In 2007, then Florida Gov. Charlie Crist placed a note in the historic “Wailing Wall” in Jerusalem where Jews and Christians go to offer up prayers. Crist’s note read: “Dear God, please protect our Florida from storms and other difficulties.”
Around $400 — that’s how much Eleanora Valvo says her homeowner’s insurance renewal went up.
Home insurance is getting a whole lot more expensive, a wallet punch for residents of a state that already has the highest property insurance rates in the nation, not to mention a staggering unemployment problem from a surging pandemic.
The Florida Supreme Court has granted an emergency request by the Florida bar to immediately suspend an attorney who, with his firm, has filed thousands of assignment of benefit and first party lawsuits against Florida property insurers over the last several years.
The Florida House of Representatives voted Wednesday overwhelmingly in favor of House Bill 7071, sponsored by Rep. Mike Beltran, to limit exorbitant attorney fees on property insurance lawsuits.
Top priority: bills that end the contingency risk multiplier.
In a new sign of problems in Florida’s property-insurance industry, tens of thousands of homeowners will be shifted to a different insurer this spring because of a company’s financial troubles.
Florida homeowners had better watch their wallets in 2020 — and ask their insurance agents to shop for cheaper deals.
A Florida insurance executive said his company needs to increase homeowner insurance premiums by 28.1 percent to maintain the company’s top financial rating.
Estimates show homeowners’ property insurance rates could climb tenfold over the next 10 years.
