Lawmakers meet Monday for a how to stabilize Florida’s home insurance
Lawmakers meet Monday for a how to stabilize Florida’s home insurance
State lawmakers are all set to meet Monday for a how to stabilize Florida’s home insurance market.
According to the Insurance Information Institute, Florida homeowners are paying more than double the national average cost for home insurance.
Insurers have been calling on lawmakers to address large numbers of roof-damage claims.
companies saidInsurers would not be allowed to refuse to insure a home just because its roof is old.
companies would be blocked from denying coverage because of a roof’s age if the roof is less than 15 years old.
If roofs are older than 15 years than insurers would have to allow homeowners to have an inspection on the roof’s condition before they refusing coverage.
If the inspection shows the roof has more than years of useful life left then the insurance company could not reject their coverage because of age.
These ideas are meant to halt side effects from the state’s insurance crisis.
As insurance companies have seen a rise in roof claims, they have refused to insure homes with older roofs, shedding policies and...
forcing homeowners to spend tens of thousands of dollars on a new roof just to get coverage.
Lawmakers are being recalled to Tallahassee because they failed to agree on legislation to address the property insurance crisis during their 60-day legislative session earlier this year.
Changes announced this week could quickly address one aspect of the crisis.
It remains unclear whether the changes will result in serious relief for Floridians experiencing double-digit rate increases.