If you’re a Florida resident awaiting a drop in your home insurance rates, it looks like you may have to wait a bit longer.
During a recent hearing, Florida Insurance Commissioner Michael Yaworsky was asked about the timeline for homeowners to see some relief from the shockingly high home insurance rates. He explained, “We recognize there was no instant lever to improve the market both short and long term.” In other words- there is no quick fix to improve the market and bring these rates down.
A representative at the hearing mentioned that the most common question he hears from his constituents is what the government intends to do to reduce these insurance rates.
Reforms were made by the Florida government to address this issue and work towards lowering these insurance premiums. These reforms aim to reduce the number of legal disputes as well as to bring more insurers to enter the Florida market in order to increase competition. One positive development is that five new insurance companies are planning to enter the Florida market and offer new policies, reducing the delay in processing claims and potentially leading to more affordable insurance.
If you've found yourself entangled in a legal dispute or have experienced mistreatment by your home insurance provider, contact us today for assistance in resolving your case with no upfront fees or out-of-pocket costs.
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