June 23, 2022
  • June 23, 2022

Lawmakers set to fight rising property insurance rates

By on April 27, 2022 0

TAMPA, Fla. — Next month, May 23-27, lawmakers will resume a special session in an effort to address the rising cost of property insurance across the state and a lack of coverage options.

For many people, their annual costs have more than doubled and more than 800,000 homeowners have turned to Citizens Property Insurance Company for coverage.

By now, so many insurance companies have pulled out of Florida that many have no choice but to opt for Citizens.

“Citizens are growing at a very high rate and they are anticipating a million policies by the end of this year and if a major hurricane hits Florida and affects all of those policyholders, there is a good chance that Florida will go bankrupt in the course of the Citizen Insurance Case,” said We Insure agency owner Kaitlyn Arrington.

The problem of rising costs affects homeowners everywhere, whether they use Citizens or not.

For many people building new homes, this is something that stands out.

“Here’s our view from the roof terrace,” Maxine Reyes said as she scrolled through her phone’s roll.

Maxine and her family are finally settled in the house of their dreams.

“Twenty-two years of service in both the Air Force and the Army, my husband did 25, out of MacDill, he retired there,” she said. declared.

After nine military moves, they decided to stay and build in Tampa in 2019.

In 2021, their home was complete and they were excited to move in after a two-year process.

“Of course the process, you have to ensure it,” Maxine said.

Over the years they have gained a lot of experience building and owning homes.

Maxine says the cost of insurance for this new home was 60-70% more than other homes they’ve lived in.

“It was something we weren’t looking forward to because we knew the cost was going to be astronomical compared to the Carolinas and all the places we’ve lived,” she said.

As lawmakers come into session to tackle this specific issue, all homeowners like Maxine can do is wait, watch and be prepared.

“It was always like wow, but it’s something we have to do, like every time you have to drive your car, you pay for the gas and whatever the cost, it’s something you need, then you get it,” she said.

Insurance experts say that for new construction, they sometimes see annual premiums of around $2,000.

For older homes, especially those near water, they can go up to $7,000.