Florida Property Insurance Global Warming

[Tiberius]

Republicans are using this situation to take away home owners rights to sue in court by making it too expensive for home owners to sue. Insurance rates are crazy in the state. 

DeSantis has nothing to offer about global warming, and its hitting  his state hard 

Quote

The average cost of property insurance in the state is about three times higher than the national average. On average, rates have gone up by about 33% each year.

https://wusfnews.wusf.usf.edu/economy-business/2022-12-13/proposed-changes-florida-property-insurance-litigation-pushback

 

 

South Florida’s increasing flood and storm risks are pushing its insurance market to a breaking point, according to industry experts, who say what happens next will influence the decisions that real estate and business leaders make for years to come.

“It’s all happening now,” said Joseph Gendelman, president and CEO of Bruce Gendelman Insurance Services, which is based in West Palm Beach and provides risk assessment insurance services.

Gendelman has watched as a torrent of insurance companies have left or pulled back from Florida in recent months. He describes the situation as “a mess” and “on the verge of a crisis,” noting that for the first time in his 20-year career, he’s coming across clients and prospects that he simply can’t get insurance for.

 

https://www.law.com/dailybusinessreview/2022/08/29/its-a-big-problem-the-insurance-industry-is-the-harbinger-of-south-floridas-climate-change-risks/?slreturn=20221114104542

[JaCrispy]

Well, it’s not out of the question to think the Republicans are in bed with insurance companies…That’s how oligarchies work…

 

On the other hand, no one is forcing people to live in high risk areas…

Edited December 14, 2022 by JaCrispy

[Chef Jim]

If DeSantis could only single-handedly end global warming (wait I thought the term now was climate change? 🤔) all those folks could afford to live in FL.  What an ass he is. 

[Tommy Callahan]

I hear you. All I did was get a speeding ticket every year or so. an accident every other year year. and the damn insurance raised my rates.  

 

And how do they justify charging young men so much more than others? 

 

It must be due to some racism, trump, damn redubs or something.

 

 

[T&C]

2 hours ago, Tiberius said:

Republicans are using this situation to take away home owners rights to sue in court by making it too expensive for home owners to sue. Insurance rates are crazy in the state. 

DeSantis has nothing to offer about global warming, and its hitting  his state hard 

https://wusfnews.wusf.usf.edu/economy-business/2022-12-13/proposed-changes-florida-property-insurance-litigation-pushback

 

 

South Florida’s increasing flood and storm risks are pushing its insurance market to a breaking point, according to industry experts, who say what happens next will influence the decisions that real estate and business leaders make for years to come.

“It’s all happening now,” said Joseph Gendelman, president and CEO of Bruce Gendelman Insurance Services, which is based in West Palm Beach and provides risk assessment insurance services.

Gendelman has watched as a torrent of insurance companies have left or pulled back from Florida in recent months. He describes the situation as “a mess” and “on the verge of a crisis,” noting that for the first time in his 20-year career, he’s coming across clients and prospects that he simply can’t get insurance for.

 

https://www.law.com/dailybusinessreview/2022/08/29/its-a-big-problem-the-insurance-industry-is-the-harbinger-of-south-floridas-climate-change-risks/?slreturn=20221114104542

BS. I live in Florida and got the 1st rate increase in 12 years This year, 3 months ago. Where they are pulling 33% a year thing from I don't know. 

[Tiberius]

19 minutes ago, T&C said:

BS. I live in Florida and got the 1st rate increase in 12 years This year, 3 months ago. Where they are pulling 33% a year thing from I don't know. 

You speak for the entire state? 

[T&C]

6 minutes ago, Tiberius said:

You speak for the entire state? 

They did, in your quote. 

 

Hurricanes don't care what part of the state you live in.

[Wacka]

Don't want to pay higher insurance rates in a hurricane pone area? build a sturdy home out of bricks instead of wood or don't live there in the first place.

[leh-nerd skin-erd]

2 hours ago, Tiberius said:

Republicans are using this situation to take away home owners rights to sue in court by making it too expensive for home owners to sue. Insurance rates are crazy in the state. 

DeSantis has nothing to offer about global warming, and its hitting  his state hard 

https://wusfnews.wusf.usf.edu/economy-business/2022-12-13/proposed-changes-florida-property-insurance-litigation-pushback

 

 

South Florida’s increasing flood and storm risks are pushing its insurance market to a breaking point, according to industry experts, who say what happens next will influence the decisions that real estate and business leaders make for years to come.

“It’s all happening now,” said Joseph Gendelman, president and CEO of Bruce Gendelman Insurance Services, which is based in West Palm Beach and provides risk assessment insurance services.

Gendelman has watched as a torrent of insurance companies have left or pulled back from Florida in recent months. He describes the situation as “a mess” and “on the verge of a crisis,” noting that for the first time in his 20-year career, he’s coming across clients and prospects that he simply can’t get insurance for.

 

https://www.law.com/dailybusinessreview/2022/08/29/its-a-big-problem-the-insurance-industry-is-the-harbinger-of-south-floridas-climate-change-risks/?slreturn=20221114104542

There are quite a few challenges with the insurance market.  On the private side, it’s a mixture of expansion/cost of homes/overexposure on coastal markets/rising cost of construction, the fact that people probably don’t want to pay to cover the actual risk AND a hostile insurance department that has ultimately limited consumer choice with onerous regulation. 
 

On the flood side of things, the flood program is federal, not a state program.  There are some benefits—required in a flood zone where a mortgage is involved.  It has some limitations, it’s expensive in areas where it’s needed. It has some rules to follow—example a 30 day waiting period if no mortgage company is involved.  A friend of a friend built a house on/near the water, paid cash and the house was destroyed.  Unf the loss occurred inside the 30 day window and $0 was paid.  
 

This problem started long before Ron DeSantis was governor.   
 

 

 

[The Frankish Reich]

So far, good for you, Ron DeSantis. Socialization of risk must be undertaken very carefully. If insurance rates are really high in hurricane prone areas, then people won’t overbuild hurricane prone areas. Maybe they’ll move back to WNY. 

(Nah. But they could, right?)

[Chef Jim]

5 minutes ago, The Frankish Reich said:

So far, good for you, Ron DeSantis. Socialization of risk must be undertaken very carefully. If insurance rates are really high in hurricane prone areas, then people won’t overbuild hurricane prone areas. Maybe they’ll move back to WNY. 

(Nah. But they could, right?)

 

They could but I'm pretty sure they won't.  That Shitton of Snow insurance is not cheap either.  

 

And on a side note I was at an art fair out here a couple weeks ago.  HI was talking to one of the artists.  He was from FL and was telling us about the most recent hurricanes.  He said a lot of people are moving from FL to places like the CA desert or TX because of the hurricanes.  And don't give me that "well you all have earthquakes!!!" crap.  I've lived here 40 year and have not experienced anything more that a few pictures on the wall that have gone askew.  I don't even carry earthquake insurance.  

[Tiberius]

30 minutes ago, T&C said:

They did, in your quote. 

 

Hurricanes don't care what part of the state you live in.

Hurricanes care, see this is how bigotry starts! 

[Tiberius]

25 minutes ago, leh-nerd skin-erd said:

There are quite a few challenges with the insurance market.  On the private side, it’s a mixture of expansion/cost of homes/overexposure on coastal markets/rising cost of construction, the fact that people probably don’t want to pay to cover the actual risk AND a hostile insurance department that has ultimately limited consumer choice with onerous regulation. 
 

On the flood side of things, the flood program is federal, not a state program.  There are some benefits—required in a flood zone where a mortgage is involved.  It has some limitations, it’s expensive in areas where it’s needed. It has some rules to follow—example a 30 day waiting period if no mortgage company is involved.  A friend of a friend built a house on/near the water, paid cash and the house was destroyed.  Unf the loss occurred inside the 30 day window and $0 was paid.  
 

This problem started long before Ron DeSantis was governor.   
 

 

 

But is DeSantis on board to help try and deal with a big cause of the insurance problem, namely climate change? Or does he just want to pass. the buck, slap a bandaid (or other type of adhesive bandage) to the problem and move on? 

 

 

[leh-nerd skin-erd]

Just now, Tiberius said:

But is DeSantis on board to help try and deal with a big cause of the insurance problem, namely climate change? Or does he just want to pass. the buck, slap a bandaid (or other type of adhesive bandage) to the problem and move on? 

 

 

If the true nature of problem is climate change, then the country collectively should contribute to solve the problem.  The ravages of industry and pollution from the northeast as no secret, the carbon footprint of the west coast shipping hubs and associated industries must surely be a major contributing cause.  American consumerism would be a significant contributor as well.  
 

I would assume Gov DeSantis would gratefully accept the other 49 states contributing, and voluntary/compulsory contributions from all Americans would help as well. 
 

Btw—in the article, it’s noted that one issue that drives rate is onerous legislation with respect to attorney fees.  In addiction, the lack of an option for binding arbitration is also noted as a major reason for skyrocketing costs.  Neither of these are related to climate change, though attornies blathering on in court no doubt adds a tremendous amount of hot air to the equation.  Why not start with these two issues?  

[Tiberius]

9 minutes ago, leh-nerd skin-erd said:

If the true nature of problem is climate change, then the country collectively should contribute to solve the problem.  The ravages of industry and pollution from the northeast as no secret, the carbon footprint of the west coast shipping hubs and associated industries must surely be a major contributing cause.  American consumerism would be a significant contributor as well.  
 

I would assume Gov DeSantis would gratefully accept the other 49 states contributing, and voluntary/compulsory contributions from all Americans would help as well. 
 

Btw—in the article, it’s noted that one issue that drives rate is onerous legislation with respect to attorney fees.  In addiction, the lack of an option for binding arbitration is also noted as a major reason for skyrocketing costs.  Neither of these are related to climate change, though attornies blathering on in court no doubt adds a tremendous amount of hot air to the equation.  Why not start with these two issues?  

He's running for president, so what's his plan? 

[KDIGGZ]

I think everyone near the beach should sell their house to me for cheap if they don't want to pay for insurance. I can't find anything near the water that's affordable anymore 😞

[sherpa]

For what it's worth, I heard an interview with the guy who is going to be the head of the Florida State Legislature in 2023 last week.

He spoke extensively on this issue and stated they were going to address it in a comprehensive way as soon as they got in session.

 

The fact is that insurance companies don't want to do business there, and that has been going on for over a decade.

What they have done is dramatically raise rates to a point where nobody would accept, and then with no clients they could leave.

Anyway, this Florida insurance issue has been going on for a very long time. 

[All_Pro_Bills]

15 minutes ago, KDIGGZ said:

I think everyone near the beach should sell their house to me for cheap if they don't want to pay for insurance. I can't find anything near the water that's affordable anymore 😞

The odd thing is that almost the entire liberal/climate activist crowd, convinced about the threat of climate change and rising sea levels, live along the West and East coasts.  The areas at the highest risk of tidal flooding and rising sea levels.  How can that be rationalized?  Are they engaged in a group delusion or incapable of planning ahead?  I'd expect they'd all be headed for the hills, figuratively and literally.  Instead of bemoaning higher insurance rates they should be moving to the Rockies and higher ground in preparation for the tidal deluge that will put the current coastline and its inhabitants below sea level about 10 years from now.  Per AOC's timeline. 

[KDIGGZ]

1 minute ago, All_Pro_Bills said:

The odd thing is that almost the entire liberal/climate activist crowd, convinced about the threat of climate change and rising sea levels, live along the West and East coasts.  The areas at the highest risk of tidal flooding and rising sea levels.  How can that be rationalized?  Are they engaged in a group delusion or incapable of planning ahead?  I'd expect they'd all be headed for the hills, figuratively and literally.  Instead of bemoaning higher insurance rates they should be moving to the Rockies and higher ground in preparation for the tidal deluge that will put the current coastline and its inhabitants below sea level about 10 years from now.  Per AOC's timeline. 

Great point. Name a celebrity that doesn't own waterfront property. Maybe this whole thing is just a ploy by the liberal elite to buy up all of the nice houses!

[Wacka]

Head for the hills? What hills in Florida?  I think the highest elevation in the state is like 100 feet and that is in the north.