Contact your lawmakers to make sure your voice is heard.
JACKSONVILLE, FLA. – A rapid increase in litigation cases against insurance companies and in Assignment of Benefits repair scams in Florida are affecting the insurance market. For some, this means skyrocketing premiums and skinnied-down coverages. For others, it means seeking coverage from Citizens Property Insurance Corporation. In 2020 alone, Citizens, the state’s insurer of last resort, added more than 100,000 policies to its book—a 23% increase.
On April 7, the Florida Senate passed a bill (SB 76) that will remediate some of the problems in the Florida Homeowners market. Brightway Insurance issued a statement describing SB 76 in detail.
While no piece of legislation is perfect, we applaud the Florida Senate for passing a bill that boldly addresses all of the underlying causes of Florida’s insurance crisis.
At the same time the Senate was debating SB 76, a similar bill was introduced in the House of Representatives (HB 305). In mid-March, the House sponsor amended HB 305 by removing some of the most crucial provisions.
As reported by Insurance Journal: “The bill substitute no longer includes language authorizing insurers to offer limited roof coverage for homeowners policies through a roof surface reimbursement schedule, nor the attorney fee contingency risk multiplier provision that the industry has said is essential to fixing the problems in the market.”
Without legislative action, the Homeowners insurance market will continue to decline, premium costs will continue to rise and insurers will be pushed into insolvency, hurting all of us.
Unless the House of Representatives reconsiders its decision to remove necessary provisions in HB 305, the current legislative session will end either:
(a) without any final legislative action, or
(b) with the passage of law that encourages the high costs of litigation and the inability for carriers to sustainably offer Floridians Homeowners insurance that includes roof coverage.
The current legislative session ends in 18 days. Getting involved only takes a few minutes of your time.
We encourage you to reach out to your state legislators today and share your frustration with the challenges in the insurance market this year.
You can use this link to find your local representative or visit the Florida Take Action website to learn more and support the bill in its original form.
The more we make our voices heard, the more likely we are to get the industry reform that Floridians deserve.
Ask your representative to demand that the recent amendment to HB 305 be reconsidered, and to support adoption of SB 76 or a House bill substantially similar to HB 305 in its original form, which contains measures designed to address rampant litigation costs and the structural challenges to the roofing insurance market.
Tell your family and friends about the cause--if they live in Florida, this affects their coverages and premiums, too.
About Brightway Insurance
Brightway Insurance is a national property/casualty insurance distribution company with more than $780 million in annualized written premium, making it one of the largest Personal Lines agencies in the U.S.
Brightway’s focus is on producing Win, Win, Win outcomes for consumers by offering customized insurance solutions and for people wishing to sell insurance by providing business opportunities that span from single Agent to multi-unit enterprises. Regardless of the path taken, Brightway provides the support necessary to consistently outsell other insurance agents.
Brightway got its start in 2008 and has since grown to more than 900 people in 300 offices across 24 states serving customers in all 50 states.
Consumers seeking a better insurance buying experience may visit Brightway.com, and people wishing to learn more about franchise ownership with Brightway may visit BrightwayDifference.com.
