SITUATION. MASA 50 JOSH, THESE FOLKS LIVE IN A CONDO ASSOCIATION. NOW THEY DID SOMETHING THAT WOULD MAKE THEM UNDESIRABLE TO INSURANCE COMPANIES IN A NORMAL HEALTHY MARKET. BUT IN THIS MARKET. >> THE FALLOUT IS SEVERE. IT'S A GATED GOLF COURSE. COMMUNITY AND LAKEWOOD RANCH, 4 UNITS AND EACH BUILDING A PICTURE S LIFE STYLE. THIS NOW SUDDENLY COMING WITH AN ALARMING PRICE TAG. YOU KNOW, I JUST CAN'T BELIEVE THAT THIS IS HAPPENING TO INSIDE ONE UNIT, NEIGHBORS GRAPPLING WITH AN UNEXPECTED PROPERTY INSURANCE. SPIKE INSURANCE COMPANIES TALK TO INSURANCE COMPANIES. AND THAT'S WHY NO ONE ELSE WILL WILL ENSURE US. EACH CONDO OWNER HAS TO PAY FOR 2 POLICIES. >> THE INDIVIDUAL POLICY WHICH COVERS THE UNIT AND THE H.O.A. MASTER POLICY WHICH COVERS COMMON AREAS. THE MASTER POLICY IS THE PROBLEM. THE PREMIUM HAS SPIKED NEARLY 1000% AND TOTAL CONDO OWNERS USED TO PAY $56,000 A YEAR. NOW IT'S MORE THAN HALF A MILLION DOLLARS. RICHARD FALCO AS ONE OF 50 PLUS FAMILIES IMPACTED. I FORD RETIRED SCHOOL TEACHER >> ON THE BUDGET, I HAVE TO COME UP WITH THE WHAT IS IT? $890 A MONTH. TO PAY FOR THIS INSURANCE THAT THERE'S ABSOLUTELY NO COVERAGE. WHY IS THIS HAPPENING? >> 8 ON YOUR SIDE OBTAINED THE INSURANCE PROPOSAL PREPARED FOR THE CONDO. IT SHOWS THAT THE BROKER WENT TO CARRIERS ACROSS THE STATE. THEY DECLINED, DECLINED, DECLINED CITIZENS, HERITAGE OTHERS NOTING AN OPEN CONSTRUCTION DEFECT LAWSUIT IN COURT. NEIGHBORS HAVE CLAIMED SOME BUILDINGS HAVE A DEFECT. MULTIPLE BROKERS TELL ME THAT SPELLS TROUBLE TO INSURANCE COMPANIES AND A NORMAL MARKET. YOU HAVE AN ISSUE GETTING A GOOD DEAL. NOW IT'S NEARLY IMPOSSIBLE. ONLY ONE COMPANY WOULD TAKE THE RISK LLOYDS OF LONDON, THE CARRIER KNOWN FOR TAKING ON POLICIES. OTHERS REJECT CAROL CAMERON WHO JUST PURCHASED OR HOME FEELS BLINDSIDED. WE HAD NO IDEA ANY OF THIS WAS HAPPENING UNTIL A WEEK AGO. MOST OF US ARE NOT GOING TO HAVE INSURANCE A BIG STORM COMES AND HITS EVERYBODY. >> YEAH, WE'RE GOING TO BE DONE. LET ME TELL YOU MORE ABOUT WHAT SHE'S TALKING ABOUT. THE POLL SEE ONLY COVERS UP TO 2.5 MILLION DOLLARS OF DAMAGE PER HURRICANE. AND IT'S SUPPOSED TO AGAIN COVER 56 UNITS. SO THAT IS WHY THEY ARE SO UPSET WITH THIS POLICY. NOW, HERE'S THE TAKEAWAY FOR YOU. THE INSURANCE MARKET, WE KNOW IT'S STILL TOUGH OUT THERE. IF YOU GO ON THE RECORD WITH A COURT FILING, FOR EXAMPLE, AND YOU SAY THAT THERE'S AN ISSUE WITH THE BUILDING. YOU ARE GOING TO HAVE A VERY TOUGH TIME FINDING AFFORDABLE INSURANCE AND JOSH STACY, THAT'S WHAT WE'RE SEEING HERE. YOU TALK ABOUT THIS ALLEGED EFFECT. IS THERE ANY MORE INFORMATION ABOUT SO WE DID REACH OUT TO THE BUILDER TO GET MORE INFORMATION. WE CONTACTED THEM. THEY HAVE BEEN SENT US A STATEMENT YET, BUT I WANT TO BE CLEAR IS JUST AN ALLEGATION AT THIS POINT, BUT I'M GOING TO STAY ON THE STORY BECAUSE WHAT'S HAPPENING. >> IS UNBELIEVABLE. $800 A MONTH. I MEAN, HOW CAN PEOPLE FOR THAT'S A LOT FROM 50,000 A HALF MILLION. YOU HOW
