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Millions of Florida homeowners set to suffer tidal wave of insurance rate hikes – Colorado Springs, Colorado

Colorado Springs, Colorado 2020-11-19 20:50:09 –

Since January of this year, state regulators have approved about 100 rate hike requests involving dozens of real estate insurers.

Florida’s insurance regulator has issued a green light to South Fidelity to raise that rate by about 30%. And regulators have allowed a 30% rate hike on Capitol Preferred.

Jupiter homeowner Heidi Epstein said her real estate prices rose 50% when the insurance company quit its business in Florida. Heidi costs an additional $ 1,500 a year to protect her property.

“In the midst of a pandemic, when no one knows what their finances will be, it’s not time for everything to rise,” she said.

The insurance industry is blaming the stormy season of 2017-2018. Hurricane Irma and Michael have caused catastrophic damage and have caused over $ 20 billion in claims.

Senator Jeff Brandes (R-St. Petersburg) says the storm and the rampant proceedings against insurance companies are causing price spikes.

“They are increasingly filing proceedings that some of these insurance companies know will be resolved, and ultimately those costs will be passed on to homeowners,” he said.

The Guard Dog of the Insurance Industry The Federal Insurance Reform Association has pointed out thousands of proceedings filed by contractors. President Paul Handerhan said roofers, plumbers and others would solicit homeowners and persuade them to claim insurance through advertising, telephone and door knocks. Handerhan explained the pitch to homeowners as follows: “Inspect your roof for free and go to the premises of your home to see if there is any damage. We will charge you on your behalf.”

Brandes says all of this will snowball and lead to premium hikes.

“When hundreds, if not thousands, of people want a new roof, sudden prices begin to skyrocket across the state.”

Pasco County homeowner Linda Sempe got a new roof after contractor Smart Storm Solutions called her about potential storm damage. She said the roofer told her that “except for a small deduction, the entire cost of repairs, including the nose cover and eaves ceiling, would be covered.”

Team I reviewed court records and found that Smart Storm Solutions filed more than 300 proceedings against insurance companies, including Linda Cempe’s carriers, in 2019 alone.

Robert MacKinnon, a staff attorney at Smart Storm Solutions, said the company will only look at areas where storm damage has been identified. He also said the company would file a proceeding if the insurance company refused to pay the full cost of the claim.

“They confirm the allegations we make regarding the scope of damages,” McKinnon said.

Smart Storm Solutions also sued Larry Corman’s insurance company in his allegations after calling the homeowner about roof damage.

I searched and found a court document showing that a Cormans insurance company had settled with a smart storm solution over a year ago. However, the contractor never returned to replace the roof.

“We don’t sleep much,” Larry said. He and his wife explained that they were always worried about the increase in flood damage to their homes due to roof leaks.

Attorneys at Smart Storm Solutions apologized that the pandemic accused Corman of delaying the proceedings and that the company should have better communication. After starting the question, Smart Storm Solutions replaced the couple’s roof.

McKinnon said the proceedings filed by his company are necessary to keep insurance companies in check and are not part of the rate hike issue.

According to Brandes, premium rates could double over claims and proceedings over the next three years. He states that he will propose amendments to the law that will reduce legal fees and send some proceedings to mediation. He calls on Florida homeowners to take action on legislative leaders before many face another rate hike that they simply can’t afford.

Search for insurance policies and get multiple quotes before the next insurance renewal date. You can ask to lower your coverage limit and increase your deduction, but it will cost you more if you need to make a claim.

Millions of Florida homeowners set to suffer tidal wave of insurance rate hikes Source link Millions of Florida homeowners set to suffer tidal wave of insurance rate hikes

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