The property insurance market in Florida is in free fall, according to the Insurance Information Institute, and southwest Florida is not immune to the consequences: people’s policies stop because the hurricane season begins in just two weeks.
This is difficult for those now looking for property insurance. WINK News spoke with the Florida Association of State Insurance Adjusters, which recommends getting as many quotes as possible from different companies.
Chris Curie, president of the group, says homeowners are very worried about rising rates. Next week, Gov. Ron DeSantis is holding a special legislative session to address the issue. However, Curie says it will take more than a year for people to see some change, and many companies are canceling thousands of policies because they just can’t afford to keep their companies in business.
Naples resident William Little is the one who touched on this.
“I am one of those unfortunate people who have been notified that the insurance company is shutting down,” Littel said. “My policy actually expires in July and I was looking for a replacement. I paid about $ 12,300 a month, I mean a year for my insurance. And the quotes I get now are anywhere from 3,000 to 4 and 5,000.
Increasing premiums, lowering coverage and fraud are some of the other problems that people in our state face when it comes to property insurance. Curie goes so far as to call the current situation in the state a crisis. Little says he understands that the cost of living is rising, but believes there must be a solution.
“It’s just getting too much,” Little said. “By the time you know, I mean we have a fixed income, some of us are down here. And where does this money come from, with insurance? ”
“We have others [companies] which are on the verge of failure, ”Curie said. “The Office of Insurance Regulation is improving raising rates for insurance companies to try to make them more financially sustainable and survive in this market.”
The size of your home, its age and its location affect how much you pay for property insurance. Experts say that if you are quoted and the price seems high, check again to see what coverage is included.