FOX Business’ Ashley Webster reports on the rising costs of home insurance for residents in southern states like Florida and Louisiana due to devastating storms.
More than a half dozen private insurers have already been declared insolvent in the past year, another half dozen are teetering and others have just thrown in the towel and left the state. The trend mirrors what is going on in Louisiana as well. In the last two years, more than 20 companies have gone under or withdrawn from the state, forcing hundreds of thousands of families to pay higher premiums or A home burns on Sanibel Island, Florida, in the wake of Hurricane Ian, Sept. 29, 2022.
DeSantis regularly cites one of the state’s biggest insurance problems – lawsuits. Florida accounts for just 9% of claims in the U.S. but 79% of all home insurance lawsuits. The state legislature is trying to stabilize the insurance market and has passed several bills that aim to stop the proliferation of litigation.
One new regulation ends the so-called one-way attorney fees that forced insurance companies to pay plaintiffs if they lost a suit but not the other way around. Another key change targets fraudulent roof claims that are made possible when homeowners sign over their "assignment of benefits" to an unscrupulous contractor who will sue for repairs that don’t exist. That loophole has now been closed.
Source: News Formal (newsformal.com)
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