Sunday, February 5, 2023

The increase in the prices of insurance policies in Floridaa

How are the insurance policies in Florida now? As experts warned, the passing of Hurricane Ian had dire consequences for insurance agencies in Florida that have now declared themselves in crisis.

Today, premiums for insurance policies exceed $4,200 per year, three times the national average.

A Univision report in this regard specifies that “it is expected that there will be a special session in the State Legislature before the end of the year to take up the measure.”

As state Representative Tom Fabricio told the outlet, “The cost of the premium affects all prices, so it’s an extremely serious problem.”

Fabricio also points out that after the impact of the cyclone, “fewer insurers want to come into the state,” which essentially means homeowners will have no choice but to seek out a civilian insurer.

“The area affected by the storm automatically becomes a high-risk area and therefore, insurance companies have to raise prices to maintain balance,” explained consultant Cesar Canales after the storm.

For his part, Governor Ron DeSantis specified that reforms must be made in the context of other states’ more stable markets in order to implement the situation.

Meanwhile, Tom Fabricio believes that some reform could be achieved if lawyers’ fees were deregulated.

The prices of insurance policies go up in Florida

“We have a lot of cases where lawyers are getting over a million dollars and the owner is getting ten or twenty thousand dollars out of a settlement. So this law is just fueling this litigation problem that we have here in Florida. is in,” said the expert.

Many insurance agents advise Floridians to be patient and not to despair when faced with a complicated situation.

“If you live in a house that’s already a little old, you’ve got to update it, number one, put in impact windows, number two, keep an eye on the roof, give it a pressure cleaning, which is very It’s important that they (insurance companies) look,” insurance agent Jorge Montealegre told Univision.

Nation World News Desk
Nation World News Desk
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