Over the past year, state lawmakers have made radical changes with a focus on benefiting the BIG insurance companies, believing their legislation will cure Florida’s property insurance crisis. But instead, when a homeowner in Florida opens their annual renewal and sees their premium has increased, or finds out their carrier has suddenly dropped them, nothing has changed, at least for the Florida homeowners.
State representatives are telling their constituents to have patience. That while the insurance companies will feel the benefits early on, the consumer will have to wait a while to determine if there will be any relief from increased premiums and better service and if there are changes, what will those benefits look like to the consumer.
State Sen. Jim Boyd, R-Bradenton, noted during the first of last year’s special sessions to address insurance changes that relief from any measures taken by lawmakers wouldn’t be realized for at least another 18 months. That session took place in May 2022. That is a long time to wait, especially when the insurance companies are reaping the benefits of the legislation.
Since then, two hurricanes hit the state. Lawmakers then held a second special session on insurance in December. Citizens Property Insurance Corp., the state-run “insurer of last resort,” continues to grow with more than 1 million policies and will drop a policy holder If a policyholder receives a renewal or take-out offer from an authorized insurance company that’s within 20% of the policyholder’s Citizens premium.
The legislation passed over 2022 clearly favors big insurance companies over the consumer. If the Florida legislatures were really looking out for its citizens, it would have insisted that the insurance companies provide immediate relief and concessions to the consumers simultaneously with the benefits that the legislation gave the insurance companies. Instead, it is a wait and see approach, whether all the benefits given to the insurance industry will benefit the consumer.
Your insurance company has the resources to hire experts to protect their interests; your representation should be no different.
If you are a victim of hurricane Ian or Nicole, or have any other property damage, let the experienced Florida Property Damage Attorneys at The Consumer Law Office (CLO) help you receive the maximum property damage compensation you are entitled to under your insurance policy.
Contact CLO Today 305-940-0924 for a FREE Comprehensive Property Damage assessment and consultation. Visit https://consumerlawoffice.com/
At CLO, we only get paid when you get paid by your insurance company.
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