TAMPA, Fla. (WFLA) — Florida’s property insurance disaster hits near house and one Tampa Bay teacher is dealing with a head-spinning premium improve.
This is all unfolding as lawmakers are in Tallahassee for a particular session to stabilize the market.
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8 On Your Side Investigator Mahsa Saeidi continues her protection of this disaster.
“I nearly lost my heart, I couldn’t believe it,” stated Megan Lucas, “we all work really hard for our money. If this insurance just keeps going up, I’m not going to be able to afford to live here at this beautiful home that I worked so hard for.”
Megan cannot wrap her head across the dramatic premium improve. Last week, she obtained her annual coverage renewal from Security First Insurance Company. Megan’s premium jumped from lower than $4,000 to just about $7,000.
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“I called them and I wanted to see what happened,” Megan stated, “and their answer was pretty generic just about the increases over the whole state.”
Unsatisfied, Megan known as 8 On Your Side.
In 2016, Megan moved into her New Port Richey house. In 2021, she filed only one declare after a pipe burst. Megan discovered a contractor and stated Security First authorised the estimate and paid out the declare.
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“Less than $5,000,” Megan stated. “Am I the only one with an 80% increase? Are there other people in the same boat as I am?”
We wished to know if Megan’s premium practically doubled simply because she filed a declare.
Insurance brokers advised 8 On Your Side that submitting a declare can impression your premium — massive time. But in an announcement, Security First stated that is not what occurred right here.
“There has been a substantial increase in the cost of building materials … and that results in a need to make the appropriate adjustments…”
The firm identified that charge will increase are occurring throughout the state.
“The cost of reinsurance, litigation and fraud all play a role,” the corporate stated
“I would really like to see some caps on these sorts of things,” Megan stated.
There is a particular session occurring now however there is no speak of capping premiums.
Security First stated there are some totally different pricing choices out there for Megan. We’ve put her in contact with the corporate.
If you might have a property insurance story to share, electronic mail Mahsa Saeidi at [email protected]
