14 Property Insurance Companies Have Left Florida, 7 Have Gone Bankrupt; Caveat Emptor

[hatrack]

Ed. - And yes, this guy is in the real estate business and does have financial motivations, so grain of salt.

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The helpful (and enterprising) Real Estate Salesman (from South Carolina) that I posted on a few months ago, is back, with more warnings about Florida’s property and flood insurance crisis.

Gotta love the free market punishing those who ignored climate risks and sunk their life savings in Florida. The good news – it’s cheaper in Myrtle Beach, S. C. – IF you use his secret system.

He knows his audience – never uses the “C” word, but keeps repeating “Yes, this is REALLY happening..”.

EDIT

https://climatecrocks.com/2023/05/25/its-really-happening-enterprising-south-carolina-real-estate-pro-on-floridas-insurance-crisis/

[underpants]

1. How in the hell does an insurance company go bankrupt?

Katrina wiped out a whole region almost and no insurance company went bankrupt. Isabelle wasted much of Virginia and same.

[Brenda]

2. Insurance is pulling out of FL and LA.

Louisiana is in an insurance crisis right now. Katrina was the first blow...feds, others propped it up for awhile. But the continuing catastrophic storms are devastating coastal states like LA.

https://www.wdsu.com/article/louisiana-house-insurance-incentive-proposal-passes/42735972

BATON ROUGE, La. —
Louisiana House legislators begrudgingly, but with bipartisan support, advanced a $45 million funding bill for an incentive program designed to entice more insurers to the state.

Many described the program as a band-aid solution to Louisiana’s ongoing insurance crisis. Some vocalized their displeasure over the lack of long-term reform options to address the issue that has plagued the state since a series of detrimental hurricanes in 2020 and 2021. And others questioned Insurance Commissioner Jim Donelon’s confidence in the program, which is a revival of the one created in 2006 when insurers packed up and left the market in droves following hurricanes Katrina and Rita.

~snip~

Story is from 2-2-2023 and the vote was 90-8 in favor. Pretty fucking obvious this is desperation.