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Are Coastal states in the Southeast in danger of losing Insurance for Hurricanes???
Posted on 9/30/22 at 8:22 am
Posted on 9/30/22 at 8:22 am
With the latest storm to hit Fl and the billions it will take to rebuild is there a point where there just will be no insurance Companies to write policies? I know in La. and Fl. the big insurances companies have already walked on Hurricane Policies. With yesterday's hurricane i can see some of the smaller companies here in fl. going under. The big Cat 4 and 5 storms now seem to come at least once or twice a year now. There are more and more people moving to these areas building multi million dollar homes near the water . Already expecting my Insurance to shoot up because of this just dont know where we go from here?
16
Posted on 9/30/22 at 8:24 am to FLObserver
Expect more Citizen policies.
Expect higher deductibles.
Expect ACV basis for roofs.
Expect higher premiums.
Expect lots of OT'ers to bitch its all the insurance man's fault.
Expect higher deductibles.
Expect ACV basis for roofs.
Expect higher premiums.
Expect lots of OT'ers to bitch its all the insurance man's fault.
Posted on 9/30/22 at 8:24 am to FLObserver
Yes, things are going downhill fast in the home insurance arena in LA.
Posted on 9/30/22 at 8:25 am to FLObserver
Maybe don't build your big arse house on a sandy beach?
Posted on 9/30/22 at 8:25 am to FLObserver
quote:
There are more and more people moving to these areas building multi million dollar homes near the water
I think this is more of the problem. You can build your home to better handle hurricanes and flood but who wants to spend that money. Most people will build to the minimum code requirements.
Posted on 9/30/22 at 8:26 am to FLObserver
quote:
big insurances companies have already walked on Hurricane Policies.
Not accurate
Posted on 9/30/22 at 8:26 am to FLObserver
We already had to switch insurance companies because more and more are pulling out of this region.
Prices already went up.
Prices already went up.
Posted on 9/30/22 at 8:26 am to Lone Wolf McQuade
You’re required to in Florida. Alot of the damage you’re seeing was older homes or caused by surge.
Posted on 9/30/22 at 8:27 am to GetCocky11
quote:
Maybe don't build your big arse house on a sandy beach?
I agree with this but people just have the mindset that it wont happen to them.
Posted on 9/30/22 at 8:28 am to FLObserver
quote:
I agree with this but people just have the mindset that it wont happen to them.
there are means to build on a beach. Just got to go higher and stronger.
Posted on 9/30/22 at 8:30 am to DCtiger1
I lit two and two together when preparing for this storm. I am now in zone A of St. John’s county. I am about a half mile from the ocean. I am on a high area of our neighborhood that will not flood unless it was the end all. They have me in the same zone of St John’s county as all the areas that flooded down in St. Augustine and along the immediate beach. Mine is going to sky rocket. Before my area was part of a different zone that accounted for our higher location.
Posted on 9/30/22 at 8:31 am to Chad504boy
Go drive thru Bay St Louis and look at some of the new homes built up to avoid any storm surge
Still a ton of vacant lots but it's been almost 20 years since Katrina
Still a ton of vacant lots but it's been almost 20 years since Katrina
Posted on 9/30/22 at 8:32 am to Tvilletiger
Flood insurance has a premium increase cap annually, so it’s not skyrocketing over a year or two of renewals
Posted on 9/30/22 at 8:33 am to Tvilletiger
quote:
areas that flooded down in St. Augustine
That place floods in a rain storm. If a cat 1/2 hit that place the fort would be underwater.
Posted on 9/30/22 at 8:37 am to DCtiger1
quote:
Flood insurance has a premium increase cap annually, so it’s not skyrocketing over a year or two of renewals
I wish homeowners insurance had a cap.
Posted on 9/30/22 at 8:40 am to onelochevy
Each state approves the rate changes. Difference is Flood is backed by the federal government and administered by fema. And no matter how much your flood premium is, you’re only getting 250k in coverage.
Posted on 9/30/22 at 8:41 am to Chad504boy
The coast should be campers and shitty trailers. If they are too shitty to move let the ocean have them.
Posted on 9/30/22 at 8:42 am to LG2BAMA
quote:
The coast should be campers and shitty trailers. If they are too shitty to move let the ocean have them.
The hottest of takes
Posted on 9/30/22 at 8:43 am to onelochevy
quote:
I wish homeowners insurance had a cap.
Even if there was a cap, they could just refuse to renew your policy forcing you into the open market so you'd have to realize that rate increase. Flood insurance cannot do that because you are primarily buying form the same place regardless of which company sells it to you
Posted on 9/30/22 at 8:47 am to FLObserver
frick insurance companies. Pay up, go into debt if you have to…no sympathy from me, and I lost everything in Katrina.
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