https://www.cnn.com/2024/10/11/business/citizens-insurance-hurricane-milton/index.html


No one will be able to insure property there. I was considering a condo in the South Beach/Miami Beach area, but just no chance now

If you are in California don't look in the mirror. We are in crises mode already, but most people don't know or care.

Our largest insurers have left or decided not to write new policies, for a variety of reasons, such as wild fires or insurance commissioner action. And in California it is way beyond just wild fires. Many Cali home owners are now starting to go bare, transactions are cratering and on the commercial side (which is less regulated), premiums are escalating at a scary pace (Newsom is pushing legislation to allow increases so more companies don't leave), which translates into more inflation, as costs are passed on to tenants, who in turn, pass through some or all of the costs to consumers. There now are vast areas you can't sell your house at a value of above the fair plan max - which is most of you on this board), if your buyer has to use a conventional lender that insists on certain insurance levels (e.g., Laguna Beach). I'm sure any real estate brokers on the board want to chime in. But it is way beyond just fire areas. Those of you with your nest eggs tied up in home equity, might want to think seriously about moving that equity to portfolio investments.

I'm picking the most general articles I can find to discuss the crises here. Just how bad the Cali market is would require a discussion of why surplus and non-admitted carriers do not write new Cali policies anymore (at least to new cutomers), and this board seems to want to avoid detail. This is not really a right vs left issue, but I'm sure it will become one here.

Researchers reveal a hidden factor in California's ...Berkeley Newshttps://news.berkeley.edu All news


Florida, California insurance crisis is spreading. Is your ...CNBChttps://www.cnbc.com 2024/07/02 florida-california-i...

California's home insurance crisis: What went wrong, how it ...Los Angeles Timeshttps://www.latimes.com business story californias-i...

Here's why you can't get home insurance in CaliforniaUniversity of Californiahttps://www.universityofcalifornia.edu news heres-wh...

How+California’s+Homeowners+Insurance+Crisis+Is+Affecting+Brokers

https://www.insurancejournal.com/news/west/2024/07/23/785223.htm

I will enjoy the debate from a far. Seriously, if you live in CA and are relying on home equity for retirement, reconsider your retirement strategy.

wifeisafurd said:

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If you are in California don't look in the mirror. We are in crises mode already, but most people don't know or care.

Our largest insurers have left or decided not to write new policies, for a variety of reasons, such as wild fires or insurance commissioner action. And in California it is way beyond just wild fires. Many Cali home owners are now starting to go bare, transactions are cratering and on the commercial side (which is less regulated), premiums are escalating at a scary pace (Newsom is pushing legislation to allow increases so more companies don't leave), which translates into more inflation, as costs are passed on to tenants, who in turn, pass through some or all of the costs to consumers. There now are vast areas you can't sell your house at a value of above the fair plan max - which is most of you on this board), if your buyer has to use a conventional lender that insists on certain insurance levels (e.g., Laguna Beach). I'm sure any real estate brokers on the board want to chime in. But it is way beyond just fire areas. Those of you with your nest eggs tied up in home equity, might want to think seriously about moving that equity to portfolio investments.

I'm picking the most general articles I can find to discuss the crises here. Just how bad the Cali market is would require a discussion of why surplus and non-admitted carriers do not write new Cali policies anymore (at least to new cutomers), and this board seems to want to avoid detail. This is not really a right vs left issue, but I'm sure it will become one here.

Researchers reveal a hidden factor in California's ...Berkeley Newshttps://news.berkeley.edu All news


Florida, California insurance crisis is spreading. Is your ...CNBChttps://www.cnbc.com 2024/07/02 florida-california-i...

California's home insurance crisis: What went wrong, how it ...Los Angeles Timeshttps://www.latimes.com business story californias-i...

Here's why you can't get home insurance in CaliforniaUniversity of Californiahttps://www.universityofcalifornia.edu news heres-wh...

How+California’s+Homeowners+Insurance+Crisis+Is+Affecting+Brokers

https://www.insurancejournal.com/news/west/2024/07/23/785223.htm

I will enjoy the debate from a far. Seriously, if you live in CA and are relying on home equity for retirement, reconsider your retirement strategy.

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for sure, I'm shocked that State Farm has not canceled our policy already. I think maybe because we did the discount double-check

BTW, on the ocean front condo side, there were already insurance problems in south Florida due to the Surfside Condo collapse. The insurance market has not come back, and a lot of beach or intercoastal large condo developments failed. Florida Market Still Reeling from Surfside Condo CollapseCRC Grouphttps://www.crcgroup.com Tools-Intel post florida-...

wifeisafurd said:

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BTW, on the ocean front condo side, there were already insurance problems in south Florida due to the Surfside Condo collapse. The insurance market has not come back, and a lot of beach or intercoastal large condo developments failed. Florida Market Still Reeling from Surfside Condo CollapseCRC Grouphttps://www.crcgroup.com Tools-Intel post florida-...

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A really informative article. Good to see insurers are scrutinizing building integrity, maintenance and financial backing of developers and associations a lot more. The Champlain Towers association info was wild.

My dream of a Miami Beach condo is gone. Maybe Hawaii will be better, but I have worries there as well.

Fake Town Hall said:

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SBGold said:

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wifeisafurd said:

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BTW, on the ocean front condo side, there were already insurance problems in south Florida due to the Surfside Condo collapse. The insurance market has not come back, and a lot of beach or intercoastal large condo developments failed. Florida Market Still Reeling from Surfside Condo CollapseCRC Grouphttps://www.crcgroup.com Tools-Intel post florida-...

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A really informative article. Good to see insurers are scrutinizing building integrity, maintenance and financial backing of developers and associations a lot more. The Champlain Towers association info was wild.

My dream of a Miami Beach condo is gone. Maybe Hawaii will be better, but I have worries there as well.

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I wouldn't plan on retiring if I were you. Trump will be rounding you up and sending you to one of his re-education camps after the election. You will learn to love Big MAGA like Winston Smith loved Big Brother.

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We are all well aware that Trump admires Hitler and the concentration camps. Mein Kampf is his Proud Boy playbook