Here’s an explanation of the rate increase:
- There are lawsuits being filed by trial attorneys with fee multipliers equal to 2-3 times the hourly rate for an average attorney. They are able to earn six-figure fees on a $10K settlement…none of which is shared with policyholders.
- Thousands of claims are being reported with roof damage that appears to be general wear-and-tear or maintenance-related as opposed to damage with causes covered by peril insurance (including fire, lightning, windstorms, etc.).
- Costs are rising due to lawsuits being filed for damages caused by a hurricane that made landfall three years ago
Thankfully, there are actions we can take as citizens to try and combat these rate increases. Here are some simple ways you can make an impact:
- ·Reach out to your legislators today and let them know how much your premium has increased this year!
- Encourage their support of legislation that aims to achieve much-needed reforms.
- Follow the Floridians for Lawsuit Reform Advocacy Group and sign the petition to make your voice heard.
- Tell your family and friends about the cause–if they live in Florida, their premiums are also going up.
- Spread the word by sharing this blog post on your social media pages
If Florida does not act on these issues, unfortunately your homeowner rates will continue to increase over time. Getting involved, taking a stance and taking action will only take a couple of minutes of your time while the impacts of your help will go on to support the millions of Florida homeowners experiencing these rate increases.
If you’d like to review your current policy or if you have any questions, don’t hesitate to reach out to us at Signh Insurance & Financial Services. We look forward to helping you during this situation and beyond!