*Loan,banking and credit>>>property insurance

What should be done about the insurance and property tax crises in Florida and other US Gulf Coast states?

All the major insurers are pulling out of the state. Insurance is simply unavailable for many people, even if they are able to pay the exhorbitant prices. The state has become the largest insurer. People are forced in to the state's high-risk pool which, by law, must charge prices 20% above going prices. When I moved to Florida a few years ago, my insurance bill was $700. This year, I consider myself fortunate that the bill for the same house is only $2500. The nearest other quote is $4500. This is for a modest middle-class home in a no-flood and hurricane non-evacuation zone.

The property tax structure shifts the tax burden to renters and those who have recently moved. The tax bills for two similar homes right next to each other can vary by over $1000.

Housing prices have risen so much that the state is considering building subsidized dormitories for teachers because they can't afford to live here.

How do we fix this?

I guess we'll all have to go north.

I'd love to help. But, I am a teacher and a taxpayer in CT. I can barely pay my ridiculous property tax (which jumped by 75% this past year), or my utility bills (electric rate slated to rise 50% Jan 1) on the salary that was cut due to budget constraints.
We're all in the same boat-isn't it crazy this is America.
I don't know what the solution will be - I understand both sides
our cousin lives there and has complained about prices and lack of companies willing to write, we wanted to retire there in 2 years
but I'm afraid we won't be able to afford
I don't see how the state can be an insurer for any extended length of time
I don't think building should be alllowed on any beach, and once a building or home on the beach is destroyed, it shouldn't be allowed to rebuild
Good question. Tough question. The problem from the company point of view is, they can't get anyone to buy their stock if they're losing money, and if they lose enough money, they'll go out of business. And some areas of the US are just prone to LOTS of losses.

We've (the US) been developing land in higher and higher natural risk areas, due to demand (thinking waterfront property here) and rates for ALL people in the US have been increasing to absorb the losses to the high risk properties.

What I DON'T want to see, is a national flood type program for homeowners insurance - it's just TOO restrictive in claims payment. I'm not wild about the recent seperation of "wind" from the rest of the homeowners policy, either.

I think the first step is for people to "self insure" the high risk locations - that means NOT buying property insurance for high risk property - which means building/buying beachfront property FOR CASH. People will be more inclined to build modestly and conservatively (smaller targets for storms, easier & cheaper to rebuild). It's the whole "morale hazard" thing, kicking into gear.

The end will be, I think, that high risk areas will be much less habitated - or owned/occupied by people who can afford to rebuild their own house.

BTW - State Farm just announced they're nonrenewing I don't know HOW Many policies within 5 miles of the water, here in Texas and Florida. Ug.
Agent for 20+ years - but I also "self insure" flood for my primary home, and have a waterfront house in Galveston that's completely self insured, except liabiltiy. OK, it's a shack. But still.