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   feld (feld@bikeshed.party)'s status on Sunday, 19-Nov-2023 02:23:13 JST feld

   in reply to

   • Merry Jerry 🎄🎅🕎⛄️❄️
   @jerry nah, that's not how this will play out. A lot of people who cannot afford their insurance anymore will be forced to sell and it will drive down the housing market. This is already happening to seniors.
   
   People want their house values to skyrocket but don't want insurance to go up, but that's not how it works. Can't insure properties below their real value...
   
   Also with mortgages requiring insurance and the state backed Citizens insurance is limited to properties valued below $700k has created a Mexican standoff (insert Spider-Man pointing meme). Private insurers have no choice but to pull out: one hurricane and they're bankrupt 😵💫
   
   > Lexington Insurance Company announced that they will discontinue home insurance, sending another 8,000 property owners to search for a new insurer. Lexington specialized in homes worth $1+ million and Citizens will only insure property values less than $700,000, so Citizens was not an option.
   
   Basically all that's left right now is Citizens...
   
   The property values will absolutely correct due to these pressures. There's no other way. Lots of people will lose their homes though, but we have to come to a consensus that a pile of 2x4s is not worth a million dollars.
   
   https://www.nbcmiami.com/news/local/floridas-state-backed-citizens-insurance-approves-14-rate-hike/3004008/
   • Embed this notice
     Merry Jerry 🎄🎅🕎⛄️❄️ (jerry@infosec.exchange)'s status on Sunday, 19-Nov-2023 02:23:14 JST Merry Jerry 🎄🎅🕎⛄️❄️

     I am listening to my condo association's annual meeting and learning that my dues are going up by over 50% next year due to new laws regarding minimum capital reserves and a doubling of insurance costs. Florida is going to be completely uninhabitable (for many reasons) soon