Property Insurance Skyrockets in Florida
Over the last few years, Floridians have struggled to be able to afford their home insurance premiums.
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In various regions of the state, home insurance costs have increased by an incredible amount, forcing many people to be unable to afford their previously affordable property insurance. As a result, analysts have stated an ongoing crisis is being experienced in Florida.
Why Insurance Has Risen in Price
Analysts have pointed to a variety of reasons why Florida homeowners have had to struggle so much with high insurance premiums in the last few years.
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However, across the board, analysts have pointed out that locals who live in areas that have a high risk of experiencing natural disasters, such as hurricanes, have suffered the most from skyrocketing insurance prices.
Floridians Turn to the Government
As many Floridians have no longer been able to afford their property insurance, they have turned to the state government for help.
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This has resulted in the state insurer — an insurer that is only supposed to be a last resort option — seeing a huge increase in policies in recent years.
Floridians Ask for Help
During this tense election cycle, which will see many Floridians head to the voting booths come November, many residents of the Sunshine State have stated that home insurance costs are their most pressing issue at the moment.
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They need help. Unfortunately, the state government hasn’t been able to solve this crisis.
Florida Insurance Companies and the Republican Party
Now, light has been shed on the donations that various Florida insurance companies have donated to the Republican Party in just the last year alone.
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According to financial documents, four of the 20 biggest private insurance companies in Florida have donated more than $500,000 to Republican candidates in the Sunshine State in the past year.
The Four Biggest Donators to Republicans in Florida
As seen in these documents, the four biggest donors to the Republican Party in Florida are GEICO, American Integrity Insurance, Heritage Insurance, and Slide Insurance.
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All of these insurance companies have made their own separate donations — to both the party as a whole and to individual candidates — in recent months.
Heritage Insurance Donates to the Republican Party
Heritage Insurance has donated about $15,000 to the Florida Republican Party this year. The company has also given $1,000 to Simon Corey, a Republican candidate in the state.
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Meanwhile, Heritage Insurance donated $200,000 to the Florida Republican Party, as well as $1,000 to Griff Griffitts, another Republican candidate in the Sunshine State.
Donating to Many Republican Candidates
American Integrity Insurance donated about $82,000 to the Republican Party in Florida, much of which was split up and given to individual candidates.
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Slide Insurance gave $236,000 to the party in Florida last year.
GEICO Donates to Both Parties
GEICO donated $7,500 to various Republican candidates in Florida in 2023. In total, the company gave $21,000 to other Republican candidates around the entire country.
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However, GEICO also donated to the Democratic Party, giving $100,000 to the New York Democratic Party, as well as $30,550 to various candidates in the party in the U.S.
Critics Blast Companies
Critics have blasted these insurance companies for these donations, as they feel that this money isn’t helping encourage Republicans in the state to solve the ongoing crisis.
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Democrats in Florida have increasingly blamed the Republicans in charge for allowing this insurance crisis to spiral out of control. Now, Democrats are using these donations as further proof of inaccurate governing.
Insurance Companies Cutting Coverage
These insurance companies are also under fire by Floridians because they have donated large amounts to political efforts — but they have also cut coverage for many struggling homeowners.
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For example, Heritage Insurance has canceled 74,000 policies in Florida just over the last year.