What’s Happening in the Florida Insurance Market?
Homeowner’s insurance rates in Florida are continuing to put a financial burden on residents. We can all thank several firms and lawyers fueled by their own greed and a lack of concern for Floridians. Ron Hurtibise, a reporter for The Sun-Sentinel has been following the Florida insurance market and the litigation affecting all of us. He’s written several articles, which we have summarized and linked below. If you’re confused as to why your premiums have increased so drastically or wish to educate yourself on what’s really going on (highly recommended!) spend a few moments reading the articles below and our corresponding summaries.
“Beware of Getting Sucked into a Massive Insurance Scam.” The Sun-Sentinel.
By Ron Hurtibise, December 5, 2020
Why should you care about the litigation schemes regarding homeowners insurance? Because it directly affects you and your future financial health. Ever heard of an insurance score? Much like a credit score, your insurance score follows you and is used by insurance companies to assess their level of risk in offering you coverage. Getting involved in a scheme like the one Scot Strems, a Coral Gables insurance attorney that has been under fire for his malicious trickery of Florida homeowners, could affect your score and increase your premium on your next policy. Read more here.
“Insurers Step Up Inspections to Weed Out Bad Risks.” The Sun-Sentinel. By Ron Hurtibise, Sept 26, 2020
The litigation and corresponding schemes explained above, coupled with the high cost of reinsurance and major financial losses of insurance companies has resulted in said companies ordering extra inspections of the home. These inspection requirements are prompting various companies to turn away Florida homeowners seeking insurance in a market in turmoil. Read more here.
“Florida Looking at Increasing Insurance Premiums.” The Sun-Sentinel. By Ron Hurtibise. December 2, 2020
Articles in local publications have been warning us for years that homeowners insurance premiums in the state of Florida will continue to rise and the financial burden is going to whoop us like a flimsy palm tree in a Category 5 hurricane. The record-setting hurricane season this year didn’t help. There are several reasons the insurance premiums are rising, and Ron provides more insight that can be read here.
The point we are driving at? The more educated you are as a consumer, the better you can protect yourself, your peace of mind, and your greatest investment–your home. As always, please reach out to us with any questions or concerns you might have regarding anything you’ve read in this blog or in relation to insurance and risk management. Since our inception in 1973, we have aimed to be of service to our community. With over 150+ years of combined experience among our staff, our knowledge of the industry is vast and we enjoy sharing it. Fill out our contact form or call us at 561.392.8888.