Florida property insurance rates expected to jump 40% to 50% in June

[wondermint2]

Docs filed for consolidation study on AMI

For full article:

https://www.islander.org/2023/12/doc...-study-on-ami/

Anna Maria Island’s three cities each have stated their thoughts on potential consolidation.

And there’s been one common thread: not one of the cities supports consolidating municipalities.

The island cities voiced their concerns in separate responses to information requests from the Florida Office of Program Policy Analysis and Government Accountability.

The Islander obtained the responses via public record requests the week beginning Dec. 18.

OPPAGA is a research arm of the Florida Legislature that provides data and analysis that assist budget and policy deliberations.

The study was proposed in January by Rep. Will Robinson Jr., R-Bradenton, and backed unanimously by the five-member Manatee County Legislative Delegation.

OPPAGA sent each of the island cities a request for information in November. The requests included 15 questions, many requiring responses related to the past five fiscal years.

Out of all of the questions and answers, two stood out.

[wondermint2]

Sorry folks posts #178 through #191 in this thread were intended for the news thread.

[Ladywithafan]

Originally Posted by wondermint2

Sarasota retiree challenges increase in home's taxable value tied to new roof

For full article:

https://www.msn.com/en-us/money/real...c74f26bf&ei=40

Sarasota retiree Joseph McCarthy described feeling "cheated" out of protections in Florida's Save Our Homes law at a mid-December hearing before a special magistrate for Sarasota County's Value Adjustment Board.

That law, passed in 1992 through a voter referendum on amending the state constitution, capped increases in assessed values on homesteaded property at 3% per year.

Yet McCarthy found a 12% increase in his mailbox from the local property appraiser's office this summer, with the large increase attributed to the roughly $60,000 cost to replace a tile roof on his Sarasota County home.

That increase above the Save Our Homes cap could impact any Sarasota County resident who replaces a roof because of how the Sarasota County Property Appraiser's Office interprets state law. In recent years, home owners have been forced to replace roofs earlier and earlier as struggling insurance companies pulled back coverage in the Sunshine State.

“I’m an 80-year-old resident of Sarasota and I have a pension I received in 1994 and that pension today is still frozen at the same dollar amount," he told the magistrate. "I don’t have any expectation that you are going to fix that for me, but that is a condition that I exist in this town and I expect to be provided with the protections of Save Our Homes."

Forget about a warranty for 25-50 years on your roof as well; your insurance will not renew you if you do not replace it within 10-15 years...

[Travelassie]

Originally Posted by Ladywithafan

Forget about a warranty for 25-50 years on your roof as well; your insurance will not renew you if you do not replace it within 10-15 years...

Hopefully this does not apply to metal roofs. Shouldn't apply to tile roofs either.

[Above Average Bear]

With insurance companies requiring home owners to replace their roof every 10-15 years I would think that you are better off replacing it with the cheapest material alternative?

[Sunshine Rules]

Insurance companies cannot require all of their homeowners to replace roofs every 10 - 15 years as a matter of policy, there's a lot of confusion out there about this because of FL legislative changes over the past few years.

Legislation passed by FL state legislature in 2021 -- SB 76 -- allows insurance companies to change the way they cover older roofs. Under that law, if your roof is over 10 years old and it gets destroyed during a hurricane, your insurance company could pay you what your old roof is worth at the time as opposed to paying 100% of the replacement cost. It creates a sliding scale for payouts on roofs over 10 years of age.

For roofs that are 10 years or older, the schedule provides for repair, replacement, and installation based on the roof surface’s annual age based on the following minimum reimbursement amounts:
70% for metals roofs
40% for concrete tile and clay tile
40% for wood shake and wood shingle
25% for all other roof types


However, it didn't deal with a major complaint of the insurance companies, which was unscrupulous roofers promising homeowners new roofs if they agree to let the roofer file the insurance claims. Those roofers teamed up with certain lawyers, threatening insurance companies with large lawsuits if they didn't cooperate.

So in May of 2022 the FL legislature passed property insurance legislation that creates a $2 billion reinsurance fund and rewrites rules on coverage denials and attorney fees.

Under SB2D Reinsurance to Assist Policyholders (RAP) Program, the legislation forbids insurers from automatically denying coverage because of a roof’s age if the roof is less than 15 years old. Homeowners with roofs 15 years or older would be allowed to get an inspection before insurers can deny them coverage.

If an inspection shows that a roof has at least five years of life remaining, insurers can’t refuse to issue a policy only based on the roof’s age. If a roof is more than 25% damaged but already complies with the state’s 2007 building code, it would only have to be repaired instead of replaced under an exemption to the building code that the proposed legislation creates.



Lots of things to take into consideration before getting a new roof for your FL home.

[MOforthewin]

Originally Posted by Above Average Bear

With insurance companies requiring home owners to replace their roof every 10-15 years I would think that you are better off replacing it with the cheapest material alternative?

Don't do that. I got a new roof 4 months before Ian. I only lost about 7 shingles from Ian and that was the crowns which blow off easier. I'm in Punta Gorda and the western eyewall was strong cat3 winds. Neighbors with crappy buildsrs grade original cheap roofs were all trashed which caused water to leak in and ceilings and insulation caving in. I only had a tiny leak.

[Above Average Bear]

Originally Posted by MOforthewin

Don't do that. I got a new roof 4 months before Ian. I only lost about 7 shingles from Ian and that was the crowns which blow off easier. I'm in Punta Gorda and the western eyewall was strong cat3 winds. Neighbors with crappy buildsrs grade original cheap roofs were all trashed which caused water to leak in and ceilings and insulation caving in. I only had a tiny leak.

Thanks for that. I’m still learning about my relocation to SW Florida

[beach43ofus]

"Florida property insurance rates expected to jump 40% to 50% in June"

Please post this in every other states C-D forums so they wont even think about moving to Florida.

signed: Shekkie