#2 Personal Property Insurance

Even before Hurricane Ian hit the Gulf Coast of Florida, the personal property insurance industry was in trouble in Florida. Plagued by roofing scams that drove six companies out of business in 2022, Governor Ron DeSantis called a special session of the Florida Legislature in June to address the issue. Senate Bill 2-D enacted measures to help alleviate rising insurance costs, increased insurance claim transparency, and cracked down on frivolous lawsuits which drive up costs for all Floridians. But most agree that the legislation that was passed did not go far enough to ease the burden on Florida homeowners.

The Florida Office of Insurance Regulation has imposed a 2% surcharge on Property owners in 2023, depending on when their policy renews, so the Florida Insurance Guaranty Association (FIGA) can cover more than 14,000 claims from insolvent companies that need to be satisfied.

Because of the roof insurance scams, according to FL State Senator Jeff Brandes, 70% of money paid in 2021 went to trial bar lawyers who brought lawsuits against insurance companies, 20% went to defense costs for the insurance companies and only 10% went to homeowners.