MIAMI (CBSMiami) – In a narrative we shared final month, the Insurance Information Institute pinpointed two causes for charge hikes. One, rampant roof substitute fraud schemes. Two, runaway litigation filed towards insurers. The byproduct: three property insurance coverage firms eye mega will increase.
Three insurance coverage firms requested for will increase in digital hearings with Florida’s Office of Insurance Regulation Tuesday.
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The largest, Florida Farm Bureau, seeks a 48.7% soar in charges for owners’ insurance policies.
The firm’s VP Ben Kimmons mentioned, “We’ve seen many more roof claims with much higher costs.”
They’re not alone. First Floridian Auto and Home asks for a 23% improve. The firm factors to “dubious” roof claims as to why payouts have doubled up to now three years.
First Floridian VP Robert Aaron mentioned, “We do not want to non-renew but we cannot continue forward at this unsustainable rate level.”
KIN Interinsurance Network eyes a 25.1% hike.
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CEO Angel Conlin factors to the litigation panorama making the scenario untenable.
Gov. Ron DeSantis was in Miami on Tuesday. CBS4 pressed him on how he hopes to sort out the property insurance coverage disaster within the particular session subsequent week.
“At the end of the day, we have about 8% of the insurance claims for homeowners nationwide,” mentioned DeSantis. “The state represents 78% of all the litigation nationwide with homeowners’ policies, and so the incentives are skewed. And it’s not serving the interests of folks who are seeing these major premium hikes that are happening. So we’re going to address, there’s going to be a whole host of things that are going to be done.”
Regulators will evaluate the requests earlier than making a call within the coming weeks.
The particular session begins on Monday, May 23. CBS4’s Joe Gorchow might be in Tallahassee to cowl what unfolds within the session.
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