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By: Shannon Cake
Rick Roth of Florida state rep. says: “Five Florida law firms account for 90% or more of all lawsuits.”
WESTPALM BEACH FLORIDA — Sunshine and warm temperatures in Florida are envied by the rest of the world for approximately nine months of each year.
In the past, when Hurricanes hit the Sunshine State and carved a path across it, the insurance rates have risen dramatically.
Rick Roth, R, West Palm Beach state representative, stated that “it’s been really bad for a long time.”
Lori Berman (D-Boynton Beach) said that this is the main concern she hears from her constituents. The cost of their insurance is so high that many people can no longer afford to live in the home they own.
Florida homeowners’ insurance has reached a critical point, according to both the Democrats and Republicans.
Many of the problems stem from the agreements made following Hurricane Andrew which devastated the state over 31 years ago.
In Florida, when the insurance industry left or was shut down by Florida’s regulators, an independent state insurer appeared. Many believe these insurers were overburdened with policies.
Rick Roth says
Florida is a sunny state with warm weather for most of the year. Insurance premiums have always been high when there are hurricanes.
Shannon Cake Posted at 1:12 PM on September 05 2023. Last updated: 2:26 pm, September 05 2023
WESTPALM BEACH FLORIDA — Sunshine and warm temperatures in Florida are envied across the nation for approximately nine months.
In the past, when Hurricanes hit the Sunshine State and carved a path across it, the insurance rates have soared.
Rick Roth, R, West Palm Beach state representative, stated that “it’s been really bad for a long time.”
Rick Roth, Florida state representative, discusses the possible causes and solutions to Florida’s Insurance Crisis.
WPTV
Rick Roth, Florida state representative, discusses the possible causes and solutions to Florida’s Insurance Crisis.
Lori Berman (D-Boynton Beach) said that this is the main concern she hears from her constituents. The cost of their insurance has increased to the point where they cannot afford to live in the home anymore.
Florida homeowners’ insurance has reached a critical point, according to both the Democrats and Republicans.
Many of the problems stem from the agreements made following Hurricane Andrew which devastated the state over 31 years ago.
In Florida, when the insurance industry left or was shut down by Florida’s regulators, an independent state insurer appeared. Some people believe these insurers were overburdened with policies.
Officials hope that new insurance legislation will help counter the crisis
After smaller firms finally returned to the fold, legislators approved only one rating giant — Demotech.
Insurance companies are rated by rating agencies, and this gives consumers the confidence that they can rely on their insurer to be financially sound.
Florida lawmakers recently tried to solve the issue by supporting Florida’s reinsurers. These are insurance companies who in essence provide insurance for insurance companies.
Despite billions spent on bailouts, the insurers have continued to leave in droves.
Some companies blamed hurricanes, others the Florida legal climate or the high number of lawsuits filed by Florida residents.
Roth explained that over 90% of lawsuits are filed by five law firms located in Florida.
A series of new laws have been approved by lawmakers to crackdown on frivolous litigation.
In Florida, fifteen companies have discontinued new business since January 2020. The prices have risen even more since three other companies announced they were withdrawing in recent months.
Berman stated, “The Leadership in the Legislature have not addressed this fully.” Berman said, “We’ve been talking about it and discussing for years. Yet here we are.
Roth said, “We did not fix the problem.” Roth explained that the issue of litigation was resolved. I think it’s going take five years to see rates drop.
Berman explained that if you keep doing things the way they have always been done, then the old problems are going to continue.
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