PALM BEACH COUNTY, Fla. — We're sorting through new findings on the insurance market here in Florida that is revealing that homeowners in the Sunshine State are paying some of the highest insurance premiums in the nation.
WATCH BELOW: 'Everything's tripled,' Jeff Heun tells WPTV's Joel Lopez
A report by Bankrate.com found in Florida, homeowners are paying an average of $5,838 per year on insurance premiums. That's roughly $3,000 more than the national average, putting Florida as the number 3 most expensive states for homeowner insurance.
WPTV has heard from many homeowners who said those numbers are more than statistics — they’re a crisis.
"I would say for retirees on a fixed income, it's probably forcing people to move out of the state, it's getting pretty expensive here," said West Palm Beach homeowner Jeff Heun.
Heun told WPTV's Joel Lopez he used to pay $3,400 on his homeowner's insurance when he lived at Prospect Park.
"Is that expense something that got more and more expensive over the years?" Lopez asked, when he followed up.
"Oh yeah, everything's tripled. I was gonna file a claim but I would have had my premiums doubled," said Huen, who said he never used his homeowner's insurance, and that his new house has much more affordable rates.
"What's your message to state leaders?" asked Lopez.
"Do something," said Huen.
Another West Palm Beach resident said the combination of the cost of living, rising homeowners insurance rates and mandatory wind coverage is squeezing his household budget. He told WPTV he'd rather spend the money on replacing windows and doors, but because of his mortgage he's required to keep the coverage.
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Some homeowners are going without insurance by choice. One woman told WPTV she hasn't had homeowners insurance in 25 years and said if there was an emergency, she would use the money she saved on not having the annual coverage on repairs.
For many residents, the result is difficult choices: pay rising premiums, drain savings, or go without coverage and risk devastating expense after a disaster. Some who relied on insurance after disasters — and struggled to get adequate payouts.
In Loxahatchee, Bob and Pam Fix turned to their insurer after a tornado caused more than $40,000 in damage. Their company initially offered $4,500 for repairs that was later increased to $7,000.
WPTV's Kate Hussey investigated, and the Fixes were ultimately approved for $41,000, the amount they need to begin repairs.
It's been an issue WPTV has been working to find solutions on as they said the affordability crisis is reaching it's breaking point.
"Unless this is reversed in Florida and beyond, I see a bigger problem ahead," said Dr. Martin Weiss. He's the founder of Weiss Ratings, which independently grades stocks, mutual funds, and financial institutions.
"We are here to empower consumers. Our job here is to provide the data and make the public aware," said Weiss.
He's part of Unlocking America’s Future and Insurance Fairness Project' along with Florida State Senator Carlos Guillermo Smith who is pushing for more transparency between insurance companies and the profits with affiliated managing general agents, to hold them accountable for "exploiting" policy holders in Florida.
"Floridians cannot afford to pay the highest property insurance premiums in the nation, which they currently do right now, simply in order to pay inflated managing agent fees that really pad the pockets of affiliates who have dodged accountability for too long," said Smith.
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The challenge is that Florida has a super Republican majority and this push is by Democratic state leaders. So how do they plan get the proposed reforms passed? Smith said they're using a "throw everything at the wall to see what will stick" approach: a wide-ranging agenda meant to force action and generate discussions about what can pass in Tallahassee.
"Some of the proposals that some of my senate democratic colleagues here in the Florida senate have put forward as part of that full package are already being given consideration and are being put on the agenda," said Smith.
That includes legislation related to capping rate increases on more than 10-15% as well as measures to remove taxes on impact-resistant doors, windows and garage doors.
Proponents believe the tax free benefit will encourage homeowners to storm-proof their properties — steps that could lead to lower premiums over time.
The stakes are high.
Recent figures show Florida is among the worst states for denied claims, with just over 40% of claims closed with no payments.
Florida also leads the nation in dropped renewals, at 3.3%.
A later debate in Tallahassee will determine whether those pressures translate into policy that eases the burden on Florida homeowners.