April 19, 2021

Legislature’s fixes are needed to save insurance market

Guy C. Fraker Last fall, I was commissioned to complete a consumer- focused analysis of…

Guy C. Fraker

Last fall, I was commissioned to complete a consumer- focused analysis of Florida’s property insurance market. What I discovered is best described referring to an iconic film trilogy. Florida’s dwelling insurance market should be called The Matrix. In the films, people exist in comas, their stasis used as batteries to power parasitic robotics. All the while, they are embedded with an illusion of reality. Seven million Floridians are being used to power parasitic entities while being asked to accept a deplorably false narrative about insurance companies.

Field property specialist Sam Ellenburg, left, and property large loss claims manager Vicky Walters of Grange/Integrity Insurance talk while a drone flies what they refer to as a lawnmower grid Aug. 19 taking damage photos for an insurance claim in Cedar Rapids, Iowa.

The resulting impacts include citizens paying a hidden tax that grows by 30% per year. Consumers are also experiencing shrinking insurance availability, deteriorating stability among insurers, future hurricane damage assessments that will span generations, and an inevitable real estate market crash.   

In a recent editorial, The News-Journal was highly critical of the proposed reform bill, SB 76, sponsored by Senator Jim Boyd. I’d like to offer a counter position supporting SB 76 as it includes many essential corrective measures — and applaud coverage  of Florida’s homeowners’ insurance crisis.

A STORM IS COMING

OUR VIEW: Fixes should not target consumers

SANTIAGO: Fraud, litigation are the real culprits

Here are the facts:   Florida has a network of plaintiff attorneys, contractors, public adjusters and others who use a collection of statutes, unique to Florida, to generate income from property insurance claims.  By connecting these statutes, these professions created their own economic engine that essentially legalizes financial abuse.