Florida’s latest homeowners insurance crisis is a mess decades in the making
0
0
all right welcome to my channel and please don’t forget to like comment and also subscribe today I bring a topic about Florida’s latest homeowners Instagram crisis is a mass ticket in the making Florida relies heavily on one instant readings company and this question start with why for the scrambling home owners insurance Market is exposing one of the state’s long-running flows it is reliance on a single company to certify the majority of statue insurance for that last few weeks State Recruiters on Governor Ron DeSantis Administration have been scrambling to contain the Fallout after the state’s primary ratings agency ohio-based demo Tech incorporation warned of downgrades to roughly two thousand insurance companies and according to the state the temperates would have triggered meltdown of the state housing market a pillar of Florida a 1.2 trillion dollar economy without the ratings a million Floridians could be left scrambling to seek new instrument policies possibly triggering a housing crisis in the middle of hurricane season and months before the November election State
Regulators believe that they have stuffed of the disaster at that let us temporarily but the episode has observed a questioning how it was handled and how the state could be so reliant on a single company few have ever heard of if this was the movie title it would be the sum of all fears of said Senator Jeff brendas the air USD Petersburg who has been warning for years that the state’s property in certain markets was hitting toward collapse the DeSantis Administration coupled together a short term fixed to allow insurers to stay afloat by using instead run against this to back them up and it went after the ratings I can’t see demo tag and it is President and also co-founder to petrilli calling it a rough readings agency and urging its federal official to disregard the company’s actions ghost of hurricanes Andrew the drama is just the latest problem as the state and also the Experian its biggest instrument crisis since Hurricane Andrew in 1992. in the last two years more than four hundred thousand Floridians have had their policy dropped for government on non-renewed 14 companies have stopped riding a new policies in Florida five guns built up in 2022 alone the record set after Hurricane Andrew’s Devastation in egg in one year the latest casualty was Coral cables based on Western Property and Casualty which lives in
twenty two thousand policyholders about 9400 in South Florida so scrambling to find new instrument companies costs also have skyrocketed in 2019 when DeSantis was sworn in virgin paid an average premium of 100 and 0.988 this year it’s now four thousand and two hundred thirty one dollar triple the national average according to an instant information Institute analysis what Floridians are paying for homeowners insurance in 2022 and it is stayed in table columns and also currently displaying rows number one and number eight the county for average manual homeowner is a premium Monroe is 6.7 to 9 dollars Miami date is 5093 Palm Beach is 4811 proverb is 4802 pineals 272 8 billion Hillsboro 2302 since 2019 foreign’s average annual premium for homeowners insurance is rising more than 112 percent residents in Monroe and Miami dead Counties have the highest rates so thank you for watching and don’t forget to like comment and subscribe
