By: Shannon Cake
Rick Roth, state representative from Florida says that ‘five law firms are responsible for more than 90% of lawsuits in Florida’
WEST PALM BAY, Fla. — Florida is the envy of many countries for nine months out of the year.
Insurance premiums have historically risen when hurricanes ravage the Sunshine State.
State Rep. Rick Roth (R-West Palm Beach) said, “It has been bad for quite a while.”
Lori Berman of Boynton Beach said, “It is probably the most common issue I hear about from my constituents.” Their insurance has risen to the extent that they are unable to afford their home.
Both sides of the political aisle in Florida agree that homeowners insurance is nearing its breaking point.
The problem is largely due to the deals made after the hurricane Andrew, which struck the state in 31 years.
A state-backed insurer popped up when insurance companies left Florida or closed down. Some believe that these insurers have taken on too many insurance policies.
Rick Roth:
Florida has a warm climate and sunshine for nine months out of the twelve. When hurricanes bring down the insurance rates, they have historically gone up.
Shannon CakePosted on Sep 5, 2023 at 12:22 PM and updated Sep 5, 2023, 2:26 PM
WEST PALM BAY, Fla. – Florida’s warm and sunny weather is envied by the rest of the world for nine months out of the year.
Insurance premiums have historically risen when hurricanes ravage the Sunshine State.
State Rep. Rick Roth (R-West Palm Beach) said, “It has been bad for quite a while.”
Rick Roth, Florida State Representative, explains the reasons and remedies for Florida’s insurance crises.
WPTV
Rick Roth, Florida State Representative, explains the reasons and remedies for Florida’s insurance crises.
Lori Berman of Boynton Beach said, “This is probably the most common issue I hear about from my constituents.” Their insurance has risen to the extent that they are unable to afford their home.
Both sides of the political aisle in Florida agree that homeowners insurance is nearing its breaking point.
The problem is largely due to the deals made after the hurricane Andrew, which struck the state in 31 years.
A state-backed insurer arose when insurance companies left Florida or closed down. Some believe that these insurers have taken on too many insurance policies.
New legislation to counter insurance crisis is hoped by officials
The lawmakers only approved one ratings giant when smaller companies moved in to join them.
The rating companies assign insurers ratings, which give the consumer confidence that their insurer will be able to pay for their claims in case of disaster.
Recent Florida legislators tried to tackle the problem by supporting Florida’s reinsurance companies, which are basically insurance companies that insure insurance companies.
The government allocated billions of dollars to bail out insurers, but this hasn’t stopped the exodus in recent years.
Some companies cited the hurricane threat, while others blamed Florida’s legal climate and the rampant litigation from consumers.
Roth stated that “five law firms are responsible for more than 90% of all lawsuits in Florida.”
The lawmakers have just passed a set of rules that will crack down on frivolous suits.
Since January 2022, 15 firms have stopped accepting new orders in Florida. In the past few months, three more companies have announced their withdrawal. This has driven prices higher.
Berman stated that “the leadership of the Legislature did not address this issue fully.” We have discussed it endlessly for many years and here we are, in crisis.
We didn’t solve the problem. Roth stated that they had dealt with the problem of lawsuits. It’s going to take at least five years for rates really to drop significantly, according Roth.
Berman stated that “we need to think outside of the box” and find a different way to look at the problem. If we continue doing the same thing, the problems will remain the same.
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