The skyrocketing cost of insurance premiums in Florida is leading residents to drop their insurance, consider selling their home, and even move out of the state, according to recent reports.
For years now, the sunny, vibrant state has been a magnetic destination for many Americans—a phenomenon which has been driving up demand for housing, especially during the pandemic, as well as home prices.
But while Florida was the number one state in the country that people moved to in 2022, it was also the one with the highest number of residents wanting to relocate, according to a SelfStorage.
It’s a good thing their Republican Leaders are working hard to help them with this issue.
Obviously woke insurance companies are to blame!
💀
The weather doesn’t listen to legislators.
Can we build a wall to prevent them crossing the border to America?
Doesn’t matter to me, they think I live in a third world communist hell hole so they won’t move where I live anyway. Never thought I would say this but… thank you Fox News!
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Bugs did nothing wrong
Bugs bunny or the arachnids of klendathu?
They got Buenos Aires, not Florida. Unless I missed that bit in Starship Troopers. Maybe in the book? Haven’t read it in years.
Yeah it was BA in the book too.
It’s just a joke on “bugs”.
Don’t be ridiculous. A bunch of little saws will do just fine
Maybe we can cut the whole peninsula off and refer to it as the Great Castration.
Just be brownish, and you’ll get a free flight to New England!
A seawall.
…and Cuba’s gonna pay for it.
Sell their homes to who? Is this like a NFT, always a bigger fool, kind of thing?
Fucking Aquaman?
To landlords, who will charge arbitrarily high rent, secure in the knowledge that they aren’t in a free market due to inelasticity of demand (people can’t do without shelter) and supply (there are finite places to live). That will let them pay the insurance premiums homeowners can’t afford.
Premiums they will then offload onto renters keeping their margins.
Landlords are not immune from the market. It’s not truly inelastic in that people have a choice of where to live. Climate change will eventually suppress demand and thus prices for many parts of Florida.
Smart Florida money is buying land in northern Maine to move the orange groves to.
I keep trying to convince s few buddies we should pool our money together and get into RVs. Have a lot with RVs for rent. Move them from lot to lot based on needs. Park them outside business that don’t pay well but have a lot of workers.
I’ve heard worse business proposals, for sure. But be careful about identifying as a landlord (even a prospective one) in a place like this!
Not actually going to own land and I am certainly not a lord. I am thinking more like I own RVs, rent them, and work with my renters to find provide parking and utilities.
Landlords aren’t defined by literally owning land or literally being lords. If you own living space you rent out, you’re a landlord, even if your apartments are mobile (including both RVs and houseboats).
But listen, I support you and your choices. This is not me being critical. We’re just having this conversation in a space where it’s much more in vogue to hate anyone who owns living space they rent out.
Republicans who want to jerk off to DeSantis and let some racial slurs fly without social opprobrium.
That’s who has been moving there since 2020 or so.
Some people see Florida as America’s floppy, deformed penis. Others see it more as a nauseating dookie emerging from the south. Scientists are still studying the area to find the causes of the mass psychosis, but urge all healthy adults to avoid the region and its inhabitants.
Nah just spin it up into a bunch of naked credit default obligations and mix it in with the A and AA tranches, what could go wrong?
Everything has a buyer at some price. These people will just have to sell at a loss, probably.
They were laughing at Californians when it was happening to us (very very recently) thinking that it was the result of “liberal policymaking”.
Well, how does it feel, Florida? Are you ready to put aside our differences and go after our real common enemy, the for-profit insurance industry and climate deniers? Because I promise you, this is only going to get worse unless we force them to change things.
I’m sure DeSantis can fix this by just “fighting woke” more, right? /s
He probably does think that. He could spin rising premiums as speculation based on climate change belief.
Watch: More legislation on insurance prices in the state.
Or, they could pull a North Carolina and outlaw any discussion of sea level rise.
Seriously, there are places where climate change (discussion) is banned? This is mind blowing
We should just ban it everywhere, and that’s it, problem solved 🤦♂️
Lord, don’t even get me started on NC property insurance. Their solution to increasing rates for many years was to mandate that rates couldn’t exceed x, based on what they believed was appropriate.
Protip: It wasn’t appropriate. I’ve been out of that game for long enough now that I don’t know if they ever fixed it, but it was bad - basically if you couldn’t write a policy within x% of the expected rate, the risk had to be ceded to the state’s reinsurance facility, which drastically limited the available coverage.
DON’T GIVE THE MAN IDEAS
He can’t beat big business. If he tries it will ruin him even more than he is already ruined. Give him all the ideas.
He will pass a new law allowing him to fire insurance companies’ boards and install his own people. Make America Florida! Yeehaw!
Honestly I’m on team insurance in these cases. The US is filthy rich and we have tons of highly habitable land. Why are we wasting resources subsidizing some people choosing to live in comfortable, risky locations?
For those stuck in poverty: that does suck but I consider that an independent issue.
Free hand of the market is giving them an invisible bitchslap.
Soon they’ll be “free” from insurance.
Good. Subsidizing risky behavior, as we do with some kinds of disaster insurance, encourages risky behavior. Rising insurance costs are the market telling people to stop living in certain places. We’d do well to listen and stop living in places like Florida so much.
Are you ready to put aside our differences and go after our real common enemy, the for-profit insurance industry and climate deniers?
Nah. Republicans never admit when they are wrong.
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It’s interesting to me that insurance companies are becoming the chief drivers of the preparation for climate change: “Wanna build a house in the woods? On a sandbar? GTFO. Use your own money.”
Since humans invented math and fossil fuels, this moment was inevitable. The writing has been on the wall in Florida for ten years.
I forgot the actual statistics, but it’s something crazy. Like Florida constitutes 8% of the country’s homeowners insurance policies, but 80% of all homeowners insurance litigation. Florida real estate is a ponzi scheme now.
They’ve got miles and miles and miles of roads in Florida lined with 10-million dollar, beachfront houses, all of which will sooner than later be buried under 25 ft of seaweed for the next thousand years. The question is who will be left holding the bag on all that risk?
I’m certain the Republicans in the Florida legislature will let the insurance companies off of the hook before too long here, and will leave working people holding a bunch of worthless real estate, just waiting for climate catastrophe to wipe everything away.
Well yeah. The cost of damage resulting from rising sea levels are one of the negative externalities that result from burning fossil fuels. Insurance premiums are effectively passing that cost on to future flood victims.
That means the right market-based solution, which both parties claim to love, is to apply an appropriately sized carbon tax, thereby internalizing those costs in the price of fuel, and using the funds to pay for flood mitigation and future damage, but that looks too much like socialism…
The criticisms I hear from the American left about carbon taxes is that they don’t work, not that they look like socialism. I think they probably would work, but what do I know.
Because they are grounded in the real world. If your goal is to make money finding out how to lower your costs is a good way to do it. If your goal is to win elections telling people what they want to hear is a good way to do it. They know that this is happening and it is going to get worse.
Whatever it takes to finally get people to realize that living in a disaster zone is a terrible idea.
How many more years before all of Earth is a disaster zone?
20
How very optimistic of you.
The old folks home is gonna be lit. Can’t wait.
The home or the Ättestupa?
All of Earth has always been a disaster zone. Do you realize how incredible it is that we don’t all get eaten by lions every day like our ancestors did? Lol
Depends on how far out the astroid is
Don’t look up.
The current crisis isn’t so much about climate change as it is an insurance market so rampant with fraudulent roof damage claims that the market can’t bear it. FL legislature tried to correct this but before the law took effect a flood of claims were filed.
Climate change will only make this worse, ofc.
My understanding is that the substantial majority of roof damage claims were legitimate and attributable to predatory roofing companies that would finance and install new roofs after a storm at a huge discount, they’d install a shitty fucked up roof, then would sell the debt to a third party servicer, and then the roofing company would close up shop, rebrand under a new name, and do it again. By the time the roof fails, the original company is long gone leaving the homeowner and the insurers holding the bag.
The legislature and the insurers realized they had a impending consumer crisis and loosened the laws about paying these claims, and essentially opened the door to the fraud.
I wonder if the real issue at this point is that Florida just attracts fraudsters. It was their laws that allowed contractors to have a revolving door of LLC’s.
I’m sure more deregulation is the answer.
Of course it is. Nobody will do business with the shitty roof company that no longer exists ever again. See, the invisible hand works just fine, and might even give you a handjob if you pay it enough.
Free market win?
I mean rebuilding houses in regions every 5-20 years was never gonna come out on top.
Not being able to sell them (except for 10 cents on the dollar of what they paid) when they cannot be insured will be the next shock.
Yeah we saw that happen in places like Detroit during the recession, but I doubt it’ll get quite that bad ($100 homes) since Florida at least has good weather going for it.
The weather is literally the issue here.
Oh come on. We live in a house built in the 1940s, and I moved to this house from one built in the 1920s that is still in good shape. It’s not like all the houses are knocked down and rebuilt every 15 years, but that is how the insurance is priced.
Insurance is partly like gambling, the house always wins, right? They want to make money. Whatever the highest amount allowed by law is, that is what they charge.
You’re missing out on the most important point.
The house always wins - but the house doesn’t pick up and leave when they’re already losing money, they do it when the cost of relocating their pile of money is less than the margins they could make if they move
It won’t be long, and in Florida the cost for the mortgage will be neglectable in comparison to the costs of insurance.
The big downside will be that Floridians will move out of Florida and spread elsewhere. Maybe it is time for Georgia and Alabama to invest in a massive fence?
Negligible.
A wall. A sea wall.
Insurance typically works off historical data to evaluate risk from my understanding, and having something as disastrous as the Miami beach condo collapse bodes a bad sign for insurance companies, especially given the terrible and absolutely incompetent rescue effort during the aftermath.
By the way, I’m shocked at how quickly the Miami condo collapse left the news cycle.
Iirc Florida passed some kind of law requiring coverage no matter where a structure is. And the only way the companies could make it work was massive premium increases because the places they’re being forced to cover literally have to be rebuilt every year. This was after the federal government said it wouldn’t offer disaster insurance on those zones anymore.
To be fair to Florida, that condo was built pre-Andrew and they revised their entire building code after Andrew. There aren’t too many large building built pre-Andrew anymore because they were all built as cheap as possible to laundrr drug money.
That being said, there are a million reasons why i would never move to Florida, and the only building codes that can prevent your house getting inundated by flood surge is by putting it on stilts, so no shocker that the premiums are skyrocketing. Same with fire insurance in California right now.
The building collapse was due to bad building code for sure; however, the apathy that followed the tragedy, both from rescue workers and the public at large, was really disheartening.
I’d build a 3d printed house that is on a raised slab in Florida and in Cali. Anything out of wood would be a waste
In California you’d largely be fine as long as you take care to have land around your house and keep it defensible. A lot of the fires that get into towns are because those recommendations and regulations get ignored in favor of trying to live in a forest as much as possible.
You can do everything roght but your neighbors might not. I have family that lost thier home a few years ago in a fire and have moved to San Fran now
Absolutely. I meant to convey that. I’m sorry if I was unclear.
Alternatively just build it dirt cheap and expect to rebuild every year. Disposable housing, the real american way.
Why not a boat? Hear of the storm then you just float away
3d printed would likely be cheaper
This is the first I’ve heard about it. When did it happen?
Fuck me. They even knew something was wrong…
Thank you for the article.
That’s the free market meeting climate change. It will get worse.
You voted for it… You get what you get, and you don’t get upset.
lol @ all the people who fled the northeast because “Florida is cheap…”
Even the second place finisher of the Carolinas has gotten too expensive.
So much for DeathSantis utopia. Go back to Florida and don’t bring your Nazi politics to my state.
40% of voting Floridians voted against DeSantis, Florida is also the state with the third highest Jewish population, I’m fairly certain that nowhere near all of Florida has “Nazi” politics.
Maybe try not sounding like an ignorant by generalizing the third most populated state, which is also just as mixed as the other three most populated states. You’re just sounding like those idiots that bitch about how California is all “liberal” while ignoring the conservative North Cali and all of the Neo-Con enclaves and Nazis in between.
Sure the Florida GOP are pretty much Nazi-lite, but there’s a shitload of Florida citizens who are not them and completely disagree with them and are doing what they can to push back against them.
according to a SelfStorage
Lol, what?
It’s a storage unit company, so presumably they have their own moving service or often connect people with other moving services. They’d be able to see the trend
Yeah… that still seems like some extremely flimsy evidence to base an article on.
Edit - didn’t notice this was from Newsweek. “Journalism”
Maybe I should connect them with my local bartender. He’s full of information. Qualification? He talks to people.
The article also mentions how storms are becoming increasingly deadly, which they’re not, necessarily. It’s so up and down year to year it’s hard to pick out an actual trend.
They didn’t finish the sentence
…according to a SelfStorage service clerk working in Tampa /S
Build the wall
counterpoint: Don’t build the sea wall.
Would be sick if we could pull a Looney Tunes and saw the fucking thing off from the rest of us. Let it float away and sink into the Atlantic.
You don’t need to saw it off, climate change should take care of it.
That’s too slow, though. They’ll all migrate north and infest the rest of the country in the time it takes for the state to submerge. No, the humane thing is to get it over quickly and tbh they’ll probably thank us for letting their state “secede” from the woke liberal U.S. win/win
Let’s fund it boys
We currently are… with oil subsidies.
Build a big saw and saw it off! And make the Atlantic ocean pay for it!
You mean like this?
