Let’s Solve the Property Insurance Crisis

Florida is in a property insurance crisis. Property insurers are leaving the state in droves forcing thousands of policy holders to search for increasingly scarce and increasingly expensive property insurance policies.

At the same time, property insurance rates are going through the roof. There have been reports of retired Floridians having to go back to work in order to pay for their increased insurance premiums. And renters are not immune from this crisis: they are seeing their rental rates go up because landlords are passing on the increased property insurance rates to them.

Sign the Petition:

To: The Florida Legislature
From: [Your Name]
We are Florida homeowners and renters who have been affected by Florida’s ongoing property insurance crisis.
We are calling on you to be the leaders we need and address Florida’s property insurance crisis.
As homeowners and renters we need you to:
  • Calm the property insurance marketplace and send a signal to insurers that there will be appropriate reinsurance capacity
  • Ensure borrowers can find property insurance in the private marketplace instead of having to rely on Florida’s insurer of last resort
  • Ensure a level playing field for property insurers regardless of whether they’re a big national company or a Florida-based small insurer
  • Pass reforms to the force-placed (“lender-placed”) insurance marketplace so consumers have confidence insurers and lenders are not colluding or engaged in price-gouging.

We need a property insurance marketplace that works for everyone. Please focus on solutions so that longtime Florida residents don’t lose their homes to a manmade catastrophe.

Let’s Solve the Property Insurance Crisis

Floridians are facing skyrocketing property insurance rates because insurance companies are going bankrupt or are leaving the state. We need the Florida Legislature to pay attention to this crisis.
WFSU: Florida leaders consider action as 17 property insurers face a downgrade in ratings

Damaged in the panhandle from Hurricane Michael in 2018.

Angry at a ratings agency that raised the possibility of downgrading 17 Florida property insurers, state leaders could be poised to look for an alternative.

The Joint Legislative Budget Commission is expected to consider a proposal to spend $1.5 million to hire a consultant that would look at options for property insurers to get adequate financial ratings.

Such ratings are important, in part, because mortgage-industry giants Fannie Mae and Freddie Mac require homes to be insured by financially sound companies. If insurers lose satisfactory ratings, homeowners could be forced to find other coverage.

READ MORE

CBS Miami: South Florida communities impacted by insurance crisis
MIAMI – Florida’s insurance crisis continues as four companies have been downgraded and a fifth carrier going out of business, leaving homeowners scrambling.

“I were not in the peak of hurricane season so to know your about to be dumped is nerve-racking,” said homeowner Ernesto Cortez, referring to his insurance carrier not only dropping him but going out of business.

The move comes after multiple insurance companies in the state were downgraded, his carrier Weston, is among them and now they have become insolvent.

“After the downgrade of the insurance companies, they didn’t do the 17 they did 4 companies but out of the four my insurance is one of them, so now I have to get insurance again twice in less than four months” added Cortez.

READ MORE

Insurance Journal: Debate Deepens After Florida OIR Seeks to Raise Citizens’ Coverage Limit on Homes
Recent developments have sparked new debate about the role that Citizens Property Insurance Corp. should play in Florida’s rapidly shifting property insurance market, with potential changes that could affect agents, other carriers and homeowners for years to come.

At a Citizens committee meeting last week, Florida regulator Susanne Murphy revealed that the Office of Insurance Regulation is now considering waiving Citizens’ $700,000 coverage limit for upscale homes, at least in some counties. Agents have said that the change is badly needed: Their options are more limited than ever in parts of the state where home values have soared and primary market carriers have pulled back or have restricted coverage in the middle of hurricane season.

READ MORE: