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Top issues to watch in 2018 Miami real estate

by Joe Ward

“That’s one of our major issues we’re working on,” Wells said. “What happens is the costs have been very much inflated. If the insurer doesn’t want to pay, then there’s litigation. Litigation is very expensive. The costs get passed on to the homeowner.”

A number of prominent Florida officials, including the state’s Chief Financial Officer Jeff Atwater, have called for legislation regulating this practice. The Florida Chamber of Commerce has launched an ad campaign that seeks protections for homeowners against assignment of benefits fraud.

Another piece of legislation pertaining to home insurance will need passing in 2018, but it will require the attention of national lawmakers. The National Flood Insurance Program has been extended through Jan. 22, and if it is to be reauthorized, it must be done no later than Jan. 19. Failure to come up with a long-term solution will not help Miami-area homeowners who are facing storms of increased veracity and frequency. Wells said she hopes an agreement is reached during Congress’ budget process early this year.

“At this point, all bets are off,” she said of the NFIP. “It’s a very complicated subject. How it gets resolved, I don’t know. It definitely has to be a concern.”

Duque said expansion of the legislation would be nice, but the federal government has to take climate change seriously if it wants to really protect homeowners. “The problem is not just insurance, it’s the much bigger conversation. We have to really put some federal dollars to fix the problem. We throw money into insurance to fix the damage but not fix the larger problem.”

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Brush up on changes to the Home Mortgage Disclosure Act.

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Comments

  • Jill Penman says:

    Thank you for the feature on this great article! What a great honor working with such professionals and featuring me on your cover. Great way to start 2018! Thank you for your support!

  • Fred Kraus, Broker Real Estate of Florida says:

    This is just another plus for Florida. We have always seen migration from higher cost areas to our area, now even more reason to be Here. More will be on the way. Love it.

  • Fred Kraus, Broker Real Estate of Florida says:

    This is just more reason for people to be in Florida. I believe this will increase migration to our area. Great for Florida Real Estate.

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