Reform needed to make property insurance market healthy

Ronald R. Assise

Reform needed to make property insurance market healthy

Home insurance is not a warranty policy. It is intended to make you whole again after you experience sudden and/or accidental damage to your home. Unfortunately, some unscrupulous contractors are promising “free” roofs to Florida homeowners for “damage” that is simply wear and tear.

Not to be outdone, there are some trial attorneys who file lawsuits for this “damage.” Individually, each of these actions are egregious. Together, they’ve created a toxic environment that has driven Florida’s property insurance market to the brink of collapse and caused rates to skyrocket. Nine Florida Insurance carriers have become insolvent in the last two years, and the average homeowners’ premium in Florida is $4,231 according to the Insurance Information Institute, the highest in the nation. (Almost 2 ½ times the national average.)

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