Interesting article on home insurance in Florida
 

The big reason Florida insurance companies are failing isn't just hurricane risk – it’s fraud and lawsuits

The big reason Florida insurance companies are failing isn't just hurricane risk – it’s fraud and lawsuits

I learned in another thread that aesthetics are a major concern for getting roofs replaced!

A lot to be said about fraud in Florida.

Florida has not had a hurricane since 2018 and 6 insurance companies went bankrupt in 2022. Hurricane Ian will be catastrophic on a $ basis. Compounding the issue is that the fraudulent claims do go up after storms since insurance companies do not have the manpower/time to investigate suspect claims that are filed during storms. Most people in TV have been lucky so far. Watch out for next years premium. A lot of us will have very few choices, if any, and might end up with Citizens. Their policies are more expensive and are more restrictive.

I agree with most of what is being written. However the insurance companies need to accept some of the blame. Here is an example of why. Same roofer, two different houses. Both houses are about the same size. House A is an insurance claim. Roofer submits an $18,000 claim to insurance company and the company pays the claim. House B, the homeowner is footing the bill. Roofer does the job for $10,000. Why don’t the insurance companies say $X is the maximum they will pay for a roof?

Roofs do age, so I would think a reasonable solution would be to depreciate the roof like they do on tires. Maybe 100% replacement in the first 5 years, then a decreasing subsidy ending at 15 or 20 years. And you could always make an exception for significant damaged occurring by an event if reported within 15 or 30 days.

JMHO

What do you mean next year? My 2021 Progressive bill was $1782, 2022 bill $2409, 23 bill is $4040. Excuse is paying for roofs for others and now my roof is over 15 years and so rate is up on mine. Double dipping. The friendly hometown insurance agent, says they can't even talk to me about options until next week if I make an appointment. There are other options regarding agents.

We just recently changed all of our insurances because we needed to get our car insured in Florida and wanted to bundle it all. Progressive would not even give us a homeowners quote, agent told us they are not currently writing any homeowners policies in Florida!

Progressive and Geico won't write homeowners insurance, they will farm you out to some other carrier.

Warren Buffet said he is giving 99% to charity when he passes….as owner of Geico why doesn’t he just stop overcharging policy holders and leave it at that….why does he feel it necessary to redistribute the wealth of homeowners….

Premiums will go up even if you don’t put a claim in. This is why Ins.rates go up because everybody’s Ins. rates go up. It’s almost like Ins. Co.
get a free ride!

Why don't they give people the option of having a high deductable, for example $20k? Like auto insurance. I purchase home insurance to protect me from catastrophic events like fire, not to get a new roof.

Our best friends have a home in Bonita Springs. They're snowbirds. Their house is 7 miles from the beach so they dodged the bullet. He was saying their insurance is really high already. Hates to see what it will be after all this.

Yes, that’s exactly how I feel.

Very good idea.. Just insurance for the more catastrophic events.

Who do you recommend for homeowner insurance?