ORLANDO, Fla. — Many central Florida residents say they have gone to their mailboxes to open their insurance premiums only to discover something shocking: Their rates have doubled.

What You Need To Know

  • Many central Florida residents have seen their insurance rates double

  • Premiums have gone up for both residential and commercial property

  • Experts blame past storms, litigation, and widespread fraud

  • Citizens Insurance company is asking for a rate increase of 13.3%, but is facing blowback from regulators

Mike Van Den Abbeel, a Winter Park resident, could not believe his eyes when he and his wife opened a letter from their insurance company.

“It was a bit of a shock when we did receive it,” Van Den Abbeel said.

He has lived in Winter Park for 14 years and has never seen his homeowner’s insurance double in one year.

The couple was shocked because they recently installed a new roof and say they have never submitted a claim since owning the property.

“Obviously something is broken in the insurance market," Van Den Abbeel said. "I could not tell you exactly what it is, but I think there needs to be a deeper dive because the market is broken.”

It comes at a time when other insurance companies have left Florida, leaving homeowners few choices, and rates are sky-high across the board.

Citizens Property Insurance, the state-backed last resort for homeowners, is facing blowback from regulators after proposing a 13.3% increase.

The extreme rate hikes are not only hitting homeowners. Commercial property owners are also feeling the pressure of skyrocketing insurance premiums. 

Amy Calandrino is a commercial property broker in Orlando and owns two small buildings.

She went to her mailbox recently and discovered her property insurance doubled and now tops $20,000.

“My only remedy is if I can magically find a million dollars to pay off the buildings," Calandrino said. "And then self-insured. I mean, I’m just handcuffed. I’m stuck. I don’t have any choice."

Calandrino, who helps others find properties, says the insurance industry in Florida has multiple problems.

“As a state, we have seen multiple claims, fraudulent claims, rampant litigation, and all of this has come together into a perfect storm,” she said.

Van Den Abbeel believes the state’s insurance problems may chase some people away from central Florida in the future.

“You know I think there comes a point where Florida is no longer attractive on a business side or ownership side as it once was,” he said.