Home insurance premiums in Florida are at crisis proportions — with seniors growing increasingly anxious about whether they can hang onto their homes. Seniors in the state who rely on Social Security checks and other sources of fixed income are now pondering what the future holds.
But it is not just the seniors who are sweating in Florida. Everyone in the Sunshine State has been impacted by the escalating costs of insurance.
Existing HOA fees for condo owners have doubled in the past year amid the growing threat from hurricanes and mortgage companies are forcing would-be buyers to look for cheaper dwellings to reduce insurance premiums. “People are using cash and foregoing insurance on single-family homes,” said Michael Martirena, a luxury real estate advisor at Miami-based Compass.
About 15% of homeowners in Florida don’t have property insurance, compared with the national average of 7%, according to the Insurance Information Institute, a research organization funded by the insurance industry. Average annual property insurance premiums jumped 42% in 2022 to $6,000 in Florida, compared to a national average of $1,700 and that cost does not include windstorm/hurricane insurance.
If Floridians are looking for lawmakers to make moves this session that bring property insurance costs down fast, they may be sorely disappointed. Lawmakers are not planning to make any major moves on property insurance during the session. They claim they have already done quite a bit and want to sit back and see how the market adjusts based on recent legislation.
State Sen. Linda Stewart, D-Orlando. “What I’ve been told in is that because of the tort reform that was passed the last time that they are already seeing some benefits from that and that they want to wait another year, so, they don’t want to go in and start doing anything else right now.”
While lawmakers say that the residents won’t see fixes right away, meanwhile, reach out to your agent to discuss what you can do to your property to reduce your rates. Perhaps you made recent upgrades that will trigger significant discounts. New roofs and impact windows, for example, lead to significant discounts. These savings are not going to automatically come to you. You’re going to have to reach out and ask for it. Also, with several new insurance companies in town, there may be better options for you.
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If your property was damaged during a tropical storm, hurricane, or other severe weather event or if you have hail damage, roof damage, pipe burst, plumbing or water damage, mold, smoke-fire damage, lightning, theft, vandalism, or construction defects let the Property Damage Attorneys at CLO, help you receive the maximum property damage compensation you are entitled to under your insurance policy.
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