Insurance worries many at a meeting – InsuranceNewsNet

A house full of curious people nose Coral residents appeared at the town hall, aimed at discussing homeowners’ insurance and the outcome of the special legislative session in 2022.

Chamber of Commerce on nose Coraltogether with gr nose Coralheld the town hall of June 7.

the governor Ron DeSantiswho called the deputies back to Tallahassee in May, to address the issue during a special legislative session, signed a law May 26 aimed at supporting of Florida property insurance market.

Legislation creates a $ 2 billion a fund to help insurers pay potential claims for hurricane damage, add limits on insurance cases and allow policies with separate deductions for roof damage.

Shay Sanchezresident of nose Coralhe came looking for answers and was confused about the answer from the town hall.

“So I felt more informed, knowing that they work for us. “There is something they are doing for us as homeowners to try to level the playing field for us,” Sanchez said.

She hoped to get more answers on what the new bills say about the roof deduction, but was left with questions, saying “there are not enough details on this part.”

“Is there part of the (problem) that will be fixed? I think so. But on most of the key issues, I think there is still work to be done,” Sanchez said.

Guest panelists included representatives of the state Mike Jalombardo and Bob Rommel, Brian ChapmanCEO of Chapman Insurance Groupand James Barfieldowner of Barfield Insurance.

Chapman told The News-Press that number one Florida is facing significant increases in the insurance rate and this nose Coral residents recorded an average increase of 35%.

Jalombardo told The News-Press that the biggest changes brought by the bill are the reform of the judiciary and $ 2 billion in reinsurance funds.

He blames state lawsuits filed by counterparties trying to raise money from insurance companies through civil lawsuits after homeowners sign a transfer of benefits, an agreement that transfers insurance claims and policy benefits to a third party.

He also clarified that homeowners can still sue if they are not treated fairly, but contractors can no longer sue on behalf of the homeowner.

Florida is responsible for 9% of all property insurance across the country USsaid Jalombardo. “But Florida is responsible for 80% of all litigation for United States

Jalombardo said some of the legislation dealing with litigation reform is currently in court, but he will seek more reform in litigation.

Reagan’s neck20-year-old resident and broker said he hopes to hear what has been put in place to relieve homeowners who lose their insurance

“What we got was, oh well, they can’t let you go after your roof is 15 years old. Well, the lifespan of a roof is 20 to 25 years. I’ve lived here all my life and I’ve never seen a roof explode at random after 12 years, “Reagan said.

She understood the insurance situation, but said it was the insurance industry’s fault Florida residents pay for it.

“They are here to convey the message that none of them can be held responsible for the crisis that erupted during the insurance roof fraud or something,” Reagan said. “I just think there are better ways to handle it.”

Chapman said the new legislation is a great first step, but there are problems with how much they can fix.

Under the new legislation, insurance companies also cannot refuse to write or renew a policy based on the age of the roof if he is less than 15 years old or if the inspection says that there are five years left to use the roof.

“This is great. Sounds good. But the problem is that insurance companies are allowed to come up with 100 other reasons why they don’t want to write it, “Chapman said.

He said carriers are obliged to hand over all the money saved by $ 2 billion consumer reinsurance funds, but he sees this as a way to keep carriers in business.

“I think right now, I think, they’re going through that part of it to keep the carriers in business, not to have this huge contingency of money,” Chapman said.

Rommel said he knew there would be many angry people upset by the high rates and repealed policies, but believed the legislation would help residents.

He said reforms need to attract bigger insurance carriers and more competition to stabilize the insurance market, but it will take some time to see the effects.

“With the bill we passed. I believe we will get these carriers, “Rommel said. “But I can promise you that things will stabilize.”

Luis Sambrano is a security guard /nose Coral reporter for The News-Pres and the Naples daily news. You can contact Louis at [email protected] or 239-266-5604. Follow him on Twitter @ Lz2official.

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