If you thought homeowner’s insurance premiums were already high, get ready for some unwelcome changes in 2018. Universal Property & Casualty, the largest home insurance provider in Florida, has been given approval by state insurance regulators to increase its rates by an average of 9.9 percent. These rates will affect the majority of policies belonging to single family homeowners in Miami-Dade, Broward and Palm Beach Counties. The increases took effect on December 7 for new policies and January 26 for renewals. However, Universal isn’t the only company announced a rate increase. Citizen’s Property Insurance Corp, run by the state, has been given state approval to increase its rates by 10 percent throughout South Florida. It marks the second consecutive year the company has increased its rates.
The High Price For Homeowners’ Insurance Coverage
There is never a good time for homeowners to pay more for their insurance premiums. Just this past year, much of the Florida Keys was devastated by Hurricane Irma. Many Keys residents are still trying to pick up the pieces from the devastation left behind. The rate increases will have a huge impact thousands of South Florida’s homeowners. Fort Lauderdale-based Universal Property & Casualty has 120,625 policyholders who live in single-family home throughout South Florida’s tri-county area. Citzen’s, which is South Florida’s second largest home insurance provider, has 92,891 policyholders who live in single family homes. Among the the top factors for the increase include:
- Increase in water damage claims
- An increase in property claims
- Increase in lawsuits involving homeowners and their insurance companies
When comparing statistics, South Florida definitely has some insurance issues. Consider these numbers. Between 2012 to 2016, the number of homeowners’ insurance claims jumped from 7,917 to 10,763 in Miami-Dade, Broward and Palm Beach Counties. Conversely, the remainder of the state saw a decrease from 11,202 to 10,021. But the biggest numbers involve homeowner’s insurance lawsuits. During that same time period, the amount of lawsuits increased from 223 to a staggering 1,066 in South Florida. But in the remainder of the state, the numbers are much lower, with a small increase from 105 to 193.
More Homeowners Are Turning To Home Insurance Attorneys & Public Adjusters
South Florida’s homeowners are more savvy than ever before. They understand the importance of receiving the proper insurance settlement to account for their damages and lost possessions. In too many cases, insurance companies try to save money by underpaying or even denying property damage claims. With premiums on the rise, more people have turned to home insurance lawyers and public adjusters to ensure they are being treated fairly. For example the percentage of claims submitted by a home insurance attorney or public adjuster has increased from 19 to 43 percent in South Florida, compared to just 2 to 8 percent throughout the rest of the state.
Is Your Home Insurance Company Treating You Fairly? The Miami Insurance Claims Attorneys at Korin Law, P.A. Can Help
Filing an insurance claim is not always an easy process. Instead of looking out for their policyholders, many insurance companies try to bully their policyholders with smaller than expected compensation. As insurance premiums continue to increase, it is important for homeowners to get the most out of their insurance policy. Over the Miami insurance attorney Jonathan Korin has utilized an aggressive and comprehensive approach to help protect the rights of property owners to always look out for their best interests. He and his legal team at Korin Law, P.A.are committed to placing each client in the best position to succeed. Whether water damage, fire damage or theft claim has been underpaid or denied, contact their Miami law office today and schedule a consultation to discuss your case.