“We are being punished, it’s going to devastate our state.”
Longboat Key Mayor Jim Brown made that statement to more than 75 residents that attended an insurance roundtable discussion near the Sarasota-Bradenton International Airport Nov. 8. Brown explained rising insurance rates are causing financial hardships for barrier island residents and forcing some to consider moving to the mainland.
Congressman Vern Buchanan, R-Longboat Key, heard Brown’s concern and the concerns of others at the roundtable he called to discuss the rising cost of insurance and the impact it’s having on the area’s economy.
“It’s just not acceptable to lose your home over rising insurance costs,” Buchanan said.
Buchanan Brown and Holmes Beach Mayor Carmel Monti to speak on the panel that also included real estate and insurance professionals.
No one on the panel had good news to report.
Brown reported that his wind insurance rose from $9,600 to $55,000 before he was able to negotiate a $23,000 annual premium.
“Congress has got to look at this,” Brown said. “My wife and I want to sell our house and we’re no sure we will be able too.”
Buchanan said he is working to repeal an act of Congress passed in 2012 to return rising insurance rates back to normal levels while alternative modifications are made.
For more information, pick up a copy of Wednesday's Longboat Observer.
Contact Kurt Schultheis at [email protected].