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Property insurance prices skyrocket in Florida as cabinet meets to address crisis

The Central Florida real estate market has been on a steady upward trend for the past year. Unfortunately, the price of insuring those properties has also skyrocketed.Many insurance companies are going out of business and some homeowners are getting cancelation notices without ever filing a claim.The Senate passed legislation reducing roof claims and litigation seen as driving forces behind the rate increases.David Altmaier is the Commissioner of the Office of Insurance Regulation, the body overseeing the industry. Altmaier gave the state cabinet an update on Tuesday.“We move from issue to issue. And the one consistent theme in all of those issues is an excessive amount of litigation,” Altmaier said. “The reforms that we are talking about, the reforms we have enacted, Senate Bill 76 and House Bill 7065, I think those are ultimately going to be effective in lowering costs. But none of this happens overnight.” Gov. Ron DeSantis on Tuesday said more needs to be done. “Florida had 8 percent of the claims nationwide and over 7 percent of the litigation. Clearly, there is some dysfunction. In this, Senate Bill 76 did some things, but that was a compromise. And I don’t think it did quite enough,” DeSantis said.The governor added that he’s confident tougher legislation will go through later this year.

The Central Florida real estate market has been on a steady upward trend for the past year.

Unfortunately, the price of insuring those properties has also skyrocketed.

Many insurance companies are going out of business and some homeowners are getting cancelation notices without ever filing a claim.

The Senate passed legislation reducing roof claims and litigation seen as driving forces behind the rate increases.

David Altmaier is the Commissioner of the Office of Insurance Regulation, the body overseeing the industry.

Altmaier gave the state cabinet an update on Tuesday.

“We move from issue to issue. And the one consistent theme in all of those issues is an excessive amount of litigation,” Altmaier said. “The reforms that we are talking about, the reforms we have enacted, Senate Bill 76 and House Bill 7065, I think those are ultimately going to be effective in lowering costs. But none of this happens overnight.”

Gov. Ron DeSantis on Tuesday said more needs to be done.

“Florida had 8 percent of the claims nationwide and over 7 percent of the litigation. Clearly, there is some dysfunction. In this, Senate Bill 76 did some things, but that was a compromise. And I don’t think it did quite enough,” DeSantis said.

The governor added that he’s confident tougher legislation will go through later this year.