CAPE CORAL, Fla. — Florida lawmakers are taking on the insurance crisis in Tallahassee as companies continue to drop homeowners out of the blue.
A special session started Monday where legislators are debating a large reform bill critics are calling an "insurance bailout."
"Where are we going to get insurance from now?" said Adam Tilley, a Cape Coral homeowner.
On Sunday, he received an e-mail from Farmers Insurance, telling him they're dropping him.
"Coverage ends on 4/22/2023 at 12:01 a.m.," he said. "Complete panic, oh my god."
The insurance company cited "exposure management," though they did not explain what that means.
It's also a sense of panic that's been around for a few months. Prior to the e-mail, he got word Farmers was raising his premium. Instead of $1,200 a year, his rate was going up to $3,200.
"Every day is a challenge now," Tilley said.
It's an insurance challenge lawmakers are tackling. One piece of the 123-page special session bill uses $1 billion in taxpayer money.
It would create a reinsurance fund, which is basically insurance for insurance companies.
Supporters say the goal of it is to help companies avoid financial distress or keep them in Florida. Over the weekend, Florida-based company FedNat filed for bankruptcy protection.
"It’s hard now, it really is," Tilley said. "I've been on the phone all day talking to people."
He's now searching for a new policy. Tilley doesn't want to leave Florida, but says he has to do what's best for his family of five.
"At this point the only thing I can do is just Google, ask people who you got, and that’s it," Tilley explained.
We reached out to Farmers Insurance, asking them what exposure management means in connection to Tilley's policy. They are working on our request, as of Monday afternoon.
