The new legislation is taking aim at the rapidly rising cost and reducing the availability
of property coverage. Skyrocketing home insurance rates in Florida have become a massive problem for many property
owners in the state who are struggling to be able to find coverage they can afford
The state has been teetering on the edge of crisis, and the situation is continuing to
worsen recently. Depending on the area, Florida home insurance rates have been spiking to the point that
they are well out of reach of many property owners. Insurers have been leaving the state, going bankrupt, or choosing not to sell any more
new policies there. The insurer of last resort, state-backed Citizens Insurance, has failed to record proportions
well beyond what it was initially created to carry. That said, three new laws have recently gone into effect in the state aimed to help keep
rates within a range that residents can afford. The laws have the potential to impact what policyholders pay
The problem is that the impact, which is expected to be a measurable one, won't be
felt right away. Florida home insurance customers are already struggling to find coverage and seek immediate solutions
Senate Bill 7052 includes banning insurers from being able to change an adjuster's report
without offering a detailed explanation as to why the alterations were made
That same law also requires that the property owner be issued a copy of that report
The second law to go into effect recently is an expansion of the discount programs available
through insurers when property owners take steps to effectively harden a home against
wind damage. The idea is to have the premiums more accurately reflect the reduction of risk that wind presents
to their home, if they've taken steps to prevent that damage. Providing home insurance discounts to homeowners who make efforts to protect their homes can
help to not only reduce premiums but also to prevent or reduce damage, which prevents
or reduces claims, and therefore costs to the insurer. These efforts can include steps such as choosing a different type of shingle when the time
comes to replace a roof. Thank you for watching. Keep the updates coming. Make sure to hit subscribe and sign up for our weekly newsletter today