The Florida Legislature is set to revisit issues surrounding homeowners insurance across the state.
, with estimates warning the eventual total will far exceed that, a potentially enormous threat to the finances of Floridians and their insurers.
Florida homeowners pay the highest premiums in the country, almost three times the national average, according to the Insurance Information Institute, an industry organization. These premiums also are climbing at a rate of about 33% annually, compared to 9% boosts across the rest of the nation. Ian’s insurance damages are estimated to top $50 billion, making it second only to 2005’s Hurricane Katrina as the biggest insurance loss in U.S. history.“It’s obvious, the insurance industry wants to maximize profit and take advantage of the political climate it has right now, to look anemic, to scare everyone that they might leave Florida and push through legislation that will have lasting and long-term effects,” said Amy Boggs, a St.
A report this week by the conservative James Madison Institute echoed industry figures that found 80% of all insurance lawsuits nationwide are from Florida, even though only 9% of all insurance claims are filed in the state. JMI also says 92% of the $15 billion in insurance payouts since 2013 went to lawyers and legal expenses, not policyholders.
“You’re looking to incentivize new company formation or keeping the companies that actually are here,” said Dr. Chuck Nyce, who teaches insurance and risk management at Florida State University. “That won’t work until you show companies and their investors that litigation has been reduced substantially.
DeSantis already delayed property tax payments in the 26 counties affected by Ian until next June. The Legislature had passed legislation earlier this year providing tax relief for storm-damaged property — but that law doesn’t take effect until Jan. 1. Lawmakers may tackle some longer-term steps aimed at prompting homeowners to leave Citizens, once the industry gets better.
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