We live in the “free” state of Florida. It allows insurance companies “free” rein to charge whatever they want to homeowners and HOAs.
I live in a condo association in Bradenton. Just a few short years ago our association insurance was $295,000. Our insurance projection for 2024 is $1,646,000. That is more than a 500% increase.
Our legislators in Tallahassee and our governor have done virtually nothing to address this crisis. Oh, they did restrict insured homeowners’ and HOAs’ ability to sue the insurance companies for failing to provide coverage that was promised. We were told that would lower our rates in a few years. From sky high to almost sky high?
Why haven’t our legislators and governor done more? Well, the insurance industry, despite claiming they are going broke in Florida, still manages to make substantial contributions to the campaign funds of many of our legislators.
“Pay to play” in the “free” state of Florida. Can we expect any new legislation? Not if we keep sending the same political hacks back to Tallahassee. I urge you to tell your local politician that they need to represent their constituents not the insurance companies.
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