It was bad it’s gotten worse.
>>> STREAM CHANNEL 9 EYEWITNESS Information Reside <<<
“They say my roof is too old and that is why they’re dropping me,” said Volusia County homeowner Douglas Zimmer. “I’m shopping around right now, but what am I going to do in November, what will happen to my coverage then?”
READ: EXPLAINER: Why bond yields may be warning of a recession
Douglas is like many Floridians right now, facing skyrocketing rates and policies with fewer protections.
“My agent is looking into it, but I’m going to be paying more,” said Douglas.
“Mine’s gone up more than one-hundred percent,” says Orange County homeowner Evan Dimov. “I was shocked when I shopped around, it just didn’t seem like anyone wanted my business.”
READ: Does the IRS owe you money? Clock ticking to collect $1.5B in unclaimed 2018 refunds
Critics say what’s driving this crisis is a pair of things: lawsuits and fraud. Last year more than 100,000 lawsuits were filed for property claims. That’s 130-times more than any other state in the country.
“It’s just becoming a financial burden to homeowners that is above and beyond,” says Chris Cury of the Florida Association of Public Insurance Adjusters.
Across the state, nine property insurance companies have entered liquidation with some of their policies being picked up by other carriers, while thousands pour into the state-backed Citizens Property Insurance, with the insurer of last resort now above 1 million policies after being at just 400,000 a few years ago.
READ: Energy agency: ‘Radical action’ needed to hit climate goals
On Tuesday, the Florida Cabinet received a briefing on the homeowner’s insurance market with leaders saying that a bill passed in 2021 (SB76) is showing some improvement, but leaders concede that more needs to be done and the Florida Legislature will have to act. The Governor has indicated he’ll sign a bill dealing with the crisis has stopped short of calling a special session to deal with the issue, instead indicating he’d like the House and Senate to come to an agreement on a solution first.
Click here to download the free WFTV news and weather apps, click here to download the WFTV Now app for your smart TV and click here to stream Channel 9 Eyewitness News live.