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Insurers Are Restricting New Business and Renewals

propInsuranceSome Florida homeowners are finding themselves in quite the predicament: a lack of property insurance companies refusing to take on new business in South Florida ZIP codes with high claims rates. In some cases, these insurance companies are going as far as canceling or choosing not to renew policies in areas considered high risk. Increasing numbers of water damage claims in South Florida are a major reason behind the decisions and they represent the same reason why many customers have had to pay higher premiums.

Recent data provided by the state Office of Insurance Regulation has yet to demonstrate the full effects of insurance companies’ efforts to defend themselves against so-called “bad actors” who use state law and the courts to obtain inflated settlements from the not-for-profit, government-run Citizens Property Insurance Corp. and other companies. The data does show that a few large insurance companies are writing less policies in the tri-county region, and some have moved to boost cancellations and non-renewals of South Florida policies.

Should the trends continue, many homeowners may be forced to return to Citizens which has developed a reputation as being something of a last resort.

This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP.  Our areas of practice include bankruptcy, debt harassment, credit card defense, foreclosure defense, immigration law, condominium law, business start-ups, and more.  Call 305-676-7545 to speak with one of our attorneys 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.