420,000 Homeowners to lose their Insurance!

Tonight, citizens property insurance is now dropping more policies. The state-backed insurer is now under one million policies. But not everyone is happy about this, including those being priced out of paradise. If there ever was a series of catastrophic storms and citizens couldn't pay its claims, non-citizens Floridians or non-citizens policyholders who have insurance, you would face an assessment. So I got so mad at the computer screen when I watched this video that I wanted to punch it. I wanted to punch the computer screen when I heard these politicians talk. Listen to what they got to say. Homeowners frustrated that you're being forced off of citizens in this takeout process and into the private insurance market. Now this process has slowed down during hurricane season, but now that it's over, citizens is sending out tens of thousands of these takeout offers again. Another round going out next week. And with that comes another round of emails back into me with homeowners fearful they're going to be priced out of paradise. So this probably affects you just like it affects me. If you live in the state of Florida, if you have citizens insurance, just prepare to get dropped. Forced off of citizens to a new insurance company, quote, we're told that this is within the 20% mark of the citizens renewal fee. That may be the case for this year. But next year, who knows what the renewal fee will be? She said she's one of about 428,000 people so far this year that citizens has moved off of its books and into the private market in what they call the depopulation process. You've let them mess around with so many of the rules and the rules for litigation and you've let these, these lawyers and politicians bounce back and forth continuously until we've got an insurance crisis. This crisis is so bad. This could be the thing that absolutely tanks the real estate market in the state of Florida. It's already crushing the condo associations, the condos. Nobody wants to touch that junk with a 10 foot pole. Okay. And then now all of a sudden you're just going to get on the internet or on television and say, Oh, well we're doing such a great job with the state legislature. We've crashed the condo world. Now let's crash the housing market at the same time by the same insurance companies. It's 100% disabled and our house payments will increase for certain. The only question is, will it increase so much that we lose our home? I took her frustrations straight to citizen CEO Tim Serio. It's so difficult. I mean, you, your, your heart goes out to folks that are facing hardship. Nobody wants their rates to go up. Who says despite these real fears of rising rates, there is reasoning behind it. Because of the way the Florida statutes reads and the rates that we've been given, they're paying a lower rate than they would be in the private market. And so as the market recovers and comes in, folks are taken out. You don't want a government created insurer competing with the private market, lower price. Okay. It was expensive then. And you are constantly changing the rules, especially on what's a flood zone, what price range you need flood insurance when you're not even in a flood zone. And you're adding all kinds of roof inspections and everything possible to depopulate you. You depopulated my friends for handrail, everything possible to get us out of the citizens program, to get us to another policy that they've put so many doggone regulations on insurance companies that not only don't want to play the game anymore, and the ones that are playing the game, they're like, well, here's our price. And it's way higher because there's so much fraud in the civil litigation world from all these politicians up there on the state Capitol. It's basically like the guy said, well, we gave you a break for all these years or your first year. So good luck, go off and have fun. You graduated. They're saying they'll depopulate you to another provider and you'll only see a 20% increase until the next year when they go to re-up your premium again, they're going to demand all kinds of maintenance to your house. If you've got an older roof, good luck with that. If you're a house that happens to be old and you've got questionable wiring that happens to be old, you got plumbing that happens to be old, you've got a lot of things on your house that may need to go up to the building code that they've readjusted again. You're going to get hammered with a much higher insurance policy. I'm not an insurance agent. I'm just telling you the what for right now. They are going to take your insurance premium and they're going to raise it. And if you escrow your insurance with your mortgage, your mortgage, what you pay monthly, your mortgage, your taxes, your insurance, it's going up. Your payment is going to go up. I've talked about this in quite a few videos and this is the real McCoy of this. The tax assessor is going to raise your taxes too because he's going to say he's got to pay for all these hurricanes and they've got to do all these things and then they've got to redo all these roads and they just make crap up. And then that 20% the next year, that insurance company is going to raise your premium. And for this guy to say that, oh, well you were paying a lower price on your insurance because it was funded by the state. There's never been a year like this. And it, and again, it's, it's, it's, it indicates that the reforms that the legislature passed, the tort reform is working. You'll let FEMA play it around with all the flood rules to say, ah, well that's, that's over 50% of the appraised value on your house. So you've got to bring the whole house up to new flood codes or you got to demolish the house or sell it for pennies on a dollar. We're sorry. And it's not over yet with these five companies taking another round of policies next week, projections to have a total of 500,000 policies reduced by the end of the year. We tell the agents, please communicate. The agents know when their clients have gotten a takeout offer. And so they can try and whether they have one offer or multiple, they can get good advice from their agent. There ain't no advice. You get a letter in the mail and it says, effective this date, you're going here. This, this company has assumed your policy. You looked up that company up and they're like a one star insurance company. You're never going to hear from these people if you have a claim. And if you do have a claim for whatever it may be, good luck, you ain't finding nobody else. Frustrating. Lower, worse coverage from a company you've never heard of from most likely. This is a political way of saying good luck, sayonara, see you later. Not worried about you anymore. The government's off the hook. It briefed really well. We got it passed. Everybody said yes. It means absolutely nothing. And everybody should be furious about this. You created an out of control private insurance market. You let them geofence and, and pick and choose what policies are going to pick up by geography. You let them have insurance for cars in the state of Florida and not for houses and houses and not for cars and for this and trade that and this, and you've allowed the insurance companies to lobby the building code to constantly change it to all of a sudden roofs went from lasting 30 years, 25 years to 15. And if they're at year 13 or 14, they'll say, oh, well, I just won't take that one. You'll have to go find another carrier, which there's not any, because on some of these houses they've said, okay, we're not going to take that breaker box because those breakers aren't allowed. Or we're not going to take this type of roof under laminate because we don't like that. Or we're going to change the rules, say, well, you can't not take a roof for 15 years unless we change the building code. And it's not up to that building code anymore because they change it every year. There is so much corruption and the housing market, especially when it comes to Capitol Hill that they can't solve a basic problem that they created. And I truly believe it's because they want to regulate everything. You have this circular argument of regulation to where we regulate to solve a problem. We create a new problem. We regulate to solve that problem. We create three more problems. We regulate to solve a problem. We create five more problems. And the politicians haven't even been in real estate to say, wait a minute, that might not be a good idea. Just like I said with condos, it might not be a good idea to do a structural assessment out of the clear blue. When these condo associations have been clearly corrupt for many years, their books can't handle it. They didn't even assess to see if the books could handle it. And then they, oh, we're supposed to absorb a $20 million repair out of nowhere. People that retired are supposed to come up with $150,000, $200,000 assessment. Oh, by the way, we got hit by three or four hurricanes this year. We flooded Tampa. We flooded all these places. They're already trying to repair themselves. Now it's like we're going to jack the price of insurance up. Everybody escrows it. So then what happens? Their monthly payment goes up and they're staring at, I can't afford this now. And then if I move all time housing price, and then I've got to pay for insurance for that house. And I got the interest rate for that house because it's a lot higher, what are we supposed to do? I mean, if you bought a house and you, let's say you're paying a thousand dollars a month, but you know, let's say you're paying $2,000 a month and you had a insurance policy from citizens that let's say was, you know, let's say $3,000 a year. And all of a sudden you get this new company and it says $3,500 a year. And then it rolls over to the next one like, oh, by the way, we're going to need you to fix this. We're going to send an inspector out to just check on your property. Oh, by the way, we see your roof is at 14 years, we're going to need you to put a new one on or we're going to drop you or we're not going to take you back this year. So good luck. Well, now you're staring at forced placement from an insurance company is going to be astronomical. That's going to jack your monthly payment up through escrow quite a bit. And then let's say you find one for five, $5,000. Now would that affect your monthly payment? Quite a bit. What if it went up $600 a month? You weren't expecting that. Single mom, single dad, or you're a family that the economy has just hit really hard. You really got to start asking these questions, how do people afford their houses? Their house has been destroyed from the hurricanes, from flood. The economy is killing us. And here we go with this. This is corruption. This is the pure play of corruption. And what happens? What happens? The FEMA rule, what happens? These investors come in, especially if you're close to the water, pick them up for pennies on the dollar, looking at foreclosure, they cut you a deal, or they'll say your house was damaged. Or let's say you had a claim. You had a claim to citizens, and they're going to use that against you, 100%, and if you tell me, oh, well, there was a hurricane, they're going to find a way to hold it against you. Half of these doggone claims is like having a felony on your record. Like try to get insurance when you've had a claim. That junk is scary. And if you have a mortgage, you got to have insurance. If you don't have a mortgage, well, that's great. But you still are worried about the next hurricane. This is a pivotal problem. These are huge problems. And that is good news for Floridians, especially Floridians who are not citizens customers, who if there ever was a series of catastrophic storms and citizens couldn't pay its claims, non-citizens Floridians or non-citizens policyholders who have insurance, live in Florida, whether it's your home, your boat, car, et cetera, you would face an assessment. And that's something we've desperately tried to avoid, which is why it's so important that citizens shrink. For citizens policyholders, our philosophy is we want to take really good care of you unless and until you find a better policy in the private market. And for some folks, they've been able to be depopulated out of citizens and they've gotten policies that are about the same, maybe even a little lower. This is a political way of saying we're insolvent, guys. So if it does happen, if the thing you paid insurance for does happen and the state of Florida gets hit by an Ivan or something really crazy all at once, we're insolvent and we're going to assess everybody to pay your claim. And then we're going to raise your premium. What kind of corruption is that? It's like a circular argument. We can't pay. We're going to take your premium. And then when it's time for us to pay you, we're going to assess everybody else to pay you to fix your house. Then we're going to change the rules again, jack up your premium some more, and then good luck next time. None of this is working. None of it. This guy must live in a bubble, okay? And I have no idea. He's already dropped me, so I don't have to worry about what I got to say. This guy must live in a bubble. I bet this guy lives in a gated community. I bet he lives nowhere near the water. He probably has a special insurance policy that his buddy got him. He doesn't have citizens, doesn't really care about the people that do have citizens. It is baffling how one-sided these things work. Just like I said before, that most of these politicians that deal with this legislation is not like me and you to have to live with these policies. If they were, they would fix it. They would realize their constituents are hurting because of insurance or houses can't sell because they're uninsurable. That's one of the reasons why the real estate market in the state of Florida is ready to capitulate, and it's because of these stupid policies. If you're a condo owner, you should be wringing these guys' offices off the hook. Everyone from the insurance companies to the state legislature, because these guys are doing nothing for you and you're really taking a haircut in the condo market right now. Comment down below what you think. Do you think I'm right? Do you think I'm wrong? Do you think that something should be done? Do you think the state of Florida is in for it? Let me know because should they be allowed to let you get an insurance policy? You got your home. You're betting you're going to be great living in Florida. And then, oh, by the way, you get a letter in the mail 45 days later that they're going to repopulate you somewhere else and to a company you've never heard from. And you look them up and they're a one or two star. And then, you know, next year that they're going to raise your premium. So you're a young family. You are hoping to have a monthly payment of this amount. And it just went up 30 percent. And oh, by the way, they want me to fix the roof. Oh, by the way, they say that I need a handrail. Oh, by the way, they say that that carport is is attached to the house and they're not going to they're going to drop me now or or there's all these reasons why they can drop me. Frustrating. Like, you really got to wonder who's going to want to actually have a home when you make rules like this that are constantly changing. Let me know what you think down below. Don't forget to like and subscribe. I'll see you guys on the next video. I was really fired up about this one. Oh.