JACKSONVILLE, Fla. — How much has your property insurance gone up?
A "crisis" and "on the brink of collapse" is how you'll find Florida's property insurance market described. Governor Ron DeSantis is now calling lawmakers back to the capitol in May to consider legislation to deal with rising rates.
DeSantis wants this to be done before hurricane season. Lawmakers couldn't pass changes to the market in the legislative session.
Your home insurance premium may have already gone up. The Florida Insurance Guaranty Association approved a 1.3 percent assessment on the cost of all policies sold in Florida, the Associated Press reported earlier this month.
At least five insurance companies reportedly did not renew over 120,000 policies last year and Orland-based St. Johns Insurance Company went insolvent.
As rates increase, more people are turning to state-run Citizens Property Insurance. Citizens is meant to be a last resort, but because Citizens' rate increases are reportedly capped at 10 percent each year and some private companies' rates have gone up over 30 percent, homeowners are left with little choice. If a large hurricane hits and its billions in surplus are erased, assessments would reportedly be placed on homeowner and auto policies to pay for the claims.
Starting May 23, lawmakers will have five days to figure out how to stabilize Florida's property insurance market ahead of hurricane season.