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I-TEAM: Uncovering why Florida homeowners risk losing their insurance - YouTube
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all right now to a news project i-team
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investigation new rules if you've
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noticed that your homeowner's insurance
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premiums have skyrocketed you are not
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alone florida is in a property insurance
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crisis and many homeowners are hit with
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an ultimatum replace your roof or lose
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your coverage completely and it could
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cost you thousands of dollars out of
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pocket news for jacks i-team
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investigator vic micalucci looks at what
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is fueling the rate hikes and new
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requirements that all homeowners need to
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know about
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it was built in the 20s donnie mack
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loves his 100 year old property in
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avondale it was built as a multi-family
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so there's there's four units in this
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particular building he does not love the
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bills my insurance agent
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reached out to me and said you know my
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rates are going up a 1500 yearly hike
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the reason his roof is more than 10
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years old it's a little shy of 20 years
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old actually it's never leaked no issues
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so i don't see why i have to replace it
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you know if he doesn't his insurance
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company could drop him and he's not
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alone when i called our insurance
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agent she said good luck in finding
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something countless homeowners across
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florida are getting notices that their
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insurance is not being renewed because
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their roof is too old we've always paid
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everything on time we've never had any
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claims they also give a deadline they're
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like you know
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if you don't get your roof done in so
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and so such time frame
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you're going to get dropped ty caracas
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with southern coast roofing gets the
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frantic calls every day they're
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obligated to put that roof on and what
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happens they got to pay out of pocket
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the cost of a new roof depends on the
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size of your home but roof quotes can
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range from three thousand dollars to
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twenty five thousand dollars
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naturally you'd wanna blame the
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insurance company but not so fast says
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agent daniel miller we're seeing that
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the reason for the roof replacement
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requests are because of so many claims
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that are being put on these homeowners
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insurance companies miller is co-owner
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of brightway insurance a broker that
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says insurance fraud is worse in florida
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than anywhere else
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because of a number of phony claims
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after hurricanes and hailstorms
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plus lawsuits which can cost the company
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20 times what the claim is for
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miller says many insurance companies
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have left the state and those still here
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must pass costs on to the consumers and
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make new rules so there are fewer claims
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in the future we are seeing that
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insurance companies are nitpicking we're
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asking for guidelines that haven't been
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asked for before a roofer will install a
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roof saying that it has a 30-year
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shingle but the insurance company is
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asking for it to be replaced in 12 years
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there's there's a disconnect there and
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it's not just the roof many companies
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are asking people to replace their hot
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water heaters they're plumbing they're
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electrical even if they're working just
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fine
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that could cost you even more out of
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pocket
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insurers are bleeding
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excessively here in florida we're
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projecting an underwriting loss
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in excess of 1.6 billion dollars
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for 2021. mark friedlander with the
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non-profit insurance information
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institute says the sunshine state has a
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property insurance crisis like nowhere
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else
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and that is triggering a domino effect
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with premiums skyrocketing you know
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we're hearing from homeowners across the
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state that are seeing
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50 percent increases 100 percent
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increases
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and some of them legitimately never had
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a claim friedlander says homeowners
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should plan for a rate hike shop around
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and ask their agents how they can cut
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costs but what should you do if your
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insurance company all out drops you we
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took your questions to florida's chief
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financial officer jimmy petronas so what
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do you do if there's somebody that
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has done everything right they're still
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getting dropped and they don't have the
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money for that total roof replacement
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where do they go so i mean unfortunately
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it's citizens insurance citizens
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insurance
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based right here in duval county in
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jacksonville
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it's the insurance company both that you
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and i own every citizen the state owns
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but it's the insurance of last resort do
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you believe that the insurance providers
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are working in the public's best
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interest do you think that they're being
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fair here with these rate hikes you know
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i think they're trying to survive
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petronas says he's working with
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lawmakers to cut down on fraud and bring
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more business to the state
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experts say to keep the situation from
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getting worse
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stay away from fly by night contractors
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who promise to make a claim on your
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behalf my cost is going up johnny mack
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who's in the property business says he's
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now budgeting for higher premiums and
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knows a full roof replacement is on the
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horizon it's not all bad news there is
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some relief in sight cfo patronus is
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pushing a bill that includes home
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hardening
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that would mean tax relief for
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homeowners who install impact resistant
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doors windows and garages
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with those upgrades insurance companies
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could lower your premiums as well
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the home hardening initiative is part of
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a tax package now headed to the full
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florida house for a vote
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we'll keep you posted on how that
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develops i'm i-team investigator vic
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micalucci channel 4 the local station
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