TJT
Mr. Poopybutthole
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What caused this to reach the current critical state it is in? As this all seems to have happened in the past few years.
Home buying thread
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Palum
what Suineg set it to
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Palum
what Suineg set it to
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I am curious as well. My 'saw a headline once' knowledge was that the policies were driven to high prices due to excessive storm damages and effectively only dumping the high risk people after a loss (to state insurance) basically contaminating the risk pool and making it impossible to cheaply insure in the state. I would be curious about more details especially since we will inherit a condo on the FL coast at some point.
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TJT
Mr. Poopybutthole
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I get that Florida accounts for some 70% of litigation for roof replacement in the USA. As due to various things and the behavior of the courts you have a conflux of predatory lawfare, people you can reliably present as sympathetic victims, and loose requirements for what counts as storm damage an insurer is forced to cover. Also systematically preventing out of court arbitration and thus dramatically increasing costs.
Thing is that can't be the only reason. It isn't like Florida storms are an unknown quantity. Western people have been living there since the 16th century at this point. So it must be something else on top of the current state of fraud nonsense.
Thing is that can't be the only reason. It isn't like Florida storms are an unknown quantity. Western people have been living there since the 16th century at this point. So it must be something else on top of the current state of fraud nonsense.
Sanrith Descartes
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It all started with Andrew. Insurance companies took it in the ass and its been a downward spiral ever since. The irony is that Andrew began the renaissance of building code improvements and new houses here now are near bulletproof to storms. They just refuse to write policies. Correct that. Most have capped to a certain number of policies and when they are at that cap hey stop writing new. Some companies flat out left the market, but stayed for the lucrative auto policies however.
I am normally the last one to want government intervention but its a situation that cant be fixed otherwise. If you have a mortgage you "must" have insurance. If no one will write you a policy the mortgage holder doesn't care and you are in breach of contract. Its not the home owner's fault if they cant buy insurance. But legally it doesn't matter. So you can't let the market do its thing and and let the 3rd largest US market just stop buying their products and wait them out. Home owner's don't have the luxury of time because they have to have insurance.
Almost all folks I know in S Florida (the absolute shittiest market for insurance in FL) who have no mortgage only have liability/fire etc policies on their houses, no windstorm riders (the hurricane coverage). So instead of paying $8k a year in insurance just for the windstorm coverage they just bank the money. If a new roof costs $60k they are betting they can avoid a major storm for 8 years and are thus covered for the cost of a new roof after that. People with mortgages and the poors cant do this though.
Maybe there needs to be a way for owners with mortgages to be able to post some sort of bond for a roof replacement. I don't know, but the current system is broken and cant fix itself.
edit: I want to add that there is some blame to be had on homeowners. Roofs, like everything else need maintenance. People will just totally ignore a roof forever. Its fucking plywood. Eventually time does what time does. So one has to wonder how many roofs that get fucked by storms are already rotted to shit.
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Sanrith Descartes
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I am seeing more people start shifting to metal roofs. I wonder if this is ultimately the direction we need to go here.
Lanx
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Sanrith Descartes
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