“It’s Really Happening”. Enterprising South Carolina Real Estate Pro on Florida’s Insurance Crisis

May 25, 2023

“14 Insurance companies have pulled out of Florida, and 7 have gone bankrupt.”

The helpful (and enterprising) Real Estate Salesman (from South Carolina) that I posted on a few months ago, is back, with more warnings about Florida’s property and flood insurance crisis.
Gotta love the free market punishing those who ignored climate risks and sunk their life savings in Florida.
The good news – it’s cheaper in Myrtle Beach, S. C. – IF you use his secret system.
He knows his audience – never uses the “C” word, but keeps repeating “Yes, this is REALLY happening..”.

Description:

After moving to Florida, many people are getting crushed by the skyrocketing homeowners’ insurance and flood insurance requirements and now regret moving to FL. Some ultimately have lost their life savings and end up leaving Florida for a more affordable place. What is really going on in Florida? In this video, I share my experience and the stories of many who have commented on my videos. Florida property taxes, insurance, and HOA fees are all skyrocketing. Many people who bought real estate over the past couple of years are now getting slammed with higher mortgage payments due to increased property taxes, increased homeowners insurance, and increased HOA fees. You name it, it’s happening! If you are thinking about moving to Florida watch this video so you can avoid the pitfalls that are costly.

New York Times:

Home insurance premiums are on the rise, and a key driver for the price increase is climate change. Yet, Americans are moving fastest to Florida, Texas and other states most at risk for climate-related natural disasters, according to a new study from LexisNexis Risk Solutions, a data and analytics provider.

Since 2015, the average homeowner has seen the bill for their property coverage grow by roughly 21 percent. But in Florida and Texas, the two states with the highest population gains in 2022, rates have climbed significantly more — 57 percent in Florida and 40 percent in Texas.

Those states are also experiencing extreme weather: Hurricanes like Ian, Nicole and Fiona, as well as record heat, ice and snow storms, wrought billions of dollars of destruction in 2022 and killed nearly 500 Americans.

“The states where climate tends to impact the world more strongly are seeing a bigger jump in population,” said George Hosfield, LexisNexis Risk Solutions’s senior director of home insurance. “We put two and two together, and it seems to be creating a perfect storm — no pun intended.”

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One Response to ““It’s Really Happening”. Enterprising South Carolina Real Estate Pro on Florida’s Insurance Crisis”

  1. rhymeswithgoalie Says:

    Favorite comment from that video:
    “Rebuilding a home in Florida is kinda like building your house on a railroad.”


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