Florida car insurance increasing at alarming rate ...
- Thread starter odie
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Owen Lucas
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Historically, living next to bodies of water has never been safe. Many of these areas were flood zones for eons before man declared them flood zones officially.
Rivers and coasts move overtime naturally. We’ve had weather extremes over the last centuries and before industrialization that would be Greta Thunburg’s head explode had any of the environmentalists looked back into history.
Insurance rates have gone up due to abuse by roofers, fraud rings, and politicians reacting too slowly to make needed changes to state insurance regulations. This is all in the name of optics and guaranteeing successful re-election campaigns. Now it’s too little too late.
Risky state coupled to government that believes is loose regulation and insurers pulling out is a train wreck.
Feel bad for lifelong residents however people moving in which Floridians seem proud of can afford it and displace those who cannot.
Feel bad for lifelong residents however people moving in which Floridians seem proud of can afford it and displace those who cannot.
Patman
Staff member
I’m one of the lucky ones, my insurance just came down by $11 a month. I now pay $216 a month for both cars. My rates would be a lot higher if I were to move to one of the suburbs right next to Toronto though (Brampton and Mississauga both have much higher rates)
I just learned today that these fancy auto accident avoidance systems are causing insurance companies to total the car instead of fixing it. One out of five cars today are getting totaled due to the cost to fix these systems. What do you think the cost of insurance is going to be in say five years with 1 out of 5 cars totaled. Then add in the cost to repair EV's where totaling the vehicle is cheaper than replacing the damaged battery?
1 In 5 Crashed Cars Now Totaled By Insurance Firms, ADAS Partly To Blame
1 In 5 Crashed Cars Now Totaled By Insurance Firms, ADAS Partly To Blame
Yep. It's called gentrification. Just on a macro scale, not neighborhood.
https://en.wikipedia.org/wiki/Gentrification
This has been going on since Columbus landed in the NE. Populations will naturally migrate based on declining resources (of their definition) to areas of higher resources (again, their definition). This could be due to bigger homes for less money, lower taxes for same income, better schools due to "higher" comparative income due to a "better" neighborhood, etc.
It's the movers into the area and what they are moving there for.
Regarding the insurance issue, most of the folks moving into the area can afford it, otherwise they wouldn't be moving into FL - this in turn prices out the original homeowners and that's capitalism at work.
It's not fair it is happening to the original Floridians, but that's just the way capitalism and economics work. They are being "priced out" of their own neighborhoods.
The cycle continues onward. Eventually, when the areas flood too much and the cost becomes to much, the newer folks will move out and the land will become lower priced once again.
I think liability only is a ton easier as it becomes insurance company problem in accident as you and likely lawyer you hire not experts at settling at fault claims at best compromise for all parties.
Liability is not too crazy especially if you carry umbrella.
How many people think this through? I bet there are plenty of Californians/ New Yorkers who retire, sell their million dollar houses, see a $250k house two feet above sea level in Florida, buy it with cash, and then and only then shop for insurance to find high rates. Then they're shocked-Pikachu. Maybe that house was comparatively cheap because it was hard-to-impossible to insure and therefore finance.