RIP Florida real estate

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good lord. Well, if you choose to buy in Florida, you have to pay for it.

Wind insurance is just one half of the insurance you need for a hurricane. Still need to pay separately for flood insurance policy.

If you are 50mi inland, you will not likely have flooding due to hurricane. All you’ll have is wind (and everybody in your city.)

Very naive point of view. Where do you think hurricanes dump all of their moisture when they make landfall in a state barely above sea level? Also, inland flooding happens there all the time, you just don't hear about it like you do big, named hurricanes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I get that the overwhelming sentiment on this board is to hate on Florida and on the political stuff I generally agree.

But this is bad.

What’s bad is that the rest of us have been subsidizing people to live in places that humans were not meant to live. We are now seeing the long term impact of such decisions.

So true.

The municipalities want the money from new home property taxes, and the developers want the profits from new homes sales. So the municipalities let the developers do whatever they want... and we all get to pay for the devastation of having homes that should not be built in flood planes. I'm getting tired of sending billions of dollars of disaster aid to places that have repeat disasters.

[Anonymous]

It will get even worse because in 2024 HOA reserves must be fully funded and plenty are not. Between that and the increase in insurance costs condos in Florida will become very cheap. Coupled with the fact that many are attached to golf courses that have mandatory 90K owner buy ins they will be begging for people to buy them.

[Anonymous]

The state-run insurer is trying to dump 300K high risk policies onto a private insurer if the insurance holder does not respond by October 5.

What if you're a snowbird and not home during the delivery date? Or an older person having a health issue?

So sketchy: https://www.floridarealtors.org/news-media/news-articles/2023/09/citizens-customers-getting-buyout-letters-week

Citizens Customers Getting Buyout Letters this Week

A warning to Floridians with Citizens Property Insurance coverage: Check your mailbox. About 300,000 customers of the state-run insurer of last resort are receiving letters in the mail this month with an offer to switch to a private insurance company.

If customers don’t respond by Oct. 5, the letters state, customers will be forced to go with the private company – at a potentially far higher cost.

A Citizens spokesperson said Tuesday that the vendor hired to print the letters has been inundated by the volume, meaning some policyholders are getting less than the customary 30 days to respond. Although the letters are typically dated Aug. 28, as many as a third of customers received them much later. A notice sent to a Miami Herald editor was postmarked Sept. 13, for example.

Some customers still haven’t been notified. Between 10,000 and 15,000 letters were sent out Tuesday, but everyone should receive the letters by Friday, Citizens spokesperson Michael Peltier said.

[Anonymous]

Anonymous wrote:

Florida wind insurance renewal increased 400%

We live in an 8 unit condo and just found out our wind insurance is going up over 400%. This will cost each owner about $10k/year, doubling our monthly maintenance fee.

Florida condo law states we must have this insurance otherwise we would all vote to drop it.

Is there anything that we can do or is this the new reality for Florida condos?

One building?? Like this is some sort of state wide emergency? But you're trying to start a fake "oh lets hate FL post" again, it's old and it's lame. Grow up.

https://reddit.com/r/HOA/s/Ae6gQJ7NbB

[Anonymous]

Anonymous wrote:

Florida wind insurance renewal increased 400%

We live in an 8 unit condo and just found out our wind insurance is going up over 400%. This will cost each owner about $10k/year, doubling our monthly maintenance fee.

Florida condo law states we must have this insurance otherwise we would all vote to drop it.

Is there anything that we can do or is this the new reality for Florida condos?

https://reddit.com/r/HOA/s/Ae6gQJ7NbB

One building?? Like this is some sort of state wide emergency? But you're trying to start a fake "oh lets hate FL post" again, it's old and it's lame. Grow up.

[Anonymous]

This could be fixed with state legislation. Despite what people want to believe that this is driven by climate change, the insurance companies themselves point to Florida's tort laws as the issue.

https://www.axios.com/local/miami/2022/10/03/florida-property-insurance-crisis-litigation

This will be resolved within a few years. They've already passed some new laws to stop all the fraud and lawsuits, and have signaled an intention to keep tightening until the insurance companies come back.

[Anonymous]

Anonymous wrote:This could be fixed with state legislation. Despite what people want to believe that this is driven by climate change, the insurance companies themselves point to Florida's tort laws as the issue.

https://www.axios.com/local/miami/2022/10/03/florida-property-insurance-crisis-litigation

This will be resolved within a few years. They've already passed some new laws to stop all the fraud and lawsuits, and have signaled an intention to keep tightening until the insurance companies come back.

The insurance companies in Texas argued the exact same thing in the late 90's and finally got their laws passed. Insurance rates didn't go down as promised until the TX Insurance Commissioner threatened legislation against the insurance companies to bring down the rates. Magically, rates went down. This is a lie by the insurance companies because they don't like their profits being cut into.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good lord. Well, if you choose to buy in Florida, you have to pay for it.

Wind insurance is just one half of the insurance you need for a hurricane. Still need to pay separately for flood insurance policy.

If you are 50mi inland, you will not likely have flooding due to hurricane. All you’ll have is wind (and everybody in your city.)

Wind can bring lots of water. If you live in FL you will need both wind and flood insurance. Otherwise, the flood insurer will deny the claim stating it is wind damage and vice versa.

[Anonymous]

I certainly wouldn't buy a condo in FL. Residents are too old and don't fund maintenance or care what happens in 10 or 20 years.

A town house, maybe; a sfh, sure - so long as they were up high enough for flooding based on their location.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Snore. Haters have been saying nobody would stay in FL because X, Y and Z for a century. I can't wait to go!

+1 Florida has a wonderful Governor who kept schools open (only closed for 2 months) and the economy flowing during the pandemic. I wish I lived there in 2020-2021 instead of putting up with the DC City Council members who prioritized their political endorsements over the well-being of the citizens.

Florida has and insane, would-be theocrat who is doing everything he can to make the state dangerous and hostile for gay people like my son and for people of color. This is who Florida is now the site of frequent neo-Nazi demonstrations and who 50% of the faculty and state schools are actively looking for jobs outside of Florida. The fact that you embrace governor hate tells us everything we need to know about you.

[Anonymous]

Anonymous wrote:This could be fixed with state legislation. Despite what people want to believe that this is driven by climate change, the insurance companies themselves point to Florida's tort laws as the issue.

https://www.axios.com/local/miami/2022/10/03/florida-property-insurance-crisis-litigation

This will be resolved within a few years. They've already passed some new laws to stop all the fraud and lawsuits, and have signaled an intention to keep tightening until the insurance companies come back.

Well, to be fair it says that climate change is certainly a factor, and that roofing scams are another major factor. Roofing scams happen after hurricanes.

[Anonymous]

Ask the Hurricane Katrina victims what happened when they purchased flood insurance but no wind insurance? Please see there are still areas of NOLA with abandoned or decrepit homes with no repairs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Snore. Haters have been saying nobody would stay in FL because X, Y and Z for a century. I can't wait to go!

+1 Florida has a wonderful Governor who kept schools open (only closed for 2 months) and the economy flowing during the pandemic. I wish I lived there in 2020-2021 instead of putting up with the DC City Council members who prioritized their political endorsements over the well-being of the citizens.

Florida has and insane, would-be theocrat who is doing everything he can to make the state dangerous and hostile for gay people like my son and for people of color. This is who Florida is now the site of frequent neo-Nazi demonstrations and who 50% of the faculty and state schools are actively looking for jobs outside of Florida. The fact that you embrace governor hate tells us everything we need to know about you.

Please provide specific examples. Your post sounds very emotional and hysterical.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Snore. Haters have been saying nobody would stay in FL because X, Y and Z for a century. I can't wait to go!

+1 Florida has a wonderful Governor who kept schools open (only closed for 2 months) and the economy flowing during the pandemic. I wish I lived there in 2020-2021 instead of putting up with the DC City Council members who prioritized their political endorsements over the well-being of the citizens.

Florida has and insane, would-be theocrat who is doing everything he can to make the state dangerous and hostile for gay people like my son and for people of color. This is who Florida is now the site of frequent neo-Nazi demonstrations and who 50% of the faculty and state schools are actively looking for jobs outside of Florida. The fact that you embrace governor hate tells us everything we need to know about you.

Please provide specific examples. Your post sounds very emotional and hysterical.

+1 I'd like to know what rights DeSantis took away from gays and people of color.