Nine in 10 Florida voters have seen drastic increases in their cost of living over the past two years and a staggering 91% of voters are concerned about the rising cost of homeowners insurance, according to a new study by Cygnal, a private polling firm.
“I’ve seen the price of insurance, homeowners insurance, increase, increase,” Chanie Smith, who lives in West Palm Beach, said.
Premiums continue to burden many South Floridians, like Smith.
“This year I’m paying about over $5,000. So that’s a lot compared to previous years where I was paying $1,000, $2,000. But now it’s over $5,000, just for homeowners insurance,” Smith said.
The poll that was just released by Cygnal found that 59% of Florida voters believe their personal finances have gotten worse compared with just one year with more people concerned about home insurance rates.
“I’m not shocked at that at all because I am a policyholder. I happen to have Edison Insurance, which is one of our companies, but I pay the same as everybody else,” Stacey Giulianti, co-founder of Florida Peninsula Insurance Company in Boca Raton, said.
Giulianti’s told WPTV his company has taken on around 60,000 Citizens insurance policies since the state-run insurer shed almost 200,000 policies in October.
“There are several layers to the ongoing crisis,” Giulianti said. “The problem is that when you put in the cost of drywall, the cost of labor, the cost of roofing and you add all of that in, along with some of the increases litigation costs that we’ve had for the last several years. It’s an absolute disaster and that all has to be reflected in the price that we charge.”
The issue remains a hot topic politically. Last week, U.S. Rep. Maxwell Frost, a Democrat from Orlando, tagged Gov. Ron Desantis in a post on X (formally Twitter), regarding property insurance saying, “It’s time for real solutions.” WPTV reached out to Desantis’ office for comment and haven’t heard back. Earlier this month, Desantis signed My Safe Florida Home legislation, which is part of an effort to reduce premiums.
“It’s just getting very, very expensive,” Smith said.
Source: WPTV 5 News
