I can’t seem to go anywhere without talking to my friends about their home insurance. It seems that cancellations and higher prices are the two topics of the day. I am glad that the Florida legislature took the time this year to address some of the factors contributing to our insurance crisis. The two main ones being fraud and frivolous lawsuits. Florida has been known as one of the most horrible places in the country to do business as an insurance company because of the legal environment, and truly, it was out of control.
If you don’t believe it, just look at the lawyers did. In the week in between the moment that insurance reform legislation passed the legislature and got to the governor’s desk for signature, almost 100,000 lawsuits were filed so that attorneys could take advantage of the pre-reform statutes. I read now that several insurers are waiting to be approved to start offering policies in our state. We need a little more time for the reforms to take hold, but I bet that rates will be coming down again soon if the legislature will stick to their guns.
300 S Florida Ave. Ste 200-H
Tarpon Springs, FL 34689