According to Florida’s Office of Insurance Regulation, well over $10 billion in claims have been processed by insurance companies after Hurricane Irma and Hurricane Michael made landfall this year and last. Perhaps as a result of this and the massive amount of water damage claims, an ABC Action News article reports that thousands of homeowners here in Florida have been left without coverage after insurance companies shed close to 90,000 policies.
Florida records show that half of the state’s top insurers began October with fewer policies than what they had when the year began. Furthermore, some of the smaller companies such as last resort insurer Citizens have generated headlines after proposing premium increases of more than seven percent for 2019.
Even if you managed not to become a victim of the insurance policy purge, you may be facing higher premiums next year. As Citizens hikes up its rates, local insurance agents say that other insurers will likely follow in their footsteps.
If you’re shopping around for a new home insurance, be sure to do your homework prior to choosing a provider. Research policies online and determine which suits you best. You may also wish to inquire with your insurance provider if there is a chance you may be dropped.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a Miami insurance settlement lawyer 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.