Florida Insurance Crisis

[GRDadof3]

I did a search but didn't find a thread for this.

I read on another site that the insurance crisis in Florida has reached epic proportions. Some homeowners and businesses have seen 1000 - 2000% increase in property insurance bills. What do you guys thinks? Justified, considering there has been over $38 Billion in hurricane losses in the past few years?

I've also read it may be partially to blame for the housing slump in Southern Florida, and the recent "Florida exodus" phenomenon.

I was surprised this topic hadn't been raised here. I had no problem finding articles about it:

http://news.google.com/news?ie=UTF-8&o...tnG=Search+News

[poonther]

GRDadof3 I'm not exactly sure why we don't talk about the insurance crisis in our state like we should here, but maybe one of the reasons we don't is b/c we deal w/it everyday and hear about it on our news or read about it in our papers almost everyday. You know up to the point where we are a little burned out to it. Even our Gov's race this year was heavily focused on this issue, as it should have been.

Personally (feel free to disagree) I think that the insurance companies that write in FL are not justified w/their rapid triple digit increases.

As for the mass exodus leaving FL, I think that's been blown a little out of proportion. We still have 1000 people moving here a day and only 400 leaving/day so that's still a net gain of 600. Our rampant growth could use a little slowing down and our exodus is nothing like what occurred in the Rust Belt States a few decades ago. I mean can it really be called an mass exodus when you still have more people moving in that out?

[GRDadof3]

GRDadof3 I'm not exactly sure why we don't talk about the insurance crisis in our state like we should here, but maybe one of the reasons we don't is b/c we deal w/it everyday and hear about it on our news or read about it in our papers almost everyday. You know up to the point where we are a little burned out to it. Even our Gov's race this year was heavily focused on this issue, as it should have been.

Personally (feel free to disagree) I think that the insurance companies that write in FL are not justified w/their rapid triple digit increases.

As for the mass exodus leaving FL, I think that's been blown a little out of proportion. We still have 1000 people moving here a day and only 400 leaving/day so that's still a net gain of 600. Our rampant growth could use a little slowing down and our exodus is nothing like what occurred in the Rust Belt States a few decades ago. I mean can it really be called an mass exodus when you still have more people moving in that out?

[vbfl85]

Yeah, I certainly wouldn't call it a "mass exodus", but just the other day, I read a blog that was linked to an Orlando Sentinel article that for the first time in 30 years, more moving vans are outbound vs. inbound:

[sunshine]

not everybody use a van to move or in the articale case renting a van to move....

[Chemmie]

If you live in a city where auto theft is a more common crime, you pay more in car insurance. If you crash a few cars, you pay more in car insurance. If you have Cancer, or you're a smoker, you pay more for life insurance. If you live in an area where you can get blown away by hurricanes, you pay more in home insurance.

Tough it up. If you don't like it, move to a place that isn't in the path of hurricanes.

[JFW657]

Tough it up. If you don't like it, move to a place that isn't in the path of hurricanes.

[Go Gators]

Because I own my house free and clear, I'm not required to carry insurance coverage, so I'll probably have to go a couple of years without it in hopes that we don't get hit by any serious storms for a couple of more years and the insurance companies come crawling back on their hands and knees begging for our business and lowering their rates to get it.

[poonther]

As long as property taxes are around, you will never own your house free and clear.

[JFW657]

As long as property taxes are around, you will never own your house free and clear.

[Rybak 187]

And we collectively tell them to get bent.

[depechecureguyorl]

didn't PIP/No Fault Auto Insurance just recently expire in Florida? doesn't that mean if some uninsured jackass totals your car and they're at fault, YOU'RE responsible for the damages. if so, what's the point of having insurance?

Insurance is such a scam. You pay all this money "in case" something happens...shouldn't you get your money back "in case" something NEVER happens? don't get me started on medical insurance in this country...

[Go Gators]

didn't PIP/No Fault Auto Insurance just recently expire in Florida? doesn't that mean if some uninsured jackass totals your car and they're at fault, YOU'RE responsible for the damages. if so, what's the point of having insurance?

Insurance is such a scam. You pay all this money "in case" something happens...shouldn't you get your money back "in case" something NEVER happens? don't get me started on medical insurance in this country...