Florida homeowners have been mired in an insurance crisis for quite some time, but the state's new lawmakers are gearing up to tackle the issue.
What's happening?
As explained by the Miami Herald last month, Florida's new legislative leaders who were sworn in in November have made it clear their priority is to address the state's insurance crisis in which companies are hiking their rates or pulling their coverage altogether due to the increased risk of hurricanes and other natural disasters.
"I want to make sure that impacted Floridians and insurance companies hear me loudly and clearly — we are watching," Senate President Ben Albritton, R-Wauchula, told senators in November, per the Miami Herald.
"[Floridians] don't want our state's insurance laws to be written by insurance companies," House Speaker Danny Perez, R-Miami, added.
The Miami Herald noted it's not yet known what proposals would gain traction by the next legislative session in March, but it suggested a few things that lawmakers could be considering, including tax breaks to elevate homes, increased oversight of insurance companies, funding home hardening, and making Citizens Property Insurance available to everyone.
Why is this important?
The ongoing climate crisis has increased the frequency and intensity of severe weather events like Hurricanes Helene and Milton, which rocked Florida and other southeastern states within a span of just two weeks last fall. As these natural disasters become more common, many Florida residents have been left struggling to find affordable insurance coverage.
For example, AAA announced it would discontinue some of its insurance coverage in Florida, joining other companies like Farmers Insurance that have already exited the state. The lack of available providers has caused Floridians to pay much higher rates for home insurance than the national average.
According to the Associated Press, the average cost of a homeowners policy in Florida is about $6,000 per year, nearly four times the national average of $1,700. This issue creates financial stress for many residents and forces some to reconsider their living arrangements. Some homeowners avoid the problem completely by going without insurance, risking the possibility of losing their homes in the next major storm.
What's being done about this?
As the Miami Herald explained, it will take a concerted effort by Florida's new lawmakers to help make it easier for state residents to secure reliable and affordable home insurance coverage.
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Definitely 👍 State-run programs like Citizens Property Insurance need to be made available to a wider range of residents to alleviate the pressure of finding a private insurer with costly premiums.
It's also necessary to take the proactive step of protecting your home from future natural disasters. Improvements like elevating the structure, securing the roof, and using storm-proof materials could go a long way toward providing stability in your home, and you could receive some help for your efforts.
Florida's My Safe Florida Home program is an initiative that offers residents up to $10,000 to make their homes more resilient to hurricanes, so it's important to explore every possible avenue to enhance your home's safety, which could thereby reduce your insurance costs.
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