[Mathguy]

Originally Posted by 1insider

I don't think $1800 a year for a $1 MM house is typical. Do you think the media found the handful of people with crazy high insurance premiums and created an insurance crisis out of thin air? Have not most Floridians' insurance costs gone way up in the last two years?

While it has gone up a lot, yes the media will fluff up a story for maximum outrage.

After all, just look at this story...did the guy have to pay 121k? Nope, 33k...but 121k gets clicks that they DESPERATELY need to fend off bankruptcy.

[Corrie22]

^ broke the code

[LKJ1988]

I would be going bare blare for sure at them prices.

[1insider]

Have we been misled about the prevalence of litigation being the reason for high premiums? Couple of interesting facts about FL homeowner's insurance:

Florida home insurance rates are the highest in the nation, averaging $7,788 per year, according to Insurify data.
https://www.kulr8.com/news/national/...5bd4b45d9.html

Litigation not the cause of insolvencies
Despite the prevalence of litigation, it has yet to be cited as the cause of any insurance company failure in the last 15 years. Instead, state-produced reports about company insolvencies have put the blame on excessive or unusual payouts to affiliated companies and officers.

Companies were cited for “stripping the company of cash,” paying more than $1 million in dividends to investors or making payments to affiliates that were not approved by state regulators. The CEOs of Florida-based insurers were some of the highest-paid property insurance executives in the nation in the last decade, with one earning more than twice what the CEO of State Farm made.

https://archive.ph/ZQfMU#selection-1605.0-1637.100

[otterhere]

Serious question: why can't someone just buy a cheap home (trailer) for cash and NOT insure it?

[LKJ1988]

Originally Posted by otterhere

Serious question: why can't someone just buy a cheap home (trailer) for cash and NOT insure it?

That is what i did back in 04 and paid cash for my house. Parents left me a house with a reverse mortgage and i had to get a loan to pay it off and was forced to have flood and HOI on the bay in Tampa. Plus prop tax was 2 high so i sold it and got a 85k house in Pasco county on the gulf. Never had any Ins on this house. I have saved enough to buy 2 more homes over 20 years.

[Mathguy]

Originally Posted by 1insider

Have we been misled about the prevalence of litigation being the reason for high premiums? Couple of interesting facts about FL homeowner's insurance:

Florida home insurance rates are the highest in the nation, averaging $7,788 per year, according to Insurify data.
https://www.kulr8.com/news/national/...5bd4b45d9.html

Litigation not the cause of insolvencies
Despite the prevalence of litigation, it has yet to be cited as the cause of any insurance company failure in the last 15 years. Instead, state-produced reports about company insolvencies have put the blame on excessive or unusual payouts to affiliated companies and officers.

Companies were cited for “stripping the company of cash,” paying more than $1 million in dividends to investors or making payments to affiliates that were not approved by state regulators. The CEOs of Florida-based insurers were some of the highest-paid property insurance executives in the nation in the last decade, with one earning more than twice what the CEO of State Farm made.

https://archive.ph/ZQfMU#selection-1605.0-1637.100

It's pretty much impossible when speaking to a coherent adult to describe how you are simultaneously being overcharged but can't find another bidder.

Form your own collective, back it with all your assets and then when you are on CNN2080 you can be like "We had no idea we were accepting all this risk! It's the corporations fault! )

[gypsychic]

Originally Posted by otterhere

Serious question: why can't someone just buy a cheap home (trailer) for cash and NOT insure it?

You can. You only HAVE to have insurance if you have a mortgage.

[otterhere]

Originally Posted by gypsychic

You can. You only HAVE to have insurance if you have a mortgage.

Well then, that's what I would do.

[LKJ1988]

Originally Posted by otterhere

Well then, that's what I would do.

And that's what i did.