Florida Insurance 3x!

[Jason Medina]

Just received a call from my insurance broker that my current insurance company is no longer covering hurricane insurance.  They recommended another insurance company who is charging 3x my current rate... you know it's bad when your broker yells out JC's name in the middle of a comparison.  

[Patricia Steiner]

Florida's insurance sector is in crisis.  Florida, Texas, Louisiana and more are considered high risk states and we've all had the hurricanes to prove it.  Rates won't be dropping any time soon and the engagement requirements are costly - there's no insuring with a roof that is 15 years old and without 5 years of life remaining, any out-of-code electrical and/or plumbing, and foundation or AC issues.  Just not going to happen.

The bigger issue is this:  the insurance industry doesn't work well for anyone anywhere.  Insurers want you to pay - but if you make a claim, the property is tagged for 7 years or longer on a national registry resulting in higher rates for the current and future owners.  

There's a lot been published on how the insurance industry will most likely bring down the real estate market/segments - not higher interest rates, not mortgage issues, not fraud/stupidity.  We need options for insuring properties that is beyond what is offered today.  It's just nuts...