The Florida property insurance market is in BIG trouble.
"For the last two years, the private companies operating in Florida have had a combined negative net income of $1 billion. So, the market is fundamentally shutting down."
It's bad for homeowners too.
"My insurance bill this year is $35,000. It is higher than my mortgage. And I can't get new insurance," Steve Long, a Satellite Beach homeowner said.
The Florida Legislature is coming back for a Special Session May 23 through May 27, to address the problem.
It's something impacting homeowners across the state of Florida, the rising cost of insuring your property.
Florida Governor Ron DeSantis says lawsuits over property insurance claims are a leading cause for higher rates.
As hurricane season approaches, DeSantis says another storm, in addition to more insurance claims, could put those companies over the edge.
The governor hopes lawmakers take action before storms like Hurricane Sally strike again. Those kinds of disasters mean a flood of insurance claims as homeowners would inevitably hire contractors to repair the damage.
In his proclamation, DeSantis wrote that it is necessary to stabilize the insurance market ahead of hurricane season. He also cited various problems with the state’s market, including high rates of litigation that drive up premiums and insurance companies recently becoming insolvent.