Florida Considers Socialist Model to Combat Soaring Insurance Costs

[Tom of Temecula]

Florida lawmakers looking to tackle the insurance crisis in the state are considering allowing state-backed Citizen Property Insurance to cover more homes following the exodus of some 15 major insurers in the past couple of years.

The cost of home insurance has ballooned in the Sunshine State in recent years, with Floridians paying on average $6,000 in 2023—the highest premium in the entire country—according to data from the Insurance Information Institute. Insurance costs have grown by 102 percent in the past three years alone, according to Triple I.

The increased risk of damage posed by more frequent and more extreme weather events, the growing Florida population and the number of claims in the state have led several insurance companies to leave the state, exacerbating an already bad situation.

Calls have grown in recent months for Florida Governor Ron DeSantis and the state legislation to do something to tackle the ongoing crisis. On previous occasions, DeSantis' spokesperson told Newsweek that the Republican had already acted to alleviate costs for Florida homeowners, but these measures will take time to show results.

https://www.newsweek.com/florida-considers-socialist-model-insurance-costs-1858612

[Lovie777]

1. Geez............................

but Florida GQPs would fucked that up too.

[jimfields33]

3. Weird how they left out roofer fraud

That’s the biggest problem.

[Chainfire]

2. DeSantis can not waste his time fighting Mickey Mouse, to deal with an insurance crisis.

I dropped my (Fl) insurance three years ago after totally unreasonable demands by my provider. I am now on my own. And, yes, I do have a plan for a catastrophic loss. As of today, I have saved enough money from insurance cost to replace a roof...

[former9thward]

5. Excellent plan.

Yes, if you have a mortgage you are trapped by the requirements of the lender. But if you don't then do the math and see if the risk is financially worth it. It usually is. When you pay homeowners, you are paying for the risk of total destruction. That almost never happens.

[Chainfire]

6. I was fortunate enough to be able to pay off my mortgage several years early in order to cancel the insurance.

We were working class people, both retired from state government so, we never made a lot of money, and don't have a lot of retirement income, but my wife has been an excellent financial manager and can squeeze a penny until Lincoln sings Dixie. She has taught me to limit my dreams to my means. I have tried to not interfere with her art and have not suffered from it.

Life is risky, but that didn't mean that I would be held hostage in an attempt to protect my financial future. I am over 70 years old, I don't have a lot of future and the Florida homeowner's insurance industry can kiss my hairy ass! The worst case scenario is that my home is totally destroyed, in which case, I will replace it with a mobile home to live out my last few years. My wife and I agreed that we were OK with that.

[bucolic_frolic]

4. Payouts are just a financial black hole for insurers, that money comes from somewhere

[JPK]

7. Dropped our home insurance

We dropped ours after the then Florida insurer of last resort went belly up. We looked around for insurance but the rates went from $2.4k/yr to $5.5/yr. My wife and I are retired and on SS. Our house is paid off so we are lucky, we can tell insurance companies to FO. Our house was built in 1939 and it's approximately 15 miles from the coast. I think it will survive a storm, it is well built unlike the crap that is assembled now. The next will be car insurance. We own our cars so we can get by with liability only.