Florida
Ahead of hurricane season Florida homeowners hoping lawmakers can fix increasing insurance rates

Miami Shores, Florida – On Tuesday, Florida Gov. Ron DeSantis was in South Florida, and he was asked about something considered a Category-5 level concern.
DeSantis was asked about lawmakers’ work on stopping the skyrocketing premiums for property insurance and keeping companies solvent enough to pay. Of the companies Floridians county on and pay to foot the storm damage bills, two have gone bankrupt and four have pulled out of Florida. State lawmakers agree across party lines that a fix is critical.
“Enrollment in Citizens Property Insurance, our state-backed insurer, known as the insurer of last resort, has taken on 800,000 policies,” said State Sen. Lauren Book. “And if we had one of those storms we’d really be in a really bad place.”
What that would look like is more complicated. “The big drivers here are having to do with litigation expenses and the amount of litigation that we have in Florida,” said State Rep. Rom Fabricio.
According to Fabricio, Floridians make up eight percent of homeowners policies nationwide but file 80 percent of the lawsuits against insurance companies.
Lawmakers are looking at fixing fraud, and at least temporarily shoring up re-insurance, which is the publicly funded backup that insures the insurance companies faced with major storm payouts. “There are underlying dysfunctions in our state market that are causing these companies to fail, causing rates to go up,” said DeSantis.
-
Local News5 months ago
The attorney general of Florida wants to temporarily stop a lawsuit that challenges the state’s age verification law
-
Local News2 months ago
A huge financial relief is coming for Broward County schools teachers, principals, and educational support staff after unanimous vote results in salary hike
-
Local News7 months ago
Coral Springs athletes qualify for regional competitions in cross-country, swimming, and golf
-
Local News6 months ago
A former medical employee is accused of stealing the identities of elderly people in a $350,000 scam
-
Local News6 months ago
Coral Springs installs new entry signs to improve the city’s image and greet visitors – A $112,000 Project
-
Local News3 months ago
Coral Glades boys soccer advances to the regional championships
-
Local News3 months ago
Coral Springs’s two basketball teams win the District Championship
-
Local News6 months ago
The Level III NICU designation for Broward Health Coral Springs expands care for high-risk newborns
Leave a Reply
You must be logged in to post a comment.