Florida

Florida-based homeowner insurance companies cancel thousands of insurance policies with little notice

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You wouldn’t want to go to the hurricane season without this need. Some homeowners insurance companies cancel thousands of insurance policies with little notice to their customers.

She sat on the floor when Becky Grist’s homeowner’s insurance dropped her just weeks before the hurricane season began.

“This isn’t just. I thought it was just happening to me because my house is old, but it wasn’t. I know it’s happening to many people throughout the state. I know, “Grist said.

“Especially in coastal areas. Many of these companies are withdrawing because of the risk assessment they say, and they, as you know, it’s no longer beneficial to them,” says Grist. I did.

Tens of thousands of Florida policyholders are on the same ship. They are currently looking for a new homeowner’s insurance company after several Florida-based companies have dissolved their insurance companies.

According to Insurance Information Insitute, the reason for this is excessive costs that will hurt insurers who lost $ 1.6 billion last year alone.

Mark Friedlander works with the Insurance Information Insitute. “The main drivers of these losses were roof planning, door-to-door solicitations for roof replacement, not necessarily roof replacement,” said Friedlander.

“Last year, more than 100,000 real estate proceedings were filed against Florida insurers,” said Friedlander.

In addition to these proceedings, the cost of last year’s record hurricane season put a lot of pressure on insurers. Currently, they aim to reduce risk by canceling policies, policies like Grist.

“And even if I take policy, even what I’m told, I can expect the rate to go up by 30-50%, and that’s a big increase,” Ghrist said. It was. “And it makes you wonder how you intended to buy it. But, as I said, you know you have to report. Especially When the hurricane season comes, it’s a very scary idea to have no coverage. “

Joyce Ramos’ insurance company told her to put on a new roof, or she would be cancelled. “It’s upset,” Ramos said. “I think it’s very unfair.”

After she complained, the company changed its tone and updated her policy.

If you receive a notification that your policy has been cancelled, the Insurance Information Association says it’s best to consult an insurance expert to confirm your options before making a decision.

Florida-based homeowner insurance companies cancel thousands of insurance policies with little notice

Source link Florida-based homeowner insurance companies cancel thousands of insurance policies with little notice

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