Florida
Florida Lawmakers to Tackle Ballooning Property-Insurance Crisis
Florida lawmakers are set to start a particular legislative session Monday to deal with the state’s deepening property-insurance disaster, which is elevating premiums for owners, driving some carriers to insolvency and threatening to stifle the housing market.
Among the many points the Republican-led legislature plans to deal with are a extremely litigious surroundings in Florida, the provision of reinsurance—backup protection insurers purchase—and the ballooning dimension of the state’s insurer of final resort, in response to a proposed invoice launched late Friday.
It’s the second particular session on the problem referred to as this 12 months by Republican Gov.
Ron DeSantis,
who is taken into account a possible 2024 presidential contender and will face blowback if the disaster doesn’t abate. A collapse of the home-insurance market may spill into the residential real-estate market, insurance coverage executives and regulators say.
“If we don’t do that proper, Floridians will go away the state,” mentioned Republican state Rep. Bob Rommel, chairman of the Home commerce committee and a part of the crew drafting laws. “Our whole economic system is using on this.”
Most of the state’s smaller, private-sector insurers have been dropping cash for years, beset by rising reinsurance prices, litigation bills and hurricanes together with Ian, which struck Florida’s southwest coast in September. Threat modelers estimate Ian will value insurers $40 billion to $70 billion.
The state is closely depending on comparatively small, Florida-focused carriers, within the wake of retreats by nationwide carriers a few years in the past. Six of those have been declared bancrupt since February, in addition to a Louisiana-based provider that wrote insurance policies in Florida, in response to a Dec. 8 report by A.M. Greatest, which charges insurers.
Reinsurers say they’ve been growing costs due to rising disaster losses worldwide and worries about more-intense pure disasters. In Florida, they are saying additionally they are involved about litigation prices. Some have lowered their enterprise within the state.
This previous summer season, Florida-focused residence insurers went by means of their annual reinsurance renewals with costs going up 25% to 30% in lots of situations, in response to scores agency Demotech Inc. Some carriers have been unable to get as a lot reinsurance as they needed.
Barry Gilway,
chief govt of Residents Property Insurance coverage Corp., the state-run insurer of final resort, mentioned his crew is listening to that reinsurance pricing will likely be up 30% to 70% for Florida insurers in 2023, with capability scarcer.
“It might be astronomically costly,” he mentioned.
Florida’s common annual home-insurance premium of $4,231 is the very best within the nation, and almost triple the nationwide common, in response to projections by commerce group Insurance coverage Data Institute.
David Altmaier,
Florida’s insurance coverage commissioner, informed a latest state Chamber of Commerce convention centered on insurance coverage points that his workplace continues to approve actuarially sound “30%-plus fee will increase.” With insolvencies already occurring, “we can’t have an underpriced insurance coverage market,” he mentioned.
Lawmakers say a precedence within the particular session is to rein in litigation, which they are saying is pushed by attorneys aggressively suing carriers, together with over minor coverage disputes. Florida has just below 10% of U.S. owners insurance coverage claims, but almost 80% of the nation’s owners insurance coverage lawsuits, in response to the state’s Workplace of Insurance coverage Regulation.
Amy Boggs, property-insurance part chair for the Florida Justice Affiliation, which represents trial attorneys, criticized the decision for extra litigation reform. “Litigation isn’t the issue—it’s the scapegoat,” she mentioned. “What we don’t want is extra laws that erodes the rights of policyholders in an try to bail out the trade on the backs of Florida customers.”
Theodore Tate, a 42-year-old police officer who owns a 2,900-square-foot residence in Palmetto Bay, south of Miami, mentioned his insurer tried to drop him earlier this 12 months, though he had by no means filed a declare. After his dealer intervened, the provider mentioned it will proceed to insure the house with a premium of greater than $11,000, up from about $4,500.
Mr. Tate already was selecting up further shifts at work to cowl rising prices. His insurance coverage dealer ultimately discovered two carriers that collectively are masking his residence for about $5,500.
“You are feeling betrayed once they drop you out of nowhere,” Mr. Tate mentioned.
Low- and middle-income owners are the toughest hit, real-estate brokers say. Dwelling consumers already are contending with mortgage rates of interest which have roughly doubled this 12 months.
Susie Fernandes, a real-estate dealer in Fort Lauderdale, mentioned some shoppers now not are qualifying for properties they thought have been inside funds, after factoring in larger insurance coverage premiums. “Individuals are downsizing,” she mentioned. “It’s turn into an affordability disaster.”
Lawmakers are also involved in regards to the fast development of Residents, the last-resort insurer. Residents expects to finish 2022 with about 1.2 million policyholders and its projections present 1.7 million policyholders subsequent 12 months, up from about 440,000 in 2019, Mr. Gilway mentioned. With that development, Residents’ danger publicity would soar to $650 billion in 2023.
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Whereas Residents is appropriately funded now, the priority is that uncontrolled development would outrun its sources within the subsequent few years, and, ought to a serious hurricane hit, result in assessments on its policyholders and plenty of private-sector policyholders throughout the state. Officers name these evaluation powers the state’s “hurricane tax.”
Mr. Gilway mentioned he’s “extremely optimistic that, ought to the invoice go within the proposed format, it’ll entice extra capital to the market and ultimately enhance the reinsurance image.” He described it as historic by taking head on the longstanding points.
Within the proposed state Home laws, lawmakers deal with extreme litigation by eliminating so-called one-way lawyer charges—a provision of Florida legislation that insurers say encourages plaintiffs’ attorneys to sue to acquire massive payment awards. The invoice additionally prohibits “task of advantages,” beneath which owners give third events, corresponding to roofing contractors, the fitting to hunt fee instantly from their insurer.
The proposal goals to strengthen state regulation of property insurers. And it requires a further $1 billion for the 2023 hurricane season in a state-reinsurance program, to ease the anticipated private-sector shortages.
“The governor expects the legislature to rein within the prices of extreme litigation and make sure the property-insurance market in Florida is each engaging to insurers and extra aggressive for customers,” mentioned Bryan Griffin, press secretary for Mr. DeSantis.
Write to Leslie Scism at leslie.scism@wsj.com, Arian Campo-Flores at arian.campo-flores@dowjones.com and Deborah Acosta at deborah.acosta@wsj.com
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Florida
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Florida
The Florida Panhandle has a 50% chance of snow on Tuesday. Latest forecast
A blast of Siberian air and back-to-back winter storms will send subfreezing temperatures in the 20s across North Florida and bring a high chance of snow to the Florida Panhandle and a portion of the Big Bend and Jacksonville areas.
“The cold outbreak will occur right smack in the middle of what is historically the coldest part of the winter,” AccuWeather Senior Meteorologist Bob Larson said.
The first of two winter storms expected to impact the southeastern United States will bring showers and a possible thunderstorm to the Florida Panhandle starting late Friday night and continuing through Saturday, according to AccuWeather.
The second winter storm will be colder and snowier – even in Florida, which is the only contiguous U.S. state not to see snow this winter.
North Florida has a 50% chance of snow
The National Weather Service and the European Centre for Medium-Range Weather Forecast model are now in agreement as the chance of snow creeps to 50% in the Florida Panhandle on Tuesday.
The chance of snow diminishes eastward across the Sunshine State. Tallahassee has a slight chance of rain and snow showers before 10 a.m. on Tuesday and a possible mix of rain and snow later that night. The ECMRWF model puts those chances around 30-40%.
Jacksonville does not currently have a chance of snow, according to the NWS, but the ECMRWF model shows a sliver of a chance, between 10-20%.
How cold will it get in Florida?
Much of Florida will avoid the worst parts of the chill, according to AccuWeather. North Florida will see the coldest temperatures, but freezing temperatures will likely be felt even in Central Florida, too.
Here’s a look at temperatures in some of Florida’s regional hubs, according to AccuWeather’s Forecast:
- Pensacola
- Sunday: High 54, low 25
- Monday: High 43, low 28
- Tuesday: High 39, low 21
- Wednesday: High 41, low 29
- Tallahassee
- Sunday: High 60, low 27
- Monday: High 47, low 32
- Tuesday: High 47, low 24
- Wednesday: High 43, low 24
- Jacksonville
- Sunday: High 67, low 35
- Monday: High 47, low 39
- Tuesday: High 48, low 31
- Wednesday: High 45 low 35
- Orlando
- Sunday: High 71, low 45
- Monday: High 53, low 46
- Tuesday: High 58, low 39
- Wednesday: High 57, low 45
- Tampa
- Sunday: High 73, low 47
- Monday: High 58, low 45
- Tuesday: High 57, low 39
- Wednesday: High 54, low 42
- Miami
- Sunday: High 81, low 65
- Monday: High 70, low 66
- Tuesday: High 74, low 61
- Wednesday: High 66, low 63
Why is snow so rare in Florida?
The most basic answer is that subfreezing temperatures in Florida tend to be brought on by cold fronts, which generally produce dry air.
Florida’s best chance of seeing snow happens when a storm pulls in moisture from the Gulf of Mexico while cold air is being pushed from the north. Of course, if cold air is moving south, it’s likely pushing that moisture away from Florida, hence the conundrum.
The more complicated reason snow is rare in Florida is almost everything about Florida, from its geographical features to its proximity to the equator, discourages the conditions needed for snow.
Florida’s warm temperatures are the first problem. The second issue is that Florida, the Sunshine State, gets a lot of sunlight because of how close it is to the equator. That sunlight and warmer temperatures tend to keep sustained cold air at bay, preventing it from amassing in quantities for snow to form.
Florida is also a pretty flat state, and its highest point, Britton Hill, is only about 345 feet above sea level. That doesn’t give cold air a lot of places to hang out.
Lastly, there’s the Gulf of Mexico. The Gulf is a relatively warm body of water, and it acts as a large temperature moderator for Florida.
What’s needed for snow to form?
The conditions required to produce snow are typically generalized. Most people know that it needs to be at or below 32 degrees, which is considered the threshold for water to freeze. That’s not the only condition where snow can form, however.
Snow can still form even in temperatures as high as 33.8 degrees. There are occasions when a higher layer of atmosphere is slightly above freezing where the snowflake might start to melt as it passes through that layer but can still make it to the ground as snow.
Another special case is referred to as the “wet bulb” effect. The wet bulb temperature is the temperature air reaches when water evaporates into it. Snow can still manage to form if the height where the wet bulb temperature reaches freezing is less than 1,500 above the ground.
In both special circumstances, the snow will be wetter and stickier than traditional fluffy and dry snow.
Florida
Second arrest made in Florida bowling alley shooting that left off-duty ATF agent paralyzed: 'Senseless'
Florida authorities have charged a second person with attempted murder this week in connection with the December shooting of an off-duty federal agent that left him paralyzed.
The Hillsborough County Sheriff’s Office arrested Tia Heyward, 23, on Wednesday after investigators determined she allegedly aided Christopher Smith, 18, in the Dec. 27, 2024, shooting of an off-duty Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) agent.
Heyward is charged with first-degree attempted murder with great bodily harm (accessory after the fact), aggravated battery with great bodily harm (accessory after the fact) and two counts of simple battery.
Smith, who was arrested hours later on Dec. 28, faces similar charges of first-degree attempted murder – discharging a firearm causing great bodily harm, aggravated battery causing great bodily harm with a deadly weapon, tampering with physical evidence and carrying a concealed firearm.
POLICE OFFICER KILLED IN NORTH CAROLINA GROCERY STORE SHOOTING JUST DAYS BEFORE CHRISTMAS
FOX 13 Tampa Bay identified the ATF agent as Special Agent Matthew Murray, who serves with the bureau’s Tampa Field Division.
Murray was shot at approximately 11:07 p.m. on Dec. 27 at The Alley at Southshore in Riverview, Florida, after attempting to deescalate a fight between two men and a woman in the parking lot of the bowling alley.
He was out for a night of bowling with his wife, their children, and family friends, when they saw the fight break out while standing near the front door.
SUSPECT ACCUSED OF FATALLY SHOOTING HOUSTON DEPUTY IS SHOT AND KILLED BY POLICE
Murray’s wife said during a pre-trial detention hearing for Smith that her husband identified himself as law enforcement and told the group of people to go home, FOX 13 reported. One of them allegedly threw a bottle or cup at Murray, according to his wife. Meanwhile, Smith alleged that Murray hit him in the shoulder.
Smith is then accused of shooting Murray in the back of the neck.
He was taken to Tampa General Hospital, where he underwent emergency surgery and remains in critical condition with permanent paralysis, Murray’s wife stated.
Smith allegedly fled the bowling alley in a Nissan Altima and was located by Hillsborough County deputies at a nearby home approximately seven hours later.
Smith has been behind bars since Dec. 28 and was denied bond earlier this month. Heyward is in jail on $42,000 bond.
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“Our detectives have worked tirelessly to ensure that all those responsible for this senseless act of violence are held accountable and face the consequences of their actions,” HCSO Sheriff Chad Chronister said in a statement. “Our prayers remain with the ATF agent as he courageously embarks on his road to recovery. His bravery and selflessness exemplify his dedication to protecting our community.”
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