FLORIDA HOMEOWNERS SET TO FACE SOARING INSURANCE RATES
In Miami, the Real Estate Lawyers at the Perazzo Law Firm, share information on rising home owner insurance rates expected to hit home soon; expected to double by 2023.
Florida homeowners and property owners are expected to face an insurance crisis as rates are rising so high that many stand the chance of not being able to obtain an insurance policy with which to help cover losses from hurricanes, storms, fires, or any other event that results in damage to their property. Among the most common homeowner woes are leaky roofs, busted pipes, and electrical installations, all of which require the assistance of professionals to fix the problems. Sadly, these professionals are expensive and without homeowners insurance to help cover the bill, the problem may not get fixed as many homeowners will be unable to afford them. Claims for hefty repair bills usually end up in court years later, which involve lawyer fees as well as court fees. Insurance companies for their part, claim that they have lost billions in 2020 due to fraud on behalf of contractors and damage caused by adverse weather conditions. For example, the most recent destructive hurricanes to pass through South Florida resulted in tens of billions in payouts, which has prompted insurance providers to seek insurance rate increases ranging from 10%-35%, as well as restrictions on coverage in order to help offset their losses. These new measures will greatly impact the middle and upper-class property owners, but are expected to exclude those homeowners who have older properties and those in areas of high criminal activity. The insurance companies are also looking for State legislators to pass a vast number of bills to lower fraudulent contractors, detect adjustors that do not have a license, and lower property damage attorney fees.