Florida Homeowners to Face Huge Premium Jump

"These are not just hurricanes," said Paul Handerhan, the president and executive director of the Federal Association For Insurance Reform on Bay9 TV. "These are severe convective storms that we're experiencing, like tornados and hail storms."

#1 | Posted by eberly at 2024-02-12 04:29 PM | Reply

Florida homeowners to face huge premium jump
"These are not just hurricanes," said Paul Handerhan, the president and executive director of the Federal Association For Insurance Reform on Bay9 TV. "These are severe convective storms that we're experiencing, like tornados and hail storms." #1 | Posted by eberly

Florida dealt with climate change by banning state workers from mentioning it. So, I guess it couldn't happen to a better state.

#2 | Posted by censored at 2024-02-12 05:09 PM | Reply | Newsworthy 2

Folks can build cheaper, more easily replaceable houses, or more expensive, more fortified houses.

I think the trend will be towards the former.

#3 | Posted by horstngraben at 2024-02-12 05:30 PM | Reply

The morons who call climate change a hoax now get to pay out the nose for home insurance because of climate change. It'd be hilarious if it didn't effect the rest of us too.

#4 | Posted by SpeakSoftly at 2024-02-12 07:47 PM | Reply

You play stupid games (with senator and governor), win stupid prizes.

#5 | Posted by e1g1 at 2024-02-12 08:22 PM | Reply

This seems to be the definition of ineffective government and a fantastic example of how it comes back to bite the constituents on the ass.

#6 | Posted by jpw at 2024-02-12 08:42 PM | Reply | Newsworthy 1

TX Gov Abbot is getting heat over rising property taxes, DeSantis over these increases.

Fried Chickens coming home to roost.

#7 | Posted by Corky at 2024-02-12 08:59 PM | Reply

Biden is de-banking you!

#8 | Posted by LegallyYourDead at 2024-02-12 09:01 PM | Reply

This will free up the homes for people who can afford to own them and insure them.

And by people I mean hedge funds.

#9 | Posted by snoofy at 2024-02-12 11:49 PM | Reply | Newsworthy 1

__________
nhcinsurance.com - California Homeowners Insurance in 2024:

|------- ... home insurance in California is becoming increasingly unaffordable, leaving many residents anxious about their coverage.

... Insurers are now increasingly hesitant to underwrite standalone homeowners' policies, urging homeowners to bundle their coverage with supporting business policies to access preferred markets.

Skyrocketing Homeowners Insurance Costs
... Many Californians are finding that specialized home insurance coverage in California ... is either unaffordable or inaccessible... The departure of major insurers from California has significant implications for homeowners.
-------|

The California homeowners insurance market is plagued by nonrenewals and premium increases related to wildfires and regulations. - Nov 14, 2023

After receiving approval from state regulators, State Farm home insurance will increase by an average of 20 percent in 2024 - Jan. 3, 2024
___

www.policygenius.com - Why did your homeowners insurance go up? - February 9, 2024

|------- But in 2023, homeowners in every part of the country saw their insurance rates go up by hundreds, even thousands of dollars in certain states. In fact, home insurance premiums were up an average of 21%, according to a Policygenius analysis of policy renewals from May 2022 to May 2023. ...

... Wildfires out West, hurricanes in the South, and flooding in inland parts of the country have all contributed to home insurance companies pulling out of many states and raising premiums to counteract the outsized risk of homeowners filing claims.

We've already seen national insurers including State Farm, Allstate, Nationwide, and Farmers either pull out of states completely or reduce their exposure in high-risk areas.

Ellen Carney, principal analyst at Forrester, predicts this trend to continue. "Expect another dozen insurers to follow the likes of AIG, Allstate, and others and scale back their business in California, Florida, Louisiana, and now North Carolina...

But the fact of the matter is home insurance premiums are going up everywhere due to the increased cost of labor and construction materials thanks to supply chain issues and high inflation that started in 2020.

Your rates are based heavily on how much dwelling coverage is in your policy - this is the part of your home insurance that pays to rebuild your home if it's damaged or destroyed. Higher rebuild costs due to inflation means homes are requiring higher dwelling coverage limits to keep up with the rising prices.

This has led to higher home insurance rates across the board...

... labor shortage in the construction industry continues to remain a problem... There were 431,000 construction job openings as of September 2023 - nearly three times the number expected by the U.S. Bureau of Labor Statistics.

5 factors behind rising home insurance premiums:
1. Coverage changes due to rising construction costs & inflation
2. More extreme natural disasters
3. Your home's risk changed
4. Your claims history
5. Liability risks
-------|

I don't see politics or particular politicians (as dumb or incompetent as they may be) as the factor in these particular insurance increases or affordability. Pretty much it's "location, location, and location."
__________

#10 | Posted by CutiePie at 2024-02-13 02:06 AM | Reply

Don't buy a home if you can't afford the "risk."

Home ownership is increasingly out of reach for younger people. And why should it be affordable? It's better for rich people if others have to rent and provide an income stream. And it's "safer" to rent since you don't take on the "risk" of an investment.

#11 | Posted by snoofy at 2024-02-13 02:55 AM | Reply | Newsworthy 1

Great! Just great!!

Just what we need! A bunch of
trailer trash Floridians fleeing the
state they can no longer afford to live
in and spreading like a fungus across
the rest of the country!

#12 | Posted by earthmuse at 2024-02-13 06:56 AM | Reply

Florida dealt with climate change by banning state workers from mentioning it. So, I guess it couldn't happen to a better state.

#2 | Posted by censored at 2024-02-12 05:09 PM | Reply

Maybe Tiny D can ban hurricanes like Hotwheels banned rapes.

The 80 inches of snow I got in a week is looking pretty okay right now.

#13 | Posted by Nixon at 2024-02-13 07:02 AM | Reply

The 80 inches of snow I got in a week is looking pretty okay right now.

#13 | Posted by Nixon

Come on now, let's not go crazy...

#14 | Posted by GalaxiePete at 2024-02-13 08:43 AM | Reply

I wonder how long before they all just pull out of Florida.

At the rate we're going, I doubt it's even 50 years.

#15 | Posted by DarkVader at 2024-02-13 10:57 AM | Reply

Tangentially related...

We may need a new 'Category 6' hurricane level for winds over 192 mph, study suggests
www.livescience.com

... Five categories may not be enough to convey the power of hurricanes that occur in a warming world, new research finds.

The current scale for communicating hurricane risk, the Saffir-Simpson Wind Scale, categorizes storms using wind speeds. The mildest category, Category 1, involves wind speeds between 74 and 95 mph (119 to 153 km/h), while the strongest, Category 5, involves wind speeds of 158 mph (254 km/h) or higher.

Warm ocean temperatures strengthen hurricanes because the storms pull moisture more easily from warmer oceans. This means both more rainfall and stronger winds when storms make landfall. As ocean temperatures increase and feed stronger hurricanes, it may be necessary to add a Category 6 to describe storms with winds of 192 mph (309 km/h) or higher, researchers said Feb. 5 in the journal PNAS.

"Our motivation is to reconsider how the open-endedness of the Saffir-Simpson Scale can lead to underestimation of risk, and, in particular, how this underestimation becomes increasingly problematic in a warming world," study co-author Michael Werner, a climate scientist at the Lawrence Berkeley National Laboratory, said in a statement. ...

#16 | Posted by LampLighter at 2024-02-13 03:37 PM | Reply

And it's "safer" to rent since you don't take on the "risk" of an investment.
#11 | POSTED BY SNOOFY

I know very few people that are rich and rent.

I know very many people that are rich and own.

In flying we say it's safer to stay in the hangar, but it's not what planes are built for.

Everything is a risk. These aren't simple equations. But some of it is also emotional in nature.

Get over rational justification of your predicament to see reality for what it is. If you can get into a home long-term your life will be better

#17 | Posted by oneironaut at 2024-02-13 03:50 PM | Reply

"your predicament"

It's not my predicament.

Florida Homeowners are the ones in a predicament. And not just Florida, but they're probably among the most affected by Climate Change.

#18 | Posted by snoofy at 2024-02-13 03:57 PM | Reply

"In flying we say it's safer to stay in the hangar, but it's not what planes are built for."

What are houses built for?
Are they built to be owned by hedge funds?

#19 | Posted by snoofy at 2024-02-13 03:59 PM | Reply

And not just Florida, but they're probably among the most affected by Climate Change.

#18 | POSTED BY SNOOFY

California just took a pretty good beating. We have houses here about to slide into the ocean.

#20 | Posted by donnerboy at 2024-02-13 04:06 PM | Reply

Just what we need! A bunch of trailer trash Floridians fleeing the state . . .
#12 | POSTED BY EARTHMUSE

As my sons say, in 30-40 years, everyone's either going to be a climate refugee or dealing with them.

#21 | Posted by Dbt2 at 2024-02-13 04:15 PM | Reply

We always have houses about to slide into the ocean.

#22 | Posted by LegallyYourDead at 2024-02-13 04:15 PM | Reply

Oh please....where you say houses are about to slide into the ocean, those same houses are selling for $700 a square foot.

Doesn't sound like much of a predicament to me. If you can sell a house about to slide into the ocean for $700 a square foot then you would.

Unless of course...you don't think it's going to slide into the ocean.

#23 | Posted by eberly at 2024-02-13 04:29 PM | Reply

I wasn't talking about my house.

My house is not sliding anywhere.

I am not so rich or stupid that I would buy a house on a hillside or an eroding cliff.

abc7news.com

#24 | Posted by donnerboy at 2024-02-13 04:44 PM | Reply

Remember when Florida had a special session to deal with the insurance issue?

And that Special Session was hijacked to tackle anti-woke issues so NOTHING got done about insurance?

Welcome to Florida.

#25 | Posted by Sycophant at 2024-02-14 10:23 AM | Reply

"And that Special Session was hijacked to tackle anti-woke issues so NOTHING got done about insurance?"

But a lot got done to prevent woke policies from wasting more of our money. Just like most legislation, it's a win-lose scenario. At least fighting against woke aligns with our Constitution while fighting against optional living arrangements is objective.

#26 | Posted by humtake at 2024-02-14 12:55 PM | Reply