ORLANDO, Fla — Some Floridians may have already noticed their insurance rates are going down in The Sunshine State. It’s been a few years since major reforms to both home and auto insurance went into effect and now policyholders are starting to see some savings.
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It never hurts to shop around, but insurance experts say right now a good time to check, because with rates going down customers might even get a better deal from their current insurance provider or another carrier.
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For years Floridians suffered through hurricanes and other severe weather events. On top of that, roofers went door to door soliciting homeowners to file claims to get new roofs even if they had minor damage. Often roofers convinced homeowners to agree to what’s called an Assignment of Benefits that allowed the roofers to deal directly with the insurance companies. The roofers demanded the insurers cover new roofs, sometimes at high prices. That led to costly legal battles and prompted insurance companies to raise rates on consumers.
“Remember, there were, at one point in Florida, we were receiving over 380 claims a day,” said Diana Giron, owner of Universal Insurance Agency in Orlando.
Giron characterized what followed as the largest tort reform in insurance history here in Florida. A major part of law change involved banning assignment of benefits for roofs, therefore eliminating most legal battles. Now, after seeing the leftover lawsuits get settled in court, insurance companies are doing better and for many consumers insurance rates are in decline.
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Homeowner Sheyla Apuy said, “I think anything with savings is a is a major plus for any household today, even if you’re saving $200, I think it’s a plus.” As a real estate agent, Apuy said some of her clients saw their rates drop even more.
Diana Giron said, “In the last three to four months, I’m seeing a significant, significant difference.”
She added that more companies entering the market has also helped. It’s not just homeowners’ insurance. Auto insurance is going down following reforms related to auto glass coverage.
“I was very surprised, because, you know, insurance policies are expensive regardless,” said car owner Hiram Camacho. He’s saving $620 dollars on a six-month policy compared to his last term after his insurance agent shopped around. He was also able to stay with his original carrier.
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Diana Giron said shopping around or asking your agent to shop around for you could make a big difference for your wallet.
Giron told Action 9 Consumer Investigator Jeff Deal, “It’s worth it for you to check it, and it’s a great time right now because the holidays are around the corner, and who doesn’t want a little extra cash in their pocket?
Giron said even if customers just got their auto insurance renewal in the mail, it’s not too late to shop around. Often their carrier will offer a better rate than the original renewal notice.
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