contact Menu
Mintz Truppman, P.A.

Call Today - Free Consultation

305-893-5506

December 2018 Archives

Florida homeowners face thousands of cancelled insurance policies

Florida homeowners have been dropped in large numbers by local insurance companies as many fear that premium rates will jump up in the year to come. Insurers shed around 87,000 policies in 2018, leaving many homeowners looking for new insurance to cover the gaps. These policy changes come after Hurricane Michael and Hurricane Irma led to $15 billion in property damage claims from insurance companies, according to the Office of Insurance Regulation in the state.

Florida homeowners face growing insurance costs

Some analysts say that Florida homeowners are facing unprecedented homeowners' insurance premiums, but the growth in fees cannot be attributed to hurricanes, floods and other natural disasters. Instead, analysts claim that provisions in the state's insurance laws allow contractors to exploit the system to obtain high payments at the expense of insurance companies and, eventually, homeowners. State law allows for Assignment of Benefits, or AOB, under which homeowners can assign the right to their benefits to a third party.

Recovery efforts underway after Hurricane Michael

In October 2018, Hurricane Michael made landfall in Florida, which lead to 35 people losing their lives. At the time of landfall, the storm had sustained winds of 155 miles per hour, and it was noted for its rapid intensification just before impacting land. Both storm surge and fallen trees caused significant property damage in Mexico Beach and surrounding areas. Furthermore, building codes did not require that structures in the area be able to resist the storm's strong winds.

Mintz Truppman, P.A.
1700 Sans Souci Boulevard
Miami, FL 33181

Phone: 305-893-5506
Map & Directions