Property Insurers Seek Hefty Rate Hikes

From today’s paper.


TALLAHASSEE — With homeowners struggling to find coverage, insurance regulators are looking at the possibility of lifting a $700,000 cap on policies sold by the state-backed Citizens Property Insurance Corp.

Citizens is barred by law from providing what is known as a “replacement cost” coverage of more than $700,000 for homes, except in Miami-Dade and Monroe counties, where the limit is $1 million.

But as Florida’s property insurance market has crumbled and home values have soared, many homeowners have been dropped by private insurers and cannot qualify for Citizens coverage because of the $700,000 cap.

It looks like we are rapidly moving towards having the state insure all property and casualty risk. Maybe there’s no other option that is politically feasible in that homes are insured at a rate that homeowners can actually pay.

But it certainly seems like our Governor is not spending as much time trying to solve this more difficult problem as he is engaging in culture war attacks against the marginalized

https://tampabaytimes-fl.newsmemory.com/?publink=01b4b50c6_134860a

 

Or... they'll use it as an excuse to bilk the populous...

 

Another component of rent increases - higher insurance premiums to cover all the roofing scams.

 

I blame the Florida GOP. They've been running things in Tallahassee since this all started and still haven't done anything about it