In Florida, the burden of soaring insurance premiums is weighing heavily on residents, particularly the state’s cherished senior citizens. Ellen Fincher, a resident of Vero Beach, finds herself grappling with the frightening possibility of losing the home she has called hers for the past decade.
“I wake up every morning wondering if it’s time to start packing,” shares Fincher, her worry palpable.
The culprit behind her distress is the relentless surge in insurance costs. With a staggering $13,000 premium for her home, Fincher finds herself at a crossroads, unable to reconcile these escalating expenses with her fixed income.
“It’s simply untenable, especially when you’re relying on a fixed income,” she laments. “Living alone, it begs the question: who will come to your aid?”
Fincher’s predicament is not hers alone. Many seniors, like her, find themselves trapped in a similar predicament. Their homes, often older constructions, demand maintenance and repairs they simply cannot afford.
This struggle has not gone unnoticed by insurance agents like Gregory Buck of National Risk Experts in Palm Beach Gardens. He witnesses firsthand the distress faced by seniors as they grapple with the financial strain of insurance premiums.
“For those on fixed incomes—relying on Social Security or a modest pension—the burden of shelling out $1,200 or $1,500 a month for insurance assessments is overwhelming,” Buck explains.
In response to this crisis, lawmakers in Tallahassee have enacted reforms aimed at mitigating fraudulent lawsuits and incentivizing insurers to enter the Florida market. However, for many, the pace of change is agonizingly slow.
“Countless individuals find themselves in my shoes,” Fincher reflects, echoing the sentiments of countless seniors across the state.
