Florida Homeowner Insurance Issues These Are The Big 7
Keith Connors
May 23rd, 2022
Florida Homeowner Insurance Issues. These Are The Big 7. Legislators in a special session to battle skyrocketing insurance rates and companies going belly up. Here are the big 7 problems facing all Florida homeowners, as we try to get or keep our homeowner insurance.
Source TBT
Attorneys and roofing companies have encourages homeowners to “get a free roof.” It’s been going on for years. Now insurance companies are tapping the brakes, refusing to insure older roofs. Some require homeowners to cough up $20,000 out of pocket before they can be covered.
After Hurricane Michael in 2018 many Florida homeowners had to fight claims being denied or taking months to be settled at all. Regulators now trying to get claims settled or denied in 90 days, period.
Florida regulators are understaffed, and some say underpaid. Regulators fell by 14% since 2016. We have 17 financial examiner positions, compared to 98 in New York, 71 in Texas, you get the idea.
Our Hurricane Catastrophe Fund is reportedly in good shape with $15 Billion on hand. But, it ran dry in 2006, and any one storm can wipe it out.
Think “fees for services.” Name any fee you like. Name any service you like. Some auditors found companies were bled dry by affiliated company services. AKA Bogus fees. That happens a lot when insurances is involved.
Since the Champlain Towers South collapse in Surfside, up to 9 insurers have stopped writing policies on condos, period. 98 people were killed, and the lawsuits continue. New calls to update building codes and inspections will drive assessments for condo owners and those trying to sell will feel the pressure first.
Lawmakers all say property insurance is one of their biggest issues. But a Senate bill passed and got stalled in the House. So, they have passed nothing. Every head was turned after the Surfside disaster. But, still…nothing.