I see folks who are losing their homes due to increases every week. There is nothing lower than insurance company scum. Well I guess people who harm others or animals are worse. The sad thing is what the insurance companies are doing is legal, WTF…
I think a big part of the problem is all policies have to be written on replacement cost. So take a home that you bought for 50k and have to insure it for 150k. That is just one way the state has screwed up the industry.
Give you a rate tied to your mortgage.
Next, send a letter saying you don’t have a sticker on your front door saying it is rated, even though the home was permitted in 2003, so your wind mit credits are gone.Rate increase.
Next, because your home was plumbed with PEX, dropped coverage. Due to your mortgage clause, forced-placed insurance is implemented…at triple the cost of your original insurance. And all of this occurred in the six months since your purchased your home.
I have a client now who got dropped for having aluminum wiring.Force placed insurance. He has been in the home for 20 years.
Micheal, buy a house in Florida, especially South Florida and try to get insurance. It is quite a game they are playing. Luckily, where I am moving to, my insurance is less than the average.
The insurance cost is based on the replacement cost of the structure. It is why the wind mits and 4-points are a big scam. Worse case scenario, in a major hurricane for instances, the home blows away. What was the coverage based on again?
Mitigation really isn’t a factor, it is just another way to create jobs, that never materialized, and make money, at the expense of the homeowner.
Wander down to the Keys and find one of those old, old houses. Build a new home next to it. In a major storm, which home would you stay in?
Virtually every home in Dade, Broward, and Monroe counties, built in the last 100 years, could withstand a cat 3 storm. Somehow, the powers that be, couldn’t fathom, that a storm might drift north on occasion. All of Florida should have always been considered a high wind velocity zone.
These are the same clowns that are rebuilding the roads down here…one lane at a time!
It is true that home insurance in Florida is most expensive among the nation. There are many developers like Albanese builders say that it is due to its geographic location which make it susceptible for severe problems such as hurricanes, tropical storms etc.