News of United Property & Casualty stopping insurance in Florida is just one part of a major crisis in Florida.
The Legislature and the governor gave $2 billion of our tax dollars in the reinsurance program last May, 2022. This was done to prop up insurance companies. Obviously, it is not helping since this would be the sixth company stopping providing insurance in Florida. Senator Boyd, the sponsor of the Legislation said that it will take 12-18 months for the insurance market to stabilize. In the meantime, our insurance rates will keep going up and up. The new law did stop the “free roof” lawyers from making money off of insurance companies. That will certainly stop the “free roof” scam in Florida.
If I am elected on Nov. 8, 2022, this issue is on the top of my list. We have to use the state budget surplus to FREEZE homeowners insurance for the people rather than giving $2 billion to prop up the insurance companies. We have to HELP THE RESIDENTS with the state budget surplus rather than insurance companies.
I am starting to hear all kinds of problems with homeowners insurance:
1. Insurance companies not even quoting for homes built before 2004.
2. Insurance companies asking you to get a NEW ROOF before they renew the policy.
3. Insurance companies make you get a NEW ROOF within 30 days or they cancel your Policy.
4. Insurance companies cancel policies for no reason at all.
5. If you are forced into a policy with a new insurance company, the rates are much higher and even then the deductible is much higher.
6. Older homes, built prior to 2004 need a new roof built within the last one year to be able to get an Insurance Policy, if at all.
7. Insurance company of last resort, Citizens Insurance is starting to not renew policies.
All this is happening even before the rating agency, Demotech has lowered ratings for as many as 27 insurance companies. Once Demotech lowers the ratings, and if you have a mortgage, your lender will force you to get a Policy with an A-rated company. The result will be higher premiums and higher deductibles.
Villager Ash Marwah is a candidate for the Florida House of Representatives.