Florida Property Insurance Reform – Who is This Session For?
While it’s troubling to watch FL residents suffer soaring rate increases, I’m still hoping some meaningful legislation will be passed that will “immediately” impact rates and help property holders. The frustrating part is the partisan politicians who turn a blind eye when good amendments are put forward that could easily provide some rate relief. Just watch the consumer-friendly amendments laid out by Senator Gary Farmer who very eloquently explains the insurance shell game.
Start at 1:57:30 - https://thefloridachannel.org/videos/5-24-22-senate-session-part-1/
Do you really think there will be rate cuts in 12 or 18 months? Are insurance companies being held to a high enough standard to have the financial resources to properly manage their risk? Do these representatives care about policyholders or the insurance lobby? It’s interesting that not one word is uttered regarding the poor claims processing practices of these “troubled” firms.
There’s plenty of history on Florida’s 2004 Hurricane Season you can search online, but the one that comes to mind is how the Legislature reversed actual cash value (ACV) to Replacement Cost Payments after the 2004 Hurricane Season.
Why? Because consumers where in dire need of help, insurance companies were understaffed and very simply could not keep up processing claims. Should we experience another series of hurricanes this year, I expect it to backfire as it did after 2004’s hurricane season.