In the last few years, the cost of living in Florida has skyrocketed. Our organization represents the voice of retirees and many on the verge of retirement, and while Florida still remains the destination of choice for retirement, anything the leadership of the Sunshine State can do to keep costs down and the quality of life high will be a good thing for those on fixed incomes.
No matter the time in life, insurance of varying kinds becomes an expense that almost none of us can escape. For retirees on fixed incomes, a difference in monthly or quarterly insurance premium of just a couple of hundred bucks in either direction can mean a lot. Prior to the 2023 legislative session, that difference was usually manifesting itself in large increases in both home and auto insurance. Now that has changed.
The prices and availability of auto insurance have become much more consumer friendly. Rebates have become relatively common. This is a stark reversal from the past. Even the prices on home insurance, while not achieving the steep discounts we’ve witnessed in the auto insurance industry, have either flattened or gone down.
This is all tied directly to the 2023 lawsuit reforms that were passed under the leadership of Gov. DeSantis and the legislature. It changed the way that liability was to be judged in the courtroom, eliminated some of the ways that the bad faith provisions were being abused, and stopped one-way attorney fees that led to exorbitant fees for legal representation that were spread across the consumer spectrum and led to dramatic increases in the cost of insurance. Florida needs to leave those things in place.
The savings from insurance are genuinely making a huge impact, allowing retirees to afford and maintain a more comfortable lifestyle even in this economically turbulent time. Some of our constituents even mention being able to spend more time and money on grandkids and kids.
Some have advocated for even more lawsuit reforms by limiting 3rd parties from being able to finance and control lawsuits and then also providing for better caps on medical liability. This would be one of the best things we could do to increase the availability of specialty healthcare services in a state that is experiencing a shortage of doctors and nurses.
The ultimate conclusion is don’t go back on the 2023 reforms, seek to expand them, and see the net economic result for retirees across the state.
Randy Ray, Chairman of Senior Consumers of America
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