A nonprofit organization is calling on Florida homeowners to sign a petition that will demand action from government officials to lower insurance rates.
In a statement, the Florida Association for Insurance Reform (FAIR) said there are two proposed reforms that need to be passed to stop insurance premium hikes.
The first is intended to reduce claims fraud by making changes to assignments of benefits laws, while the other looks to lower the cost of reinsurance by restructuring the Florida Hurricane Catastrophe Fund, which could decrease rates by 8 to 10 percent, FAIR said.
Jay Neal, FAIR’s president and CEO, said the petition needs at least a quarter million signatures to demand action from the legislators. He said he has already received notice that his insurance was increasing by $600 annually.
“I will receive a new escrow calculation showing that my monthly mortgage payment will increase – not only to make up for the shortfall from the previous year’s increase, but also to pay the increased premium for the following renewal year – a total of $1,200 for the year, or $100 extra per month,” he said. “And if rates continue to increase as they did this year, I and virtually every other Florida homeowner will continue to see our mortgage payments increase this way year after year after year.”
Neal also expects this will impact property real estate values, as fewer people will be able to afford the increased insurance rates. He urges Floridians to vote in the November elections for those candidates promising to fight for the reforms.
“If we want lower rates in the future, we need to commit to doing two things today. 1) get candidates to state on the record that they will fight for both reforms and 2) have memories like elephants if they don’t,” Neal said. “Elected officials must fear accountability from Florida voters more than the pressure of special interest groups. We need at least a quarter million signatures to show that we expect and deserve action.”
For more information about the reforms, or to sign the petition, visit https://floridainsurancereform.org/petition/
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