Tommy and Connie Friedrich have found their dream home on a quiet street just blocks from a quiet lake. “The cloud has a real old feel,” said Tommy Friedrich. His wife Connie fell in love with the balcony and started brainstorming how to do some cosmetic renovations once the house was bought. The Friedrich family made an offer on the house that they said the seller accepted. After they were inspected, Friedrich said the examination revealed the roof still had “three years left,” but he had trouble getting insurance because he said property insurers still cited the age of the roof as a concern. “I can’t get it,” he said. I have insurance on property without a new roof and I can’t get a new roof until I’m in the house and I’m really afraid I’m going to miss out on buying this house.” Wish 2 investigates, but Friedrich is not alone. Not only are more and more homeowners dealing with All over the state with canceled insurance policies or premiums, but now the state’s complex insurance market is affecting people trying to buy or sell a home. More than half of its clients achieve in Central Florida and they face home insurance hurdles. It’s impossible. Nobody will insure him,” Qa for spray. And to make matters more complicated, there are fewer home insurance options than there were just a few years ago. The Florida Office of Insurance Regulation (OIR) tracks when insurance companies cease operations in the state. Based on OIR reports: 7 property insurers went out of business in Florida in 2017.9 went out of business in 2018.10 in 2019. 2020 numbers won’t be available until later this year. But based on these recent reports, there are 26 fewer options for homeowners to obtain property insurance, and that number will grow for a variety of reasons, but roof replacement lawsuits and litigation have been a concern lately, and the Property Insurance Act went into effect last year that proponents said would help. , but homeowners across the state are still being dropped from their policies or paying significantly more for their coverage. “Few people on the other side of the coin are getting richer from the backs of Florida homeowners. So we’re going to fix it,” Boyd said. That after our next session we can get some fix because I think the appetite and attitude will allow that to happen on both sides of the aisle. 23 to 27 to specifically address property insurance. So that premium costs come down, Tansy Soderstrom, president of the Orlando Regional Realtors Association, advises people buying a home or looking for home insurance with a bargain. After weeks of back and forth, Soderstrom manages Tommy and Connie from striking a deal to obtain insurance for their closure provided the roof was replaced within 30 closing days. Their premium will be $3,486.00 per year, but it can drop after they pay for a new roof and another inspection. All the expenses they have to incur in addition to buying their home. “We are still nervous until he enters the roof,” Friedrich said. Team for consideration, email [email protected]
Tommy and Connie Friedrich have found their dream home on a quiet street just blocks from a quiet lake.
“A cloud has a real old feel,” said Tommy Friedrich.
His wife Connie fell in love with the balcony and started thinking about how to do some cosmetic renovations once the house was bought. The Friedrichs family made an offer on the house which they said the seller had accepted. But they encountered an obstacle after they carried out the search.
Friedrich said the examination revealed that the roof still had “three years left,” but that he had difficulty obtaining insurance because he said property insurers still cite the age of the roof as a concern.
“I can’t get property insurance without a new roof and I can’t get a new roof until I’m home and I’m really afraid I’m going to miss out on this home,” he said. Wish 2 achieves.
Friedrich is not alone.
Not only are more and more homeowners across the state dealing with canceled policies or premiums, but now the state’s complex insurance market is affecting people trying to buy or sell a home.
Friedrichshain realtor Barrett Spray told WESH2 that more than half of his Central Florida clients face home insurance hurdles.
“If the roof is older than 15, you can’t get insurance in Central Florida. That’s impossible. Nobody is going to insure it,” said Spray.
To make matters more complicated, there are fewer home insurance options than in the past few years. The Florida Office of Insurance Regulation (OIR) tracks when insurance companies cease operations in the state.
Based on OIR reports:
- 7 property insurers ceased operations in Florida in 2017.
- 9 He stopped working in 2018.
- 10 in 2019.
A ministry spokesperson told WESH 2 News that the 2020 numbers won’t be available until later this year.
But based on these recent reports, there are 26 fewer options for homeowners to obtain property insurance.
This number will increase for a variety of reasons, but roof replacement lawsuits and litigation have been a concern of late.
The Property Insurance Act went into effect last year and its proponents say it will help, but homeowners across the state are still being dropped or paying significantly more for their coverage.
Florida Senator Jim Boyd (District 21) sponsored the 2021 bill and said more still needs to be done.
“Few people on the other side of the coin are getting richer from the backs of Florida homeowners. So we’re going to fix it,” Boyd said. That after our next session we can get some fix because I think the appetite and attitude are such that they allow this to happen on both sides of the aisle.”
Boyd and other state lawmakers will meet in another special session in Tallahassee from May 23-27 to specifically discuss property insurance.
Until premium costs go down, the president of the Orlando Regional Realtors Association, Tansy Soedström, advises people buying a home or looking for home insurance to bargain.
“If they really like the house, they need to consider maybe negotiating the price with their agent working out something so it’s good for the seller as well or shopping for different insurance companies,” Soedström said.
After weeks of back and forth, Tommy and Connie were able to strike a deal to get insurance to close them on the condition that the roof be replaced within 30 days of closing. Their premium will be $3,486.00 per year, but it can drop after they pay for a new roof and another inspection. All the expenses they have to incur in addition to buying their home.
“It’s madness,” Friedrich said. “We’re still nervous until he’s in the ceiling.
WESH 2 Investigates has covered a number of property insurance stories since last spring and will continue to monitor changes in the Florida insurance market.
If you have a story that you would like our investigative team to consider, send an email to [email protected]
