A Sun Sentinel article published last week discusses the sharp rise in lawsuits against property insurance companies during the first quarter of the year when compared to the numbers from 2017. Perhaps unsurprisingly, the largest number of these lawsuits were filed by home and property owners in Florida. More than 10,500 lawsuits were served to Florida property insurers from the first of January to the end of March. Compared to last year, it’s an increase of just over sixty percent.
The costs of these lawsuits are not expected to affect current rates for policyholders, but they may present a problem in 2019 when the time comes for insurers to hash out reinsurance contracts based partially on total losses from last year’s Hurricane Irma. Reinsurance refers to the insurance the insurer must purchase to make sure it is able to pay claims filed following a catastrophe, in this case, a major hurricane.
Should you need legal assistance in regards to your insurance claim, we are here to help you out and answer your questions.
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 an insurance settlement attorney Miami 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.