EDITORIAL: Action, not words, needed on insurance reform
OUR POSITION: Legislators are headed back to
Gov.
We hope he's right because time is running out. More and more homeowners are about to be kicked to the curb as three major insurers sought relief last week from state regulators. And the solution to their problems only promises to put a greater burden on homeowners who are already dealing with inflation that continues to syphon funds from their household budgets.
Three major insurance companies made a pitch to the
All three companies are blaming excessive claims and especially what they called questionable roof replacement costs.
That Tuesday meeting comes on the heels of regulators approving
At least those companies are still around.
All this puts a greater burden on the state's insurer of last resort
That is a scary scenario if a major hurricane hits the state this year. If Citizens cannot cover all the claims, that leaves the state drowning in costs to make good on the policies and it all could come down to depleting our reserve funds and/or going back on taxpayers to make up the difference.
The picture is surely in clear focus for lawmakers who meet starting Monday.
The problem is, these are the same legislators who said they didn't have time to deal with this speeding train wreck during the regular session earlier this year. We have never figured out why that was the case when property insurance has been a huge issue for a long time.
House leadership claimed more patience was needed for 2021 reforms to take hold and that there just was not enough time in the regular session to come up with solutions. Not much has changed in a month, except that DeSantis wants something done. And, that alone, will spur legislators to do more than go through the motions.
Solutions will surely include some sort of relief or oversight on the number of roof claims insurance companies have been howling about for more than two years now. Other ideas could involve seeking more sources of re-insurance for
While some homeowners await a letter revealing if they are among the thousands of policies being dropped, we call on lawmakers to come up with real solutions and turn a deaf ear to lobbyists who may try to divert them from the task at hand.
Time is running out.
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