Senate Bill Harmful to Florida Homeowner Policyholders

​As Florida homeowner policyholders face continuous increases in our property insurance, Florida lawmakers are putting forth legislation that could cost you more and affect your wallet.
 
Floridians throughout the state should be yelling from their rooftops at a new bill that was filed last week making your replacement cost insurance policy an actual cash value policy.
 
What Does This Mean to You?
It ultimately means more out-of-pocket costs to you if your roof is more than 10 years old. As if it’s not difficult enough that many families are struggling just to put food on their tables and wondering how they will pay their bills, if this legislation goes through, you could also be forced to replace your roof just to keep your home insured.
 
A Florida homeowner facing this very issue, Wilma Bryant said, “I can’t afford to replace my roof”. Although she has no issues with her roof, her insurance company is requiring her to replace it and giving her only until March 7th to do so. See full story.
 
Proposed Legislation
Senate Bill 76, specifically pages 3-4 if your roof is more than 10 years old, is very harmful to consumers. I understand that there needs to be a fix to the troublesome insurance market in Florida, but that fix shouldn’t be on the shoulders of policyholders.  
 
Why Are Mortgage Companies Allowing This?
I keep scratching my head and asking myself how mortgage companies aren’t up in arms about this when they require you to have replacement cost insurance coverage for your roof. Quite frankly, I am surprised especially with the amount of storms Florida faces every year.
 
During a catastrophic event such as a hurricane, with already high deductibles, and then the depreciation of your roof if it is over 10 years old, you may not be able to afford the out-of-pocket costs to replace your roof.
 
In addition to my advocacy of policyholders, I recently became the second female President in the 28 year history of the Florida Association of Insurance Adjusters (FAPIA). FAPIA works tirelessly to protect the industry and the consumers of Florida and advocates against anti-consumer language.  
 
At Reliant Insurance Adjusters, we always try to keep you up to date on what is happening in the insurance industry. We are always here to help and guide you and will continue to put the protection of insured policyholders first. 
 
If you need a trusted adjuster for your insurance claim or to determine if your damages are covered by your homeowners insurance policy, contact us today.