If you received a letter from your home insurance provider that it will be ceasing to extend your coverage, you are not the only one. As a result of dramatic financial declines in the insurance sector around the state, thousands of households are in a similar scenario.
Insurance analysts believe that insurance lawsuits due to the last four to five storm seasons bear part of the blame, in addition to something called a multiplier of attorney fees, which encourages attorneys to charge higher fees to insurance agencies.
Residing in a ZIP code with a high volume of claimants and houses with aging roofs are other reasons why insurance firms are dropping their clients. Old plumbing or electrical systems may also result in contracts not being renewed by insurance providers.
Last year, almost 60 Florida insurance carriers endured a collective $700+ million in damages, per the Insurance Journal. So, if you receive a non-renewal note, how should you proceed? Consult with your insurance agent about seeking another provider, which could save you extra money.
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 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.