Property Taxes and Ins Premiums are the reason the foreclosure rate has jumped 38% in Florida.
We don\’t have a state income tax, but our property taxes are among the highest in the country. I pay appx $450 a month in property taxes for my home, and this year I will pay appx $600 a month for ins.
Those have gone up in the double digits in some counties as well. $3600 to $7200 for a middle class home Indian River.
And sorry, I\’m was born in the US, have a job and only 2 kids, so I don\’t see a penny of the taxes you pay when you come here. Don\’t EVEN get me started on where all that money goes.
Well, the reason that we do not have a State tax is because of the Florida Lottery.
And as far as propery taxes go, there are many people that pay around $5000 a year.
And for those coastal residents that you say have it so well off, well just think about how it would be to pay around $50,000 a year…no, really that is how much people pay every year that live on the coast in million dollar homes, every year. So do you think they could say they ever really own their home?
Many people here are finding themselves paying the same amount as their mortgage anually as they do in property taxes, flood insurance and homeowners insurance.
I sure do. If you can afford to live in a $1million home on the beach I am sure $50,000 in taxes is not a problem. The fact remains it costs what it costs to insure where you live and restricting insurance companies will only cost you more in taxes or premiums. I am from the mid west and I will make sure that my congressmen and senators know that they should vigorously oppose any attempt by Floridians to force the rest of us to subsidize their insurance. If you can not afford to live there than move. We would welcome you to our community.
Finally, a governor with enough backbone to stand up for the policyholders of his state. What happened to the gross profits from last year\’s hurricane season? And the years before that when hurricane activity was almost nil? I don\’t remember any premium rebates of reductions! The profits probably went to their grossly overpaid top executives\’ salaries (or) their jackpot sign-on bonuses (or) their jackpot termination packages (or) their jackpot stock options.
Go get\’em Gov. They aren\’t going anyywhere. If they all agreed to leave the state, and did, one would sneak back in and try to write all the business of the others. Remember, there\’s no honor among theives!
If I could afford a $1M home, don\’t ya think I\’d have better things to do then sit here and read this? And, by the way, the $1M homes down here don\’t pay the taxes I do. Thank Bush for that one.
I work full time, my husband works full time, and now 30% our income goes to ins and taxes. Keep in mind, I moved here 15 years ago because it was cheaper then Washington DC, where I\’m from. I bought a house that I could afford on my income, as I\’m sure you did. 7 years later, I\’m not sure how I\’m not going to lose my home this year.
When you get an F5 through your neighborhood in the midwest, good luck with your insurance co. Good luck putting your life together with people telling you that you deserved it.
And don\’t say \’it won\’t happen\’. The hurricanes that have hit in the last 3 years are stronger then ever. The tornadoes are stronger, the earthquakes are not only stronger, but they are now hitting in places where they\’d never been before. It\’s been proven that the natural disasters in the last few years have grown in severity, numbers, and locations.
And move, great. Who\’s gonna by a house you can\’t insure and has a property tax level higher then most of the country?
FORECLOSURE? That\’s the magic word down here because you can\’t afford your home and no one will buy it.
I am from the mid west and I will make sure that my congressmen and senators know that they should vigorously oppose any attempt by Floridians to force the rest of us to subsidize their insurance
You say that until that nice little fault line cracks right up the middle of your back side Mr. \”I\’m from the Mid West\”. Then I bet you\’ll be one of the first to scream for a National Cat Fund. Which is exactly the point. No place in America is immue to SOMETHING.
Dawn,
I certainly have empathy for you having a home hard to sell but a little forethought when you bought it and moved to a place where hurricanes are common might have helped. It’s like the people in New Orleans not building adequate levees. Forethought is an important thing when making life decisions like where to live, whom to marry, whether to spend state tax dollars on levees and disaster planning.
Ike,
Insurance companies have to be profitable some years in order to put money back in their savings from the years they lost so much. You act like they should never be allowed to make a profit even in non-storm years. Sounds like communism to me. You should be very thankful you did not have another bad storm season and that insurance companies made money or what you think is a problem now would only be exponentially worse. I am an insurance agent and most of the companies I sell do not even write in your state. Lets see if I have a product that loses money if I sell it in Florida should I sell there? I think not. You are short sighted and so is your new governor.
We already are subsidizing the hurricane/wind/water issues of the South. I have heard first hand from higher ups at a couple of our carriers that this is going on, even though these carriers are still decently competitive on the West Coast. It will continue till they reduce their exposure in the South or obtain adequate rate relief. The folks in Florida don\’t seem to understand that exposures are well varied on the West Coast and Midwest, even though CAT exposure does exist….just not everywhere as it does in Florida and with the billion dollar consequences that follow. Allstate has already announced a rate hike in Calif that is of the opposite trend here and threaten to pull the plug here if they don\’t get it. Improving their balance sheet and shoring up their reserves is behind this.
I think people are missing the point about the risks of living elsewhere. Yes, there are fires, tornados, earthquakes, etc. all over the place.
The point is that other states aren\’t trying to artificially suppress rates, force companies to maintain business contrary to good management sense, or run and whine to Washington about how they need a national bailout. Nor are they trying to force the policyholders in other states to pay for them.
Remember, state insurance rating laws require lines of business to be self-supporting in terms of rates, and generally disallow any provision to subsidize other states. Of course companies can be profitable nationally, but in any given state have negative income. Otherwise, every state insurance commissioner would try to suppress rates to pander to voters and leverage the rest of the country to pay for it. That\’s simply not legal.
In terms of 2006 profits, be aware that most companies lost every penny of profit they had made in Florida for at least the last ten years (or more) as a result of the 2004-2005 hurricanes. With no profits, where is the money going to come from to pay losses?
Speaking of which, how soon before the ordinary Floridian figures out that the suppressed Citizens rates mean that any large loss will blow through Citizen\’s assets, thus requiring assessments or taxes for years into the future. Save a few bucks today on your homeowners premium, and put yourself and your children at risk indefinitely. Doesn\’t sound like a very good deal to me.
Just a humorous note to Chad and others that I continue to enjoy seeing the pendulum swing back from the chaos of unregulated markets to something more tolerable to decent human society. I am enjoying seeing the immature and irrational and doctrinaire reaction against it even more. What did you expect? To screw society at large forever? Well, you got away with it for a few years with the nation blinded by the tragedy of 9-11, and Bush, Cheney and Rove in the way, but we \”can see clearly now\” in Florida at least, especially with Gov Bush out of office. (How \’bout those nationwide thumpin\’ election results to focus the mind?)
New Republican governor in support, eh? And not a Bush? Maybe there is hope for Republicans yet…only a couple of years now until the next non-Bush president takes office. \”America held hostage!\” as Rush used to say. What mischief they will be working up soon.
It is not the S word–it is ESCALATION, plain and simple–Vietnam all over again with our VP, who had \”other priorites\” ahead of military service back then, leading the way again. At least Iran and Iraq are largely contiguous and start with the same letter–helps us have some retention of the facts of international affairs and world history. Reminds me of a line in an early Stevie Wonder song, \”Don\’t you worry \’bout a thing.\”
\”Iran, Iraq…I speak very fluent Spanish.\”
Stevie can obviously see into the future better than any of us. Just what is our oil doing under their sand anyway?
Hey–I\’ve got an idea–combine TRIA and National Flood with a national windstorm insurance mechanism. The insurers ought to love it–they can offload some of their more difficult exposures, just like W. wants to offload the Social Security liability (that mean us, guys) for his ultra-rich friends, and the new corporate mantra is the offloading of their historical role of providing insurance for employees through some sort of national plan. Seems it makes them non-competitive in the new international marketplace of tomorrow. I just love how these \”free\” markets do operate.
FDR was a piker! Hey, and Hillary was right about national health and Obama says he\’s for it too and I am voting for him just to drive every bigoted Republican around the bend. After all, the GOP is now little more than a regional party of the southeast. And hey guys, with the flag of the slave-owning vanquished rebel \”government\” and the gun racks in your increasingly Japanese pickups trucks–where did all your textiles mills–and jobs–go there in the Southeast? Get anything in return? Any new industries? Ask not what your country can do for you, as JFK used to say–but in a better context for the common man. How about high paying high risk jobs for the Veep\’s old company Halliburton? Offloading war liabilities onto the common man for cheap. That Republic Party sure rewarded you for your votes…)
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Property Taxes and Ins Premiums are the reason the foreclosure rate has jumped 38% in Florida.
We don\’t have a state income tax, but our property taxes are among the highest in the country. I pay appx $450 a month in property taxes for my home, and this year I will pay appx $600 a month for ins.
Those have gone up in the double digits in some counties as well. $3600 to $7200 for a middle class home Indian River.
And sorry, I\’m was born in the US, have a job and only 2 kids, so I don\’t see a penny of the taxes you pay when you come here. Don\’t EVEN get me started on where all that money goes.
Well, the reason that we do not have a State tax is because of the Florida Lottery.
And as far as propery taxes go, there are many people that pay around $5000 a year.
And for those coastal residents that you say have it so well off, well just think about how it would be to pay around $50,000 a year…no, really that is how much people pay every year that live on the coast in million dollar homes, every year. So do you think they could say they ever really own their home?
Many people here are finding themselves paying the same amount as their mortgage anually as they do in property taxes, flood insurance and homeowners insurance.
Do you still think we have it so well off???
I sure do. If you can afford to live in a $1million home on the beach I am sure $50,000 in taxes is not a problem. The fact remains it costs what it costs to insure where you live and restricting insurance companies will only cost you more in taxes or premiums. I am from the mid west and I will make sure that my congressmen and senators know that they should vigorously oppose any attempt by Floridians to force the rest of us to subsidize their insurance. If you can not afford to live there than move. We would welcome you to our community.
Finally, a governor with enough backbone to stand up for the policyholders of his state. What happened to the gross profits from last year\’s hurricane season? And the years before that when hurricane activity was almost nil? I don\’t remember any premium rebates of reductions! The profits probably went to their grossly overpaid top executives\’ salaries (or) their jackpot sign-on bonuses (or) their jackpot termination packages (or) their jackpot stock options.
Go get\’em Gov. They aren\’t going anyywhere. If they all agreed to leave the state, and did, one would sneak back in and try to write all the business of the others. Remember, there\’s no honor among theives!
If I could afford a $1M home, don\’t ya think I\’d have better things to do then sit here and read this? And, by the way, the $1M homes down here don\’t pay the taxes I do. Thank Bush for that one.
I work full time, my husband works full time, and now 30% our income goes to ins and taxes. Keep in mind, I moved here 15 years ago because it was cheaper then Washington DC, where I\’m from. I bought a house that I could afford on my income, as I\’m sure you did. 7 years later, I\’m not sure how I\’m not going to lose my home this year.
When you get an F5 through your neighborhood in the midwest, good luck with your insurance co. Good luck putting your life together with people telling you that you deserved it.
And don\’t say \’it won\’t happen\’. The hurricanes that have hit in the last 3 years are stronger then ever. The tornadoes are stronger, the earthquakes are not only stronger, but they are now hitting in places where they\’d never been before. It\’s been proven that the natural disasters in the last few years have grown in severity, numbers, and locations.
And move, great. Who\’s gonna by a house you can\’t insure and has a property tax level higher then most of the country?
FORECLOSURE? That\’s the magic word down here because you can\’t afford your home and no one will buy it.
I am from the mid west and I will make sure that my congressmen and senators know that they should vigorously oppose any attempt by Floridians to force the rest of us to subsidize their insurance
You say that until that nice little fault line cracks right up the middle of your back side Mr. \”I\’m from the Mid West\”. Then I bet you\’ll be one of the first to scream for a National Cat Fund. Which is exactly the point. No place in America is immue to SOMETHING.
Dawn,
I certainly have empathy for you having a home hard to sell but a little forethought when you bought it and moved to a place where hurricanes are common might have helped. It’s like the people in New Orleans not building adequate levees. Forethought is an important thing when making life decisions like where to live, whom to marry, whether to spend state tax dollars on levees and disaster planning.
Ike,
Insurance companies have to be profitable some years in order to put money back in their savings from the years they lost so much. You act like they should never be allowed to make a profit even in non-storm years. Sounds like communism to me. You should be very thankful you did not have another bad storm season and that insurance companies made money or what you think is a problem now would only be exponentially worse. I am an insurance agent and most of the companies I sell do not even write in your state. Lets see if I have a product that loses money if I sell it in Florida should I sell there? I think not. You are short sighted and so is your new governor.
We already are subsidizing the hurricane/wind/water issues of the South. I have heard first hand from higher ups at a couple of our carriers that this is going on, even though these carriers are still decently competitive on the West Coast. It will continue till they reduce their exposure in the South or obtain adequate rate relief. The folks in Florida don\’t seem to understand that exposures are well varied on the West Coast and Midwest, even though CAT exposure does exist….just not everywhere as it does in Florida and with the billion dollar consequences that follow. Allstate has already announced a rate hike in Calif that is of the opposite trend here and threaten to pull the plug here if they don\’t get it. Improving their balance sheet and shoring up their reserves is behind this.
I think people are missing the point about the risks of living elsewhere. Yes, there are fires, tornados, earthquakes, etc. all over the place.
The point is that other states aren\’t trying to artificially suppress rates, force companies to maintain business contrary to good management sense, or run and whine to Washington about how they need a national bailout. Nor are they trying to force the policyholders in other states to pay for them.
Remember, state insurance rating laws require lines of business to be self-supporting in terms of rates, and generally disallow any provision to subsidize other states. Of course companies can be profitable nationally, but in any given state have negative income. Otherwise, every state insurance commissioner would try to suppress rates to pander to voters and leverage the rest of the country to pay for it. That\’s simply not legal.
In terms of 2006 profits, be aware that most companies lost every penny of profit they had made in Florida for at least the last ten years (or more) as a result of the 2004-2005 hurricanes. With no profits, where is the money going to come from to pay losses?
Speaking of which, how soon before the ordinary Floridian figures out that the suppressed Citizens rates mean that any large loss will blow through Citizen\’s assets, thus requiring assessments or taxes for years into the future. Save a few bucks today on your homeowners premium, and put yourself and your children at risk indefinitely. Doesn\’t sound like a very good deal to me.
Just a humorous note to Chad and others that I continue to enjoy seeing the pendulum swing back from the chaos of unregulated markets to something more tolerable to decent human society. I am enjoying seeing the immature and irrational and doctrinaire reaction against it even more. What did you expect? To screw society at large forever? Well, you got away with it for a few years with the nation blinded by the tragedy of 9-11, and Bush, Cheney and Rove in the way, but we \”can see clearly now\” in Florida at least, especially with Gov Bush out of office. (How \’bout those nationwide thumpin\’ election results to focus the mind?)
New Republican governor in support, eh? And not a Bush? Maybe there is hope for Republicans yet…only a couple of years now until the next non-Bush president takes office. \”America held hostage!\” as Rush used to say. What mischief they will be working up soon.
It is not the S word–it is ESCALATION, plain and simple–Vietnam all over again with our VP, who had \”other priorites\” ahead of military service back then, leading the way again. At least Iran and Iraq are largely contiguous and start with the same letter–helps us have some retention of the facts of international affairs and world history. Reminds me of a line in an early Stevie Wonder song, \”Don\’t you worry \’bout a thing.\”
\”Iran, Iraq…I speak very fluent Spanish.\”
Stevie can obviously see into the future better than any of us. Just what is our oil doing under their sand anyway?
Hey–I\’ve got an idea–combine TRIA and National Flood with a national windstorm insurance mechanism. The insurers ought to love it–they can offload some of their more difficult exposures, just like W. wants to offload the Social Security liability (that mean us, guys) for his ultra-rich friends, and the new corporate mantra is the offloading of their historical role of providing insurance for employees through some sort of national plan. Seems it makes them non-competitive in the new international marketplace of tomorrow. I just love how these \”free\” markets do operate.
FDR was a piker! Hey, and Hillary was right about national health and Obama says he\’s for it too and I am voting for him just to drive every bigoted Republican around the bend. After all, the GOP is now little more than a regional party of the southeast. And hey guys, with the flag of the slave-owning vanquished rebel \”government\” and the gun racks in your increasingly Japanese pickups trucks–where did all your textiles mills–and jobs–go there in the Southeast? Get anything in return? Any new industries? Ask not what your country can do for you, as JFK used to say–but in a better context for the common man. How about high paying high risk jobs for the Veep\’s old company Halliburton? Offloading war liabilities onto the common man for cheap. That Republic Party sure rewarded you for your votes…)
Have a great weekend, I love you guys–
Media Mogul