MIAMI (CBSMiami) – Al Herrero takes delight in his Hollywood dwelling, fixing it up over the past 7 years.
Imagine his shock when the received the decision that his insurance coverage was dropping him.
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“My insurance agent called me to let me know that FedNat was canceling 68,000 policies in the state of Florida and I was one of them effective June 30th,” he stated.
Al has only a month and a half to discover a new coverage. “I suspect it’s going to be between $6,000 and $8,000 a year. More than double in the last 7 years,” he figures.
Governor Ron DeSantis, speaking in regards to the upcoming particular session to deal with the troubled insurance coverage trade. “It will be a significant package and we’re not going to accept anything less,” the governor stated.
He stated to anticipate one thing large, however he didn’t give particulars.
“I think that this will be the most significant reforms that we’ve seen in Florida property insurance market in decades and this is a problem that’s s festered from a long long time,” Governor DeSantis stated.
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Steve Brooks owns Cornerstone Insurance. “It’s not a matter of if, they really do need to change,” Brooks stated.
He thinks the wanted reforms embrace tort reform, there needs to be a roofing deductible, and shoring up the disaster fund, however the greatest difficulty he sees is tort reform.
“What’s driving the prices here in our property market is the fact that there are so many frivolous lawsuits against the carriers that are being brought on in so many different capacities,” he stated.
For Al, it’s all in regards to the backside line. “What are your hopes and dreams for that session?” CBS 4’s Ted Scouten requested.
“Well, that rates go down. I don’t know how realistic that will be, but at least that they stop going up as aggressively as they’ve been going up,” Al stated.
The particular session begins on Monday, May twenty third. There could also be different points added to the agenda. It’s nonetheless up within the air if apartment reform after the Surfside catastrophe will probably be addressed.
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The housing disaster is leaving many determined for assist. That’s why CBS News Miami desires to share your tales to indicate the disaster you’re in or the way you navigated the system. We will spotlight these points and work to get solutions and options. Send us an e mail at [email protected].