September 29, 2022, 12:45 PMDamaged homes are seen after Hurricane Ian moved through the Gulf Coast of Florida, Sept. 29, 2022, in Punta Gorda, Fla.could push some of those insurance companies into insolvency, making it harder for people to collect on claims.
Industry analysts say years of rampant and frivolous litigation and scams have brought Florida's home-insurance market to its knees, with many large insurers like Allstate and State Farm, reducing their exposure to the state in the past decade.
"Every policy holder in the state of Florida, home and auto, should be watching this storm very carefully because it could have a direct impact on their pocketbooks," said Brandes. He predicts policy holders will see rate hikes of up to 40% next year as a result of Ian. "Gov. DeSantis let these insurance companies double Floridians' rates and they're still going belly up when homeowners need them most. You pay and pay and pay, and the insurance company isn't there for you in the end anyway," Crist said in a statement Monday.In May, DeSantis signed a bipartisan property insurance reform bill into law that poured $2 billion into a reinsurance relief program and $150 million into a grant program for hurricane retrofitting.
This has been going on for years, wake up, I know of numerous people losing it all years ago with flood insurance I'm Florida and they got bailed on, people need to wake up, it's been fraud for years that attorneys can't help with
“No state in the eastern U.S. has grown faster in population than Florida in the past decade & the state's fastest growing cities: Tampa, Fort Myers and Sarasota, are all in the storm's path.. more people &more homes mean that a major storm could become more destructive & costly”
The smart ones doing it with x-wind coverage, flood exclusions and high % wind&hurricane deductibles. That will keep them solvent but what about the insured? Not so much. They pay huge premiums for little coverage and reimbursement only in the event of a truly catastrophic loss.
It’s a nation of bailouts. Recipe for disaster….and China knows it.
Who gives building permit’s to these people ?
So when RonDeSantisFL asks for a bailout, is SenRubioPress going to complain?
Build your house on sand. What could possibly go wrong?
This is going to be the straw that broke the camels back. There will be another housing crisis in FL. Housing prices will plummet.
'COULD'! ? Sorry ABC, sounds like a promotion to raise insurance rates, ABC should report the NEWS, not making up NEWS
A great many places in Florida should only have RV type housing. Such housing could be quickly moved out of harm's way when hurricanes approach.
No kidding. And our governor all he wants to do is take away peoples rights. What is disgusting man
Florida has the lowest insurance rates on the Gulf Coast
Welcome to GovRonDeSantis World. Instead of planning for things like this and protecting the people of his state, he chose to vilify immigrants and LGBTQ+ people. Priorities.
It was already happening in Florida pre Ian. As well as Louisiana and Alabama. States are taking over insolvent companies. And doing a piss poor job of it.
What is desantis and the state insurance commissioner doing about it - nothing!
They invented the game, they gotta pay the score.
Maybe if they would build to code from years ago. . . reinforced concrete blocks instead of lumber for housing they would be able to better withstand the hurricanes!!!
Florida home owners insurance is a mess. My in laws live in St Pete and their insurance company went belly up earlier this year and offered no refund of premiums. Nuts!
Get used to it. People who think addressing climate change is expensive need to see doing nothing is way more expensive.
Let me fix that: Developer’s greed will push insurance companies into insolvency. Don’t blame the weather, blame the greed and the blatant disregard to the environment and the fact that climate change is consistently upping the ante.
Pffff. Nobody's got time for that. JOE AND HIS ADMINISTRATION'S got billions in bullets and bombs to send to Ukraine. Ya know spread that lib love war machine around the world again. Tell us did Joe blow the pipeline like Hunter blows coke lines. Joe is a bad bankers muscle man.
This will create huge financial issues for millions of Floridians down the road. Claims will be overwhelming & many who thought they were covered will be denied because of lack of flood insurance.
It’s almost like insurance is 100% a scam
And it begins. It's always comforting when something as necessary as insurance is a for profit industry.
This is what will happen with climate change. Premiums will sky rocket. Some places will become totally uninsurable. Some insurers will go bankrupt.
Why cause we sent all our money to Ukraine, Joe?
Insurance companies are thieves themselves
Florida homeowners insurance infacture was ALREADY 💩 !!!!!
Floridians should have to rebuild hurricane/flood proof houses if they want federal money. And be require to rebuild a carbon neutral infrastructure.
every time i see an hurricane in America I got the feeling that americans didn't grasp the 'three pigs' farytale real moral.
Hey they get paid for this kind of thing.
Oh no, not the insurance companies.
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they will get to declare bankruptcy but student debt is different
Well they just pulled 12 billion out of their asses for Ukraine.. surely we can help our own out.
Guess they will need a crisis loan or we still gifting corporations Money?
The federal government can step in and use federal loans to save the insurance companies from bankruptcy. We’ve done it before. Congress just needs to approve the loans.
The amount of tweets I saw before the hurricane hit by people with no insurance now that they were cancelled a while back was astounding. The insurance companies should not be able to pack up and leave town before hurricane season.
Defund Ukraine and send money to S Flordia
Insurance controls Oil,Pharma, nah
Insurance?! IT’S GONE. Time to move
Shock me again! It’s all fun and games until payouts
But billions to Ukraine is urgent priority for Biden than giving billions of Floridians.
Same did in PR with Maria. They charge tons of money an then don’t cover damages. Need Congress action.
Been saying this for 3 years under GovRonDeSantis and no one is listening. Insurance companies are big donors/lobbyists. This is DeSantis’s way of gentrification! Rich, white, celebrity’s, Rich Russians, buying all of Florida and able to pay insurance, working class is SOL
Prayers for all those that were in harms way and that lost their homes and devastation to their homes but isn't it sad that Biden gave billions and billions of dollars to Ukraine where he could've given that to the people of Florida prayers for all of Florida
Wait a minute. Insurance companies didn't know about hurricanes and build this in to there model somehow?
AntarianRani People did say they wanted to go to Florida for a new start. Well, here's to starting over for Floridians.
The world is big enough no one has to live at sea level and here we go again picking up the tab so they can rebuild and do it over and over.
Someday, we will all realize insurance companies are nothing more than a group of thieves wearing ties.
And you know who might step up and help Disney World the Corporation that he De Santis Bullyed.
Oh
So where and what is Trump doing for his home state? With all of his vast experience he said he had from 9/11. Is he helping make sandbags, working food lines, giving some of his millions out to those who will lose everything? Where are you now clown?
Maybe take back the 12 billion from Ukraine. Should help a lot of these areas and people
Governor is going to need more $ to fly out more immigrants. Why work on insurance, he does not care. MAGA Republicans love him anybody else in Florida is screwed, get use to it.
After FPL has already increased our bills by an incredible amount, they will most certainly ask for an increase to cover Ian. And they will get it too because they have the GOP in their pockets
Build concrete homes
that's AWFUL
Good thing we’re giving billions to ukraine
So much for that stress test the governor mentioned on the air?
Well yah's governor was wasting millions of your tax money trafficking people to other States how about he pay that back
yikes
BREAKING: Thousands of abandoned, foreclosed Floridian homes hit by Hurricane Ian...
I live in South FL. My homeowners insurance made my mortgage payment go up by over $400 a month. That was before the storm and a 1 year increase. My premium will be $8k next year. If the insurance is more than the payment itself why own?
CA fire insurance went nuts after wildfires.
Insurance companies have all the money.
Terrible job by Deathsantis
They can just run up to Martha’s Vineyard on Death Santis ‘ dime
Good thing have politicians making easier for people to lose home
Insurance companies take take take, but sometimes, when it's time to pay back, they shrug their shoulders and pull out their pockets like the Monopoly Man
Make the oil companies pay for this!