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Yep, alot have started pulling out of Florida and California. To much risk. -
Two places I wouldn't live anyway, hurricanes and fires/ floods/mudslides.. no thanks.Comment
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Lots of insurance companies are pulling out of Texas too. I renewed three homeowners policies yesterday. Premiums increased 30%, 63%, and 168% respectively.
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Yeah, my agent told me the same thing. She said it was amazing how many insurance companies would not write policies for the Texas Gulf Coast.Comment
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Yep , my uncle sold his house in port Mansfield and moved, wind and flood insurance impossible to get & affordableOriginally posted by jfk47 View Post
+ the property taxes where unbelievable even when locked in on a senior citizen rateComment
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My windstorm insurance has been through TWIA since I've own my current house. (12 years) No other agency offers windstorm for zone 1 or 2 in Texas that I'm aware of.Comment
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The CNBC article pertained more for California fire losses and now flooding. State Farm had already pulled out of coastal areas for the most part.
It's still a concerning trend. It will be interesting for those without WPI8 Certificates. If you happen to be grandfathered with the TWIA (pre 2009) on a older property, secondary markets will be extremely hard to obtain if you sell. I've never thought much about coastal markets taking a hit unitl now. I personally know a few that have bought home over the years that may have a issue.
What comes to mind is a lot of homes that were rebuilt after Harvey. If it was over a certain percentage of loss and wasn't brought to current TWIA standards, a WPI8 doesn't exist. If that isn't enough, any small future loss will give ultimate control to the TWIA for manditory upgraded repairs or be canceled. Sounds like a great way to thin the herd. They will be the only show in town with all the power.Last edited by Notaguide; 02-07-2024, 02:27 PM.Comment
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If insurance companies are leaving entire states, what does that mean for homeowners and contractors? If there are no insurance policies to pay contractors for repairs and replacements will the prices of those items come down, or will there be a large influx of foreclosures and abandoned houses when an incident happens? Don't banks require you to have those things to back your mortgage?Comment
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We got booted from our insurance provider, and was told it was because of a small patch on our roof. Our agent said a lot of people are pulling out of Harris County. Whether its because of crime, weather, flooding, or something else, it's a giant pain, and we are seeing replacement ins co's coming back at double the cost.Comment
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Yep Farmers Canceled me and my Agent told me Farmers is getting out of Texas. He lost so many Clients he got out of the Insureance Business all together!!!! He said 10 years of building it up and all gone!!!!Comment
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Seems like a good way to push the future up and comers out of the housing market forcing them to rent from large investors. 🤔Originally posted by Notaguide View PostComment
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Insurance companies are glad to take in premiums, not so keen on paying claims. But i understand the business of not placing a bet you know you're going to lose.
I think a very interesting argument can made in favor of eliminating all insurance. It would be a ******* of *******s to begin with. But in short order people, in my opinion, would: re-evaluate what and how they drive, what they live in and where they live, what they put in their bodies, etc., etc. It could / would be an interesting debate. If insurance were eliminated, it would cause some economic havoc for awhile, but i think that would resolve itself. Maybe not. I don't know... It's the end of a long day....
' s h o c k e r ' gets starred out? Wow. I guess i get that as well.... Ugh...Comment
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