Lisa Miller addresses the Pensacola Association of Realtors, November 8, 2022
This past election day, I had the privilege of addressing the Pensacola Association of Realtors who are gravely concerned about the rising costs of property insurance and even more interested in how to “fix” the problems faced by their real estate buyers and sellers. You can’t purchase a property unless you can find and afford the property insurance on it, especially if you’re getting a federally-backed mortgage which requires it.
The back and forth among the audience members was engaging as most had a firm handle of what they see as solutions. All agreed that the elimination of the Assignment of Benefits (AOB) contract between the homeowner and contractor, as recently suggested by state CFO Jimmy Patronis, was the best idea to help. Many in the audience shared that roofers and solicitors are constantly canvassing neighborhoods and try as they might to warn residents, the Realtors reported that many homeowners sign whatever is put in front of them. One Realtor reported that the knock on the door at her personal home was a solicitor asking if there was a stain in her cabinet beneath her sink and if so, she could get the Realtor a “whole new kitchen,” courtesy of – you guessed it – the insurance company. The Realtor sent the solicitor on their way.
In our previous newsletter we shared the four things the Florida Legislature can do in their upcoming special session next month to help: curb excessive litigation, refine roof coverage and solicitation, ease Cat Fund requirements, and depopulate Citizens Property Insurance. Those in the audience supported the ideas and expressed hope they will be considered by the legislature.
We’ll have more on our newly elected state lawmakers and the special session in this newsletter, together with updates on Hurricanes Nicole and Ian, plus other news and tidbits, including some court victories and reconsideration of flood management practices post-storms.
LMA Newsletter of 11-21-22
