Interesting program about Florida home insurance.
Ian is going to push a lot of insurance companies over the edge into bankruptcy because they are looking at 5 years of lawsuits. In Florida if a homeowner sues over an offer to their claim, the insurance company has to cover the legal fees. Example was a $145 claim turning into $40,000 in legal fees.
Also in Florida, you can assign your benefits. So there are many companies that go door to door looking for clients. They'll say like 'i noticed a missing tile on your roof and i can get you a thousand bucks for that, and maybe they will even replace your whole roof. Just sign here and i'll do a complete inspection of your house to find everything we can bill your insurance company.'
Another issue is like if you total your 2010 toyota your insurance company isn't going to buy you a new car, but if your 20 year old roof gets damaged the insurance has to buy a brand new roof.
It's tough though, these companies go into business to make mega bucks and vanish if they have to pay out. I guess many of the insurance companies are basically resellers of huge international corporations located outside of Florida and if they get squeezed on a dollar they are like 'that's a sad story, sorry about your luck."
Facing South Florida: Hurricane Ian & Florida's windstorm insurance industryJim focuses this week's program on the health of homeowner insurance in Florida including the ability or inability of insurance companies to weather Hurricane Ian's destruction.