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Florida’s insurance crisis continues; experts warn rates won’t drop soon

Dave Elias

Florida lawmakers passed a $117 billion state budget but don’t expect any of that to instantly solve the state’s insurance crisis.

Many taxpayers accuse legislators of focusing too much on culture wars and not enough on skyrocketing insurance rates.

Former Republican State Senator Jeff Brandes, who now heads the nonpartisan Florida Policy Projects, called the state’s insurance crisis an all-hands-on-deck situation.

“They could have done more this session. They chose not to,” Brandes stated.

He warns because of that decision insurance rates won’t drop anytime soon for Floridians.

“In fact what they did is scare off new capital that wanted to move into the state with this latest piece of legislation,” Brandes noted.

He’s talking about SB 7052, which increases fines against companies who mishandle insurance claims.

“There is more pain to be felt in this market and ultimately the legislature is going to have to step up with the governor and face the multitude of issues we still have,” Brandes explained.

He also warned the insurance crisis is not done claiming victims.

“There will probably be five to seven companies that may not make it to June 1st,” Brandes predicted.

That’s when reinsurance comes due, it’s insurance for the insurance companies.

Reid McDaniel with McDaniel Insurance Solutions stated that homeowners saw a 50% increase in January and he and others are expecting heavy increases in June.

Those increases will be passed along to homeowners.

However, lawmakers insist changes made during two special legislative sessions this year will see lower rates in 15 to 18 months. Time that many people don’t have as hurricane season approaches on June 1.

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