TAMPA, Fla. (CW44 News At 10) - Governor Ron DeSantis announced on Monday that state legislatures will hold a special session in May to discuss property insurance increases.
Local real estate and insurance agents say rising rates are keeping people from buying or keeping their homes.
Tampa Bay Real estate agent, Candis Carmichael, says property insurance rates have been skyrocketing for months.
"It is contributing just another layer to the affordability issue that we are having right now," said Carmichael.
"It's not always that first year that they get hit with it when they first get that policy in place, it's hitting them in the second year," said Carmichael.
She says she's seeing increases up to $500 a year because of homes getting older.
"I have a lot of folks who are existing home owners, or previous clients, who have experienced premiums going up from $1,200 here to $1,600 a year because their roof has now aged," said Carmichael.
She also says the housing market isn't helping with insurance premiums.
"When that ownership change happens and you go from a property that you've been insured based on a value of $150,000 now it's changed hands and the value on it is $300,000, you're going to have a bit of difference there," said Carmichael.
Insurance agent for Goosehead Insurance, Harrison Froid, says another reason for the increase is a lack of competition for agencies.
"A limited number of options, a lot of carriers have pulled out of Florida, a lot of carriers have gone out of business," said Froid.
On Monday, Governor Ron DeSantis announced state legislatures will be holding a special session to come up with solutions to the insurance issue.
"Something has to happen. At the end of the day, it's not a Republican issue, or a Democrat issue, people are on both sides of the isle who pay home insurance," said Froid.
Meanwhile, both Carmichael and Froid suggest having an insurance agent shop around to make sure you're getting the best deal, and make some adjustments to your home.
"You can have hurricane clips installed on your roof, you can have hurricane windows put in. Those are things that can lower your insurance premiums significantly," said Froid.
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