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Can anyone even get (good) insurance in Florida at this point? I believe many large insurance providers have backed out of Florida over the past few years by ma

Can anyone even get (good) insurance in Florida at this point? I believe many large insurance providers have backed out of Florida over the past few years by making their rates so astronomical that there's only one obvious goal.

toomuchtodo 4y ago
Kin Insurance covers my Florida property at ~$400k of replacement coverage with reasonable deductibles for $1800/year. I am not on the water, the property is significantly above sea level with a new roof, and I have done every mitigation recommended by the insurer (wall to roof strapping, water barrier between shingles and decking, shutter supports, etc).
- Kon-Peki 4y ago
  That sounds affordable as long as you have a decent job. As a point of comparison, however, up here in northern Illinois, you can get 2-3x the replacement coverage from a name-brand national insurance company for that price. And we do have tornado risk. Which is to say that your insurance is expensive, but I wouldn't call it a barrier to living there. Much like property taxes - if you saw my bill, you'd probably fall out of your chair. Turns out the total cost is high everywhere. ;)
  - deleted 4y ago
    [deleted]
giantg2 4y ago
If people focused on functional/survivable structures, then it wouldn't be an issue. Initial construction might be 1.5x-2x the cost, but it'd be better than rebuilding every couple decades. But I guess they wouldn't be as pretty as they'd want.
- iskander 4y ago
  Miami has the sturdiest residential construction materials of any city I have lived in. Cinderblock is extremely common. It still doesn't save your home if you build at 5ft above sea level and a hurricane brings 15ft of storm surge.
  - giantg2 4y ago
    Of course it will still be a mess. Most of the pictures I've seen on the news have been stickbuilts that are completely trashed.
  - matthewdgreen 4y ago
    All new construction in Sanibel, FL (which got hit hard by Ian) is required to have one floor of "sacrificial space" above which finished living structure can be built. In most homes this is a garage or above-ground storage room with no drywall, and all electrical connections at least several feet off the floor. This doesn't make storm surge cost-free and we have yet to see whether it was enough for Ian, but I doubt the storm surge reached more than 6ft.
    - guelo 4y ago
      It was way more than 6ft at Fort Myers Beach which is the same area as Sanibel: https://v.redd.it/l0w7syf7zvq91 https://v.redd.it/l0w7syf7zvq91
    - MrMan 4y ago
      it was 8-9ft in that area I think
    - mcculley 4y ago
      I run a tugboat company. We are moving a barge and equipment to Sanibel Island right now. We expect months of work removing debris to the mainland and moving construction equipment to the island. The system is working as designed.
woah 4y ago
> only one obvious goal Running a functioning insurance? If you want to pay rates which allow them to rebuild your home for you every ten years (annual rate = your home's cost / 10), I'm sure they'd be more than happy to do it and collect their small profit.
ClassicOrgin 4y ago
Being realistic for a second this storm probably killed every remaining private insurer and Citizens (state ran last-resort insurer) will probably have to be bailed out.

toomuchtodo 4y ago

Kin Insurance covers my Florida property at ~$400k of replacement coverage with reasonable deductibles for $1800/year. I am not on the water, the property is significantly above sea level with a new roof, and I have done every mitigation recommended by the insurer (wall to roof strapping, water barrier between shingles and decking, shutter supports, etc).

Kon-Peki 4y ago
That sounds affordable as long as you have a decent job. As a point of comparison, however, up here in northern Illinois, you can get 2-3x the replacement coverage from a name-brand national insurance company for that price. And we do have tornado risk. Which is to say that your insurance is expensive, but I wouldn't call it a barrier to living there. Much like property taxes - if you saw my bill, you'd probably fall out of your chair. Turns out the total cost is high everywhere. ;)
- deleted 4y ago
  [deleted]

giantg2 4y ago

If people focused on functional/survivable structures, then it wouldn't be an issue. Initial construction might be 1.5x-2x the cost, but it'd be better than rebuilding every couple decades. But I guess they wouldn't be as pretty as they'd want.

iskander 4y ago
Miami has the sturdiest residential construction materials of any city I have lived in. Cinderblock is extremely common. It still doesn't save your home if you build at 5ft above sea level and a hurricane brings 15ft of storm surge.
- giantg2 4y ago
  Of course it will still be a mess. Most of the pictures I've seen on the news have been stickbuilts that are completely trashed.
- matthewdgreen 4y ago
  All new construction in Sanibel, FL (which got hit hard by Ian) is required to have one floor of "sacrificial space" above which finished living structure can be built. In most homes this is a garage or above-ground storage room with no drywall, and all electrical connections at least several feet off the floor. This doesn't make storm surge cost-free and we have yet to see whether it was enough for Ian, but I doubt the storm surge reached more than 6ft.
  - guelo 4y ago
    It was way more than 6ft at Fort Myers Beach which is the same area as Sanibel: https://v.redd.it/l0w7syf7zvq91 https://v.redd.it/l0w7syf7zvq91
  - MrMan 4y ago
    it was 8-9ft in that area I think
  - mcculley 4y ago
    I run a tugboat company. We are moving a barge and equipment to Sanibel Island right now. We expect months of work removing debris to the mainland and moving construction equipment to the island. The system is working as designed.

woah 4y ago

> only one obvious goal Running a functioning insurance? If you want to pay rates which allow them to rebuild your home for you every ten years (annual rate = your home's cost / 10), I'm sure they'd be more than happy to do it and collect their small profit.

ClassicOrgin 4y ago

Being realistic for a second this storm probably killed every remaining private insurer and Citizens (state ran last-resort insurer) will probably have to be bailed out.