Homeowners Insurance Nightmare in Florida
Homeowners insurance is often required if you refinance your home. It’s also a good thing to have in the event of a disaster such as a fire, tornado, hurricane, flood, or other weather event. In some cases, insurance can also protect against theft as well.
However, in Florida, the process of even getting homeowners insurance can be quite the hassle. Huge insurers such as AAA, Farmers, Lexington Insurance, and AIG have left the state because they can no longer afford to take on the risks of claims.
What this means is that the insurance companies that are still in the state are charging exorbitant prices for homeowners insurance. The national average is $1,700 a year. In Florida, residents are paying roughly 2.5 times that amount, at $4,200 a year.
This is putting residents of the Sunshine State under a lot of financial pressure, to say the least. Many are having to move, whether that means to a cheaper part of the state or outside of the state altogether.
Gov. Ron DeSantis is being blamed for the insurance hikes, but there are several main factors involved, including hurricanes and other severe weather issues, excessive litigation, and insurance companies leaving the state. All have contributed to the surge in premiums in recent years.
Many people are accusing DeSantis of a lack of leadership. However, a spokesperson for the governor says that DeSantis has acted to address the crisis, but it would take time to see the results.
One homeowner in Broward County is struggling to stay in his home after his partner recently died. This loss affected his household income, making it hard to pay bills such as homeowners insurance and taxes. He claims that in the last year, his homeowners insurance doubled and is now at more than $7,000. Property taxes have climbed to more than $3,500.
Another man, a retiree with a disability, has lived in Florida for more than 30 years but may now have to move due to a lack of affordable homeowners insurance. He can no longer afford homeowners insurance but cannot afford to be self-insured either.
Many expect the Florida insurance crisis to devastate many households, especially condo owners. Condo owners cannot go without insurance. They are forced by condo associations to pay for any increase. Many are seeing their rates doubling.
Seek Legal Help
Homeowners insurance is a necessity, especially in states like Florida where natural disasters are common. However, a lack of affordable insurance is making the situation a nightmare for homeowners.
On top of that, many claims get denied for various reasons, making the situation even more frustrating. Get the help you need from a Fort Lauderdale homeowners insurance lawyer from Edward J. Jennings, P.A. If your claim has been denied, don’t give up. Discuss your situation with us. Fill out the online form or call 954-764-4330 to schedule a consultation with our office.