As state lawmakers scramble to get the industry under control, consumers will be paying more
The Florida Home insurance industry has been in a dire situation for some time now
And even as lawmakers implement strategies to help the situation is only getting more expensive for the state's property owners
Last year. State lawmakers held two special sessions to deal with the serious property coverage problems
According to many of those lawmakers, the Florida home insurance situation isn't getting better as the goal right now is to simply try to stop
it from getting worse. We're just trying to triage explained Senator Linda Stewart when discussing the moves being made to repair the industry in the
state just trying to stop the bleeding. Added Representative Fred Hawkins at the time that said a few months have passed since the last special
sessions and the situation is still far from getting better. It's now at stage four explained former state Senator Jeff brands when discussing the condition
of property coverage in the state. It's going to take 18 to 24 months for things to start to stabilize
And in the meantime, it is going to get much worse Florida home insurance policies are expected to become notably more expensive this year
Citizens property insurance recently voted to proceed with a 14.2% rate increase on the 1.2 million policies it is currently carrying following a rapid rise
over the last couple of years. That rate increase request is over 2% higher than the statutory guidelines which are set at 12%
This indicates that the state backed insurer of last resort is under high pressure
Former Governor Rick Scott had the state paying insurers to take policies from citizens load in order to promote market stabilization and reduce the state
backed carrier exposure. Under Governor Ron desantis. A similar move could potentially start being made again though neither the governor nor the legislature have indicated
that this is among their plans. In the meanwhile, the state's office of insurance regulation is receiving requests from Florida home insurance companies for rate
increases as high as 60%. Thank you for following
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