If you live in Florida, you’re probably already aware that it’s getting harder and harder to be a homeowner – at least where insurance coverage is concerned.
In the last few years alone, Florida homeowners have experienced everything from the abrupt cancellation of their policies because their insurer is leaving the state to double-digit premium hikes and new coverage limits. What’s causing the crisis?
1. Climate change
Florida has always been vulnerable to stormy weather, and it has the dubious distinction of being in the path of more hurricanes than any other state. Climate change has only escalated the problem, and that makes insurance companies nervous. Many insurers are starting to see the state as a “bad risk” no matter what premiums they can charge.
2. Scam artists
There are scam artists in every industry, but the roofing industry has an unusual abundance of companies that prey on hapless homeowners. Many of those cases end up in lawsuits that cost the insurer plenty. According to a 2019 study, almost three-quarters of all such lawsuits of that nature come out of Florida.
Homeowners in this state have already been at odds with their insurers for a while. Many reported problems with unfairly denied claims or claims that were unreasonably delayed after the 2018 hurricane season. Unfortunately, homeowners should continue to expect insurance companies to drag their heels on or be suspicious of any new claims – especially given the current coverage issues. If you’re struggling to get your insurance claim approved, it may be time to seek legal assistance.