2023-09-01 08:41:08
The very high prices of property insurance and the arrival of Hurricane Idalia have pointed to the insurance crisis in the state and to wonder what else can be done to give relief to those who say they can’t take it anymore with the high prices. Meanwhile, there are very different opinions among elected officials and those who work in the industry on the measures they have approved so far.
Over the last two years Florida homeowners have seen their insurance premiums skyrocket, several insurance companies leave the state and the insurer for Citizens, the insurer of last resort, has doubled to over a million. The solutions offered so far do not bring immediate relief.
Although Idalia directly impacted Northwest Florida, it will also affect the rest of the state
According to Humberto Hernández, President of National Public Adjusters, “we are going to pay one way or the other. All consumers are going to pay, all homeowners here in Florida for the damages that the insurance company is going to pay after this Hurricane Idalia”.
The first estimate of damages ranges from 4 billion to 25.6 billion with an average of 9 billion dollars.
This only worsens the crisis facing Florida’s property insurance industry, which boasts the highest premiums in the nation.
Two legislative special sessions resulted in a series of new laws to try to reduce lawsuits and fraud. But many who work in the industry argue that it only hurts homeowners, such as prohibiting insurance companies from paying lawyers directly.
“Consumers are not going to have the opportunity they had before for representation, for example, a small case financially does not make any sense for the lawyer to take it,” warns Hernández, President of National Public Adjusters.
They also removed the allocation of benefits. “You were passing the rights under your policy as the owner to a company that was providing a service to your property.”
But there are also reforms to defend homeowners through the Office of Insurance Regulation.
As State Representative Danny Perez explains, “That agency is going to have the opportunity to penalize that insurance company that is not approving the claims of those who live in Florida and pay those premiums, month after month that they are not approving month after month.” after month”.
And to truly lower those premiums, industry veterans suggest big changes.
“They can do many things, force existing companies to offer policyholders a type of policy that simply covers the structure of the house and does not cover personal property, by doing that there is a reduction in costs,” the insurance expert proposes. , Vidal Sainz.
Some lawmakers have suggested a third special session on the issue while others say it will be a priority in the regular session.
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