"Hurricane Ian could smash Florida’s fragile property insurance market"...there are scores of
articles like this dating back to July of this year and probably much earlier...can any of our FLA members provide insight into the genesis of this problem...what the issues are...and who the major players are?
One would have hoped that property owners wouldn't have to deal with this potential 'disaster' on top of the wind and water damage effects of Ian.
Link: https://www.orlandosentinel.com/weather/hurricane/os-ne-hurricane-ian-citizens-insurance-crisis-20220927-zt6zsrqbpzbxzovyfei2nnwyka-story.html
Replies to: "Hurricane Ian could smash Florida’s fragile property insurance market"...there are scores of
There are a couple of factors
Obviously, building in flood-prone and hurricane-prone areas is a problem. Insurers enjoyed a relatively long period of time, from the 1940s through the 1980s, experiencing a low rate of hurricane activity. This was reflected in the actuarial tables, but then starting in the 1990s, with Andrew, and then continuing on there have been far more hurricanes than the historical average (I think it was 2004 where we had four in one year). So much development is right on the coast line, the most vulnerable area.
There also is the age-old problem of fraud. Enterprising home contractors persuade homeowners that their roofs need to be replaced (an asphalt tile roof in Florida is good for about 15 years). Contractors are adept at claiming storm damage, sometimes with a bit of truth but more often without, and then getting an insurer to pick up the tab. This has become a very serious issue for property insurers, and not surprisingly litigation on that particular subject has exploded. In my Central Florida, non-waterfront area, insurance premiums increased 80 percent this year. I tried to shop for a new insurer but nobody, save for the state insurer Citizens, will issue new policies to homes with roofs more than 7 years old.
Link: Hurricanes in Florida from 1850
Wonder how they will charge their cars with with no power. Please explain.
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Everyone’s auto insurance will increase 5-10%.
Tons of cars will be totaled from the flooding. The insurance industry will pass on the costs to all insured motorists. Florida drivers will pay more, but so will folks who do not encounter the sea sweeping through their community.
Californians, along with many others across this country will be pitching in to help those suffering
from the effects of Hurricane Ian...hopefully, Florida will ensure that it's fiscal planning doesn't rely too heavily on the "Kindness of Strangers"
You do realize that is how insurance works right?
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Yes.
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almost as shitty as paying for college debt relief.
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Yep it sucks. Sorry
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