers the price will inevitably go up. As climate change makes the area more volatile then more insurers will likely leave.

It sounds like a time when the state needs a strong leader to get a grip on things and come up with solutions. The government dont even seem to be engaging with the industry.

Insurance is a basic need for any business. Especially a business that is in hospitality. Its a worrying time for Florida.

You Eurotrash don't know jackshit about Florida.

 

[Kilroy2]

With the departure of some carriers, maybe it will be easier for those that remain. They should get more clients. This could mean more profit but in the end it will depend upon how many hurricane hit the area and their intensity. which would reduce that profit. Government will steep in and offer assistance. Budget expenditures will increase for the government. State has to step in and propose something that will want them to stay.

Climate change affects the intensities of these storms versus the number of them and can thus cause more damage when it hits land. . A warmer earth means more rainfall events with flooding.

 

[HeyNorm]

Farmers insurance is just the latest. There were at least three that announced last year. One can deny change all one wants, but insurance companies are "for profit" corporations and look at history and payouts from a strictly business point of view. When the number crunching means it will be unprofitable and damaging to the company to stay, they pull back to where they can provide their services without financial collapse of the company, to the benefit of their shareholders.

Have you see any of this, the last few days?
View attachment 804754
View attachment 804756

They are saying the unusually high temps point toward hurricane intensification as they near shores and since the phenomena is ocean wide to an extent, a more active hurricane season than was expected.

Have you checked California rates?

 

[XponentialChaos]

Seems like they get smashed by hurricanes every year.

Sucks for people in Florida. Their insurance premiums are going to get way more expensive.

 

[Missourian]

I have no problem, with that, except would like to see much more in Nuclear.

Just to emphasize that these big energy companies are going renewable not because of "climate science" but because the government is basically funding it.

If I can but a Nissan for $10,000 or an equivalent Toyota for $20,000...but the government will give $12,000 tax credit for buying the Toyota...I'm buying the Toyota...even though if I was making the decision with my own money, I'd be fool not to buy the Nissan.

 

[White 6]

Have you checked California rates?

No. We vacation a lot in Florida and have looked at property, only to figure, we would be paying more in monthly insurance than financing what would be left on a beach home. Couldn't hack. Stayed in Tennessee and put an in-ground outback, instead. No hurricanes. No sharks. No Red flags. No fecal matter warnings. Homeowners insurance very affordable

 

[White 6]

Just to emphasize that these big energy companies are going renewable not because of "climate science" but because the government is basically funding it.

If I can but a Nissan for $10,000 or an equivalent Toyota for $20,000...but the government will give $12,000 tax credit for buying the Toyota...I'm buying the Toyota...even though if I was making the decision with my own money, I'd be fool not to buy the Nissan.

Sooner or later the car thing ends. I remember when every cool contractor with multiple jobsites was driving a Humvee, as they could write it off over 3 years. Now they are back to king cab 4 wheel drive pickups that rare see any terrain worse than a muddy driveway.

 

[Missourian]

Sooner or later the car thing ends. I remember when every cool contractor with multiple jobsites was driving a Humvee, as they could write it off over 3 years. Now they are back to king cab 4 wheel drive pickups that rare see any terrain worse than a muddy driveway.

More later than sooner.

Folks had brownout yesterday and were panicked. It was hotter then smoke and all the air-conditioning was affecting the power grid.

What are you going to do without fosil fuels to run your generator?

When Hurricane Charlie came through they were without power for weeks.

They had to go out for ice, and food and gasoline.

If they had a electric car...what would they do?

What about the electric chainsaw...guess we could have pulled it back and forth to clear all the downed trees and limbs .

And I had to get my ass down there. At the time they were in there late 60s.

How am I going to do that if there is no place to charge my electric car...or there are a half a million people doing the same thing? With another 5 million fleeing?

Luckily I had a tractor trailer with four hundred gallons of diesel and took a hundred gallons of extremely portable gasoline with two gas powered generators.

You can't do these things with electricity alone.

So I believe it will not come to pass in your or my lifetime.

 

[White 6]

More later than sooner.

Folks had brownout yesterday and were panicked. It was hotter then smoke and all the air-conditioning was affecting the power grid.

What are you going to do without fosil fuels to run your generator?

When Hurricane Charlie came through they were without power for weeks.

They had to go out for ice, and food and gasoline.

If they had a electric car...what would they do?

What about the electric chainsaw...guess we could have pulled it back and forth to clear all the downed trees and limbs .

And I had to get my ass down there. At the time they were in there late 60s.

How am I going to do that if there is no place to charge my electric car...or there are a half a million people doing the same thing?

Luckily I had a tractor trailer with four hundred gallons of diesel and took a hundred gallons of extremely portable gasoline with two gas powered generators.

You can't do these things with electricity alone.

So I believe it will not come to pass in your or my lifetime.

You mean with TVA?

TVA, Eyeing Coal Phaseout by 2035, Will Rely on Nuclear

The Tennessee Valley Authority (TVA) expects to phase out its coal generation by 2035, but achieving net-zero carbon emissions without raising power

www.powermag.com