The Florida insurance market has been under pressure for multiple angles. That includes recent catastrophic storms, allegations that claims were denied based on questionable loopholes and allegations of outright fraud. Homeowners must have insurance coverage to protect them for the expected and unexpected and they expect it to help them when they need it. Unfortunately, it does not always work out as planned.
In recent years, the market has grown complicated with many insurers fleeing the state entirely. Given the weather-related challenges that afflict homeowners in the Sunshine State and the obstacles they face in getting proper payment for all they have lost, it is important to be prepared. Those who are already facing pushback from the insurance company should act immediately.
News report revealed insurer’s alleged misdeeds
Homeowners have long given anecdotal evidence that their insurance company tried giving them the runaround or committed legal violations regarding claims. A whistleblower lent greater credence to the accusations in a 60 Minutes report about how insurers used shady practices to underpay or deny claims after a prior hurricane hit Florida.
The report revealed an insider’s information as to how insurance adjusters are either told to make lower estimates or see their recommendations randomly changed by the company. Since weather-related disasters often cause costly roof damage, structural issues or demolish homes entirely, the amount is crucial for people to move on and start over.
The current weather issues are expected to spark at least triple the number of claims as the hurricane last year. The most recent counts said there were more than 65,000 claims costing nearly $700 million. The number of claims is almost evenly split between residential and business properties. Flooding constituted a significant portion of the claims.
Policy holders should be on alert
Many strategies that insurance companies use to reduce their payouts or deny claims entirely are not as overt as an adjuster’s recommendations being altered. Policy holders who believe their insurer is breaking the law or behaving unethically should recognize the signs and know what to do.
Policies have fine print that people need to be aware of. These can be open to interpretation and the company could use a person’s lack of understanding to take advantage of them. This is true whether it is a hurricane, a fire, a flood, wind damage, mold and more.
The policy holder must be protected to ensure they receive a fair settlement. The company’s behavior, the policy and the damage must be scrutinized from the policy holder’s perspective. Companies that have violated their end of the bargain can be held accountable. Knowing how to do so with insurance claims is critical and may require qualified assistance.