ORLANDO, Fla. ā Florida homeowners are seeing their premiums jump ā sometimes by more than triple ā or their policies are getting dropped all together.
Tom Cotton, owner of Hugh Cotton Insurance in Orlando, told News 6 anchor Justin Warmoth on āThe Weeklyā the crisis is a culmination of issues that havenāt been fixed over several years, but litigation is the main ingredient.
Recommended Videos
[WATCH: The Weekly: Hereās whatās causing Floridaās homeowners insurance crisis]
Cotton went on to say the key point to fixing the crisis: making roofs cash value.
āPeople are treating their homeowners policy as a warranty policy for a roof,ā Cotton said. āRight now, if you have damage to a roof and itās 5 years old, you get a new roof. If your roof is 25 years old and gets damaged, you get a brand-new roof.ā
Watch āThe Weeklyā for tips from Cotton on what to do when in this situation.
Weād like to hear about your situation and how our Insiders are faring with Floridaās homeowners insurance crisis.