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Experts Believe The Time To Act Is Now Before Florida's Homeowners Insurance Crisis Becomes Catastro - YouTube
Channel: CBS Miami
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we would absolutely do a special session
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and so those are issues like property
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insurance and trying to you know bring
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some sanity and stabilize and have a
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functioning market
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i'm confident that we're going to be
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able to get that done
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governor ron desantis calling for a
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special session of the legislature as
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floridians continue to deal with the
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property insurance crisis republicans
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did not jump on board to adopt one next
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month but there's still a chance the
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governor will in fact make it happen cbs
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4's joe gorcho is live tonight on why
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the time to act is now before this
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situation really becomes catastrophic
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joe
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jim rising property insurance rates are
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consuming so much of our conversations
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at home these days everyone is impacted
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by this no one is immune so while the
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rates rise some insurance companies
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right here in florida are beginning to
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shut their doors we spoke with a woman
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in parkland today who's still waiting
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for her claim to be fully processed
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after her previous insurance company
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went to liquidation
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essentially i'm still in the same spot
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last december mimi bright had friends
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over when she noticed her carpet was
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squishy i was walking with bare feet on
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my carpeting and i heard squish a leak
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was discovered in her bathroom which
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damaged the floors and left behind mold
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what happened next carpeting ripped up
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pieces of wooden floor removed walls
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were ripped out to fix piping and get
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rid of the mold fortunately this was my
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first experience with something
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brights insurer at the time was avatar
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they eventually issued a claim check but
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bright could not cash it avatar's
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financial accounts were frozen entering
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liquidation last month then she got a
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notification it said one you have 30
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days to get a new policy she had to go
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to the florida insurance guarantee
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association feiga covers claims for
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insolvent members breit still waiting
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for her claim to go through and with an
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unresolved claim she said it was nearly
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impossible to find a new insurer
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eventually she landed with citizens and
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the sticker shock was big her avatar
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policy from 2021 compared to her
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citizens jumped up 62 percent to 7
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430 dollars the financial hardship and
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it's huge over a three thousand dollar
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increase for me is a lot and bright's
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not alone avatar also dropped broward
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county property appraiser marty kiara if
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that happened to me it's also happening
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to many other thousands of people and
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it's not a great process it's not fun
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and you get very concerned because at
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the end of the day your home is your
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most important valuable asset in my
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conversation with mark freelander the
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insurance information institute expects
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average renewal rates to rise between 30
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to 40 percent this year many families
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can't afford this and their only choice
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is going to be to sell their home free
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lander says eight to 10 insurance
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companies in florida are in a volatile
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financial position he calls this a
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man-made crisis this is not a natural
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disaster caused by two factors
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rampant roof replacement fraud schemes
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and runaway litigation filed against
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insurers over 100 thousand property
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claims lawsuits were filed in florida
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last year according to the institute
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study friedlander says no other state
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had more than 900 people like bright are
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caught in the crosshairs of litigation
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and rising insurance rates people aren't
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sure what the solution is and whether
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things will change or get better so i
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think that's adding even more concern
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and hunchovsky adds that if the state
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legislator can act in a special session
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it's still unclear when floridians would
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see the benefits of new legislation
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passed joe gorcho cbs4 news tonight
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joe a complex problem for sure the
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housing crisis is hitting our community
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hard and in different ways leaving many
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desperate for help that's why cbs4 wants
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to hear what you're going through or how
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you have navigated the system we will
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highlight these issues and work to get
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answers and solutions so send us an
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email to housing at cbs.com
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