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Florida Residents Flee State as Insurance Premiums Skyrocket up to 900%
(www.newsweek.com)
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this post was submitted on 23 Oct 2023
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The current crisis isn't so much about climate change as it is an insurance market so rampant with fraudulent roof damage claims that the market can't bear it. FL legislature tried to correct this but before the law took effect a flood of claims were filed.
Climate change will only make this worse, ofc.
My understanding is that the substantial majority of roof damage claims were legitimate and attributable to predatory roofing companies that would finance and install new roofs after a storm at a huge discount, they'd install a shitty fucked up roof, then would sell the debt to a third party servicer, and then the roofing company would close up shop, rebrand under a new name, and do it again. By the time the roof fails, the original company is long gone leaving the homeowner and the insurers holding the bag.
The legislature and the insurers realized they had a impending consumer crisis and loosened the laws about paying these claims, and essentially opened the door to the fraud.
I wonder if the real issue at this point is that Florida just attracts fraudsters. It was their laws that allowed contractors to have a revolving door of LLC's.
I'm sure more deregulation is the answer.
Of course it is. Nobody will do business with the shitty roof company that no longer exists ever again. See, the invisible hand works just fine, and might even give you a handjob if you pay it enough.