JC finds new way to scr*ew Florida taxpayers on homeowner's insurance

I wouldn’t touch Florida with a 40 foot pole.

{{ Yes, Lucas said. And then the former corporate attorney laid out how this system has enabled him to become one of the most successful and influential insurance executives in Florida.

“You get to cherry-pick the policies,” Lucas said, describing how he has been able to select hundreds of thousands of favorable policies — and the revenue that comes with them — from Florida’s state-run Citizens Property Insurance Corp. “You are underwriting and cherry-picking the best policies,” he added, “leaving kind of the worst ones there [and the responsibility of Florida taxpayers].” }}

I’m pretty sure that the average resident of The Villages sees Hunter Biden as the problem.

intercst

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Love going to Florida. The people are nice, the sand is unbelievable. The fishing is great. But I do not want to live there. A lot to do and a fun vacation spot.

Andy

Florida is the worst, but property insurance wherever there are oceans or significant drainage systems is about to surpass municipal, county, and state employee pensions as insanely dangerously underfunded nightmares.

david fb

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Why is Florida the worst david?

Andy

I certainly don’t want to speak for others, but I’m going to read between the lines and take a wild guess that he thinks Florida is the worst because property insurance wherever there are oceans or significant drainage systems is about to surpass municipal, county, and state employee pensions as insanely dangerously underfunded nightmares.

Call it intuition.

I could be wrong though.

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Oh you got me right enough.

  1. Florida has lots of low seaside currently high valued homeowner properties (and some other problematic stuff), and I expect all of that to be in various forms of sea rise danger;

  2. Made worse by what is a probable trend of increasing hurricane frequency and power;

  3. Made utterly mega-catastrophic by Florida government, Kowtowing to seaside idiots who can no longer (AMAZEMENT!) get normal private property disaster insurance, by said government kneejerkedly providing what amounts to magical gubbermintal homeowner disaster insurance that is backed by taxpayers who own property…am I becoming repetitive?

  4. So, Florida Real Estate is in bubble dynamics. Those usually mean prices vibrate upwards before finally crashing All the Damn Way Down, ugh.

david fb

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Over the next five years or so much of close to the Ocean real estate will not be insured in Flordia. The property values will crash. That wave might be the biggest of them. People will suddenly stop moving to Florida. There is a very high risk of this right now.

Or people will learn to build hurricane resistant buildings. Will cost more but should save on insurance.

The tradition of light cheap housing is coming to an end if you want insurance.

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Yes, and if enough do so that would help. But flooding for various reasons has also gotten worse and will continue to worsen, and so retreat or building hurricance proof buildings on stilts (oooh, now there is an interesting engineering problem) is necessary and even more expensive.

After rare troubles for decades Long Island Sound adjacent properties are in similar water and storm rise trouble. The response is sane – some governments are pushing and planning and subsidizing retreat or hardening and stilting, but NONE are issuing idiot rescue today’s and screw next decade’s voters fact defiant insurance for endangered properties.

d fb

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That has nothing to do with anyone visiting Florida. But buying a house there is another thing all together. I was talking about vacationing. With all the things to do in Florida, Disney World, Snorkeling, Fishing, white beaches. It really is a fun place to go, but like I told my Sister. I would never buy a place there.

Andy

If you look at the new homes being built in Florida you will notice they all use cinder block construction to meet hurricane building codes. Near the coast the ground floor is for parking and storage. Unfortunately, this also makes for taller homes which changes the character of older neighborhoods.

DB2

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“Or people will learn to build hurricane resistant buildings.”

It’s funny if you look at the houses they were building in Florida in the 1950’s they were low, concrete block structures. Perfect for hurricanes, except for the surge of the ocean. Then they seemed to forget that. Now they are building homes on Stilts, perfect for the surge of the ocean but not so well for the winds. They did build a community that has done well with hurricanes, but it isn’t on the ocean.

https://www.fastcompany.com/90980529/in-florida-these-houses-are-being-built-to-withstand-hurricanes-and-slash-electric-bills#:~:text=Babcock%20Ranch%20is%20another%20sustainable,680%2C000%20panels%20on%20870%20acres.

The problem with Florida is that the highest point in the state is 345 feet. That will be problematic for any home in FLorida.

Britton Hill - Wikipedia)%20southeast%20of%20Florala%2C%20Alabama.

Andy

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For Andy.

Marjorie Keenan Rawlings (The Yearling) wrote a series of essays about life on a Florida orange Grove in the 1930-40s.

:high_brightness:
ralph liked the essays

Read The Yearling, too … Which is an ode to abject human misery. :grin:

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Eeeeeeeyup. As analyzed here earlier in 2023…

I’m not sure there is a more certain way to destroy your net worth then being an average income person living in Florida over the next 15-30 years. If you’re wealthy and housing costs are a fraction of your income and worth, no worries. If your mortgage is a third or more of your take home pay and you live in Florida, you are virtually assured of taking a huge loss on your residence due to some weather / climate calamity. A loss you may never recover from.

WTH

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