Port Orange couple faced with massive rise in
homeowner's insurance rate |
Article Courtesy of FOX 35 Orlando
By Chris Lindsay
Published
December 21, 2023
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WATCH VIDEO |
PORT ORANGE - A Port Orange couple
is facing a series of tough decisions following a massive rise in their
homeowner’s insurance rate.
Greg and Colleen Buckner moved into their
Venetian Way home about eight years ago, though the home has
been owned and passed down by Colleen’s family since the
1960s. The plan is to continue the trend, but the latest
hike, they said, puts that plan in jeopardy.
They told FOX 35 News they are accustomed to paying $1,200 a
year for homeowner's insurance. Their latest bill was for
$6,250. It's an increase of over 500%, similar to insurance
rate increases seen in other parts of Volusia County.
"[During] Hurricane Matthew, we had a claim. Since
then, we've had no claims," she said. "With Ian and Nicole, we've had no
problems. And for them to jack our insurance up [is] insane."
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The Buckners said they’re retired, so the increased rate puts them in a
financial bind. With no signs of relief in sight, Colleen said they will
likely have to pick up jobs or sell their storied home if they want to
be able to sustain themselves financially.
"Frustrated by it all," Colleen said. "It's every day you get up, and
you start worrying about it." Greg said many of his peers are dealing
with the same problems.
"Our friends are all feeling it. People we know have already left the
state. People we know are planning to leave the state," Greg said. Based
on the research he’s done, he said it’s possible they won’t be far
behind their friends.
Insurance expert Karl Susman said the high rates are an issue many
property owners are subjected to. He contends there’s no definitive end
in sight, but expects rates to begin to dip within the next year or two.
As for property owners, he points to legislation such as Senate Bill 2A
as a potential bright spot.
"As these regulations go into place and as we start to see carriers
coming back to Florida, you're going to start to see a more competitive
environment," he said. "It's going to naturally force the premiums
down."
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