Let's look at what Floridians face: skyrocketing property insurance premiums, up 25 percent from 2020 to 2021 on average, but in some cases tripling in one year, according to the Insurance Information Institute, a nonpartisan, nonprofit trade group that tracks industry trends.
The average cost of homeowner's insurance in Florida was $3,600 in 2021, double the rate for the rest of the country.
That's if you can even get insurance. In the past 12 months, more than 400,000 Florida home policies have been dropped, most of them in the past 90 days, according to the institute.
Why? Because Florida law allows plaintiff lawyers to be awarded 2 to 2 1/2 times their usual hourly rate for property insurance lawsuits. Talk about a plum incentive for lawyers - it gives a whole new meaning to hanging out a shingle.
Florida has 9 percent of the country's property claims, but it accounts for nearly 80 percent of the nation's property insurance lawsuits, according to the Office of Insurance Regulation. Property insurers in Florida paid out $15 billion in claims costs between 2013 and 2020. Eight percent of the money went to consumers, and 71 percent went to lawyers.
The spiraling costs of property insurance have made Florida, one of the most expensive housing markets in the country, even more inaccessible, especially for first-time and middle-class buyers.
Another special session? What does DeSantis think, that Florida taxpayers are made out of money so the Republicans call call sessions whenever they feel like it?All those who want to see this type of leadership at the federal level raise your hands ... or flip the bird whichever you feel is more appropriate... Looks like the birds have it.
