jacksonville, florida – Are unjustified home insurance policies becoming more common?
One lawyer thinks so, and believes the Jacksonville insurance company is part of the problem.
The company will not reimburse homeowners who have paid a year’s premium, even though they only had the policy for 22 days.
Lawyers say this is likely to have a minimum premium, which means you can surrender and keep 100% of your annual premium.
Pasquale Fusco sold his Delray Beach home last summer and moved to upstate New York. He has been a customer of Olympus Insurance Company since his 20th year.
“That money could go a long way in helping with the inflation everyone is facing right now,” Fusco said.
He contacted News4JAX saying he owed $3,600 from Olympus Insurance Company in Jacksonville.
“There were a lot of moving parts with escrow and taxes and everything else. I was thinking,” Fusco said.
He is currently fighting with the company for his refund.
Fusco has sought help from the BBB, the Attorney General and the Florida Department of Financial Services, and wants others to know about the injustices that insurers are fleeing.
“Basically, I took out insurance for 22 days from August 1st to August 22nd last year and paid about $3,900. Yes,” said Fusco.
Dante Weston, an attorney who specializes in insurance cases like this one, says substandard insurance is becoming more common.
“This is becoming a toxic waste dump due to the actions of the insurance companies. Florida is becoming just that,” Weston said. “Insurers are using us.
Weston is a managing partner of Donaldson & Weston and has been practicing law for 15 years. He said he sees similar complaints every day from people all over Florida.
“what [these policies] Among them are clauses that allow for Minimum Earned Premiums or MPEs, which basically allow the insurance company to continue paying most of the premiums. “Even if the premium is supposed to last a year and it only lasts a year, within a few days you can keep most of the premium,” Weston said.
While these policies are legal, Weston said homeowners should still file complaints and leave online company reviews detailing their experiences.
“We recommend the number one complaint. Yes, if you raise your hand, yell, get upset, get annoyed, you have a right to be angry. We may file a complaint with the Commissioner,” Weston said.
Fusco is already doing it. He still wants his money back and exposes what he calls unethical behavior by insurance companies.
“I’d be okay with about $100 of that, but not $3,600,” Fusco said.
The best thing to do is do your research before signing an insurance policy. Check out BBB reviews and check the company’s reputation with realtors.
It’s also important to ask questions when buying home insurance. You should inquire about refund and cancellation policies before signing a contract to avoid falling behind on unused premium payments.
News4JAX reached out to Olympus Insurance for comment on this story, but it declined to comment.
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https://www.news4jax.com/news/local/2023/06/30/a-toxic-waste-dump-of-behavior-unfair-home-insurance-policies-becoming-more-common-attorney-says/ ‘Hazardous Waste Dumping’ Unfair Home Insurance Policies Will Become More Common, Lawyers Say