DeSantis Set to Gift Special Interests Millions While Hiking Costs on Florida Homeowners
December 14, 2022
Before he even begins his second term in office, Ron DeSantis is already moving to bail out big insurance companies at the expense of Florida homeowners, who have been suffering from some of the highest housing and insurance costs in the country under DeSantis. While the Florida governor takes time to rehash extreme anti-vaccine rhetoric and oppose marriage equality protections, Florida homeowners brace for another DeSantis bill hike.
The Republican-led Florida legislature passed a bill that would cut more breaks for insurance companies and increase Floridians’ insurance rates even further.
Tallahassee Democrat: “Florida Senate approves insurance overhaul that hits homeowners hard”
Miami Herald: “It’s unclear if any of the changes will lead to lower rates any time soon for Floridians, who are paying the highest homeowners insurance premiums in the nation. But hundreds of thousands of homeowners covered by state-run Citizens Property Insurance are almost guaranteed to end up paying more.”
Since DeSantis first took office, Floridians have already seen their property insurance bills increase by over $1,500.
Orlando Sentinel: “Insurance costs have risen since DeSantis was sworn in from $1,989 in 2019, according to the Insurance Information Institute, to a current average of $3,585, according to Insurify, which provides online rate comparisons.”
Floridians have been crushed under this crisis for years, but less than six months ago, DeSantis chose to bail out the insurance companies instead of helping Florida families.
Orlando Sentinel: “Florida Insurance Firms, Not Homeowners, Reap Benefit Of $2 Billion Taxpayer-Financed Fund”
Pensacola News Journal: “Plus, many of Florida’s undercapitalized insurers depend on reinsurance to ensure they pay out claims, but much of those costs are passed onto consumers, others pointed out.”
But following DeSantis’s special session this summer – and even before Hurricane Ian – the insurance crisis got even worse.
E&E News: “In late May, the Florida legislature met in a special session to address the insurance crisis and it enacted two laws aimed at strengthening industry finances in part by controlling costs arising from lawsuits filed by policyholders who challenge claims settlements. But since then, three Florida insurers have gone bankrupt, affecting 170,000 policies, and others have announced they are withdrawing from Florida — a process that involves not renewing policies as they expire. A fourth insurer, Avatar Property & Casualty Insurance Co., went bankrupt in April.”
Tallahassee Democrat: “Close to 400,000 Florida homeowners have lost their insurance coverage this year.”
Tallahassee Democrat: “But even with the benefits enacted by the governor, homeowners’ insurance rates continue to climb. Property insurance premiums in Florida are three times the national average, according to the Insurance Information Institute.”
DeSantis has spent the past four years cutting breaks for big insurance companies while working Florida families foot the bill – and he’s about to do it again.