• Wed. May 18th, 2022

Property insurance prices soar in Florida as cabinet meets to tackle crisis

ByElla E. Kidwell

Mar 29, 2022

The Central Florida real estate market has been on a steady upward trend over the past year. Unfortunately, the price of insuring these properties has also skyrocketed. Many insurance companies go bankrupt and some owners receive cancellation notices without ever filing a claim. .David Altmaier is the commissioner of the Office of Insurance Regulation, the body that oversees the industry. Altmaier provided an update on the state cabinet on Tuesday. “We go from issue to issue. And the recurring theme in all of these issues is excessive litigation,” Altmaier said. “The reforms we talk about, the reforms we passed, the bill Senate Bill 76 and House Bill 7065, I believe they will eventually be effective in reducing costs. But none of this happens overnight. Gov. Ron DeSantis said Tuesday that more needs to be done. “Florida has had 8% of claims nationwide and over 7% of litigation. Obviously there’s a dysfunction. In that, Senate Bill 76 did a few things, but it was a compromise. And I don’t think that did enough,” DeSantis said. The governor added that he was confident tougher legislation would be passed later this year.

The Central Florida real estate market has been on a steady upward trend over the past year.

Unfortunately, the price of insuring these properties has also skyrocketed.

Many insurance companies go bankrupt and some owners receive cancellation notices without ever filing a claim.

The Senate passed legislation reducing roof claims and litigation seen as the driving forces behind the rate increases.

David Altmaier is the commissioner of the Office of Insurance Regulation, the body that oversees the industry.

Altmaier provided an update on the state cabinet on Tuesday.

“We go from one problem to another. And the recurring theme in all of these issues is excessive litigation,” Altmaier said. “The reforms that we’re talking about, the reforms that we passed, Senate Bill 76 and House Bill 7065, I think they’re ultimately going to be effective in reducing costs. But none of this happens overnight.

Gov. Ron DeSantis said Tuesday more needed to be done.

“Florida had 8% of claims nationwide and over 7% of litigation. Obviously, there is a malfunction. In this, Senate Bill 76 did some things, but it was a compromise. And I don’t think that’s been enough,” DeSantis said.

The governor added that he is confident that tougher legislation will be passed later this year.