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(Politico)   Florida gonna be in pain: "That's because the law allows Citizens to add a surcharge, derisively known as a hurricane tax, to the bills of its customers and eventually customers of other insurance polices, such as auto, to pay off its debts"   (politico.com) divider line
    More: Followup, Federal Reserve System, Insurance, Central bank, Monetary policy, central bank chief, highest mortgage rates, Federal Reserve Chair Jerome Powell, worst global food crisis  
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3099 clicks; posted to Politics » on 03 Oct 2022 at 3:00 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



111 Comments     (+0 »)
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2022-10-03 2:12:30 PM  
Oh look, it's the Invisible Hand of the Free Market at work.
 
2022-10-03 2:22:17 PM  
Can't afford insurance? Perhaps don't build a multi million dollar home right next to an ocean of rebar eating fluid that periodically becomes so volatile it can erase concrete buildings from existence.
 
2022-10-03 2:30:04 PM  
Entire communities have been wiped out by what Sen. Marco Rubio (R-Fla.) has labeled a "character-altering event" that will force the state to reckon how its communities are built and financed.

Too bad he didn't vote for the legislation that is helping.

Also, Florida has allocated $12 million for moving refugees from Texas to other states.  They could cancel $11.4 million of that and try to recoup the rest from the DeSantis supporters that got the $600k.  Somehow I doubt they'll do that.
 
2022-10-03 2:35:13 PM  
Florida windstorm insurance was already heavily subsided by the state. The average premiums have to at least double and that is if there is any insurers left after paying claims otherwise the state of Florida will be the only insurer for windstorms in FL.
 
2022-10-03 2:45:44 PM  

eurotrader: Florida windstorm insurance was already heavily subsided by the state. The average premiums have to at least double and that is if there is any insurers left after paying claims otherwise the state of Florida will be the only insurer for windstorms in FL.


They'll have to raise taxes on everyone just to fund beach condo rebuilds every few years.
Sounds like a Republican paradise- poor inland workers working slave wages to help insure the 2nd or 3rd beach home of millionaires and billionaires.
 
2022-10-03 3:02:15 PM  
Well, the days of me wanting to avoid living in Florida are certainly coming to a middle.
 
2022-10-03 3:03:03 PM  
It will take years for Florida to recover from Hurricane Ian.

In the meantime, more hurricanes.
 
2022-10-03 3:03:53 PM  
I love that they start hating the Free Market when it starts telling them it's too expensive & downright dangerous to live on the Florida coast due to climate change.
 
2022-10-03 3:04:44 PM  
Obviously, the solution here is more tax cuts for the rich!
🙄
 
2022-10-03 3:05:46 PM  

clkeagle: Well, the days of me wanting to avoid living in Florida are certainly coming to a middle.


In about 20 years, Pennsylvania will have Florida's weather.
You don't wanna know what weather Florida is getting.
 
2022-10-03 3:05:50 PM  
Entire communities have been wiped out by what Sen. Marco Rubio (R-Fla.) has labeled a "character-altering event" that will force the state to reckon how its communities are built and financed.

They've been saying this for the entire time I've been on the planet. That's not going to happen, I promise they have new construction approved in flood plains and on the coasts right now.

Also, no red state bailouts.
 
2022-10-03 3:06:21 PM  

enry: Entire communities have been wiped out by what Sen. Marco Rubio (R-Fla.) has labeled a "character-altering event" that will force the state to reckon how its communities are built and financed.

Too bad he didn't vote for the legislation that is helping.

Also, Florida has allocated $12 million for moving refugees from Texas to other states.  They could cancel $11.4 million of that and try to recoup the rest from the DeSantis supporters that got the $600k.  Somehow I doubt they'll do that.


According to Ben Shapiro, home owners in bad areas can and should simply sell their homes and move. Now, who will buy them? He's not quite that smart.
 
2022-10-03 3:06:57 PM  

Weaver95: clkeagle: Well, the days of me wanting to avoid living in Florida are certainly coming to a middle.

In about 20 years, Pennsylvania will have Florida's weather.
You don't wanna know what weather Florida is getting.


Drop bears and meteors, if there's any justice.
 
2022-10-03 3:07:13 PM  

GregInIndy: I love that they start hating the Free Market when it starts telling them it's too expensive & downright dangerous to live on the Florida coast due to climate change.


Expensive, sure, but dangerous?  You can build a hurricane-proof building more than capable of letting you ride out a Cat5 storm or five every season.

Maybe rich people will start doing that, knowing poor people can't afford to live near them.
 
2022-10-03 3:07:33 PM  
Cock punched by the Invisible Hand.
 
2022-10-03 3:08:08 PM  
Florida has been farking this country over since at least 2000. Ian wasn't strong enough.
 
2022-10-03 3:08:45 PM  
The market for insurance (in Florida) has been farked up for a long time. Every year my parents home (not even on the beach and in relatively high ground for Sarasota) gets dropped because of a section of "flat roof" (it's the bit over the porch) that is only considered flat due to code changes made some 30 years after it was built. Then they have to go through the rigmarole of getting quotes from the 2 or 3 other companies in the game, all of which have insured the home in the past, all of whom will say "flat roof, fark off". Then they can submit the rejections to the state and get on the "last chance" insurer for the next year.

In 25 years of homeownership, my parents have never submitted a claim.
 
2022-10-03 3:08:55 PM  
I wonder how DeSantis will blame the collapse of the Florida insurance market on Biden?
 
2022-10-03 3:09:41 PM  
Any news on Tucker Carlson's 2.9million home?

Hopefully an empty lot
 
2022-10-03 3:10:36 PM  
Texas: We're going to pass on the ludicrous cost of our electric bills from years of mismanaging our infrastructure onto customers for the next 30 years.
Florida: Hold my crocodile teeth.
 
2022-10-03 3:11:06 PM  

Weaver95: I wonder how DeSantis will blame the collapse of the Florida insurance market on Biden?


He's a Democrat and they made up climate change and look at all the devastation their made-up climate change is doing to his great state .
 
2022-10-03 3:11:34 PM  
Who would have guessed that a state surrounded by ocean where the highest point of land is 345 feet above sea level would be a flood risk too big for private insurance carriers?
 
2022-10-03 3:11:40 PM  

fat boy: Any news on Tucker Carlson's 2.9million home?

Hopefully an empty lot


It was reduced to ruble
 
2022-10-03 3:11:55 PM  

Weaver95: clkeagle: Well, the days of me wanting to avoid living in Florida are certainly coming to a middle.

In about 20 years, Pennsylvania will have Florida's weather.
You don't wanna know what weather Florida is getting.


Maybe I should start planting oranges.  Oregon oranges are going to be a thing soon at this rate.
 
2022-10-03 3:12:04 PM  

Scorpitron is reduced to a thin red paste: enry: Entire communities have been wiped out by what Sen. Marco Rubio (R-Fla.) has labeled a "character-altering event" that will force the state to reckon how its communities are built and financed.

Too bad he didn't vote for the legislation that is helping.

Also, Florida has allocated $12 million for moving refugees from Texas to other states.  They could cancel $11.4 million of that and try to recoup the rest from the DeSantis supporters that got the $600k.  Somehow I doubt they'll do that.

According to Ben Shapiro, home owners in bad areas can and should simply sell their homes and move. Now, who will buy them? He's not quite that smart.


Citizens of Atlantis, naturally
 
2022-10-03 3:12:23 PM  

Ethertap: The market for insurance (in Florida) has been farked up for a long time. Every year my parents home (not even on the beach and in relatively high ground for Sarasota) gets dropped because of a section of "flat roof" (it's the bit over the porch) that is only considered flat due to code changes made some 30 years after it was built. Then they have to go through the rigmarole of getting quotes from the 2 or 3 other companies in the game, all of which have insured the home in the past, all of whom will say "flat roof, fark off". Then they can submit the rejections to the state and get on the "last chance" insurer for the next year.

In 25 years of homeownership, my parents have never submitted a claim.


Looks like they are they only ones who didn't.  At this point it may not even be admirable as much as stupid.
 
2022-10-03 3:12:24 PM  
Flood/hurricane insurance on the coast in FL SHOULDbe ungodly expensive. Moreover, carrying it should be required for property ownership in those areas.

If you can't swing it, don't live there. We've got a whole big rest of the country here with plenty of other very pleasant locations that don't involve an annual roll of the dice as to whether your community will be the next to be destroyed. If you want to take those chances that's great, but you should be the one paying the full-boat costs of doing so. Because it's not a question of if down there but when, and all the insurance companies know it.
 
2022-10-03 3:12:30 PM  

Private_Citizen: eurotrader: Florida windstorm insurance was already heavily subsided by the state. The average premiums have to at least double and that is if there is any insurers left after paying claims otherwise the state of Florida will be the only insurer for windstorms in FL.

They'll have to raise taxes on everyone just to fund beach condo rebuilds every few years.
Sounds like a Republican paradise- poor inland workers working slave wages to help insure the 2nd or 3rd beach home of millionaires and billionaires.


Not to mention, unusable municipal water services requiring massive amounts of bottled water be trucked in.


Windfall for bottled water manufacturers.
 
2022-10-03 3:13:45 PM  
The elections there are royally farked.

I wouldn't believe the results of any of their elections to be legitimate.
 
2022-10-03 3:13:53 PM  
Make no mistake. Florida's insurance crisis is not by accident nor by neglect. It is by design. The rich and powerful like Desantis, Scott and Gaetz are all lining their pockets.
 
2022-10-03 3:14:27 PM  
That's what happens when you have an insurance system that only cares about shareholders and profit margins. We've known this for years. Why do we keep acting surprised when the for profit insurance industry continues to do everything it can to avoid paying out for claims that would be obviously paid out in a rational world? Why do we continue to act shocked that they increase rates and jack up costs, predominantly to those who cannot afford to pay it, because their bottom line might be hurt because what they said they would pay the clients for happens?

It was obvious from the moment they opened their doors that the last thing they would ever do is open their wallets. We need a better system in place that isn't concerned with profit margins and is concerned with actually giving people security and assistance if tragedy strikes.

/This goes for healthcare too. farking vultures, the lot of them.
 
2022-10-03 3:14:39 PM  
The crazy part is that if your home took damage, even if you have the right coverage and the insurer pays your claim, you're not going to rebuild anytime soon. Lumber, appliances, rebar, concrete - all in short supply. And even then you're only going to get paid based on pre-pandemic costs, so most likely you're going to pay out of pocket to restore your house.
 
2022-10-03 3:14:41 PM  
This same conversation occurred in the wake of 2004-2005  -- 6 hurricanes visited Florida over about 15 months.

I'm not saying that a major adjustment isn't about to descend on the industry, again -- but you'll still be able to obtain home insurance.

The industry will, doubtless, consolidate as larger carriers buy out the ones decimated by Ian. But it will persist.

The market price for insurance at the waters edge should be properly reflect the risk involved -- which is clearly becoming increasingly considable over the last 20 years.
 
2022-10-03 3:15:11 PM  
This is what happens when you let donors / lobbyist write laws  ..
 
2022-10-03 3:15:28 PM  

dogdaze: Make no mistake. Florida's insurance crisis is not by accident nor by neglect. It is by design. The rich and powerful like Desantis, Scott and Gaetz are all lining their pockets.


That's ok. We didn't really need Florida for anything anymore.
It can die quiet and I'm good with it.
 
2022-10-03 3:16:15 PM  
Gosh, I wonder if there is a price to pay for living in a permanent flood plain. Sure hope that the trump lovers are ready to pay for being in a cult that hates America. America needs to hate them back.
 
2022-10-03 3:18:39 PM  

fat boy: Any news on Tucker Carlson's 2.9million home?

Hopefully an empty lot


I was assured that hurricanes were a scam.
 
2022-10-03 3:20:26 PM  
If the insurance market in Florida collapses...that's gonna really screw up whatever is left of the housing market in that state.
 
2022-10-03 3:21:22 PM  
In 10 years, Florida will slowly become uninhabitable as "Once in a decade hurricanes" start becoming annual, or biannual occurrences.

Look, Jupiter has a Hurricane of whirling gas the size of our entire plant, and it has been spinning for hundreds or thousands of years. The forces of this universe simple do not give on single solitary fark about our meager existence and you only need realize how small you are compared to the forces that force subduction zones to realize it. We know the science, and we know the series of chain reactions set in motion, you can deny it or accept it, but simply put, Mother nature don't give a shiat. Plan accordingly.

What I'm saying is, if you live in Florida, rent don't buy.
 
2022-10-03 3:22:39 PM  

GregInIndy: Flood/hurricane insurance on the coast in FL SHOULDbe ungodly expensive. Moreover, carrying it should be required for property ownership in those areas.

If you can't swing it, don't live there. We've got a whole big rest of the country here with plenty of other very pleasant locations that don't involve an annual roll of the dice as to whether your community will be the next to be destroyed. If you want to take those chances that's great, but you should be the one paying the full-boat costs of doing so. Because it's not a question of if down there but when, and all the insurance companies know it.


Are you talking about the locations that burn up in wildfires, the ones about to run out of water or the ones with Superfund sites close by?
 
2022-10-03 3:22:47 PM  

Scorpitron is reduced to a thin red paste: enry: Entire communities have been wiped out by what Sen. Marco Rubio (R-Fla.) has labeled a "character-altering event" that will force the state to reckon how its communities are built and financed.

Too bad he didn't vote for the legislation that is helping.

Also, Florida has allocated $12 million for moving refugees from Texas to other states.  They could cancel $11.4 million of that and try to recoup the rest from the DeSantis supporters that got the $600k.  Somehow I doubt they'll do that.

According to Ben Shapiro, home owners in bad areas can and should simply sell their homes and move. Now, who will buy them? He's not quite that smart.


Here's what will happen:

Large companies buy the houses and rent them out.  When disaster hits the next time they get a big payout because otherwise it will hit their bottom lines.  The renters will have to fend for themselves in the meantime.  Rinse (literally) and repeat.
 
2022-10-03 3:26:56 PM  

GregInIndy: Flood/hurricane insurance on the coast in FL SHOULDbe ungodly expensive. Moreover, carrying it should be required for property ownership in those areas.

If you can't swing it, don't live there. We've got a whole big rest of the country here with plenty of other very pleasant locations that don't involve an annual roll of the dice as to whether your community will be the next to be destroyed. If you want to take those chances that's great, but you should be the one paying the full-boat costs of doing so. Because it's not a question of if down there but when, and all the insurance companies know it.


CSB:  Close friend retired and moved to Ft. Myers last year.

Bought a trailer in Ft. Myers this year.

FL doesn't require insurance on trailers because insurers are all 'HAHAHAHAHA...no' when looking for coverage on a trailer.

So yeah...her 'home' is a complete loss. (the missing back wall was a big tell bleach and some siding ain't covering this.)

I feel for her situation...but you buy a trailer in coastal Florida:  roll those dice on your residency gamble.
 
2022-10-03 3:28:09 PM  
I was going to suggest a substantial wall around the ocean areas to negate flooding impact, but that doesnt resolve the rainfall flooding.

We're not getting rid of florida, so this is going to keep on happening, but i really don't see how this can work;  florida pretty reliably gets at least one hurricane per year, with big damage ones every 5 years or so.  Insurance costs really will eventually be the biggest constraint for non-rich folks, and likely very, very soon.

however, The state couldn't exist as solely "rich folk only" living there, because without the lower classes to work at all the shiatty places that rich people need, the place would collapse.  But if you're lower class, why would you want to live someplace where your wages mean you can't even begin to enjoy actually living there?

I'd do whatever i could to move someplace further north.  At least your 35k per year can go further in a place like kentucky or arkansas.  Would still be miserable places to live, but you wouldn't have the additional burden of hurricane worries (as well as how much more groceries cost in FL.  everything at your publix seems to be 10-15% higher than the midwest).
 
2022-10-03 3:28:33 PM  

mistahtom: The elections there are royally farked.

I wouldn't believe the results of any of their elections to be legitimate.


There is a delicious irony in the stuff DeSantis did to make voting harder...is gonna impact a crazy high number of FL red county voters.

So glad they are bootstrappy folks!
 
2022-10-03 3:33:34 PM  

doctorguilty: Weaver95: clkeagle: Well, the days of me wanting to avoid living in Florida are certainly coming to a middle.

In about 20 years, Pennsylvania will have Florida's weather.
You don't wanna know what weather Florida is getting.

Drop bears and meteors, if there's any justice.


I'd settle for box jellyfish.
 
2022-10-03 3:35:08 PM  

BeatrixK: GregInIndy: Flood/hurricane insurance on the coast in FL SHOULDbe ungodly expensive. Moreover, carrying it should be required for property ownership in those areas.

If you can't swing it, don't live there. We've got a whole big rest of the country here with plenty of other very pleasant locations that don't involve an annual roll of the dice as to whether your community will be the next to be destroyed. If you want to take those chances that's great, but you should be the one paying the full-boat costs of doing so. Because it's not a question of if down there but when, and all the insurance companies know it.

CSB:  Close friend retired and moved to Ft. Myers last year.

Bought a trailer in Ft. Myers this year.

FL doesn't require insurance on trailers because insurers are all 'HAHAHAHAHA...no' when looking for coverage on a trailer.

So yeah...her 'home' is a complete loss. (the missing back wall was a big tell bleach and some siding ain't covering this.)

I feel for her situation...but you buy a trailer in coastal Florida:  roll those dice on your residency gamble.


It isn't that I don't feel sympathy for or understand such people. I really do. But God, it was an awful decision. The up-front cost of it should be high enough to ward people away from it and put the onus on them for the costs of recovery.
 
2022-10-03 3:37:54 PM  

HerptheDerp: In 10 years, Florida will slowly become uninhabitable as "Once in a decade hurricanes" start becoming annual, or biannual occurrences.

Look, Jupiter has a Hurricane of whirling gas the size of our entire plant, and it has been spinning for hundreds or thousands of years. The forces of this universe simple do not give on single solitary fark about our meager existence and you only need realize how small you are compared to the forces that force subduction zones to realize it. We know the science, and we know the series of chain reactions set in motion, you can deny it or accept it, but simply put, Mother nature don't give a shiat. Plan accordingly.

What I'm saying is, if you live in Florida, rent don't buy.


"Look, Jupiter has a Hurricane of whirling gas..."

Look, its not paradise on earth, but its not that bad...

Fark user imageView Full Size

/Jupiter, Fla
 
2022-10-03 3:44:32 PM  

Private_Citizen: eurotrader: Florida windstorm insurance was already heavily subsided by the state. The average premiums have to at least double and that is if there is any insurers left after paying claims otherwise the state of Florida will be the only insurer for windstorms in FL.

They'll have to raise taxes on everyone just to fund beach condo rebuilds every few years.
Sounds like a Republican paradise- poor inland workers working slave wages to help insure the 2nd or 3rd beach home of millionaires and billionaires.


Florida doesn't have income tax.  Get a brain, moran
 
2022-10-03 3:45:33 PM  
I would rather live in Florida than in Kentucky.
 
2022-10-03 3:48:52 PM  
Wind and flood insurance for Florida should be paid for by Florida, not the federal government. If it is too costly for that insurance then you shouldn't be building homes there. The entire country shouldn't be subsidizing the ridiculous housing situation in Florida.
 
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