It’s not just renters feeling the pinch when it comes to affordable housing in Florida. <\/p>\n\n\n\n
Tonight, 7’s Patrick Fraser continues our living nightmare stories with a look at how rising insurance premiums could force people out of their homes.<\/p>\n\n\n\n
Julie and her husband live in Miami, but have built a house that looks like their favorite spot.<\/p>\n\n\n\n
Julie Colon: “It’s our key sanctuary. My husband and I love the Keys.”<\/p>\n\n\n\n
Marlis Cintra and her family bought their very first home in Hollywood a year and a half ago.<\/p>\n\n\n\n
Marlis Cintra: “The first time I came here, and I was like, ‘This is my house. This is the place where I want to live.'”<\/p>\n\n\n\n
Laura Newton has been a homeowner in Plantation for the last 21 years.<\/p>\n\n\n\n
Laura Newton: “Remodeling inside the house. I redid the kitchen, I redid the living room, all the floors. So I’ve put a lot of money in it. It’s my, like, safe haven when I get out of work.”<\/p>\n\n\n\n
Three families living what’s called the American Dream, but the dreamers didn’t plan on an insurance nightmare. <\/p>\n\n\n\n
Laura Newton: “I got the bill in the mail and it was $17,400.”<\/p>\n\n\n\n
Julie’s bill only increased by a thousand dollars. But she’s retired, on a very tight budget and a thousand is too much.<\/p>\n\n\n\n
Julie Colon: “I can’t pay this money. I can’t afford it. My mortgage has gone up every year due to the fact that the property insurance.”<\/p>\n\n\n\n
Marlis’ insurance went up another $7,200. To afford it, she had to sell her car and ask her teenage son to get a job.<\/p>\n\n\n\n
Marlis Cintra: “He is 17, and I was like, ‘Hey, the mortgage raised, you need you to start working to help us.'”<\/p>\n\n\n\n
The solution right now? There isn’t one.<\/p>\n\n\n\n
The Florida Legislature passed a bill to try to help, but that won’t have an effect for a year or two, and homeowners need help now.<\/p>\n\n\n\n
Chris Frimes\/Fitch Ratings: “There are certainly challenges that the insurance market is faced in Florida.”<\/p>\n\n\n\n
Fitch Ratings tracks insurance markets around the country. They say the cause of Florida’s soaring rates is clear.<\/p>\n\n\n\n
Thousands of lawsuits filed against insurance companies after they refused to pay claims for storm damage. <\/p>\n\n\n\n
Now add in false claims and insurance fraud.<\/p>\n\n\n\n
The result of all that, many insurance companies went out of business. <\/p>\n\n\n\n
And with only a few companies insuring homes in Florida, the cost of re-insurance went up. That’s the insurance that insurance companies buy to cover their losses.<\/p>\n\n\n\n
Its a perfect storm of problems creating the current crisis.<\/p>\n\n\n\n
Alex Ray\/ John Galt Insurance: “That’s the future. You know, who can afford a couple thousand dollars a month increase in your expenses. It’s just, you know, unrealistic.”<\/p>\n\n\n\n
Terrible news for homeowners who just can’t afford the insurance and might have to sell.<\/p>\n\n\n\n
Marlis Cintra: “I talk to people and everybody’s kind of like, ‘This is too much with insurance. It’s just too much.'”<\/p>\n\n\n\n
Its too much, leaving many people thinking like Laura.<\/p>\n\n\n\n
Laura Newton: “I’ve thought many times of selling and moving to North Carolina. I definitely won’t retire here, but I’ll probably spend a couple more years here.”<\/p>\n\n\n\n
The living nightmare. <\/p>\n\n\n\n
She loves her house, but like so many South Floridians can’t afford the insurance for it.<\/p>\n\n\n\n
Patrick Fraser, 7News.<\/p>\n","protected":false},"excerpt":{"rendered":"