More than two months into 2019 and the ramifications of Hurricane Irma are still being felt. The Sun-Sentinel is reporting that homeowners across South Florida may be in for insurance rate increases due to “creeping” loss increases as a result of the 2017 storm.
According to the Florida Office of Insurance Regulation, estimated insured losses due to Hurricane Irma increased in Florida by just over fourteen percent to $11.1 billion between the period of June to November 2018. These larger numbers happened despite the number of claims increasing by a mere 2.5 percent.
The increased losses, along with the ongoing issues stemming from excessive claims and litigation over non-weather-related water losses in Florida, are allegedly forcing insurers to hike rates to ensure there are sufficient reserves in place for the arrival of the 2019 hurricane season.
South Florida claims due to the damage caused by Hurricane Irma are taking considerably longer to process and resolve than the rest of the state. You can read more about the rate hikes and losses by visiting the original Sun-Sentinel article: https://www.sun-sentinel.com/business/fl-bz-property-insurance-rate-rise-predicted-20190228-story.html.
This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with a Miami insurance claims attorney and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.