It's a good thing their Republican Leaders are working hard to help them with this issue.
this post was submitted on 23 Oct 2023
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Obviously woke insurance companies are to blame!
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The weather doesn't listen to legislators.
Won't stop them from trying! The general assembly in NC literally outlawed taking ocean rise into account for determining insurance rates 🤣
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Can we build a wall to prevent them crossing the border to America?
Doesn’t matter to me, they think I live in a third world communist hell hole so they won’t move where I live anyway. Never thought I would say this but… thank you Fox News!
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Sell their homes to who? Is this like a NFT, always a bigger fool, kind of thing?
Fucking Aquaman?
To landlords, who will charge arbitrarily high rent, secure in the knowledge that they aren't in a free market due to inelasticity of demand (people can't do without shelter) and supply (there are finite places to live). That will let them pay the insurance premiums homeowners can't afford.
Premiums they will then offload onto renters keeping their margins.
Landlords are not immune from the market. It’s not truly inelastic in that people have a choice of where to live. Climate change will eventually suppress demand and thus prices for many parts of Florida.
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Republicans who want to jerk off to DeSantis and let some racial slurs fly without social opprobrium.
That's who has been moving there since 2020 or so.
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They were laughing at Californians when it was happening to us (very very recently) thinking that it was the result of "liberal policymaking".
Well, how does it feel, Florida? Are you ready to put aside our differences and go after our real common enemy, the for-profit insurance industry and climate deniers? Because I promise you, this is only going to get worse unless we force them to change things.
I'm sure DeSantis can fix this by just "fighting woke" more, right? /s
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Insurers aren’t really to blame here. Florida is a fundamentally high-risk place to build and live now, and will continue to get worse for the foreseeable future due to climate change. Even a non-profit insurer would need to price Florida insurance at a premium, lest its funds be exhausted when the inevitable category-6 hurricane hits the state.
Arguably the ones most to blame (after the fossil fuel industry, for putting us in this position in the first place of course) is corrupt politicians and developers who allow such shoddy construction in the state in the first place.
We don't just allow construction in risky places, we subsidize it. If you're an owner or developer and you wanna put your own money at risk by building in risky places, you should be allowed to do that. Just don't expect me to pay for it through taxes and FEMA flood insurance.
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Honestly I'm on team insurance in these cases. The US is filthy rich and we have tons of highly habitable land. Why are we wasting resources subsidizing some people choosing to live in comfortable, risky locations?
For those stuck in poverty: that does suck but I consider that an independent issue.
Free hand of the market is giving them an invisible bitchslap.
Soon they'll be "free" from insurance.
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It's interesting to me that insurance companies are becoming the chief drivers of the preparation for climate change: "Wanna build a house in the woods? On a sandbar? GTFO. Use your own money."
Since humans invented math and fossil fuels, this moment was inevitable. The writing has been on the wall in Florida for ten years.
I forgot the actual statistics, but it's something crazy. Like Florida constitutes 8% of the country's homeowners insurance policies, but 80% of all homeowners insurance litigation. Florida real estate is a ponzi scheme now.
They've got miles and miles and miles of roads in Florida lined with 10-million dollar, beachfront houses, all of which will sooner than later be buried under 25 ft of seaweed for the next thousand years. The question is who will be left holding the bag on all that risk?
I'm certain the Republicans in the Florida legislature will let the insurance companies off of the hook before too long here, and will leave working people holding a bunch of worthless real estate, just waiting for climate catastrophe to wipe everything away.
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Whatever it takes to finally get people to realize that living in a disaster zone is a terrible idea.
The current crisis isn't so much about climate change as it is an insurance market so rampant with fraudulent roof damage claims that the market can't bear it. FL legislature tried to correct this but before the law took effect a flood of claims were filed.
Climate change will only make this worse, ofc.
My understanding is that the substantial majority of roof damage claims were legitimate and attributable to predatory roofing companies that would finance and install new roofs after a storm at a huge discount, they'd install a shitty fucked up roof, then would sell the debt to a third party servicer, and then the roofing company would close up shop, rebrand under a new name, and do it again. By the time the roof fails, the original company is long gone leaving the homeowner and the insurers holding the bag.
The legislature and the insurers realized they had a impending consumer crisis and loosened the laws about paying these claims, and essentially opened the door to the fraud.
I wonder if the real issue at this point is that Florida just attracts fraudsters. It was their laws that allowed contractors to have a revolving door of LLC's.
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Free market win?
I mean rebuilding houses in regions every 5-20 years was never gonna come out on top.
Not being able to sell them (except for 10 cents on the dollar of what they paid) when they cannot be insured will be the next shock.
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It won't be long, and in Florida the cost for the mortgage will be neglectable in comparison to the costs of insurance.
The big downside will be that Floridians will move out of Florida and spread elsewhere. Maybe it is time for Georgia and Alabama to invest in a massive fence?
Negligible.
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Insurance typically works off historical data to evaluate risk from my understanding, and having something as disastrous as the Miami beach condo collapse bodes a bad sign for insurance companies, especially given the terrible and absolutely incompetent rescue effort during the aftermath.
By the way, I'm shocked at how quickly the Miami condo collapse left the news cycle.
Iirc Florida passed some kind of law requiring coverage no matter where a structure is. And the only way the companies could make it work was massive premium increases because the places they're being forced to cover literally have to be rebuilt every year. This was after the federal government said it wouldn't offer disaster insurance on those zones anymore.
To be fair to Florida, that condo was built pre-Andrew and they revised their entire building code after Andrew. There aren't too many large building built pre-Andrew anymore because they were all built as cheap as possible to laundrr drug money.
That being said, there are a million reasons why i would never move to Florida, and the only building codes that can prevent your house getting inundated by flood surge is by putting it on stilts, so no shocker that the premiums are skyrocketing. Same with fire insurance in California right now.
The building collapse was due to bad building code for sure; however, the apathy that followed the tragedy, both from rescue workers and the public at large, was really disheartening.
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lol @ all the people who fled the northeast because “Florida is cheap…”
Even the second place finisher of the Carolinas has gotten too expensive.
Everywhere is expensive now. Sad reality.
Greedflation is real
My rent went up 24% this month. Now I'm paying half of my income to one corporation
More than my parents mortgage on their house
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People move to Florida for the same reason why people use to move to California. So you wonder when housing prices will absolutely soar. Also, lack of natural disaster preparedness is something that can't be ignored in Florida. Deregulation won't solve that problem.
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That's the free market meeting climate change. It will get worse.
So much for DeathSantis utopia. Go back to Florida and don’t bring your Nazi politics to my state.
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according to a SelfStorage
Lol, what?
It’s a storage unit company, so presumably they have their own moving service or often connect people with other moving services. They’d be able to see the trend
Yeah... that still seems like some extremely flimsy evidence to base an article on.
Edit - didn't notice this was from Newsweek. "Journalism"
Maybe I should connect them with my local bartender. He's full of information. Qualification? He talks to people.
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Would be sick if we could pull a Looney Tunes and saw the fucking thing off from the rest of us. Let it float away and sink into the Atlantic.
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