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Rainmaker
2,641,192
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Insurance going nuts in California and elsewhere too. All these massive pay-outs from flooding, fire, earthquake and claims are now being charged to the insurees so the insurors can recapture funds paid-out. Where does this end?

Oct 23, 2021 01:19 PM
Ambassador
3,038,660
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Haven't had any insurance problems here at all, not me or any clients I know of.  What kind of "requirements?"

 

Oct 23, 2021 10:42 AM
Rainmaker
4,096,583
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Sometimes when it rains, it pours. . .  

Oct 24, 2021 06:20 AM
Rainmaker
4,205,996
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

My insurance agent, while active in the Florida market, retired and moved to the Carolina's a few years after I moved to Chicago. Florida has many insurance pitfalls. Good luck!

Oct 24, 2021 04:46 AM
Rainmaker
1,722,500
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Diana Zuccaro was talking about this recently. Nothing going crazy around here in IL.

Oct 23, 2021 01:21 PM
Rainmaker
6,603,303
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Before moving to Florida, retirees now need to check on the availability and the cost of insurance.

Oct 23, 2021 12:32 PM
Ambassador
5,405,937
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

So many continual issues in Florida, I can understand why insurance companies may be looking to insulate themselves from future payouts.

Oct 23, 2021 12:25 PM
Rainmaker
610,936
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Yes, insurance companies in Florida are pulling out of the state and giving the remainder of the companies the opportunity to charge higher rates.

Eve

Oct 24, 2021 06:34 AM
Rainmaker
960,561
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Peter, Are you asking about insurance in general or specifically homeowners or auto?  I posted a few months ago about the increase to our auto insurance and ended up changing companies to get a slightly more reasonable premium. Our HO policy (condo) went up some this year but not that bad considering we are on the coast. 

I have heard from owners of SFRs that their HO insurance companies said the increase was due to fraud from the hailstorm last year. Apparently some unscruplous roofing contractors offered "free"inspections then replaced the roof as a damage claim to the insurance company. There was legislation passed in FL this year that is supposed to prevent that type of thing from happening in the future but I don't know the details.

  

Oct 23, 2021 10:06 PM
Rainmaker
742,806
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

What kind of requirements are you seeing? I know of one insurance company that requires their buyer to go above and beyond what others are requiring such as sending them a home inspection and making repairs. Otherwise, we're not seeing big issues in NC.

Oct 23, 2021 10:08 AM
Ambassador
3,054,625
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Whew ... I hope you get the help you need Peter Mohylsky. Broker -BRIX REALTY 

Parked and Reading

Oct 23, 2021 08:54 AM