Think about this simple fact for a second. Florida makes up just 10% of the nation’s property insurance market. But up until earlier this year, we make up 70% of the nation’s insurance lawsuits. When the governor and legislature passed the lawsuit reform bill this past April, over 100,000 lawsuits were filed in one week to get in before the new law took place. That should tell you something. Yes, your insurance is going to keep going up because home replacement values are going up. But they won’t go up as much because we are on the way to stopping one of the major cost drivers which has been you and me and every other homeowner in the state operating as a collective ATM for lawyers through our insurance policies. Some are already trying to unwind that tort reform in the next legislative session. I hope they stick to their guns and let this play out so that our insurance rates flatten out, and we bring sanity back to insurance market.
Jim Maxwell
158 Audubon Drive
Havana, FL 32333
850-544-3445
jim.maxwell3319@gmail.com
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Here is a classic that I believe is relative to our out of control homeowners and vehicle insurance rates.
Q: What do you call 100 lawyers at the bottom of the ocean?
A: A good start.
Thank you for this comment. I didn’t know about the lawsuits. I know lawsuits have a tremendous impact on the cost of healthcare (another discussion) but for many people in FL insurance costs is their number one priority.