So the article is just lying out it's ass. Floridians are becoming uninsured at a growing rate, as of now, ~1 in 8 are uninsured. There's no data to support or reason to believe the private insurance industry will cover these people in a meaningful way when there is even more risk to them without state assistance.
this feels like a form of organized abandonment that RW Gilmore talks about.
From my experience, private homeowner's insurance is 50-100% more than Citizen's which is what I have. They keep threatening to levy a 15% charge but that's still cheaper than paying for private insurance. It seems like if I get kicked off then I can't ever get Citizen's again or something like that.
I’ve had the opposite experience. Twice in the past three years (including this one) my private insurance company has declined to renew or just left the state and in both cases Citizens was at least 40% more. I had to switch to freaking Lloyds of London for a few months and even that was cheaper than Citizens.
Lloyds of London
how tf are they insuring hurricane prone floridians??? there is obviously massive corruption in the state but like this has to be some extra-predatory shit for some massive international insurance company to also be here
edit: I guess I had no idea what lloyd's is. it's a market of members not a company.
Lloyd's schtick is that they will insure literally anything, but typically at the worst possible cost. If you have a mortgage in FL you're required to have windstorm mitigation insurance, so if you're between vendors and don't want to go with Citizens (the state-backed insurer) they are usually your last resort — and in recent times, have been cheaper than Citizens (tho this is more to do with how terribly managed Citizens is than anything else).
This is the result of the positive impacts of legislative reform which addressed the man-made factors that generated Florida's risk crisis: laws were passed to stop legal system abuse and assignment of benefits claim fraud
this seems like an important detail. Digging into this a bit it seems like the issue is contractors will ask homeowners to assign the insurance benefits to them for some repair and the insurance companies are claiming the contractors are overbilling and then suing when the insurance company denies the claim. a bit of a "let them fight" situation but i guess Florida's government picked a side.
There's plenty of that. This is also Citizen's dumping the insured on new pop-up insurers. These people will be gouged on insurance and then when a hurricane comes through the pop-up insurer will pay out what it can and leave everyone after they run out of money to fend for themselves as they close up shop. Happens every single year. Happens more often as the big insurers leave. There are people who must have insurance due to how their mortgage is structured. A ton are just uninsured because there is nothing being offered as well.
As we get more devastating hurricanes in Florida less companies want to insure and banks don't want to lend without it. Eventually this house of cards is going to topple.
https://www.myfloridacfo.com/division/receiver/companies/closed
