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With Insurance Reform, Will Rates Soon Decrease?

After years of gridlock, Florida insurance reform has arrived, saving the insurance industry potentially millions of dollars. Considering all of the money being saved, policyholders can expect to see steep premium discounts, correct?

Not necessarily.

Last week, Florida Governor Ron DeSantis signed several property insurance reforms aimed at reducing the amount of lawsuits filed by contractors that convince homeowners to sign over benefits of their insurance claims, which include the right to invoice and seek litigation against an insurer. The lawsuits result in millions of dollars for insurance companies, which is then passed to customers as huge rate increases.

With the insurance reforms, it becomes harder for contractors and their attorneys to obtain legal fees from insurers that settle claims. The reforms also mandate insurance companies to provide homeowner policies (at lower rates) that prohibit claims assignments without receiving consent from the insurer.

Homeowners may have been under the impression the reforms were required to prevent property insurance from simply becoming unaffordable. However, insurers are saying they don’t know when, or if, policy rates will drop. And the signs seem to be pointing to reinsurance price hikes as a possible reason in impeding any potential rate relief in the near future.

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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.