Florida Homeowners Insurance Companies List - TAMPA, Fla. - A state senator is calling for a complete collapse of the Sunshine State's property insurance market as skyrocketing homeowners insurance and insurance companies go under. A major problem is caused by roof leaks.
Florida State Senator Jeff Brandes successfully petitioned to call a special session on the matter, and the Secretary of State is currently voting in the Legislature to see if there are enough votes to hold this special session by next month.
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Since our last homeowner's insurance story, many people across the country have seen their premiums double, even triple.
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Mary Kilgore's $140,000 home in Lutz went from $2,400 to $4,300 a year with Southern Fidelity Insurance.
"Insurance has been $3,500 to $4,500 for the last 12 years," Halvorsrode said. "Received this new bill in the mail last week for $8375.99."
Halvorsrode said he called around and Farmers Insurance said the rate increase was due to his ceiling age — 16.
"They told me that because our roof is insulated and over 10 years old, no one wants to reinsure it," he said. And less than $3,000 a year once a metal roof is installed."
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"Unfortunately, all too often, most private carriers are trying to get out of harm's way," says Mike Puffer, a partner at Florida Strategic Insurance and Strategic Roofing.
When Valrico's homeowner, John Hanson, received information from his insurance company, Universal, about the height of his roof, he ordered a roofer to come out for an estimate.
"They advised me to file a claim with my insurance company to replace part of the roof," Hanson said.
It would have been $400, but since his money is $2,500, he gets nothing.
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"When I told the roofing company about this they asked if they could bring in a buyer's agent to help," he said. "After a lot of back and forth the insurance company agreed to replace the entire roof."
"I would have been happy if he said, 'OK, we're going to replace the back half of your roof.' When he said the whole roof, I thought that was too much, but I didn't." to argue with them,” said Hanson.
Under federal law, insurance companies don't have many options. If more than 25% of the roof is damaged, they have to replace the entire thing, which is known as Cost Value (RCV).
"So far, it's been crazy as far as I can see. I've been involved now for 40 years, our company has been here ... 72 years," Tampa Bay legacy roofer, Doug Shields and Bill Shields Roofing, said.
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"The lawyers involved, the rule is that if the lawyers get $1 in hurricane damage, their fees are paid," he said, explaining how insurance companies can pay $700-800 an hour.
The costs of these lawsuits have led seven Florida insurance companies to close, many others to move out of the state, and for the rest – their rates to fall rapidly.
"I've had seven emails this morning from our team about new services our customers will get because of the above age or lifespan," Puffer said.
An insurance company started its own roofing company to try to help customers replace roofs before they collapse.
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"An insurance company that we do a lot of business with, the CEO told us that last year they were filing 26 roof claims a day," Puffer said.
According to the Office of Insurance Regulation, there were 79,220 lawsuits filed against insurance companies in 2020 and more than a billion dollars in damages.
Additionally, a study commissioned by the Senate Banking and Insurance Committee titled 'Florida's P&C Insurance Market: Spiraling Toward Collapse' found that in 2019, 71% of money went to attorney fees and 25 attorneys filed 33% of claims.
For example, Shields said he quoted a client for $14,700 on a roof with no storm damage, while another roofer claimed storm damage in court and got $32,000 from the insurance company.
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"It's not good," he said, adding that their reputation keeps them busy, but he also signed off on one of the contractors.
"He said, 'You don't know how to build your reputation, people can trust me more because of the Shields building,' and I said, 'Yeah, but I said I was caught in a rigging game,'" Shields recalled. I see it as an opportunity.
Gov. Ron DeSantis signed Senate Bill 76, which prohibits contractors from asking for roof repairs through insurance, but it's still happening.
The Florida Department of Business and Professional Regulation told me the law has not been enforced because of two pending lawsuits — one involving free speech.
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The Office of Insurance Regulation said in an email: "Even if the rule against the implementation of the section of SB 76 dealing with prohibited advertising is passed, all other parts of the bill will remain in effect. Senate Bill 76 takes the necessary steps to address the unique. Challenges facing the local property insurance market. Florida is meeting them, pricing in the market. Addresses the drivers and helps stabilize consumer prices."
Puffer said his office is busy with insurance companies taking on new customers and rewriting their policies. They are writing nearly twice as many policies with additional and additional providers, including the most valuable home insurance policies sponsored by state-backed Citizens Property Insurance. It can be $700,000 and more.
"Insurance companies aren't writing a lot of business anymore," Puffer said. "In this area, in Pinellas and Hillsborough County, a lot of them have closed their new business. As an organization, I'd say we're writing 80 to 90% of our new business with citizens."
"When we talk to Citizens representatives, they don't want to book business at Citizens," Puffer added.
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"It makes me so angry because I pay the bills, I pay the taxes, and yet we get punished, but the cheaters — they get away with it," Halvorsrod said.
Homeowners and insurance companies are hoping the Legislature will meet in a special session to change the law from replacement value to real money value.
If 60% vote in favor, a special session will be announced in seven days and will be held two or three weeks later.
"If a hurricane hits, I think you could see the whole system collapse," Joe Petrelli, president of Demotech, a company that calculates insurance costs, told I-Team investigator Jackie Callaway. This disaster could cost millions of Floridians.
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However, Mr Puffer said another concern this summer is that insurance companies will reapply for insurance in June and July. It's Florida-mandated insurance that insurance companies buy to cover losses from homeowners.
"If an insurance company wants to keep writing business and increase insurance premiums, they can take risk up front and increase their premiums."
As for citizens, Puffer said they also buy insurance, but not as much, so they have "the ability to assess policyholders for deficits."
As Tampa Bay continues to attract new people and businesses, living in paradise has ramifications for all of us — from rising housing and infrastructure costs to utilities and insurance. ABC Action News is committed to helping you and your family get the most for your money and get the price of paradise. The Florida Office of Insurance Regulation "OIR" is required by Florida Statute §624.313 to publish statistics and statistics on consumer complaints. File against insurance companies. Its main responsibility is to regulate, implement and enforce the laws relating to insurance business and manage the company markets. Florida law requires OIR to publish several sets of information about insurance companies doing business in Florida each year. When the 2010 report was released in February 2011, the report documented more consumer complaints against insurance companies than complaints filed in 2009 alone.
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Florida Statute § 624.313 requires the OIR to publish complaints of 10 major insurers or groups of insurers for each insurance group or insurance group that has one or more market shares.
Although this information is readily available in the report, as a user, it is difficult to find this information and
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