New property insurance legislation unlikely to make a large difference in your premium

FEW MINUTES. FULLY. CHRIS, THANK YOU. NEW AT 530, A BIG MOVE TO EASE THE STATE’S PROPERTY INSURANCE CRISIS. GOVERNOR DESANTIS SIGNED THREE BILLS INTO LAW THAT INCREASE ACCOUNTABILITY OF INSURERS AND ARE DESIGNED TO CREATE TRANSPARENCY IN THE MARKETPLACE. TUTT LOW HERNANDEZ IS HERE. TAYLOR WHAT DOES THIS MEAN? CAN PEOPLE EXPECT LOWER PREMIUMS, THOUGH? PROBABLY NOT. PREMIUMS MAY GO DOWN A FEW PERCENT, BUT IT’S NOT LIKELY GOING TO MAKE A BIG DIFFERENCE UNLESS A HOMEOWNER HAS THE MONEY TO DO UPGRADES LIKE PUTTING ON A NEW ROOF OR INSTALLING NEW WINDOWS. FLORIDIANS PAY FOR TIMES THE NATIONAL AVERAGE TO INSURE THEIR PROPERTY. AND IT’S ONLY GETTING WORSE. THE AVERAGE WE’RE SEEING IN OUR PREMIUMS IS PROBABLY ABOUT A 30 TO 75% RATE INCREASE. SOME AS HIGH AS 120 NATIONAL RISK EXPERTS. HE’S HELPED PALM BEACH COUNTY PROPERTY OWNERS FIND INSURANCE POLICIES FOR MORE THAN 20 YEARS. WE HAD A HOME THE OTHER DAY IN WELLINGTON THAT WAS A $300,000 STRUCTURE. AND HE SAYS, CAN YOU HELP ME? IT WENT TO 9000 WITH MY COMPANY. AND SO I GOT HIM THE NEXT BEST OFFER AND IT WAS 14,000. THE THREE BILLS GOVERNOR DESANTIS SIGNED INTO LAW THIS WEEK INCLUDE PROVISIONS TO INCREASE COMPETITION AMONGST INSURANCE PROVIDERS. THE IDEA MORE COMPETITION LEADS TO LOWER PREMIUMS. THE LEGISLATION ALSO PAVES THE WAY FOR INCREASED FINES FOR INSURANCE COMPANIES AND ADJUSTERS THAT OVERCHARGE OR MANIPULATE CLAIMS. BUT DON’T EXPECT A BIG DIFFERENCE ON YOUR BILL. I THINK AT BEST IT’S PROBABLY GOING TO END UP LIKE, WHAT KIND OF A CREDIT DO YOU GET IF YOU PUT ON A NEW ROOF? YOU KNOW, YOU MIGHT GET A 5% CREDIT. YOU MIGHT GET AN 8%, 10% CREDIT. THE STATE IS PUTTING AN ADDITIONAL $100 MILLION TO A PROGRAM THAT PROVIDES GRANTS TO HOMEOWNERS FOR HURRICANE RETROFITTING, LIKE IMPACT WINDOWS OR ROOF IMPROVEMENTS. ELIGIBILITY FOR THE PROGRAM IS EXPANDING AS MORE FLORIDIANS TURN TO CITIZENS. THE INSURER OF LAST RESORT. WE GET A CALL AND SAYS, CAN YOU HELP US? WE NEED TO BRING OUR PRICES DOWN AND BASICALLY THE ONLY OPTION FOR US IS TO PUT THEM WITH CITIZENS. AND NOW WE’RE HAVING PEOPLE THAT WE PUT WITH CITIZENS COME IN, CAN YOU BRING OUR PRICES DOWN? AND THE ANSWER IS NO. BUCK DID SAY THE LEGISLATION IS A STEP IN THE RIGHT DIRECTION. BUT IT WILL TAKE YEARS AND MULTIPLE STORM SEASONS WITHOUT A MAJOR HURRICANE IN THE STATE TO FIX THE PROBLEM

Gov. Ron DeSantis signed three bills into law this week aimed at easing the state's continued property insurance crisis, but a Palm Beach County insurance expert does not think you should expect much of a change in your annual premium.Greg Buck owns National Risk Experts in Palm Beach Gardens, where he has helped business and property owners find insurance coverage for more than 20 years.WPBF 25 News Investigates: What is to blame for skyrocketing property insurance ratesHe said that recently, a lot of calls into his office have been about soaring rates.“The average we’re seeing in our premiums is probably about a 30 to 75% rate increase; some of them as high as 120%," he said.Continuing coverage: Insurer of last resort raises ratesLegislation signed Wednesday will increase fines for insurance adjusters or providers that manipulate claims or overcharge.Florida's House Speaker, Paul Renner, said the legislation “increases accountability of insurers and transparency in the marketplace.”Lawmakers are hopeful the new laws will encourage competition among the remaining insurance providers in the state, as a record number of Floridians turn to Citizen's, the state's insurer of last resort.“We get a call that says, 'Can you help us? We need to bring our prices down,'" Buck said. "Basically, the only option for us is to put them with Citizens. Now we’re having people that we put with Citizens come in and say, “Can you bring our prices down?" And the answer is no.” Flood insurance: Why experts encourage even those who don't live in a 'flood zone' to pick up a policyBuck said it is likely people will see a rate decrease that is significantly less than the rate increase they experienced.“Any reduction, 2%, 5%, 10%, 15%; those are important items to add to the bottom line of what we’re paying for our insurance, but overall if you’ve got a 20-50% rate increase each year, 5% isn’t really going to do you a whole lot of good,” he said.Governor DeSantis also announced $100 million more for the My Safe Florida Home Program, which provides grants to homeowners for hurricane retrofitting. Recently passed legislation expands eligibility requirements.

PALM BEACH GARDENS, Fla. —

Greg Buck owns National Risk Experts in Palm Beach Gardens, where he has helped business and property owners find insurance coverage for more than 20 years.

WPBF 25 News Investigates: What is to blame for skyrocketing property insurance rates

He said that recently, a lot of calls into his office have been about soaring rates.

“The average we’re seeing in our premiums is probably about a 30 to 75% rate increase; some of them as high as 120%," he said.

Continuing coverage: Insurer of last resort raises rates

Legislation signed Wednesday will increase fines for insurance adjusters or providers that manipulate claims or overcharge.

Florida's House Speaker, Paul Renner, said the legislation “increases accountability of insurers and transparency in the marketplace.”

Lawmakers are hopeful the new laws will encourage competition among the remaining insurance providers in the state, as a record number of Floridians turn to Citizen's, the state's insurer of last resort.

“We get a call that says, 'Can you help us? We need to bring our prices down,'" Buck said. "Basically, the only option for us is to put them with Citizens. Now we’re having people that we put with Citizens come in and say, “Can you bring our prices down?" And the answer is no.”

Flood insurance: Why experts encourage even those who don't live in a 'flood zone' to pick up a policy

Buck said it is likely people will see a rate decrease that is significantly less than the rate increase they experienced.

“Any reduction, 2%, 5%, 10%, 15%; those are important items to add to the bottom line of what we’re paying for our insurance, but overall if you’ve got a 20-50% rate increase each year, 5% isn’t really going to do you a whole lot of good,” he said.

Governor DeSantis also announced $100 million more for the My Safe Florida Home Program, which provides grants to homeowners for hurricane retrofitting. Recently passed legislation expands eligibility requirements.

New property insurance legislation unlikely to make a large difference in your premium

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