Trending Insurance News

Local lawmaker proposes solution to Florida’ insurance crisis

Local lawmaker proposes solution to Florida' insurance crisis


A local Florida lawmaker who lost his home in Hurricane Ian said he has the answer to Florida’s insurance crisis.In the aftermath of Hurricane Ian, Florida residents are grappling with skyrocketing insurance rates, prompting local Republican lawmaker Spencer Roach to introduce a groundbreaking solution. Despite losing his own home during the hurricane and facing insurance woes after UPC went out of business, Roach proposed HB 1213, which aims to reshape Citizens Insurance by providing universal wind coverage for every homeowner in the state.Residents like Opel Sosa of Lehigh Acres express the sentiment that many are merely living to pay insurance bills.“They should be focused on bringing down those rates for us,” Sosa said.Roach believes that repositioning Citizens Insurance as the primary provider of windstorm coverage could significantly lower rates. “My top three issues this session are property insurance, property insurance, and property insurance,” Roach stressed.However, the road ahead is fraught with challenges as Roach struggles to garner support from a single state senator. Despite personal appeals to several senators, Roach has faced rejection, leaving the fate of the bill uncertain.“I have asked personally a number of senators if they would consider filing this bill. They have considered it, and they’ve told me no that they are not willing to file this,” Roach explained.NBC-2 attempted to seek clarification from Senators Jonathan Martin and Kathleen Passidomo on their stance, but neither had responded at the time this article was published.Mark Friedlander of the Insurance Information Institute raises concerns about the proposed bill. He said the bill is ripe with minefields and warned the plan could place the state in financial trouble.“The bill is modeled after the national flood insurance program. The national flood insurance program has been a major failure since day one,” Friedlander stressed.While facing skepticism, Democrat Hillary Cassel teamed up with Roach to get the bill moving, emphasizing the need for substantive changes rather than temporary fixes.“When you take an idea like this that is extremely forward-thinking when a lot of people want to just keep putting a band-aid on a broken system,” Cassel said. Cassel believes that the innovative plan could bring much-needed relief to homeowners burdened by escalating insurance costs.Local insurance agent Doug Nellans also supports the idea.“If we’re able to remove that portion of the overall risk and have that backstopped by the state of Florida, by the taxpayers, that would be a tremendous improvement,” Nellans said.As the debate unfolds, homeowners like Cassel anxiously await improvements to alleviate the financial strain caused by exorbitant insurance rates.“I mean, it’s outrageous the rates have gone up. It’s getting expensive,” Cassel stated.With the fate of HB 1213 hanging in the balance, Florida’s lawmakers face a critical decision on whether to embrace this ambitious solution to the state’s pressing insurance crisis.

A local Florida lawmaker who lost his home in Hurricane Ian said he has the answer to Florida’s insurance crisis.

In the aftermath of Hurricane Ian, Florida residents are grappling with skyrocketing insurance rates, prompting local Republican lawmaker Spencer Roach to introduce a groundbreaking solution.

Despite losing his own home during the hurricane and facing insurance woes after UPC went out of business, Roach proposed HB 1213, which aims to reshape Citizens Insurance by providing universal wind coverage for every homeowner in the state.

Residents like Opel Sosa of Lehigh Acres express the sentiment that many are merely living to pay insurance bills.

“They should be focused on bringing down those rates for us,” Sosa said.

Roach believes that repositioning Citizens Insurance as the primary provider of windstorm coverage could significantly lower rates.

“My top three issues this session are property insurance, property insurance, and property insurance,” Roach stressed.

However, the road ahead is fraught with challenges as Roach struggles to garner support from a single state senator. Despite personal appeals to several senators, Roach has faced rejection, leaving the fate of the bill uncertain.

“I have asked personally a number of senators if they would consider filing this bill. They have considered it, and they’ve told me no that they are not willing to file this,” Roach explained.

NBC-2 attempted to seek clarification from Senators Jonathan Martin and Kathleen Passidomo on their stance, but neither had responded at the time this article was published.

Mark Friedlander of the Insurance Information Institute raises concerns about the proposed bill. He said the bill is ripe with minefields and warned the plan could place the state in financial trouble.

“The bill is modeled after the national flood insurance program. The national flood insurance program has been a major failure since day one,” Friedlander stressed.

While facing skepticism, Democrat Hillary Cassel teamed up with Roach to get the bill moving, emphasizing the need for substantive changes rather than temporary fixes.

“When you take an idea like this that is extremely forward-thinking when a lot of people want to just keep putting a band-aid on a broken system,” Cassel said.

Cassel believes that the innovative plan could bring much-needed relief to homeowners burdened by escalating insurance costs.

Local insurance agent Doug Nellans also supports the idea.

“If we’re able to remove that portion of the overall risk and have that backstopped by the state of Florida, by the taxpayers, that would be a tremendous improvement,” Nellans said.

As the debate unfolds, homeowners like Cassel anxiously await improvements to alleviate the financial strain caused by exorbitant insurance rates.

“I mean, it’s outrageous the rates have gone up. It’s getting expensive,” Cassel stated.

With the fate of HB 1213 hanging in the balance, Florida’s lawmakers face a critical decision on whether to embrace this ambitious solution to the state’s pressing insurance crisis.



Source link

Exit mobile version