Property insurance is a big issue for Florida voters

To illustrate just how difficult property insurance in Florida has become, just look at how Brandon Kevin Swanson’s insurance companies have risen in recent years.


What You Need to Know

  • The annual cost of Florida homeowner’s insurance is expected to rise to $4,231, nearly three times the annual US average of $1,544, according to the recent analysis
  • According to Florida Office of Insurance Regulation (OIR), Florida accounted for 79% of the homeowner’s insurance claims filed, while accounting for only 9% of the homeowner’s insurance claims.
  • Citizen’s Property Insurance Corp., the state’s property insurer of last resort, has seen its policy reach a million customers. That’s it more than twice the number the insurer had at the beginning of 2020

From 2013 to 2018, his annual homeowner’s insurance cost him about $1,800. But last year his figure rose to $3,823.

“A 238% increase? That’s not sustainable, and it’s going to make the state of Florida impossible for people to move here to live in Florida,” Swanson told Spectrum Bay News 9 last week.

Homeowners insurance is set to grow significantly in 2022, driven by fraud, lawsuits and rising property prices. Property insurers are leaving the government, pushing more people to sign up with Citizens Property Insurance, the last government-backed insurance.

This difficult situation made Gov. Ron DeSantis and the Florida Legislature to hold a special meeting to end property insurance in May. The Legislature approved $2 billion to help insurance companies pay for hurricane damage, reduce lawsuits against companies and hold homeowners responsible for additional roof costs. This made Gov. DeSantis said the move has led to “the biggest change in the Florida property insurance market in a generation.”

Brandon property insurance agent Kevin Swanson says Gov. DeSantis is expected to call another special meeting to address the property insurance crisis as soon as possible after the Nov. (Mitch Perry/Spectrum Bay News 9)

But according to and In an analysis by the Insurance Information Institute, the problems with the property insurance market in Florida “appear to be growing,” because the Legislature has not taken strong action to solve the problem.

“That’s why we’ve seen two companies declare bankruptcy since the special phase,” says Mark Friedlander, a spokesman for the Florida Insurance Information Institute. ‘We have seen eight other companies announce a ban on registering new business, including one company that said it plans to leave the housing market because Parliament has not resolved the issue. Their concern is that this is a losing battle. We cannot continue to operate in a market where financial pressure is high due to litigation. We cannot live in such a situation.”

Swanson agrees.

He said: “I believe that this change will take place over time.” “But I’m optimistic and I’m hopeful that when the election is done, the Legislature will get to work and start fixing this for Floridian homeowners.”

This issue is strong for voters this year.

“The concern I’m hearing is people are being kicked out of their insurance, causing people to go to Citizens Insurance at a higher cost, or their carrier reinstating them at a higher cost than last year,” attorney Jesse Philippe, a Democratic representative. for the House District 62 seat this month. “This is a quiet issue that affects many people in the state.”

Among the tens of thousands (if not hundreds) who have lost their policies this year is a St. Petersburg Rohom Khonsari, who said that at first he did not know where to turn when he was informed by the carrier that he was canceling his schedule.

He said: “Because when this company is in need of money, I did not know which companies will have plans to manage the company.” “I thought if it’s a problem with this company, it’s going to be a problem with a lot of different companies.”

The two top Democrats running to challenge Gov. DeSantis in November, Charlie Crist and Nikki Fried, prepared a comprehensive plan to solve the problem if elected.

Fried called DeSantis earlier this month to use the Florida Hurricane Catastrophe Fund in place of Citizens Property Insurance as a replacement, to restructure the Florida Hurricane Catastrophe Fund to be more accessible to small businesses, and to remove the 6.4% increase in Citizen’s Property Insurance to OIR has recently been approved. He has also asked for the appointment of a group to focus on prevention of fraud, frivolous cases and ways to find new institutions in the government and increase the power of the Advocate of Government Insurance to act as an advocate for consumers.

Christ was revealed his plan deal with property insurance changes back in May. His proposals include eliminating the 25% increase that homeowners pay to the Florida Hurricane Catastrophe Fund; creating an insurance fraud unit to crack down on fraud and creating state auto insurance companies to sell homeowner’s insurance.”

Swanson says the issue goes beyond politics and needs to be addressed, otherwise “Florida will become unviable for the average American.” They want Gov. DeSantis has called a special meeting to deal with property insurance as soon as possible after the November election.

According to Florida Office of Insurance Regulation (OIR), Florida accounted for 79% of the homeowner’s insurance claims filed, while accounting for only 9% of the homeowner’s insurance claim.