What often starts as a leaky faucet or clogged drain is threatening to cause severe financial ramifications for all Florida homeowners. Addressing the Florida Association of Insurance Agents in June, Florida Chief Financial Officer Jeff Atwater described water as the biggest crisis facing the state’s insurance industry.
Water damages that arise from faulty pipes, fixtures and appliances are generating insurance losses that will likely cause increases to homeowner insurance premiums of 30 percent or more. It is surprising to many that insurance premiums could rise so much in the absence of a major catastrophe.
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