{"id":30317,"date":"2023-02-19T22:39:24","date_gmt":"2023-02-20T03:39:24","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=30317"},"modified":"2023-02-19T22:39:28","modified_gmt":"2023-02-20T03:39:28","slug":"its-deja-vu-for-florida-homeowners-florida-property-insurance-rates-expected-to-jump-20-to-25-by-june","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2023\/02\/19\/its-deja-vu-for-florida-homeowners-florida-property-insurance-rates-expected-to-jump-20-to-25-by-june\/","title":{"rendered":"Its d\u00e9j\u00e0 vu for Florida homeowners – Florida property insurance rates expected to jump 20 to 25% by June"},"content":{"rendered":"\n

Industry experts warn property insurance rates are expected to increase.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

So, can anything be done to stop this?<\/p>\n\n\n\n

8 On Your Side Investigator Mahsa Saeidi continues her coverage of this crisis.<\/p>\n\n\n\n

John Rollins is a former Chief Risk Officer at Citizens Property Insurance, the state insurer of last resort.<\/p>\n\n\n\n

 \u201cThe sticker shock which we\u2019ve all been experiencing for the past two or three years is not only not over, June 1st could result in the worst sticker shock yet,\u201d said Rollins.<\/p>\n\n\n\n

He says your premium could soon go up as much as 25%.<\/p>\n\n\n\n

The main driver is the cost of reinsurance, that\u2019s insurance for insurance companies.<\/p>\n\n\n\n

Citing industry data, Rollins says in the past four years, reinsurance rates have increased 100%.<\/p>\n\n\n\n

Experts expect another jump, 50%, by June 1.<\/p>\n\n\n\n

Rollins says when insurance companies have to pay more for their insurance, so do you.<\/p>\n\n\n\n

It\u2019s all connected.<\/p>\n\n\n\n

\u201cSo, when the reinsurers raise their rates 50% in a single cycle like June 1st, that could lead to 25% rate increases for the average Floridian,\u201d said Mr. Rollins.<\/p>\n\n\n\n

\u201cRight now, it\u2019s at a generational high and probably representing 50% or more of the average consumer\u2019s premier dollar.\u201d<\/p>\n\n\n\n

This bad news came, despite two special legislative sessions intended to address the crisis.<\/p>\n\n\n\n

Last year\u2019s reforms made the market less volatile, but lawmakers didn\u2019t cap rates.<\/p>\n\n\n\n

This week, the new President of the Florida Senate made a promise about premiums.<\/p>\n\n\n\n

\u201cWe believe that hopefully within a year or so, your property insurance rates will go down and if they don\u2019t there will be hell to pay,\u201d said State Sen. President Kathleen Passidomo.<\/p>\n\n\n\n

Unfortunately, Rollins doesn\u2019t think rates will decrease that fast, but he says they could stabilize if Florida helps insurers get insurance.<\/p>\n\n\n\n

Lawmakers already expanded state support for reinsurance last year.<\/p>\n\n\n\n

Rollins says it needs to happen again and the support should sunset after three years.<\/p>\n\n\n\n

\u201cIf the state helps insurance companies with reinsurance, can it be guaranteed that the savings are going to go down to the policy holder?\u201d asked Investigative Reporter Mahsa Saeidi.<\/p>\n\n\n\n

 \u201cIt is guaranteed that any savings from the cost structure associated with state support or a state funded bridge would be passed through to consumers almost immediately in the next round of rate filings, that is true,\u201d said Mr. Rollins.<\/p>\n\n\n\n

The Florida Office of Insurance Regulation oversees insurance companies.<\/p>\n\n\n\n

Each year, companies make a rate filing request.<\/p>\n\n\n\n

They must report reinsurance costs.<\/p>\n\n\n\n

Rollins says if their costs go down, OIR can force them to drop your rates too.<\/p>\n","protected":false},"excerpt":{"rendered":"

Industry experts warn property insurance rates are expected to increase. So, can anything be done to stop this? 8 On Your Side Investigator Mahsa Saeidi continues her coverage of this crisis.… <\/p>\n","protected":false},"author":2,"featured_media":30318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"dois","default_image_id":71799,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[9],"tags":[4583],"class_list":["post-30317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-its-deja-vu-for-florida-homeowners"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/30317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=30317"}],"version-history":[{"count":0,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/30317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/30318"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=30317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=30317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=30317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}