The issue has alarmed Florida residents and lawmakers, and Mayor Levine Cava is now calling on Passidomo and Renner to address skyrocketing insurance premiums.
Mayor Levine Cava wrote that “like many Floridians, Miami-Dade County residents are experiencing skyrocketing insurance premiums and sudden cancellations.” She further urged “our Legislature to enact policies to reform the property insurance market and bring Floridians the relief they deserve.”
Like many Floridians, Miami-Dade County residents are experiencing skyrocketing insurance premiums and sudden cancellations.
I strongly urge our Legislature to enact policies to reform the property insurance market and bring Floridians the relief they deserve. pic.twitter.com/NqJmIVlsWy
— Daniella Levine Cava (@MayorDaniella) December 12, 2022
In the letter, Mayor Levine Cava writes that the issue grows more concerning as the state faces worse hurricane seasons.
“As outlined in my previous letter, we know that one of the contributing factors to such a volatile property insurance market has been the steep rise in reinsurance costs,” Levine Cava explained, commenting that “insurers have struggled to find critical backup coverage as global reinsurers have increased their rates and limited the amount of coverage available.”
Levine Cava also detailed how her administration has sought to alleviate the financial burden, explaining that through her 2022-23 budget, “we’re investing over $500 million to build new housing people can afford, create more pathways to homeownership, and provide relief to struggling residents, including renters and homeowners.”
Moreover, the Mayor shared that in the coming weeks her administration “will launch a multi-sector engagement process to explore local solutions to the property insurance crisis.”
The Board of County Commissioners has also assisted in addressing the concern, taking “steps to lower flood insurance premiums for residents of unincorporated Miami-Dade, by reimagining local flood protection regulation.”
However, Levine Cava affirmed that the Florida Legislature needs to provide more help is to effectively combat the skyrocketing insurance premiums affecting Floridians.