May 16, 2021

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Savings delayed on Florida property insurance

1 min read

TALLAHASSEE – Homeowners are experiencing sticker shock as home insurance rates are rising rapidly in Florida.

New reforms designed to lower rates take effect July 1 unless they’re vetoed by Gov. Ron DeSantis. But it could be more than a year before rates stabilize.

Florida’s 6.2 million property insurance customers are seeing double-digit hikes for homeowners insurance, and reform legislation doesn’t deal with one of the biggest cost drivers.

”Roofs are covered under the amendment, just like they have been in the past in your homeowners policy,” said Senate sponsor Jim Boyd.

Co-sponsor Sen. Jeff Brandes explained lawmakers couldn’t agree on a sliding scale to replace a roof based on its age.

”What they see as roofs are getting older, they are having to replace these roofs that are 20 years old that were frankly at the end of their useful life anyway,” said Brandes.

The legislation also makes significant changes to the way attorneys are paid.

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“If everybody’s reasonable, then everybody pays for their own attorneys fees. Before it was if you got one dollar more, then the insurance company had to pay all the legal fees,” said Brandes.

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