Florida, man. It's been slammed, hasn't it? I mean, Milton and Helene, back to back, what are the chances?
Yeah. And, you know, we're not even out of hurricane season yet.
Right. And everyone's watching the tropics. But you know what? This time, we're not just looking
at the weather maps. We're diving deep into another kind of storm, a storm that's brewing
in the insurance industry. Oh, yeah. The insurance situation, it's a mess.
It is. And we've got a whole stack of articles here, news reports, opinion pieces, investigations.
They all point to the same thing. It's getting really, really hard for Floridians to get the
insurance payouts they need, especially after these hurricanes. It's pretty bleak. And a lot of
folks are pointing fingers at this new Florida law. They're saying it's rigged to protect insurance
companies, not the people who need help the most. Okay. So that's what we're going to unpack today,
right? Right. This law, how it works, who it benefits, and, you know, the big question.
What does it mean for you if you live in Florida? We're going to get into all that. And, you know,
this isn't just a Florida thing. It's a glimpse into the future of insurance period.
That's a good point. So Governor DeSantis, he was the one who pushed this law through, right?
And a lot of these articles pointed out, he got like millions in donations from the insurance
industry during his campaigns. Millions. Yeah. It's, well, it definitely makes you think, doesn't it?
It does. And then, like, right after all those donations come in, he signs this law that makes
it almost impossible to sue insurance companies. Yeah. And one of the biggest changes is this
thing called the one-way attorney fees system. It used to be that if you sued your insurance
company in one, they'd have to pay your legal fees. Makes sense, right. Right. But now, nope,
you win, you're still stuck with the bill, even if the insurance company was clearly in the wrong.
So basically, even if you win, you lose. Yeah, pretty much. And you know what? Insurance companies,
they know that. They know most people can't afford to take that risk.
It's like they're betting on people not fighting back.
Exactly. And especially after these hurricanes, we're seeing a lot of people get low-balled on
their claims or flat-out denied. And we're going to talk about some specific examples,
like what happened to Jonathan Stettin and Cape Coral. His story really shows just how bad things
were even before this new law. Right. Stettin's case, it's like a warning sign. Hurricane Ian,
remember that one? His house was a mess. Roof damage, AC totaled, cracks in the walls, the whole
nine yards. He even had independent people come and assess the damage just to be sure.
So what happened? Did the insurance company pay up?
Well, they paid, but it was nowhere near enough to cover the actual repairs. And you know what's
scary? Under this new law, he probably wouldn't even have been able to sue them. So even before
this law, it was tough. Now it's like they're really making it impossible for people to get
what they deserve. It's not looking good. No, it's not. And we're going to get into how this is
hitting lower income folks, especially hard when we come back. Stay with us.
And we're back talking about the insurance situation in Florida.
And it's not just about these individual cases, right? This is impacting the whole market.
Oh yeah. The whole system is kind of shaky right now. Premiums are through the roof.
Three times the national average, some of these articles are sank.
It's insane. And people, they're getting priced out of their own homes. Like I read the story
about a woman in Riviera Beach, Freyda Holland, her insurance company, they just up and left
Florida. What? Just like that?
Gone. And she got stuck with a new plan. $4,000 a year. Double what she was paying before.
Wow. That's, that's tough.
And it's happening all over. I was looking at some numbers from the Insurance Information
Institute, 18 Florida insurers on a watch list, financially shaky. And a dozen more have gone
under since 2020 or just packed up and left. So you've got homeowners struggling to pay these
crazy premiums. And then the insurance companies themselves are going bankrupt or running away.
Yeah. It's a mess. And you know, a lot of it comes down to risk. Insurers are looking at Florida.
They see these hurricanes getting worse and they're thinking, whoa, hold on.
With this new law, they don't want to take the hit.
Exactly. They're raising premiums to cover their butts, basically. And they're getting
picky about who they'll even insure.
So people in high risk areas, they're just out of luck.
Pretty much. Fewer options, higher costs. It's a bad combination.
And let's not forget about flood insurance. That's a whole other can of worms.
Yeah. And most people don't even realize they need it. It's not part of your regular
homeowners insurance. I remember reading about Hurricane Helene, something like
less than 1% of homes in some of those areas had flood insurance.
Yeah. It's scary. And there's this quote that stuck with me. If it rains at your home,
it could flood it at your home.
Where do you think, huh?
It does. Because as flood risk, it's not just coastal areas. And with climate change,
we're going to see more rain, higher sea levels. It's a recipe for disaster.
And now we're seeing flood insurers pulling out too. Like what was it? American National
Property and Casualty. They're dropping California.
Yep. So this is spreading. It's not just a Florida thing anymore. And to make matters worse,
in Florida, even if you have the state backed insurance citizens, they're making you buy flood
insurance from private companies now.
So even more costs for homeowners.
Exactly. It's layer upon layer of expense. And you know, the insurance industry,
they'll say it's just the market, right? Supply and demand, natural disasters.
But come on, this new law, that's got to be a big factor.
It's hard to deny. It's like they've taken away any way for homeowners to fight back.
So the insurance companies, they can deny claims, offer low settlements,
and they know people are stuck.
So it's like this perfect storm, isn't it? Bad policy, greedy companies, climate change,
all hitting Florida at once.
It's a tough situation. And in the end, it's the people who are suffering,
families trying to rebuild, communities facing an uncertain future. It's not pretty.
It's not. So is there any hope, anything that can be done to fix this mess?
Well, there are some ideas out there, some glimmers of light, maybe.
Yeah, let's hear it. What can be done?
One thing that's been talked about is a federal reinsurance program. So basically,
it's a backup for the industry, right?
It's like a safety net.
Yeah. If a huge hurricane hits, this program would help cover some of the costs.
It could keep those insurance companies from going bankrupt.
Makes sense. Spread the risk, make it less scary for the companies. What else?
Well, there's also this push for stronger consumer protection laws.
Make the insurance companies play fair.
Hold them accountable.
Exactly. More transparency in the claims process, tougher penalties for bad behavior.
But can we really trust these companies to do the right thing?
I mean, after all we've seen.
That's the million dollar question, isn't it?
That's why any new rules, they have teeth. Real consequences.
And the agencies that enforce them, they need the power to do their jobs.
Yeah. If it's just words on paper, that won't help anyone.
Nope. We need action. And you know what?
The listeners, they have a role to play too. This is where you come in.
Wait, you're saying every day people can make a difference in this fight. How?
Absolutely. You have more power than you think. It all starts with being informed.
Like what kind of informed?
Know your insurance policy. Seriously, read it.
What's covered, what's not, your deductibles, all that stuff.
Don't wait until you need it.
It's like signing a contract without reading it. You're asking for trouble.
Exactly. And flood insurance. Get that sorted out now.
Don't wait for the storm to hit. Most regular policies don't cover floods.
So knowledge is power.
What else?
Documentation. Document everything.
Take photos, videos, make a list of your belongings, model numbers,
when you bought them, how much they're worth.
Keep that safe. You'll thank yourself later.
Good advice.
Now what about when you're actually dealing with the insurance company?
Any tips there?
Be organized. Keep records of every conversation, every email,
dates, times, names, what was said, and don't be afraid to ask questions.
If you think they're lowballing you, push back. You have rights.
And if it gets really bad, what then?
There are resources out there. United Policy Holders,
the Insurance Information Institute, your state's insurance regulator,
they can help. Don't give up.
It's good to know there's help.
But it sounds like it's going to take more than just individuals fighting back.
It will. This is a community issue. Talk to your neighbors, share your stories,
organize. There's strength in numbers.
So we're talking about a big problem here, aren't we?
I mean, climate change, this messed up insurance market, and now this law,
it all just feels kind of overwhelming, you know?
It can feel that way, yeah.
But we got to remember we're not helpless.
We have options. We can make a difference.
So where do we even begin?
What's the most important thing for people to remember?
Be proactive. Don't wait for the storm to hit, literally or figuratively.
Take steps now. Protect yourself, your family, your community.
Okay, so what does that look like? Give me something concrete.
It all starts with knowledge. Understand your insurance policy,
know your rights, and stay informed about what's going on.
And don't be afraid to speak up.
So knowledge is power. But this can't just be about individual people doing their own thing,
right?
Right. It's about coming together, working as a community,
talk to your neighbors, share your experiences, and organize.
There's strength in numbers. Support the groups that are fighting for change.
And this isn't just a Florida problem, is it?
It feels like this could happen anywhere.
You're absolutely right. This is a glimpse into the future for everyone.
Climate change is going to keep hitting us with extreme weather.
Insurance is going to get more expensive. We need to be ready.
So what can we do on a bigger scale? What needs to change?
We need our leaders to step up.
We need policies that put people first, not profits.
We need to invest in things that will actually make a difference.
Sustainable infrastructure, that kind of thing.
A future where everyone is protected.
It sounds like a tall order.
It is. But I think people are starting to wake up, you know?
They're seeing the connections. Climate change, insurance, social justice,
it's all connected. And they're demanding change.
So there's hope.
There's always hope. The future isn't set in stone.
We have the power to shape it. But it takes courage,
it takes compassion, and it takes all of us working together.
Well said. We've covered a lot of ground today, haven't we?
Hurricanes, insurance nightmares, this new law, it's a lot to process.
But hopefully everyone listening feels a little more informed,
maybe even a little empowered.
Remember, you're not alone in this.
There are people fighting for change.
And there are resources to help you along the way.
Thanks for joining us for this deep dive.
We'll be back soon with another topic, ready to explore and unpack it all with you.
Until then, stay curious, stay informed, and stay engaged.
And that's a wrap. See you next time.