Florida is in the midst of a housing crisis.
The inventory of available homes has bottomed. The prices have skyrocketed. And insurance premiums went haywire.
If you're buying or renting, there's trouble ahead.
In the wake of the Surfside tragedy
South Florida is still dealing with the pain of the Surfside condominium collapse that happened last year.
The tragedy has prompted questions about insurance and safety. On top of everything, the harsh price changes have expedited the problem. So, Florida lawmakers decided to take matters into their own hands.
The prices are out of control
Realtors are rubbing their hands lately. Some report that homebuyers race to bid on the newly listed property.
“They are gone the day they are listed. It’s happened several times,” says Matthew Cerulla. He's been trying to buy a family home in Fort Lauderdale for months now.
Homesellers, realtors, and insurers have hit a jackpot.
Buyers are getting the shorter end of the deal.
New Senate Bills to Curb Home Insurance problems
Policyholders across the state have lost coverage and witnessed their insurance premiums skyrocket in the past couple of years.
Gov. Desantis and Florida Legislature enacted a new measure seeking to curb property-insurance problems.
“This package represents the most significant reforms to Florida’s homeowner's insurance market in a generation,” said Gov. DeSantis. “These bills will help stabilize a problematic market, help Floridians harden their homes through the My Safe Florida Home Program, and pave the way for more choices for homeowners.”
The new Senate Bill 2B includes:
- Reinsurance to Assist Policy (RAP) program that should help policyholders over the next two years.
- Insurance companies will need to file a supplemental rate filing to provide relief to policyholders.
- My Safe Florida Home Program provides grants to Florida homeowners for hurricane retrofitting, making homes more resistant to the detrimental effects of climate change.
- Prohibiting insurance companies from denying coverage solely based on the age of a roof.
- Insurance companies will need to provide policyholders with a reasonable explanation for policy denial.
- Limiting Attorney Fees in property insurance cases.
Read the entire Senate 2B Bill.
“I’m grateful that Gov. DeSantis called lawmakers to convene this week to pass legislation that will help rein in insurance rates, provide premium savings to Floridians, and aid in hardening homes against storms,” said Chief Financial Officer Jimmy Patronis. “I remain committed to fighting insurance fraud and bolstering our investigative services to further support our efforts to protect consumers.”
The Safety Bill
Together with curbing price volatility, Gov. DeSantis aims to protect Florida safer from devastating property accidents.
To that end, Florida Legislature has enacted Senate 4B Bill that includes:
- Mandatory inspection for all Florida condominiums and cooperative builds three stories or higher
- Phase 1 inspection is mandatory after 25 years of initial occupancy and every 10 years after for all buildings within three miles of the coast.
- Phase 1 inspection is necessary for all Florida buildings after 30 years of initial occupancy and every 10 years thereafter.
- Phase 2 inspection becomes necessary if Phase 1 unearths any substantial structural damage.
Read the entire Senate 4B Bill.
Do you want Gov. DeSantis to do more regarding property safety?
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