Letter: Don’t expect property insurance rates to immediately go down.

BASCOM, Fla. – Homeowners should really stop going around hoping their property insurance rates are going to go down.

That’s probably not going to happen. The reality is that the replacement price for our homes is going way up due to inflation, and the insurance has to keep pace.

But there is some good news. I think that homeowners insurance is going to be more available, and the prices will flatten out instead of seeing these big spikes.

That’s mainly because the legislature put some major new reforms in place to stop the rash of frivolous lawsuits in Florida.

A lot of folks don’t know this, but get this: historically, Florida has been about 10% of the property insurance market in the nation, but about 70% of the property insurance litigation in the nation.

Something was broken and needed to be fixed. The main problem is that all of those attorneys on the billboards were getting huge fees from insurance companies even for small settlements.

It had to stop. It seems like it has been stopped, and hopefully, we can keep that in place for good.

Jim Hart
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