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By: Shannon Cake
Rick Roth is a state legislator who says, “Five Florida firms handle over 90 percent of all the lawsuits.”
WESTPALM BEACH, Fla. – Florida’s warm and sunny weather is envied across the nation for around nine months a year.
When hurricanes strike and cut a path in the Sunshine State insurance prices have traditionally gone up.
Rick Roth of West Palm Beach said: “It really hasn’t been good for a very, long time.”
Lori Berman D-Boynton Beach stated that “it’s the number one issue” she heard from constituents. It’s a big issue for them. Their insurance costs are so expensive that they cannot afford to remain in their houses.
Florida’s homeowners insurance, lawmakers from both parties agree, is reaching a crisis point.
A large part of the issue stems from agreements reached after Hurricane Andrew hit Florida 31 years earlier.
After insurance companies left Florida and shut their doors, the state created a back-insurer. Some people believe the insurers had taken on more policies than they could handle.
Rick Roth says
Florida enjoys a mild climate for around nine months during the year. In the past, insurance costs have risen dramatically when hurricanes hit.
Shannon CakePosted by: Shannon Cake at 1:22 PM Sep 05, 2023. Updated 2:26PM Sep 05, 2023.
WESTPALM BEACH, Fla.- Florida is the envy of many countries for its warm climate and sunshine. This happens about nine months a year.
When hurricanes strike and carve their path through Florida, premiums for insurance have traditionally gone up.
Rick Roth of West Palm Beach said: “It really hasn’t been good for a very, long time.”
Rick Roth, Florida Representative from the State House of Representatives, describes Florida’s current insurance crisis and its causes.
WPTV
Rick Roth, Florida Representative from the State House of Representatives, describes Florida’s current insurance crisis and its causes.
Lori Berman D-Boynton Beach stated that “it’s the number one issue” she heard from her constituents. It’s a big issue for them. Their insurance costs are so high that they don’t have the money to pay their mortgages.
Florida’s homeowners insurance, lawmakers from both parties agree, is reaching a crisis point.
A large part of the issue stems from agreements reached after Hurricane Andrew hit Florida 31 years earlier.
After insurance companies were forced to leave Florida or close, the state created a back-insurer. However, many believe the insurers had taken on too much risk.
Officials are hopeful about new legislation that will combat insurance crisis
As smaller companies began to move back into the same building as larger ones, only Demotech was approved by lawmakers.
Insurers are given ratings by the rating companies. This gives consumers confidence in their insurer’s ability to cover their claims if disaster strikes.
Florida lawmakers have recently attempted to address the problem. They backed Florida’s reinsurers which, in essence, are insurance firms for insurance providers themselves.
Many lawmakers allocated millions of bailout dollars, but it didn’t prevent the mass exodus from insurance companies in recent times.
Some companies pulled out due to hurricane threats, but others cite the current legal climate in Florida and the many lawsuits that Florida consumers have filed.
Roth noted that the majority of Florida lawsuits were handled by just five Florida law firms.
Legislators have approved new rules to curb frivolous lawsuits.
Since January 20, 2022, 15 companies in Florida have stopped taking on new clients. Since January 2022, another three companies have announced that they are withdrawing from Florida. Prices continue to rise.
Berman noted that the leadership in Congress hasn’t fully dealt with this problem. “We’ve talked about this issue for years. And yet, here we stand in a state of crisis.
We did not solve the issue. Roth told the audience that “we dealt with this lawsuit issue.” In my opinion it will take about five years before rates start to fall significantly.
Berman said, “If we keep on doing what we have been doing for years we will have the exact same problems.”
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