According to regulators and lobbyists, the 52 property insurance companies serving Florida are bleeding money despite massively raising prices for homeowners over the past few decades. This claim has lawmakers considering additional changes to prop up the floundering industry.
“Their issue is very, very simple,” one regulator told a Senate committee Tuesday. “They either raise rates or these companies go out of business.”
Consumers already complain that insurance is difficult to obtain or too expensive to keep. Although property insurance is not required by Florida law, it is required by mortgage lenders, which means that most property owners in the state must carry property insurance.
Tenants are also affected because many landlords pass on property insurance costs through lease agreements.
According to LendingTree, Florida’s property insurance costs rose three times faster than the national average between 2016 and today. In fact, the report said the largest company raised its rates by 138% during that time frame.
The rapid increase puts an already expensive necessity out of reach for many. Florida’s government helps in the form of Citizens Property Insurance, a state-backed company that offers below-market rates to people who cannot afford private insurance.
Rep. Anna Eskamani (D-Orlando) says lobbyist are pushing the state to prod Citizens to raise its rates and cut advertising to drive more customers to their offerings, after reports showed the corporation has added 200,000 new customers in the past year.
“They want Floridians to not know about Citizens, and I think that’s a big mistake,” she said.
Consumer Law Office – Handling Property Insurance Claims & Disputes from the Start of Damage to Settlement of Claim.
If you are engaged in a dispute with your insurance company over damage to your residential or commercial property immediately contact Consumer Law Office (CLO) and have your property damage claim reviewed by one of our Florida Property Damage Claim Attorneys. Our attorneys are highly experienced in property damage matters and use their experience and knowledge of insurance law and adjusting to determine the nature and scope of your property damage.
Whether you have filed a damage claim with your insurance company or need help filing your claim with your insurance company, The Florida Property Damage Attorneys at the Consumer Law Office will help you with your property damage claim so that you can receive the compensation you are entitled to under your insurance policy.
Don’t let your insurance company give you the run around. We have helped numerous home and business owners successfully recover the compensation they deserve. Best of all, there are no upfront fees, and we only get paid when you get paid by the insurance company. Contact us today for a free consultation: 305-940-0924
