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Florida Homeowners Under Attack by Insurance Companies

Florida homeowners find themselves under attack again from homeowner insurance companies right as Hurricane Season is about to begin on June 1, 2021.  Florida homeowner insurance companies have asked the State of Florida Office of Insurance Regulation (OIR) for permission to cancel more than 50,000 home insurance policies.  The insurance companies that have asked permission to cancel the policies are Universal Insurance of North America, Gulfstream Property and Casualty, and Southern Fidelity Insurance Company.  What is even worse is that Florida’s OIR has actually given permission to these insurance companies to cancel the home insurance policies with only 45 days’ notice, before the policies are set to expire!

News of the policy cancelations comes after many Florida homeowner insurance companies have raised premium rates to levels unaffordable to most homeowners.  A recent study showed the following insurance premium increases between 2016 – 2021:

* Security First Insurance Company – 183%;

* Heritage Insurance Co. – 78%;

* United Property & Casualty – 73%

* Tower Hill – 39%

* Universal Property & Casualty Insurance – 24%

These premium increases have occurred even though South Florida has not been hit by a major hurricane since Irma moved up the west coast of Florida.

What can you do to protect yourself from an exorbitant rate increase, or a cancelation?

  1. Contact your insurance agent immediately to find out what other insurance companies are writing policies for South Florida;
  2. Consider using a surplus lines insurance company like Lloyds of London or QBE Insurance Company;
  3. Check your coverages carefully –
    1. Make sure you have full coverage for your roof
    2. Make sure you have full coverage for your plumbing drain system if your house was built before 1974
    3. Read the fine print – even if you think you have “full” coverage, many insurance companies are adding endorsements and limitations to the homeowner policies that severely restrict what they will pay for

Contact Maus Law Firm

For a free consultation regarding a homeowner insurance claim, or for a free review of your homeowner insurance policy, contact the Maus Law Firm.

 

 

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