"They're going to be done with this by Wednesday…" Really? It would be wrong to say that the insurance issue is the canary- in-the-coal-mine for Florida… wrong because there have been many other clear and strident warnings over many years which Florida's political leaders (and the USA as a whole) have chosen to ignore. Now, in December 2022, it is far too late to do anything but try and salvage whatever you can from the slow-motion disaster that will overtake the state and make most of it (certainly including Miami) virtually uninhabitable within a generation or so. But insurance companies and their actuaries do not wait until the disaster has completed its destructive course to make their decisions, because they have to set premiums and policy conditions, exceptions, excesses, waivers etc. right now. If property owners and developers and investors cannot get affordable insurance, and if they can see (as they can) that premiums will go up and up and up, year on year, far above the rate of inflation, then they will try and extricate themselves as quickly and as cheapy as possible. Pretty soon nobody is going to invest in property except the kind of Fire-Sale opportunists who hope to pick up sales from panicking owners facing bankruptcy and make a quick re-sale to a gullible and inexperienced buyer who doesn't think to check things over or get proper advice from a professional… and those are going to be few and far between because the property collapse will be big news.
There are already properties in South Florida and along the coast that are currently uninsurable, and some of the owners/co-owners of those properties are already insolvent and unable to sell assets, which are now virtually worthless. Think of the people in the twin block to the one that collapsed in Surf City earlier this year… you think they can get affordable insurance or sell their flats? This problem is already spreading, and it's going to get much, much worse until it affects the property marker in the entire state. Even those places which are sufficiently above sea-level are still affected by hurricanes, and the collapse of the stat's economy will mean that there is little or nothing for the people who live in those places to make a decent living from.
Florida residents have spent too long electing political leaders who are either too stupid or too greedy to do anything about the overall problems. Florida's state legislators and governors have opposed every single measure designed to seriously tackle Global Warming or to ameliorate its inevitable impacts, like catastrophic climate change and rising sea levels. Now there is no way to save the state from total devastation in a generation or so, and the collapse of the insurance market, and the property market, and then investment of all kinds, will destroy the economy long before the waves actually start crashing over the flood defences (such as they are) around Miami, and pretty much every other coastal town and city.
I hate to sound smug about this, but you Floridians were warned many, many, times, and you chose to turn a deaf ear.
"They're going to be done with this by Wednesday…" Really? It would be wrong to say that the insurance issue is the canary- in-the-coal-mine for Florida… wrong because there have been many other clear and strident warnings over many years which Florida's political leaders (and the USA as a whole) have chosen to ignore. Now, in December 2022, it is far too late to do anything but try and salvage whatever you can from the slow-motion disaster that will overtake the state and make most of it (certainly including Miami) virtually uninhabitable within a generation or so. But insurance companies and their actuaries do not wait until the disaster has completed its destructive course to make their decisions, because they have to set premiums and policy conditions, exceptions, excesses, waivers etc. right now. If property owners and developers and investors cannot get affordable insurance, and if they can see (as they can) that premiums will go up and up and up, year on year, far above the rate of inflation, then they will try and extricate themselves as quickly and as cheapy as possible. Pretty soon nobody is going to invest in property except the kind of Fire-Sale opportunists who hope to pick up sales from panicking owners facing bankruptcy and make a quick re-sale to a gullible and inexperienced buyer who doesn't think to check things over or get proper advice from a professional… and those are going to be few and far between because the property collapse will be big news.
There are already properties in South Florida and along the coast that are currently uninsurable, and some of the owners/co-owners of those properties are already insolvent and unable to sell assets, which are now virtually worthless. Think of the people in the twin block to the one that collapsed in Surf City earlier this year… you think they can get affordable insurance or sell their flats? This problem is already spreading, and it's going to get much, much worse until it affects the property marker in the entire state. Even those places which are sufficiently above sea-level are still affected by hurricanes, and the collapse of the stat's economy will mean that there is little or nothing for the people who live in those places to make a decent living from.
Florida residents have spent too long electing political leaders who are either too stupid or too greedy to do anything about the overall problems. Florida's state legislators and governors have opposed every single measure designed to seriously tackle Global Warming or to ameliorate its inevitable impacts, like catastrophic climate change and rising sea levels. Now there is no way to save the state from total devastation in a generation or so, and the collapse of the insurance market, and the property market, and then investment of all kinds, will destroy the economy long before the waves actually start crashing over the flood defences (such as they are) around Miami, and pretty much every other coastal town and city.
I hate to sound smug about this, but you Floridians were warned many, many, times, and you chose to turn a deaf ear.
Real floridians, is your life better than before Desantis took office?? for me no, not sure why everyone likes this clown so much
Deathsantis needs to address this plus FPL hike too
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