Developers Pulling Plug on South Florida Projects Due to Insurance Costs

[surfnole]

We need to get this litigation between attorneys and insurance companies resolved in Florida. I'm referring primarily to homeowners and skyrocketing insurance rates in Florida, but this article is interesting too as it pertains to the development of new housing to ease prices.

Developers Pulling Plug on South Florida Projects Due to Insurance Costs

Spiking insurance costs are impacting the real estate market in south Florida, causing some developers to put major projects on hold – despite booming

www.insurancejournal.com

 

[DFSNOLE]

Until someone attaches the word "woke" to the insurance crisis in Florida, it will remain low on the priority list.

 

[NoleSince1961]

We need to get this litigation between attorneys and insurance companies resolved in Florida. I'm referring primarily to homeowners and skyrocketing insurance rates in Florida, but this article is interesting too as it pertains to the development of new housing to ease prices.

Developers Pulling Plug on South Florida Projects Due to Insurance Costs

Spiking insurance costs are impacting the real estate market in south Florida, causing some developers to put major projects on hold – despite booming

www.insurancejournal.com

“An insurance broker at Lockton, Fred Zutel, told the newspaper that all of the factors have made Florida the single-most difficult environment in which to procure insurance.”

But nah, nothing to see here, since our resident sage of all subjects JohnnieHolmesNole/FWTS already laughed off escalating FL beach property insurance rates as being any kind of issue in the Wilbur by the Sea thread. Hmmm.

 

[surfnole]

After noting that his state accounts for just 9% of the nation’s home insurance claims but files 79% of the country’s property insurance lawsuits, Gov. Ron DeSantis announced a special session of the Legislature. The goal of the session, which lasted from May 22-27, was to write laws to correct the listing property insurance industry and stabilize its future. Bringing down rates will take longer, says state Sen. Jim Boyd, R-Manatee, who led the effort to write Senate Bill 2D.

Attempts to fix Florida’s failing property insurance market -

Collapse. Crisis. Those are the words nearly everyone—from the governor to industry analysts to insurance company CEOs—uses to describe the state of the property insurance industry in Florida.

www.gulfshorebusiness.com

 

[DFSNOLE]

After noting that his state accounts for just 9% of the nation’s home insurance claims but files 79% of the country’s property insurance lawsuits, Gov. Ron DeSantis announced a special session of the Legislature. The goal of the session, which lasted from May 22-27, was to write laws to correct the listing property insurance industry and stabilize its future. Bringing down rates will take longer, says state Sen. Jim Boyd, R-Manatee, who led the effort to write Senate Bill 2D.

Attempts to fix Florida’s failing property insurance market -

Collapse. Crisis. Those are the words nearly everyone—from the governor to industry analysts to insurance company CEOs—uses to describe the state of the property insurance industry in Florida.

www.gulfshorebusiness.com

Yep. A special session and a bill that accomplished nothing. BAU.

 

[seminole97]

Yep. A special session and a bill that accomplished nothing. BAU.

BAU seems to be a significantly higher number of lawsuits related to property insurance claims than the rest of the country.

Environmental considerations of living in a hurricane zone are what they are, so I expect lower rates in otherwise safer locales, but what do you see driving costs in the FL insurance market, and what reforms do you think could address them?

Is the problem that our system is disproportionately tortious? Or something else?

 

[NoleFan2U]

Until someone attaches the word "woke" to the insurance crisis in Florida, it will remain low on the priority list.

Hysterical but true

 

[FisherWilcoxTaggart Survivor]

“An insurance broker at Lockton, Fred Zutel, told the newspaper that all of the factors have made Florida the single-most difficult environment in which to procure insurance.”

But nah, nothing to see here, since our resident sage of all subjects JohnnieHolmesNole/FWTS already laughed off escalating FL beach property insurance rates as being any kind of issue in the Wilbur by the Sea thread. Hmmm.

Fred, your prior ill-informed rant -- contrary to your new narrative above -- was that oceanfront property owner$ would go "bare" on a widespread basis before they paid increased insurance premiums. LOLOLOLOL if you think folks at "Wilbur by the Sea" have those kinds of resources and options. The vast majority of the Wilbur crew is mortaged to the hilt just to be there, so "going bare" isn't even an option.

You just keep being you.

 

[NoleSince1961]

Fred, your prior ill-informed rant -- contrary to your new narrative above -- was that oceanfront property owner$ would go "bare" on a widespread basis before they paid increased insurance premiums. LOLOLOLOL if you think folks at "Wilbur by the Sea" have those kinds of resources and options. The vast majority of the Wilbur crew is mortaged to the hilt just to be there, so "going bare" isn't even an option.

You just keep being you.

Nah, but admirable backstroke effort there. You never disappoint.

 

[FisherWilcoxTaggart Survivor]

Nah, but admirable backstroke effort there. You never disappoint.

LOL. You are the backstroker here, trying to recast your original absurd post as something different (but still quite bad).

Harvard ain't what it used to be.

 

[NoleSince1961]

LOL. You are the backstroker here, trying to recast your original absurd post as something different (but still quite bad).

Harvard ain't what it used to be.

Nothing absurd about it at all (although your clever response mentioning "casualty insurance" was indeed pretty lame)

Invest 98

It’s already very windy here but the air is much cooler than a summer storm would be. Live pictures from the beaches are crazy. Seafoam is covering A1A in Vilano Beach

floridastate.forums.rivals.com

 

[DFSNOLE]

LOL. You are the backstroker here, trying to recast your original absurd post as something different (but still quite bad).

Harvard ain't what it used to be.

That's a little man attempt at an insult.

 

[Spearhead04]

Too many people filing fraudulent claims over the last several years. How many of you have had some clown knock on your door telling you they can get you a new roof for some bogus nonsense.

 

[surfnole]

Too many people filing fraudulent claims over the last several years. How many of you have had some clown knock on your door telling you they can get you a new roof for some bogus nonsense.

Makes me wonder if insurance companies should give full replacement value for a new roof. Instead like they do with cars give the remaining value. My neighbor got a new 75k roof when it was 25 years old. I got a new roof even though mine was toward the end of life. A roofer came out and inspected and said there was hail damage even though the storm had occurred a couple of years ago. No attorneys involved but I filed the claim with insurance just to see if they would pay for a new roof and they did.

On the flip side insurance companies won't insure a house on a new policy if the roof is 15 years or older roughly. Roofs can go far past expected life. If I can repair a leak on an old roof for a decent cost I'll do that rather than get a new route. Keep repairing until the economics makes sense of replacing it.

 

[FisherWilcoxTaggart Survivor]

Too many people filing fraudulent claims over the last several years. How many of you have had some clown knock on your door telling you they can get you a new roof for some bogus nonsense.

Florida's Department of Financial Services supposedly regulates this. But it's a bit of a paper tiger, as the department lacks the resources to REALLY chase significant fraudsters. They look for low-hanging fruit and then loudly announce "those" successes.

The water remediation industry has more than its fair share of sleazy actors.....notorious for submitting bogus or grossly inflated "claims."

 

[dero316]

If anyone wants to read the Florida Legislature work on the property insurance crisis:

https://www.myfloridahouse.gov/Sect...umentType=Bill&BillNumber=0001A&Session=2022A

First six pages summarize the bill but key provisions are they will be abolishing the one-way attorney’s fees statute in property insurance lawsuits and assignments of benefits in property insurance claims.