As he campaigns for president, Ron DeSantis, governor of Florida, has stated that he wishes to transform America into a Florida.
No one desires the type of insurance bill that Florida homeowners have been receiving in their email inboxes, so homeowners may say no.
The Distinctive And Expensive Problem Faced by Homeowners
According to the Insurance Information Institute, the average premium for homeowners insurance in Florida will reach $6,000 per year in 2023, compared to just $1,700 nationwide.
Since DeSantis became governor in 2018, premiums in Florida have increased by 206%, or by 42% over the past year. They are by a considerable margin the highest in the nation.
According to Zillow, Florida’s property values are only the 18th highest in the country, so expensive real estate cannot account for the nation’s highest homeowners insurance rates.
Undoubtedly, hurricanes and other forms of extreme weather have an effect on the state. Surprisingly, this is not the greatest issue either.
Instead, Category 5 fraud and abuse have rendered Florida’s homeowners insurance market so unprofitable that 15 insurers have gone bankrupt in the state since 2020, and others have refused to do business there.
This catastrophe, according to Logan McFaddin, vice president of state government relations for the American Property Casualty Insurance Association, is the result of human activity.
Not only is the weather a factor, but also a number of other factors. It is an instance of meritless litigation and deceit.
DeSantis supported and signed a package of insurance reforms passed by the Florida legislature in 2022 and this year.
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Criticism Over Florida Homeowner Assistance
The insurance industry hailed the legislation as essential for luring carriers back to the state and lowering consumer costs.
However, there will likely be years of legal challenges ahead, and premiums may increase further before they begin to decline.
Critics assert that DeSantis ought to be doing more to assist Florida homeowners rather than campaigning outside the state.
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