In news that may come across as surprising, private market insurers are broadening the options available to homeowners in Florida, a strong indicator that the insurance market is in good shape. Nowadays, homeowners have a greater number of perks when it comes to coverage such as optional coverage for high-end items, bundling homeowner and flood insurance, and deductibles that actually go down each year a customer does not file a claim.
The healthier insurance market may have a lot to do with the extended period of 2005 to 2016, where Florida managed to avoid having to deal with hurricane damage. This period allowed insurance companies to improve financially, allowing them greater leeway in offering more competitive products and benefits to policyholders.
Among these competitive benefits is deferred deductible payments which work alongside managed repair networks. These networks consist of repair teams sent directly by the insurer to keep costs down and avoid the risk of a lawsuit. With the deferred payments, policyholders do not have to pay their deductible until the repair work is complete.
To read more about growing insurance options, please visit http://www.sun-sentinel.com/business/fl-bz-florida-insurance-company-product-innovations-20180920-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.