Property insurance bill that allows for larger Citizens rate hikes clears Florida Legislature

[TexasTowelie]

An overhaul of Florida’s property insurance regulations that allows for larger rate hikes at state-run Citizens Property Insurance and makes other changes pitched as a lifeline for struggling private insurers cleared the Florida Legislature Friday.

Private property insurers have been raising rates as they complain about litigation costs, prompting lawmakers to respond. Supporters of the insurance bill say it will keep rates down by targeting what they describe as unscrupulous legal practices.

“I think you’ll start to see the return to a vibrant insurance market,” said bill sponsor Sen. Jim Boyd, R-Bradenton.

Homeowners and plaintiffs attorneys involved in insurance litigation have complained bitterly about the legislation, though, arguing it will make it harder to get legitimate claims paid. Homeowners impacted by Hurricane Michael testified at a recent committee hearing that they resorted to litigation after being lowballed by their insurance carriers.

Read more: https://www.palmbeachpost.com/story/news/politics/2021/04/30/florida-legislature-approves-property-insurance-changes-sought-industry/7409491002/

[jimfields33]

1. A double edge sword

Many of my neighbors had their homeowners insurance drop them. Thankfully mine just went up 190 dollars and didn’t have to scramble. Insurance companies are folding or at least not insuring in areas of Florida.

[mitch96]

2. When I lived in So Fla State Farm dropped me. I had to go with Citizens as they were the only

insurance company in town. They were actually less expensive than others when the market opened up. I now live in west central Florida. Two and one half miles from the water and 150 feet above sea level.. Works for me!! In So Fla I was 6 miles from the water but only 9 feet above sea level.. Run from the water and hide from the wind...
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[jimfields33]

3. That last sentence is so true.

I’m glad you were able to find an awesome affordable insurance. I’m sure eventually some homeowners will be priced out. Seniors on social security specifically. Makes me angry for them, but the entire situation is difficult.