Rate increases are causing anxiety among Florida homeowners. Many can share tales of recent rate hikes that hint at a dim future:
If Florida home insurance costs continue to spike, who will be able to afford Sunshine State home ownership?
Understand why rate increases are occurring and take action to protect your Florida home insurance premium.
Here’s the down-low:
- Within the state, losses have proved extensive and the effects of storms are ongoing. Thanks to hurricane losses from Wilma and Katrina, the total amount of insurers in the state underwriting property policies has dwindled. Many insurers who have remained find themselves still handling claims from Hurricane Irma.
While storm severity and frequency have caused insurance rate increases, so has insurance fraud. Fortunately, there are actions Floridians like you can take to curb this practice:
- Educate yourself about insurance fraud.
- Don’t become an Assignment of Benefits (AOB) victim (Download the Consumer Protection Coalition’s guide and learn how to avoid AOB fraud and abuse).
- Protect your pocketbook from shady contractors.
- Suspect fraud? Notify your home insurance company immediately and report the concern to the Florida Division of Insurance Fraud online or by calling 1-800-378-0445.
Here’s what you can do to be part of the change:
The Florida legislature is considering proposals that address the abuses driving costs ever-upward. Contact Governor Ron DeSantis, House Speaker Chris Sprowls and Senate President Wilton Simpson and express support for property insurance litigation and fraud reforms. Make your voice heard and tell the Florida Legislature to bring insurance claim fraud and abuse under control. Share your own story and how these rate increases impact your ability to maintain property insurance in the Sunshine State.
For more information regarding Florida property insurance rate hikes, why this is happening and what you can do, read this Reuters article. After you do, pick up the phone and call:
Governor Ron DeSantis at 850-717-9337
Speaker of the House Chris Sprowls at 850-717-5000
Senate President Wilton Simpson at 850-487-5229
Together, we can present a united front to fight against fraud and undue property rate increases.