Property Insurance Companies Are COLLAPSING!

Property Insurance Companies Are COLLAPSING!
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Real Estate investing has traditionally followed a normal path when it comes to owning houses, rental properties and office buildings over the last many decades. Normally, someone would buy one of these properties and assume that home and property insurance costs would rise with inflation and there would be no outstanding issues going forward. The bank will issue the loan knowing that either the investor, owner or property investor has the cash from their personal income or the income from the building will pay off the debt service plus some. However, a large caveat is that they will have insurance in the event of a fire, flood or natural disaster. What we are seeing is home and property insurance companies completely leaving the industry or consolidating in such a way to where property costs are rising through the roof and it is getting harder and harder for investors and property owners.

I believe in the coming five years we will see more and more property owners, investors and property operators leave the space in certain markets as it becomes to difficult to obtain bank loans and property insurance.

If you can pay all cash for a property and you can self insure the property than that will be one thing, otherwise people will likely need to relocate to a market where they can obtain property insurance.

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20 Comments

  1. This is ONE of the Biggest Threats to Housing.. No Insurance, No Mortgage… 👇🏻👇🏻👇🏻

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  2. Yes I mentioned just at Christmas time I unloaded at home in the Southlake Tahoe area. I did so because they stopped offering policies for about 90% of the area. Now what is required is a special nonadmitted carrier planned others to 2, 3 or times as much cost as it was in the past. Also to get the insurance if you have the money to pay that outrageous premium they can ask you to do $30,000 worth of improvements just to get insured and they can refuse to ensure you or pay out if your neighbor has not complied. So if your neighbor is a slob like I had it can destroy your ability to be insured and protected it’s the cold hard truth

  3. So true. Pre-pandemic I looked at a beach house in Flagler beach which was selling for 450,000 and I calculated that it would cost me about 15,000 – 18,000 a year for taxes and insurance alone. So, basically you are never free of a massive payout each month, even if you own the house outright. And this big chunk of income is NEVER going to go down, but it could double or triple if there is a big hurricane in the area. Yeap. Florida costs much more than people think, especially in the coast-line. On the other hand, I am only paying $ 2,500 a year for insurance and taxes for a beautiful pool home in Gainesville, because of its inland location. The beach is becoming much less attractive, unless you are a multimillionaire.

  4. As someone who worked in insurance for a Long time, most major carriers haven't written in Florida since the 80s and the gulf coast to Texas for 10+ years. There r still insurance options, expensive with nonstandard carriers. But fl property is almost exclusively written by a handful of companies vs the hundreds that write in the majority of the country.

  5. "Who ever is not investing now is missing a great opportunity." Imagine investing $1500 and receiving $10,050 profit in few days, Susan Campbell, is definitely the best.🇺🇸🇺🇸

  6. Of course it’s happening, it started some years back. They try to price you out first though, charging massive premiums until they deem the property uninsurable. Just like everything else, we have to plan for our own contingency.

  7. Great timely content/video, John! I remember reading this 2019 article really, which really nailed the situation in coastal cities and FL with how builders kept building, even though they knew the climate risks..

    https://www.theguardian.com/environment/2019/feb/15/florida-climate-change-coastal-real-estate-rising-seas

    And, after the Surfside building collapse, the urgency has only grown. I think builders & the RE industry in FL just wants to keep it as quiet as possible, and make as much $$$ as they can before the dominos start to fall. I really thought the mortgage companies would be the first to stop offering 30 year mortgages, but of course the insurance situation is also dire. Talk about a high stakes game of musical chairs.

    You do such an awesome job of breaking information down and making it easier for so many to understand- keep up the great work!

  8. https://climateviewer.com/2014/03/24/geoengineering-weather-modification-patents/
    THERE IS NOO SUCH THING AS CLIMATE CHANGE!! WE HAVE BEEN ABLE TO CONTROL OUR WEATHER SINCE 1891!! OVER 200 PATENTS ON HOW 2 CONTROL OUR WEATHER!! THEY ARE CONTROLLING THE WEATHER & CAUSING ALL THESE WEATHER CATASTROPHE S & BLAMING IT ON CLIMATE CHANGE!!
    READ AGENDA 21!! THE GREAT RESET!! THEY ARE USING CLIMATE CHANGE AS AN UMBRELLA TO BLAME 4 THE COLLAPSE OF THE WORLD'S PROBLEMS!!
    THIS IS ALL PART OF THE TAKE DOWN SO THEY( ELITE'S) CAN BRING IN THE GREAT RESET!!
    You will be hearing " climate change" as an excuse to implement change in every aspect of our lives!!
    If you here words like sustainability & climate change, it means death to the World's population!!

  9. I can understand both sides. You HAVE to have home insurance. At same time, areas with higher risk of major events should be paying more for coverage. Just like auto or life insurance, if higher risk the coverage costs more. People weren't forced to live in the areas, they chose to do so because they enjoy the area.. I really hope insurance companies figure out a way to insure homes, and still be able to keep in the business, and not go bankrupt.

  10. I HAVE BEEN AN INSURANCE BROKER FOR 20 YEARS. THE STATE GOVERNMENTS WILL ALWAYS MAKE SURE INSURANCE IS AVAILABLE. THE FLOOD INSURANCE RUN BY FEMA IS BY FAR THE MOST EXPENSIVE PRODUCT.

  11. An ex-colleague convinced me into stock trading and investment as a means of making more income maybe because of the few commissions she earns bringing people. Sad i fell, My portfolio have been down ever since. Next time, i will first spend my money on myself before investing.

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