New UAF Report: Florida Insurance Companies Extract Record Profits While Abandoning Homeowners as Premiums Surge
WASHINGTON, DC – This week, Unlocking America’s Future released a new report on Florida’s insurance crisis and hosted a press call with a Florida state senator and other leaders who are demanding accountability from Governor Ron DeSantis and relief for Florida homeowners. The report exposes how insurance companies are using disasters as an excuse to abandon Florida homeowners while extracting record profits.
The report examines how premiums have skyrocketed by 54% since 2019, making Florida the most expensive state in the nation for home coverage. It also details how recent tort reform has made it harder for homeowners to dispute denied or underpaid claims, and how insurance companies are abusing the legal system and exploiting regulatory loopholes to maximize profits while paying executives tens of millions of dollars.
Following the release of the report, UAF hosted a press call along with the Insurance Fairness Project featuring Florida State Senator Carlos Guillermo Smith, Dr. Martin Weiss, founder of Weiss Ratings, and Anders Croy, Communications Director of Florida Watch. Speakers discussed the escalating crisis and the urgent need for Florida Governor Ron DeSantis and state insurance regulators to hold insurance companies accountable.
Data compiled by Weiss Ratings
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WPTV: Legislation reform pushes back on insurance ‘exploiting’ policy holders
“Unless this is reversed in Florida and beyond, I see a bigger problem ahead,” said Dr. Martin Weiss. He’s the founder of Weiss Ratings, which independently grades stocks, mutual funds, and financial institutions.
“We are here to empower consumers. Our job here is to provide the data and make the public aware,” said Weiss.
He’s part of Unlocking America’s Future and Insurance Fairness Project’ along with Florida State Senator Carlos Guillermo Smith who is pushing for more transparency between insurance companies and the profits with affiliated managing general agents, to hold them accountable for “exploiting” policy holders in Florida.
“Floridians cannot afford to pay the highest property insurance premiums in the nation, which they currently do right now, simply in order to pay inflated managing agent fees that really pad the pockets of affiliates who have dodged accountability for too long,” said Smith.
The challenge is that Florida has a super Republican majority and this push is by Democratic state leaders. So how do they plan get the proposed reforms passed? Smith said they’re using a “throw everything at the wall to see what will stick” approach: a wide-ranging agenda meant to force action and generate discussions about what can pass in Tallahassee.
“Some of the proposals that some of my senate democratic colleagues here in the Florida senate have put forward as part of that full package are already being given consideration and are being put on the agenda,” said Smith.
