Great to be part of the @FlChamber insurance summit yesterday. Here were the key points I made during the panel. Floridas Homeowners insurance market no longer exists, replaced by a $4.5B litigation market.
— Jeff Brandes (@JeffreyBrandes) December 4, 2021
Florida will hit 95,000 lawsuits this year while 49 other states average 730 each. That means if the US had 130 other states, we’d still have 50% of the lawsuits.
— Jeff Brandes (@JeffreyBrandes) December 4, 2021
Whatever homeowners premium your paying, 55% goes to protect your home while 45% goes to the Florida litigation syndicate.
— Jeff Brandes (@JeffreyBrandes) December 4, 2021
Every homeowner/property owner will have to pay 60% more if we want insurance companies able to pay actual claims to Floridians who suffer real damage.
— Jeff Brandes (@JeffreyBrandes) December 4, 2021
Florida I’m is the only state, in the US, Canada, EU to have homeowners and no insurance available to buy. The insurer of last resort is growing so fast as companies go under (12 on a warning track) they have to withdraw from certain markets.
— Jeff Brandes (@JeffreyBrandes) December 4, 2021
The litigation syndicate grows through illicit solicitation, but then relies on existing laws. That means the legislature is the only group who can turn this around- and so far this year we’re not coming to your rescue.
— Jeff Brandes (@JeffreyBrandes) December 4, 2021
Homeowners become victims when they agree to that free roof. These bad actors contractors are just using them and you are paying for your neighbors roof/remodel.
— Jeff Brandes (@JeffreyBrandes) December 4, 2021
Agreed, Senator. Unfortunately: Plaintiff’s counsels are winning cases at the trial court level nullifying SB 76 and the NOITIL requirement, and the application of the new attorney fees provisions as well as the AOB reform law. We need more action.
— Andrew Moss (@andrewmoss_fl) December 4, 2021
Agree, Florida’s homeowners market is unstable and unsustainable. @myflhouse, @FLSenate and @GovRonDeSantis should be all hands on deck to fix this market. Multiple government officials have said FL insurance market is on “life support” but so far this year it’s crickets 🦗
— Jeff Brandes (@JeffreyBrandes) December 4, 2021