As the owner of Experienced Public Adjusters, I’ve witnessed the struggles that homeowners and businesses face in the ever-evolving realm of property insurance in Florida. The state’s unique set of challenges, from weather-related risks to an increasingly litigious environment, has created a perfect storm of soaring insurance costs and limited options for property owners.
The Current Landscape: A Tale of Rising Premiums and Limited Choices
Take Jacob Kligman’s story, for instance. A resident of Surfside and a business owner in Hallandale Beach, he represents countless Floridians grappling with the repercussions of an insurance market in flux. With three insurance companies dropping coverage in just three years, Kligman found himself left with a single option—one that comes at a steep price, nearly triple what he paid just four years ago.
The situation is not unique to Kligman; it echoes the sentiments of many Florida residents who are questioning the affordability of calling the Sunshine State home. Homeowners in Florida pay around 3.5 times the national average for property insurance, reaching almost five times the average in South Florida.
Dave Feather, working from Coral Springs, shares the concerns of his clients who are reevaluating their ability to stay in Florida. The limited availability of carriers coupled with escalating rates, doubling or even tripling over the years, has left property owners grappling with the financial burden of insurance costs.
Driving Forces Behind Escalating Costs: A Closer Look
Mark Friedlander from the Insurance Information Institute sheds light on the factors propelling insurance costs to unprecedented heights. Florida’s unpredictable weather patterns, an uptick in litigation, reinsurance costs for carriers, and national increases in repair expenses collectively contribute to the surging insurance prices.
Owner, David Dwyer‘s opinion: I believe that insurance companies operate for profit and they will keep raising prices on Florida homeowners until they reach a platue where they start losing policyholders. I also think that legislation should have included requirements for roofing contractor and solar contractors to have a license with the state in order to solicit their products and services.
Legislative Efforts and Special Sessions: Progress and Challenges
The legislative efforts undertaken, including last year’s special session focusing on tort reform and reinsurance, were steps in the right direction. However, as Friedlander rightly notes, there’s still a long road ahead to achieve stability in Florida’s insurance landscape.
The proposed reforms attracted five new insurance companies expected to enter the market in 2024, indicating a potential shift toward increased competition. Competition, Friedlander emphasizes, is the key to reigning in pricing and restoring balance to the marketplace.
Our Commitment at Experienced Public Adjusters
At Experienced Public Adjusters, we understand the frustration and financial strain that property owners in Florida are experiencing. Our commitment is to stand as advocates for our clients, ensuring they receive the compensation they rightfully deserve when filing insurance claims. As we navigate the challenges posed by the current insurance climate, our focus remains on providing expert guidance and unwavering support to those impacted by rising premiums and limited choices.
The year 2024 holds promise for change, and we are here to champion the rights of property owners throughout Florida. Stay informed, stay protected, and count on Experienced Public Adjusters to be your ally in the complex landscape of property insurance claims in the Sunshine State.