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I’d like to disclose I’m a non-Florida mortgage lender with lender friends in Florida. It’s starting to really impact interested buyers. When they see the premiums, they run.
There’s some places where buyers can’t find anyone willing to insure. Well, if there’s no homeowner’s insurance, there’s no mortgage loan either.
It’s not looking good and certain areas of California (fire-prone areas) and starting down this same path.
It should be interesting to see what happens to inventory and values over the months and years ahead.
What’s made this much worse than it needs to be, something California won’t have impacting it, is if 25% of your roof is damaged by storms, Florida law requires your insurance company to replace it entirely. This drives up costs for the insurance companies to unbearable prices insanely as roofing companies literally scour the streets trying to sell their repair services to anyone who mistakenly opens the door.
I don’t think I’ve gone a month without the sounds of roofing repair going on outside.
That issue? Government funded landowner welfare to be able to continue unsustainable development.
Take the hint people... move
Exactly. This. Unsustainable development. It's Florida real estate has been a Ponzi scheme for at least twenty years.
Meanwhile another large building goes up on top of Miami's dissolving limestone.
Another one collapsed? Get the bullhorn and tell them we're crushing the building into a new foundation at dawn and they should get their loved ones out while they still can.
As much as everyone is willing to find anything disparaging for Florida, there’s more here to take away. California is in the same situation and ultimately every State will come to face this.
The underlying issue is climate change. Insurance bets long and with the climate changing on an almost yearly basis now, there isn’t a long game to play. If the various leaders of this planet do not act on this challenge the long term cost is only going to go up.
Florida and California are just the heralds, this IS ABSOLUTELY coming to every doorstep on this planet.
One major difference between Florida and California; Florida passed laws banning policies based on climate change. As in, the government there cannot plan for it, and insurers have to pretend it's not happening to operate in the state.
So the insurers have decided to pull out of the state completely.
The state government under DeSantis is telling Florida "this is normal" while streets melt and the world burns.
As in, the government there cannot plan for it, and insurers have to pretend it's not happening to operate in the state.
Wait bruh WTF? What the shit is this?
From this year;
https://www.reuters.com/business/sustainable-business/desantis-signs-sweeping-anti-esg-legislation-florida-2023-05-02/
From last year;
https://www.tampabay.com/news/florida-politics/2022/03/12/floridas-statewide-climate-change-response-ignores-cause/
This one briefly mentions the legislature "shoring up" the insurance market;
https://www.msn.com/en-us/money/insurance/florida-insurance-crisis-explained-why-multiple-insurers-are-leaving-state/ar-AA1dLmbc
That "shoring up" sort of told insurers to pretend that climate change isn't real.
And here's one from Time that basically sums up DeSantis' environmental policy;
https://time.com/6288683/florida-desantis-environment-climate-change/
Will these insurance companies claim climate change is an existing condition and refuse to cover it? Lol
The difference is there will still be a place called California at the end. Florida will be 80% submerged in 2 centuries.
Historians will look back at DeSantis' elections as one of the worst things to ever happen to Florida.
It will be tracked back to Trumpism. Ron will be forgotten in a few years.
Florida is where insurance goes to die
-DeSantis probably