TAMPA, Fla. (WFLA) — Florida owners are nonetheless grappling with excessive property insurance coverage charges.
There’s now extra concern that Residents might implement a 14 % charge hike on renewals subsequent yr.
It’s as much as state regulators to approve the request, however policyholders are nonetheless ready to listen to their choice.
In the meantime, Residents continues to drop insurance policies altogether.
Latest hurricanes and the excessive value of litigation have been a catalyst for insurance coverage firms to problem non-renewal notices.
“Residents is meant to be the market of final resort,” stated Lisa Miller, an insurance coverage guide with Lisa Miller and Associates. “Their charges should not alleged to be cheaper than the non-public market. Proper now, they’re competing with the federal government, and no non-public firm needs to try this as a result of the federal government’s cheaper than they’re.”
Nonetheless, Residents is beneath extra scrutiny after a brand new report exhibits greater than half of the claims filed final yr closed with out cost.
“We do have the info which signifies that they are closing out funds, claims with no cost at a a lot increased charge, considerably increased charge, than the typical firm in Florida,” stated Martin Weiss, founding father of Weiss Scores primarily based in Palm Seaside Gardens.
Based on analysis from Weiss Scores, there have been about 17,000 claims that weren’t paid out by Residents final yr.
“We have to get all the way down to the underside of what’s actually occurring,” stated Weiss.
